1. Are you taking this seriously? Joint ventures are a big deal. You are sitting on a GOLD MINE. If you know that you're not able or willing to commit 110% to pulling off a successful JV - then do everyone a favor and call it off until you're in a better position.
2. Is your Partner taking this seriously? If you sense that your potential partner is simply not ready to "walk the talk" - or if they're openly expressing an attitude of apathy or negativity, make sure that you're not wasting your efforts.
3. Is your partner's product or client base truly targeted to your offer? I once coordinated a joint venture between a client and a massive, multi-million dollar software company. Deep down, I knew that my client's service simply wasn't a good fit. The offer reached thousands of people, and the results were disappointing to say the least...
4. Does the product or service SELL? Is the product just a good idea - or is it something that a buying market wants desperately!? Be sure to look at the real evidence as such, and "do the math".
5. Is your Partner already Successful? This doesn't apply to every situation, but generally speaking, if your partner can't help themselves - how can they help you?
6. Has the marketing material been TESTED and Optimized for maximum results? A difference of even a 1% in sales conversion rate can mean thousands and thousands of dollars.
7. Are you and your partner both on the same page? Often times, a misunderstanding or a lack of communication can kill a JV before it even begins. Confirm - in detail - the joint venture thoroughly with your partner before you sign anything. (Do this in person or over the phone).
8. Do you have a definite, strategic plan in place to maximize profits from the future partnership? What I've often seen is people that hap-hazardly throw together an endorsement or some other form of JV promotion - with their focus entirely and only on immediate profits.
9. Is it a Fair Deal? This is specifically directed at partnerships involving a product owner and a "list" owner.
10. Is the Joint Venture a Timely Event? Consider what else is happening around your market, and with other outside forces that directly or indirectly affect your niche. This includes seasonal product considerations, worldwide events/disasters, other competitors' activities, etc.
11. Is the Product or Service priced Effectively? Price points can have a significant impact on the marketability and performance of any given product. (Often times, a lower price point may actually perform much worse than a higher one.) Ultimately, this depends on the client-base in question, and what they are used to spending on average. If the price of this offer is greatly higher than what the "list" usually spends, the deal may flop. (ie. Selling 24 ft. boats to people that normally just buy fishing tackle.)
12. Does the Endorser have a Strong Relationship with their "List"? If not, you'll need either the sales letter of the century - or a new partner.
13. How often does the Endorser contact their "List"? If the client-base receives frequent contact from your Partner - and if they buy related products consistently - then your offer will likely perform very well. If the Endorser only stays in touch with their clients a few times a year, your offer might not be as powerful.
14. How does your Partner treat his customers/clients? Check into this thoroughly. You may even want to have someone "shop" your potential partner - because the last thing you want is to tarnish your own hard-earned reputation with your clients by becoming "guilty by association".
15. Has your Partner done a Joint Venture before? If they have, take a close look at how their previous partners fared in terms of treatment and performance.
16. Have the "nitty gritty" details been taken care of? Who collects the money? When does the other partner get paid? How? What about refunds? Who has rights to what (ie. customer lists, etc)? Who is responsible for what? Who pays for what? Is there a co-marketing arrangement/policy in place? What if you actually lose money? Etc.
17. Do you have an Exit Strategy in place? How and when will the partnership end, or will it stay open-ended? What if it doesn't work out as planned - or ends on "bad terms"? Is there a clause in place that provides a way for both parties to stay protected in case of a bad deal?
18. Are you Really protected by your contract? A large percentage of "napkin" agreements that most small-business owners or entrepreneurs tend to draft up by themselves actually wouldn't hold much water in court if things turned ugly. Make sure to obtain sound legal advice before you sign anything.
19. What Next? Looking beyond your exit strategies and so on, how can you leverage the results of this joint venture so that your bottom-line continues to benefit from it - well after the JV has been "done" or integrated?
Well, the first thing you need to do is some research. Ask around with people you know and trust to get names of trusted contractors. Once you have names, get license numbers that you can use to check your local state or county Consumer Affairs Business License Division. Does the name and address on the license match what the records say? Is the license still valid? Have there been any complaints made about the contractor?
Once you've established all of this and have chosen your contractor, it's time to sign a home improvement contract. According to experts, there is an entire laundry list of items that you should look for in a written home improvement contract. Most notably these conditions are the full information of the contractor that includes their professional license number.
Also included in this contract should be all of the details of the project, dates to start and be finished by, payment arrangements that include cost and most especially a 'right to cancel' agreement that gives you the right to change your mind about the contract that you have signed. Generally the agreement is for 3 days, and another benefit to this agreement is that it will detail what will happen if something unexpected happens after work on the project has started.
Don't forget to include the small items as well. When contractors are working on your property, they are going to require certain facilities. Are you comfortable with them using your home toilets and phones, or would you rather they use their own?
You should always take great pains to protect both yourself and your property. When you have a home improvement contract presented to you, you should never sign it unless it is completely filled in. Don't be afraid to ask questions about things that you may not understand. This is your home we're talking about, don't be shy!
Protect yourself financially
Keep a copy of the home improvement contract filed away, even after the project has been completed. Don't pay more than the minimum guaranteed down payment and don't pay off the remainder until the project has been completely finished and all the debris has been cleared away.
This is not a comprehensive article and should be taken as such. But if you want to have a beautiful home that you can be proud to show off to your friends, take your time to have the job done right the first time. Take care of yourself, take care of your house, and you'll be taken care of.
Both Ravii Kumar & William King 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.
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