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You're probably wondering why I didn't put this chapter up towards the beginning of the book. Well, I wanted to get into the stuff that I knew you'd want to get first...how to get the JV. I knew that would get you all excited about doing this. Hopefully, it has. But now we have to get into some of the common sense stuff, and let's be honest...some of this isn't all that exciting. Still, it's something you need to learn.
So let's begin.
What are the things you're looking for when deciding upon a JV? Yes, we're going to be a little picky here, even if it means you don't get as many JVs as you'd like. You'll still get your share if you follow the guidelines of this book.
What Do I Sell?
This is the first question that you have to ask yourself. Let's say that you sell books on Adwords and how to effectively use Adwords and the person who you are planning on doing a JV with doesn't believe in Adwords. He thinks it's too hard, to costly or whatever. This may not be the best match for a JV. You preferably want to JV with somebody who shares your basic beliefs in marketing or whatever your niche is.
What Is My Competition?
You need to understand who your competition is before getting into a JV with anybody. For that matter, you need to know who your competition is before releasing any product, even on your own. If the product you and your JV partner plan to release can't compete with what's already out there on the marketplace, either because of price or features, you're going to have a hard time selling it.
Do I Like Working Alone?
As much as you might think that you want a joint venture, you have to sit down and ask yourself this question. Do you like working alone? If you do, you may have a problem working with others. Remember, in a JV, you have to compromise on things. You don't get to make all the decisions. For some people, this can be very frustrating when they have very strong opinions about things.
Do You Know Others With Experience In JVs?
Believe it or not, the experiences of others can greatly help you with making your decision, if not help you actually run your JV. Going into anything without any kind of experience is a scary thing. By having others to share their experiences with you, you can get a pretty decent idea of what you can expect. Try to get as much feedback as you can from others.
Will The Partnership Strengthen My Credibility?
We don't really think about this because usually we are just so consumed with how much money we're going to make from the JV, but you really have to sit down and think about this one. If you team up with somebody who is a known spammer, like Cody Moya, do you really think that's going to help your credibility any regardless of how much money you make? Think about this before you dive in.
What Are Your Ultimate Goals?
Making money is great, but there is more that you could be getting out of a JV. What are your goals? Do you want to build a bigger list? Do you want to build your brand? Do you want to simply get more traffic to your site? Do you want to get into other product lines? It would be a good idea to make a list of all the things you hope to get out of your JV other than just a paycheck.
It is so tempting to just jump into bed with the first person who says yes to you, but sometimes you could be setting yourself up for an experience that will be less than beneficial to both of you. This is why I am now very picky about who I do JVs with, even though I have only done a handful of them to date. I've seen both the good and the bad in a very short period of time.
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