Joint Venture experts know that there are a few guiding principles when setting up lucrative deals that provide ongoing, multiple streams of passive income and large, once-off windfalls. Research is essential before partnering up or even suggesting a Joint Venture to someone. Research is the foundation of successful Joint Ventures.
There are four aspects to Joint Venture research:
1. The industry or industries you're targeting.
Be sure you are comfortable dealing with that industry, that it fits your public profile and values system, that it is aligned with your Mission Statement and identity, branding and business relationships. For example, you probably would not want to get involved in the sex industry. You may want to avoid contentious or controversial areas like politics, religion or tax shelters. Also, have enough information or access to information about that industry before diving in.
2. The deal.
If you're good at Joint Ventures you can remove all the cost and risk. Do not think a contract is going to protect you, by the way – it's only as good as the people behind it. Triangulating deals (setting up a deal between two other parties and taking a piece of the profits) usually removes risk and cost if correctly set up. Make sure tracking and monitoring is in place and use the expertise of trusted others. Create a Memorandum of understanding that clearly defines the terms and options in the deal.
3. The people.
This is the most important part of any Joint Venture. Check them out – do your due diligence and research. Get references, do police and credit checks, even use a private detective if necessary. All that glitters is not gold and people claim some amazing things that are simply not true. Get specific information and avoid being bowled over by their charisma and sales abilities. Confidence tricksters use greed and ego to hoodwink their victims. Check them out. If they do not have any money, be careful; desperate people tend to do desperate things. Do not buy their stories. Look for a track record. If they're over eager and urgent, step back. Consider applying for Membership in the DollarMakers Joint Venture Forum – our elite members are carefully screened.
The more you learn, the more you can earn. We use Joint Venture Bootcamps and seminars, TeleClasses and JV Audits to educate and update people on Joint Ventures. Again, be careful who you're learning from. Without the person teaching you has a personal success track record, they do not have the right to teach. Look for support, practicality and watch out for the "up sell" lurking in the shadows. Ongoing education in today's changing world will complete your research cycle.