When you want to negotiate the terms of a successful, win/win Joint Venture, there are a few basic guidelines that I have learned through the years that will help you to optimize the opportunity and maximize the chances of a successful Joint Venture that can lead to many more. More importantly, with the right approach you can build and maintain a good, solid relationship, whether the JV is successful or not! "...do a lot of homework on the type of business you're dealing with.? First, do a lot of homework on the type of business you're dealing with, its unique problems, profit margins, challenges, back end and resources. You can use the Internet, speak to the competition, read industry publications and talk with company employees, vendors and customers. Also, speak to fellow Joint Venture Forum Members at your locals meeting, on the Internet and on your Members Only Conference calls. Six degrees of Separation means everybody knows people and you're looking for contacts that can fast-track your information collection and due diligence you can visit www.joint-ventures-secret.com Next, do serious research on the person you're dealing with.
Naturally, you should be negotiating with the decision maker. What is his or her ?Hot Button?? What do they really, really want? What keeps them awake at night? What are their values, hopes, dreams, fears and aspirations? WHY do they want what they say they want? How much and what will it take to really get their undivided attention? You need to craft and personalize the Joint Venture to take full advantage of this knowledge to offer the ultimate benefit, a deal which is too good to be refused. Is this person knowledgeable about the mindset required for a successful Joint Venture? Give him Joint Venture information to prepare his mind, such as the articles, video and other resources found here. Suggest he joins the Dollar Makers and/or attends a Dollar Makers Members have also realized the efficacy of giving them a copy of my book, to read in preparation to the negotiation or go to www.joint-venture-guide Also, make sure you reduce the cost and risk on both sides to the absolute minimum, as well as the time required to make it work.
Do this by leveraging existing resources instead of creating / buying / building new ones. That way, if things don't work out as expected, nobody loses and the relationship remains strong, without resentment or regret. "Always be positive, relaxed and unattached, and be prepared to walk away from any Joint Venture..."Get the opinion of at least two respected mentors, Mastermind Partners, or Fellow Joint Venture Forum Members before presenting your case to your potential Joint Venture partner. Finally, put everything in writing. This clarifies issues and responsibilities, duties, payments, time of payment, conditions and expectations. You could also mention the fact that things might not work out as expected, and what will occur under those circumstances. Clear communication is essential. Always be positive, relaxed and unattached, and be prepared to walk away from any Joint Venture if you're not comfortable or if the return on investment is not deemed worth the time and effort it requires, always bearing in mind the big picture. This attitude will strengthen your pos
Advantages Of Joint Venture
What is the fastest way to get clients without spending a lot of money on advertising? One word, referrals! Yes, its a proven fact that if you can get your existing clients to refer their friends, family, and work colleagues etc to come and have a massage with you AND get them to start referring also, your practice will grow much faster than using any other marketing method, and at little or no cost.
This is simply because a recommendation directly from a friend, family or colleague has far more weight
than the most elaborate advertising campaign that money can buy. It all comes down to trust. Before someone will climb on your massage table, they must have enough trust that you are professional, that you are good at what you do and that you will take good care of them.
So when a new client has a treatment with you and loves it (because you always give your best), that builds trust. Afterwards, if they talk to someone they know (who trusts them) about how great the treatment was, that trust of you is transferred. This is what makes word of mouth marketing so powerful. On top of this, if you can give your clients incentives for referring people to you by starting your own Referral Rewards Program or Referral Appreciation Program, you can greatly speed up the process of getting clients into your businesses and onto your table. If you do not currently reward your clients for their referrals, you should definitely start!
Now if you are just starting out as a massage therapist, you might well be thinking, That is all well and good James but I do not have many (or any) clients yet, so how am I supposed to get referrals from clients I do not have? I hear you. Fortunately there is a solution. If you do not yet have many (or any) clients of your own, what you need to do is to network with other health practitioners and businesses that do.
Bottom line, we are surrounded by many other businesses/practitioners that already have hundreds, if not thousands of clients on their books that would no doubt be interested in receiving massage.
What we want is for these business owners / practitioners to give us access to their list of clients so we can attract as many of them as possible into our business and onto our table.
You are probably thinking, why on earth would anyone ever give us access to their clients? Well under normal circumstances they would not, but if the right approach is taken, you would be surprised at just how accommodating people can be.
What I am talking about here is Joint Ventures and while this has such a corporate sound to it, its really just businesses working together to create what I call win-win-win situations for everyone involved: your business, their business and their clients/customers.
So let me get right to the point and see how as massage therapists, we can specifically use the power of joint ventures to unlock the door to a steady stream of new clients.
Many of you will already know that one of my favourite Joint Venture methods is the Endorsed Offer. I have had great success using it here on the Gold Coast with Chiropractors, Naturopaths and Hairdressers.
Let me explain how it works.
The goal of this strategy is to get the Hairdresser (for example) to make an announcement to his/her list(s) of clients, endorsing your massage service.
The thing is, success in any business is built on solid relationships and the Hairdresser (or any suitable business for that matter) will only do this for us if endorsing us will make their relationship with their clients even stronger (and in the process make them look good!).
The way we can make this happen is by creating a win-win-win situation by offering a valuable FREE Gift that the Hairdresser can offer to his/her clients.
My favorite valuable gift to offer is a FREE 30 minute massage.
The Hairdresser gets to offer this to his/her list of clients, as a special thankyou for their support and you get the benefit of having highly targeted leads actually getting on YOUR table, which is exactly what you want!
Plus, his/her clients get a FREE massage! Its the ideal win-win-win situation!
Now if you are thinking that giving away FREE massage is a crazy idea, then you are not taking into consideration the potential Lifetime Value of the client.
Think about it for a moment, if the Hairdresser sends out your offer to 100 of his/her best clients and out of that 100, only 20 take you up on your offer, then thats 10 hours of your time and effort (20 x 30 min sessions) in massage for $0. That doesnt sound good at all, does it?
However, if just 2 of these 20 become regular clients that book in for a $50 - 1 hour massage once per week, then that initial 10 hours of your time and energy is now potentially worth $5,000 per year to you, for potentially the rest of your career!
How many of these kinds of clients would you need to be making your ideal income? 10, 15 maybe 25 if youre really keen to work.
So, it pays to look at the big picture i.e. the potential Lifetime Value that someone can bring to your business, especially when you are first starting out and have ZERO CLIENTS.
Something else to consider here is once someone gets under your magic hands for 30 minutes, do you think at the end of 30 minutes they might like to extend the session to the full hour? Pretty good chance they would and without needing too much persuasion either!
Believe me, I did this a lot when I first started out and more often than not I was able to convert a complete freebie into a paying client. Albeit at a 50% discount, but a brand new paying client nonetheless!
Whether or not you have been able to convert them into a paying client, you will have at the very least made a new contact that you can then market your massage to for the rest of your career, provided they loved the massage.
The next step in the process is to send out a hand-written thank you card couple of days later to each person who received the free massage, thanking them for coming in and trying out your service. Inside the card you should include another free gift voucher that they can then give away to someone they care about and the referral process continues.
If you continue to repeat this process by approaching several different non-competing businesses (i.e. businesses that complement what you do, but do not do what you do) and getting them to endorse your service to their clients, you will find that clients will start to literally flow into your practice.
In fact, I would go as far as to say that if you did nothing else but seek out Joint Venture partners and used methods like the Endorsed Offer, I have just explained above (there are loads of different Joint Venture options by the way), it would be more than enough to build a thriving and successful practice! You then need to make sure that you keep them coming back by providing excellent bodywork and following up on a regular basis, via your newsletter for example. That is the subject of a whole other report.
Both Naresh Singh & James Thomas are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Naresh Singh has sinced written about articles on various topics from Joint Venture, Real Estate and Management. http://www.jointwebventures.comhttp://www.joint-venture-softwares.com. Naresh Singh's top article generates over 2400 views. Bookmark Naresh Singh to your Favourites.
James Thomas has sinced written about articles on various topics from Joint Venture, Motorola Cell Phone and Options Trading. James Thomas is a massage marketing mentor to hundreds of massage therapists around the world. To discover how to get a flood of word of mouth ref. James Thomas's top article generates over 33100 views. Bookmark James Thomas to your Favourites.
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