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Joint Venturing on a Product

Joint Venturing on a Product

Working with someone else on a product can be extremely lucrative. You get to leverage the assets of one another. You'll each bring different skills, talents, and assets to the table. When you combine forces, you can be unstoppable when it comes to your info-product empire.

If you already have someone in mind you'd like to join venture with on a product, just double check yourself to make sure it will be a good fit. Who will do the bulk of the work in creating the product? Or, will you split the workload evenly?

What assets do they bring to the table? Will you both be pleased with the amount of work the other is doing? Do you trust the other person? Do you have a good relationship with the person?

Hopefully, you can answer in a positive way to each of those questions. If you’re totally sure and confident about the person you want to work with, then by all means move forward. Get started now, get your product created, and get it out on the market.

Or, maybe you don't really know who you'd like to work with but you know that you'd like to joint venture with someone great on a product. Maybe you’re new and aren't sure about creating products on your own. Maybe you do have the skills to create a product but you don't yet have the audience to make the sales you need. Then you should work with someone else can help you get around either of these problems immediately.

Whether you already know who you want to work with or not, joint venturing on a product can be a very smart idea. Product ownership is one of the best ways to earn money online. Leveraging the assets of a joint venture partner is one of the best ways to catapult yourself to success more quickly. It makes sense, then, that you would be interested in joint venturing on a product ASAP.

What Do You Bring to the Table When It Comes To Product Creation?

Before you move forward, consider what you bring to the table, more specifically. Why should someone be interested in joint venturing with you on a product?

Maybe you're an excellent writer. If you're creating a written product, then perhaps this is where you'll really shine. You could write the product, or co-write the product, and then promote it together.

Or, your joint venture partner might be responsible for the bulk of promotion while you’re responsible for the bulk of writing.

Or, maybe it won't be a written product. Perhaps you're really good with video or audio. Maybe you can create a variety of materials for your customers to learn from-- even a full course that contains written information, video information, worksheets, and other things like that.

Maybe it's the case that you have an audience but you aren't really that good at creating products. Perhaps you've only promoted products as an affiliate to this point, but you're ready to put your name to something. Maybe you can joint venture with someone who’s good at creating products and you can be the one who does the bulk of the promotion.

Whatever it is you bring to the table, you have to figure it out. Whatever skills or assets you want your partner to have, figure it out. This is something you'll have to have figured out when you enter into negotiations with a potential joint venture partner to create a product.

Feel confident about the skills and efforts you bring to the table. There's something about you that makes you wonderful to collaborate with. Pinpoint it-- figure out what sets you apart from others who might approach you as a potential partner for JV partnership.

Consider What Your Goals Are When It Comes to Product Creation

Another thing to consider before you move forward is what your goals are when it comes to product creation. Why don't you want to create a product and promote it yourself? There's a strong reason why you want to find a JV partner.

Maybe you want to reach a subset of the market you don't currently have a hold in. Your potential partner might have a hold in that segment of the market. Partnering up with them is a great way to get in front of those people.

Maybe you really want to create a product empire, but you don't know how to create products yourself, or you feel like you're too slow in doing it, or there's something else going on that's really holding you back.

Write your goals down. You have to know what you’re going to accomplish with a JV partner. While it's wonderful to leverage the efforts of one another, it is a lot of work. You’ll have to contend with another personality when you might be used to working on your own. So, know why you want to do it and think about some of the spectacular, profitable things that can happen as a result.

Brainstorm about Your Product Together

Whether you’ve approached a JV partner or they’ve approached you, it's important that you enter into this in collaboration. You might have certain ideas about the shape the project will take and your partner might have different ideas.

The thing is, your very best ideas will come as a result of brainstorming together. Take each of your ideas and create something more wonderful than you ever could have thought of on your own.

Communicate With Your Partner Frequently

After you've brainstormed about your product and you each know the roles you're going to take, it's easy to get caught in a pattern where you work on your part and assume they're working on their part…and then it’s just supposed to sort of come together, right?

Not so fast… They might be falling short on their part and you might be falling short on yours. Or, maybe they thought you meant one thing when you meant another. Or, maybe they're working much more quickly than you are or vice versa.

It's so important to be on the same page when you're working on a product with a JV partner. That's why you should communicate frequently. Make sure your goals are in line. Make sure you’re meeting milestones together. Check in every once in a while, motivate one another, and push yourselves to complete the product.

Get Started Joint Venturing on a Product

At this point, you should be really excited about what's to come. You’ve found a great partner, you know the role you'll play and the role your partner will play.

Set goals and work on achieving those goals together. Earn with your product – together.

If you've worked well together on the first product and it has met or exceeded your expectations, then rinse and repeat! You can go on to create additional products together. There are many partners out there who started out working on one product but have gone on to create many more projects together… and even six and seven figure businesses together.

Whether you're new to marketing and product creation or you’re experienced, joint venturing on a product is an extremely smart way to earn more money and grow your info product empire.

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