Navigating the solo business world can be a grind. You’re the CEO, the marketing department, and the social media manager all in one. But what if there was a way to dramatically expand your reach without doubling your workload? That’s where a powerful strategy called a joint venture (JV) comes in.
A joint venture is simply a collaboration between two businesses to achieve a common goal. For virtual assistants (VAs) and other business owners, it can be a game-changer. It’s a way to leverage another business’s audience, expertise, and resources to grow your own.
Whether you’re a VA looking to expand your own network or helping a client find strategic partners, JVs are a skill worth mastering. The key is knowing where to look for the right opportunities.
Think Outside the Box: Unusual Places to Find JV Partners
Most people think of JVs as a formal partnership with a business in a similar niche. But some of the most effective collaborations are found in unexpected places.
Your existing clients. Your best clients are already raving fans of your work. They trust you and your expertise. This makes them ideal partners for a JV. Offer them a generous referral program or an affiliate link to your services. They can become a powerful, built-in sales force, sharing your work with their networks and connections.
Your “competitors.” This might sound counterintuitive, but think about it differently. You and another VA might serve the same industry, but you could have different specialisations. For instance, a VA who specialises in social media management could JV with one who excels at podcast production. You can refer clients to each other, creating a win-win situation where everyone’s business grows. It’s not about competing; it’s about collaborating to serve a wider range of client needs.
The Power of the VA: Helping Clients Find JVs
As a VA, you have a unique vantage point into your client’s business and their industry. This makes you an invaluable asset in helping them identify and secure joint ventures. You can act as their strategic partner, taking the lead on this critical growth activity.
Here’s how VAs can help their clients with JVs:
Market research. A VA can research potential partners who align with the client’s brand and target audience. They can identify businesses that have a similar audience but offer complementary services, ensuring the partnership is a natural fit.
Initial outreach. VAs can draft professional emails or prepare outreach scripts to introduce the client’s business and explore the possibility of a JV. This saves the client significant time and ensures a polished, professional approach.
Negotiation support. Once a potential partner is interested, the VA can assist in negotiating the terms of the partnership, such as commission rates, marketing materials, and exclusivity agreements. This shows that the client is serious and well-prepared.
Making a Joint Venture a Success
Whether you’re setting up a JV for yourself or a client, a few key principles apply.
Be clear about your goals. Before you reach out, know what you want to achieve. Is it more leads, increased brand awareness, or a boost in sales? Having a clear goal helps you find the right partner and measure success.
Offer value. A successful JV is a two-way street. Your partner needs to see the benefit in working with you. This could be a commission, access to your audience, or a feature on your social media channels. Be prepared to put in the work to make it a true win-win situation.
Joint ventures are an incredible way to scale your business without feeling like you’re doing it all alone. As a VA, understanding and implementing this strategy for yourself or your clients can be a powerful differentiator, solidifying your role as a true business partner.
What’s a creative joint venture you’ve either been a part of or heard about that you found particularly effective?
I always love it when someone shares my courses, website, communities with others and always reward successful referrals – this is in fact a JV.
