“If you hang out with chickens, you’re going to cluck and if you hang out with eagles, you’re going to fly.”
In business, just like in life, we often need others to help us succeed.
Joining forces with colleagues outside of your practice can help both of your businesses grow, and help speed the word about both of your services. These arrangements are referred to as Joint Ventures. Within a Joint Venture you work with another professional, either in the same industry or a complimentary one, to accomplish a common goal.
Examples of joint ventures include:
- Co-authoring a book
- Co-facilitating a workshop or talk
- Co-facilitating a course
- Co-branded psycho-educational materials
When you are in a joint venture with someone, you have the benefit of two minds working on the project, and you can leverage each other’s networks to gain more exposure for both of you. Additionally, you can create incredible value for your clients / participants by getting access to two professionals in one setting.
Profit sharing may be 50/50 or a breakdown that reflects the effort and expertise that each brought to the project. Joint ventures can be run as one-off projects or as on-going partnerships outside of your main businesses.