What is a Joint Venture and How Can It Work for My Business?

Joint Venture Business

When I first heard about Joint Ventures, I was thinking in terms of big business such as a merger between two large companies.  There have been so many in the last few years.  Recent mergers or acquisitions like Yahoo and Xobit (inbox spelled backwards) or IBM and Outblaze are two examples of companies that want a share of the Social Media realm and email services geared to Social Media.

So, at first, I wasn’t sure whether Joint Ventures would even apply to my tiny business and whether I should consider it.

Joint Ventures are not beneficial for just big business.  Whatever size your business, partnerships with other businesses looks more and more inviting in challenging economic times as a means of acquiring new clients for both parties involved, and sometimes multiple parties.

Since my business is Virtual Assistance, I have heard of many joint venture partnerships amongst many VA’s who specialize in different fields – they have often evolved into multi-VA businesses.  Each individual VA – such as an Internet Marketer, a Copywriter, a Website Developer, an SEO specialist and a Social Media Marketing VA  joining together can each bring their special talents to the table to provide clients with a fantastic service in optimizing a website to reach it’s full potential on the internet.

I encountered someone a short time ago who operates a business group in the trades.  Individual men, each owning their own business – a plumber, a drywaller, a roofer, a painter, an electrician, a carpenter, etc. all worked under one roof as a “group” to provide services to their clients.

Another example might be a Business Coach who partners with a Sales Expert and a Website Developer to present a webinar/seminar or event even though they operate individual businesses.

And often experts come together in multi-speaker events taking place on-line or locally with all kinds of themes such as preparing for the sale of a house or property or environmental issues.

If you think about your business, who would you be interested in collaborating with that could benefit your business, their business and the clients?

One place to look for possibilities would be JV Village, a NING social group.  They can be found at:  http://jvvillage.ning.com/.  As well, if you belong to any Social Media networks like Facebook or LinkedIn, many groups can be found with similar businesses or opportunities for alliances.  One of my clients, who belonged to many groups, posted a discussion, looking for Joint Venture opportunities.  He received 40+ replies in 24 hours.  Not all of them were a good fit for him but it provided him many new opportunites to grow his business.  And there are local networking groups like BNI or your local Chamber of Commerce to explore as well.

Do you have an example of a Joint Venture opportunity which has been beneficial to your business?   I’d appreciate any feedback.

Diane L. Coville

ALTERNATIVE OFFICE ASSISTANCE

www.alternativeofficeassistance.com

Tip of the Week: Are Baby Boomers your “Ideal Client”?

  

The Baby Boomer Market

 

 

 Last week my blog post, entitled “Who is Your Target Market” addressed the importance of identifying your target market and how to direct your marketing efforts to them directly.

In many cases, Baby Boomers, are the ideal client for some products and services.

Recently, a survey was sent to my email focusing on Baby Boomers and their wants, needs and interests.  I filled it out and was provided with the results.  I found it very interesting and would like to share those results at this time.  As well, I have asked for permission from the lady who conducted this survey  to share this information and she graciously approved.  She asked that I share the link to her website and invite others to do her survey themselves.  She will be happy to provide the latest results of this on-going survey to all participants whose birthdates are between 1946 and 1964.

Her name is Elizabeth H. Cottrell and her contact info is below:

Her website:                            http://www.heartspoken.com/

The link to the survey:            http://bit.ly/8OkAO

And the survey results so far are:

How concerned are you about your financial future?

Concerned to the point of anxiety:      25.2%

Very Concerned:      29%

Concerned:      24.3%

Somewhat Concerned:      15.9%

Not Concerned:      5.6%

How concerned are you about your children (or grandchildren) being able to live as happy, independent adults?

Concerned to the point of anxiety:      5.9%

Very Concerned:      25.5%

Concerned:      21.6%

Somewhat Concerned:     23.5%

Not Concerned:     23.5%

How concerned are you about handling issues that face your aging parents (housing, caretaking, driving, estate planning, end-of-life decisions, etc.)?

Concerned to the point of anxiety:     4%

Very Concerned:     22%

Concerned:      28%

Somewhat Concerned:      19%

Not Concerned:     27%

How concerned are you about environmental issues and sustainability of natural resources?

Concerned to the point of anxiety:     8.4%

Very Concerned:     29.9%

Concerned:      27.1%

Somewhat Concerned:     19.6%

Not Concerned:     15%

How interested are you in cultivating and expanding your spirtual development?

Not at all interested:     12.1%

Somewhat interested:     24.3%

Very interested in spiritual development within current faith:     24.3%

Very interested in all aspects of spiritual development:      39.3%

Please tell us what other media you’ve viewed/used for informationn or entertainment in the last 3 months?

Video/CD/DVD:     77.6%

SmartPhone:     14%

Radio:     74.8%

Internet:     99.1%

Television:     91.6%

Social Media:     81.3%

What are your primary non-employment activities, interests and/or hobbies?

Writing:      71.7%

Woodworking/Carpentry:     3.8%

Walking/Hiking:     47.2%

Travel:     38.7%

Tennis:     3.8%

Spending time with Family:     57.5%

Speed Reading:     1.9%

Relationships/Dating:     5.7%

Reading:      77.4 %

Political Activities:     12.3%

Photography:      23.6%

Outdoor Activities:      31.1%

Musical Activities:     24.5%

Golf:     11.3%

Genealogy:      4.7%

Gardening:      34.9%

Entrepreneurial Activities:      57.5%

Education/Learning:       48.1%

Crafts:      19.8%

College-level Coursework:     9.4%

Collecting:     4.7%

Charitable Activities/Volunteer Work:   26.4%

Camping:      7.5%

Birding:      4.7%

Art:     17%

Amateur Radio:     0%

Many Baby Boomers cherish this time in their lives to learn new things and take on new challenges.  In which of the following areas would you most want to increase your knoweldge or expertise in the next 5 years?

Other:      35%

Writing/Self-Publishing:     69.4%

Spiritual Development:      39.4%

Self Help:       21.1%

Relationships/Dating:     6.5%

Public Speaking:      19.1%

Philanthropy:     11.8%

Personal Finance:      32.6%

Personal Development:     50.5%

Nutrition:      38.3%

Leaving a Legacy:     18.2%

Learning New Skills:     31%

Learning a New Language:     16.8%

Investment Strategies:     18.7%

Home or Small Business Opportunities:    42.9%

Health/Fitness:      40.8%

Grandparenting:      10.8%

Estate Planning:     6.6%

Environmental/Sustainability Awareness:    18.3%

Business/Entrepreneurial Models:     58.8%

Diane L. Coville

ALTERNATIVE OFFICE ASSISTANCE

www.alternativeofficeassistance.com

 

 

Tip of the Week: Who is your Target Market?

 

 

 

I am sure you have heard about your “Target Market” before  but  many business owners decide what kind of business they are going to operate, whether it be products or services, and after they have hopefully done their Market Research,  the numbers have justified their belief that their product or service is needed and will help solve their client’s problem.

But a lot of business owners actually haven’t defined who their Target Market is and sometimes that is very difficult until they determine who their ideal client is.

For instance, a real estate salesman who specializes in selling estates, wouldn’t have much difficulty determining that their ideal client is someone who has the money to buy.

I have had a business  helping seniors live independently – I’m “sort of” the extended family member who steps in to help the senior.  Originally, I was thinking of the seniors themselves – they would be my ideal client – but my “target market” was the children of seniors who didn’t live close to the senior or had a life full of home, family including children, a full time job, who already had a full plate and couldn’t always be available to their senior parents.

Once you have determined your target market, then you must decide how to market to them.  Where do they hang out?    How will you get your message to them directly?  Decide on your search terms and start looking on the internet.  This not only applys to a internet based business, but now that social media is thriving, you can search for local markets as well, such as that real estate salesman who is selling estates.

The largest and one of the most important strategies in your marketing efforts must be in defining your brand and getting your message to your target market or ideal clients.   What makes you stand out?  What is your expertise?  How do you want your clients to perceive you and the products or services that you offer?  How can you help your client solve their problem?

Your logo is a part of your brand but your message to prospective clients is much more important.

Clearly identifying your target market or ideal client along with developing a precise marketing strategy including your marketing message will, over time, bring great success to your business but it doesn’t happen overnight.

On the subject of your ideal client, would it be a Baby Boomer?  In my next blog post, I will be revealing the results of a survey that was done recently on the needs, concerns and interests of Baby Boomers.

If you are still struggling to identify your target market, seek a mentor or a business coach who will be glad to help you.

Diane L. Coville

ALTERNATIVE OFFICE ASSISTANCE

http://www.alternativeofficeassistance.com