A POWERFUL BUSINESS TO BUSINESS COLLABORATION STORY

The idea of businesses operating in isolation is essentially a thing of the past. Regardless of your business niche, business to business collaboration is a fantastic way to add value to your services, extend your reach to a potential new client base and take advantage of others’ established reputation to boost yours in the marketplace.

Today businesses are collaborating with other businesses more and more by pooling their resources and expertise to develop new products, expand into different markets or increase operations.

Simply put, two heads are better than one.

One of the most well know business collaborations examples in recent times is the joint partnership of Kayne West and Adidas. Adidas’ co-branding relationship with Kanye resulted in a cult-like frenzy that led to Adidas’s net income to climb to $1.9 billion in 2019.

Carlos Slim , the Mexican business magnate who was ranked the richest man in the world from 2010 to 2013 by Forbes with a net wealth of $48 Billion was asked his secret to his rapid wealth creation and his answer was by using Joint Ventures. Leveraging others to create his wealth.

Wealthy people understand leverage. That is why they are wealthy. People struggling in business don’t. That is why they struggle.

I have scratch built all my businesses, and I have used Joint Ventures (Business Collaborations) to achieve record growth and profits with very little capital outlay, very little infrastructure, and very little experience in unknown industries.

Everything you need to start, build and grow your business already exists. It is already out there. You just have to learn how to tap into it. And the way you do that is by using Joint Ventures (Business Collaboration) and that what this blog is all about.

But what exactly is a business collaboration and how can it help you and your business excel and grow?

What is a Joint Venture (Business Collaboration)?

Joint ventures are just a business relationship formed between several companies or individuals where they combine efforts, resources, infrastructure, and expense to obtain a common goal of making greater profits and enjoy greater growth than if they worked on their own.

A good analogy is to think of businesses operating solo as like little individual water puddles. But when they join together through Joint Ventures, they become a stream or a river, much stronger, bigger, and harder to stop. Joint Ventures can also be called Strategic Alliances, Collaboration or Partnering as well.

For example, an overseas business could join forces and work together with a local distribution company in order to sell its products in the local market. Or a small event planning business could create a collaborative partnership with local hotels, liquor stores, party hire and bed and breakfast outlets. Their collaboration agreement would see them promoting each other’s products and services to clients with an agreed profit percentage split.

At its most basic, a business joint venture is when two businesses agree to work together towards a common goal. They usually have complementary strengths, resources and commonly shared values.

Why create a Business Collaboration Partnership (Joint Venture) for your business success?

There are lots of reasons why your business may consider entering into a strategic joint venture partnership with another business. The potential for new product or service creations through innovation, expansion into new and unknown markets, partnership endorsements, shared digital marketing strategies.

Joint Ventures are the single fastest way to grow your business or start your business with the least amount of risk.

By taking a piece of the profits on every transaction that results from a Joint Ventures that you set up, you create ongoing, passive income for yourself.

Finally, collaborating with other business may give each business access to different suppliers, insight into new or existing competitors and other key players in your industry and access to a larger existing client database. This allows you to provide a better product and improved services to your current and potential new client base.

A business collaboration example – The Barber and the Coffee Shop

The best way to explain how Joint Ventures work is by showing you a real-life case study and you can see for yourself how powerful they are and why anyone can use Joint Ventures to start a business, grow their existing business and build, passive recurring income streams today with no experience, no capital and no resources.

Here’s what most barbers do: Open their doors, put a sign in the window, and wait for customers to come in the door.

Here’s what most coffee shops do: Open their doors, put out tables and chairs, and wait for customers to come in the door.

Maybe they could advertise, but how do you advertise a coffee shop and a barber to get people excited and in the door. Unless you have an incredible X-factor to make your business stand out from the crowd, nothing much is going to happen.

This is a long, hard way to build a business. Waiting for customers to find you, refer you and hopefully come back.

Would you agree? I’m right because as a small business advisor for over 13 years I observe the behaviours of businesses each day, and they all do the same thing as everyone else and hope they get a different answer.