Why Build Trust with Joint Venture Partners
Step one, I think, in any relationship whether it is personal or business is to actually have something in common with the person or business you are working with. A joint venture deal could be about building trust in an informal partnership in order to have a mutual outcome.
Step two, which I think is very important, is to like the person you intend to work with. I know it’s difficult to like a person on-line but you may get a feeling from the tone of the emails you are sent, the way the content of the website is written or the way comments and pictures are posted that that person has a similar value system as you. You can then begin the work of building trust between you.
Cement a Joint Venture with an Agreement
Step three, having created an element of Trust using Step one and two; you cement that trust by agreeing terms and conditions of the joint venture. Many agree that Trust is based on having the right pre-nuptial agreements in place just in case things go pear shaped in the marriage; “Life is a box of chocolates, you never know what you are going to get.” (Forrest Gump)
Jump Head first into a Joint Venture
Or you can do what I have done in the past and that is to jump in head first but learn how to surface and swim very fast. World Food in London is a foodie heaven for many entrepreneurs, solopreneurs and work from home business owners who have junk food cravings. We offer a visual break for followers from the slog of attracting new leads into sale funnels all day. Most of the speakers who have attended the 2014 monthly business meetings have not asked for agreements or for certainties or in fact asked for anything apart from ensuring that we get them in front of an audience: usually at least 8 business owners attend. This is a monumental act of blind trust which thankfully works not just for us but also for some of the bigger game player.
Either way in my humble opinion the benefits of doing joint venture work outweighs the risks.
The attached feature photo is one of a delicious curry the Business Club members ate at Inamo St James.