Using Referrals to Find JV Partners

September 2nd, 2011

(This is the fourth of a multi-part series on finding joint venture partners.)

Often times, it takes some leg work to find the best JV partners for any business venture you may be considering. Every business is different and every business deserves a different level of organization and attention to these important details. Before you write off a
business or a person as being unable to provide you with the resources or skills you need to build your business, consider what they can offer in the way of a referral.

A referral is a reference that one person provides to another. It is a strong recommendation and for that reason, it is often a great tool to have as you are considering people to work with you on a project.

Here’s how this can work in your favor.

You start to network to build up a following of people who are interested in the joint venture  you have. Perhaps you are unable to get them to sign on because the plan is so new or they’re just not capable of doing it at that time. Instead of giving up and doing the work yourself, ask for referrals. Who would they recommend are people that could be an ideal partner for you?

Why do referrals work so well?

• You get someone who has an in to help you to find partners to work with. This often means that you have the ideal opportunity to find someone who can offer something unique to your business.
• Referrals are the most powerful form of marketing  you can use and it’s also the least expensive.
• Referrals are warm leads that convert much better than cold prospecting
• Referrals help build long lasting relationships with you, your customers, and your partners.
• Referral marketing is a structured and systematic process to maximize word of mouth potential.

Referrals are often a great choice for those who are looking for joint venture partners. In any business model, this is one of the foundations you can build from. It is always a good idea to learn as much as you can about the referral before you actually agree to work with them, though, to ensure they are the right fit for your plan.

When done right referrals and joint ventures are a dynamic 1-2 punch when it comes to growing and establishing your business. If you don’t have one, get started on building a powerful referral system for your business.

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