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Five Tips To Avoid Conflict When Seeking A Business Partner

Jan 6, 2008
Approaching a potential online joint venture partner can be intimidating. Here are five Dos and Don'ts to get your partnership off on the right footing.

1. Don't be afraid. You can literally undermine your own success by not believing in the validity of your proposal.

Do seek your candidates with honesty and co-operation. You want to come on giving the sense of, "if we do this together, we'll get this..."

2. Don't tell your potential partner what's in it for you. Your potential JV partner doesn't care to hear how much you could use the extra profits, or what you stand to gain from the partnership. Put yourself in their shoes: would you like someone to approach you and tell you how much they would like to partner with you because it would help them? Probably not.

Do emphasize the benefits your business partner will get. Come from the space of "how we can benefit from each other". Similar to the sum of the two is greater than the whole. Give details. For example, " If we combine efforts, you will see an estimated X% increase in signups for your opt-in mail list".

3. Don't sell, particularly on the first meeting or communication. No one wants to be 'sold' to, and jumping in with a heavy pitch is a turn-off. Again, put yourself in your potential partner's shoes. How would you like to be approached for a joint venture partnership? Chances are you wouldn't want to hear a sales pitch.

Do praise and present. Tell your potential partner why you want to partner with them. Research your potential partner ahead of time and impress them with your knowledge of their business. Instead of giving a sales pitch, consider it as a presentation. Lay out your proposal, highlighting the benefits to your potential partner as you go. Be ready and willing to listen to your partner's ideas - in fact, it may be a good idea to ask them questions as you go so they feel involved in the presentation.

4. Don't expect an immediate answer. You're excited about working out a JV partnership and that is understandable; however, you've had plenty of time to think about it. The idea is new to your partner and they need time to mull it over.

Do give your partner time to think about it. You can either make a date to check back in to see if they have any questions, or you can leave it open ended and contact them again if you don't hear from them after a few days.

5. Don't be stubborn. You must not operate from the space that you know everything or else its just not going to work.

Do be prepared to negotiate everything. Remember that in the long run, a joint venture partnership will still bring you profits, more contacts and customers, and a new business partner. Be willing to negotiate on tasks and profits - it not only demonstrates that you're a smart business person, it shows your partner your willingness to work with them.
About the Author
Robert Paul Williams is the Editor of Work At Home Business Website. Stay Informed with the Latest Legitimate Home Based Business News, Success Tips & Strategies.
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