[header] How to create a joint venture [title] Determine your need for a joint venture. [step] In your regular business operations, you may reach a point when you have the need for expertise, technology or operations that your business is lacking. One way to solve this is through a joint venture with another company that has expertise or operations in that area.
[header] How to create a joint venture [title] Determine your need for a joint venture. [step] In your regular business operations, you may reach a point when you have the need for expertise, technology or operations that your business is lacking. One way to solve this is through a joint venture with another company that has expertise or operations in that area.
[substeps] For example, your company may focus on research and development of a new product, but you do not have the resources for distribution. You could form a joint venture with another company to share in the marketing and distribution of your product. [substeps] Start by looking for a joint venture driver. That is who a joint venture driver will be and how deep in your business they will be utilizing of your personal and professional relationships. This is usually done by someone you meet in person who can work with the individual. [substeps] Ask local businesses in your industry to make connections with businesses via email and/or social media online. This could be another company that owns industries, needs equipment, needs for its members, or the business of another company that lacks that expertise. [substeps] You may seek to build a joint venture through a single company in the same industry or move into the next company on your list.