One of the keys to a successful joint venture partnership is the ability to communicate effectively. As with any business endeavor, clear definitions understood and agreed on by all parties involved is paramount. This is particularly important when determining the structure of a joint venture project. Consider which partner will be responsible for each of the various tasks ahead of time in order to diffuse any disagreements later.

Sometimes, the question of who handles each responsibility is apparent. For example, if one partner is skilled at product creation, whether it is an audio, video, book or software product, and the other partner has a substantial opt in list and is skilled at marketing, then how the responsibilities are divided is an easy decision.

However, sometimes it isn't so clear. When this is the case, it is helpful to list your assets for the project and divide the workload and profits appropriately. Appropriately may mean whoever is stronger in a particular task. It may also mean whoever has the most resources or time.

For example, if a person wants to co-create a product and co-sell it, and one person has a significantly bigger opt in list, it may make more sense to have one person handle the marketing and promotional material and the other contributes their list.

Another option is to skew the profits in favor of the person that is handling more responsibilities. Say the original plan was to co-create a product, co-market the product, share opt-in lists and split the profits. If one person has a larger opt in list, then the percentage of profits can either be adjusted to reflect the larger contribution of one partner, or the workload can be shifted to accommodate. Meaning that the person with the smaller opt in list would do a bit more work to compensate for having fewer clients to market the product to, and still receive half the profits.

While a partnership is about money making, it is also about networking and building relationships. When you approach a partner and a partnership, do so honestly and enthusiastically. Take stock of your strengths and weaknesses and be prepared to negotiate profits and workload based on these strengths and weaknesses. In the end, the real strength and benefit to a joint venture partnership is about building relationships, and that is accomplished with honesty and hard work.

Have fun with your joint venture partnership and the profits will follow.