| As a small business owner, you have tackled many | | | | money and resources between you and your JV |
| challenges and obstacles to make your business a | | | | partner is enough to grow and sustain a successful |
| success. Many business owners have found that a | | | | venture? |
| joint venture is a great way to continue expanding | | | | Are you ready to assume some risk? - Any business |
| revenues and even help grow their own business. But | | | | venture requires an assumption of risk. Are you in a |
| a JV requires attention and commitment just like any | | | | place where your own business is sustaining itself and |
| other business venture. | | | | you can take additional risks with a JV? Be realistic |
| How do you know if a JV is right for you? | | | | with your expectations on risk or risk aversion. |
| Sometimes a JV opportunity comes along just at the | | | | Are you confident in yourself and your idea? - Many |
| right time for a business owner who needs a new | | | | times a great JV starts with a great idea. If you |
| challenge. Sometimes a JV is just the right strategy | | | | have a great idea that could help you and a potential |
| for a small business to realize a boost in revenue. But | | | | JV partner make additional money, then your |
| in some cases a JV becomes an added burden that | | | | enthusiasm will carry it through. If you have doubts |
| does not reward a business owner as he envisioned. | | | | about a potential JV idea, it is likely those doubts |
| Here are some basic questions to ask yourself when | | | | could exacerbate into failure. |
| you are considering a JV: | | | | Have you done the research? - Do plenty of |
| Is there a need for your combined products or | | | | research on your JV idea. Educate yourself and learn |
| services? - In many cases, a JV is formed almost by | | | | more about what you don't know. You may be |
| necessity. A market shows a specific need that is | | | | surprised to learn that there is plenty that you do |
| met by the combination of services or products. An | | | | not know. You will discover new things that could |
| example might be wedding photography and video. | | | | help your JV become a success, and even things that |
| Two similar artists can combine their talents to offer | | | | will ultimately let you know that an idea is not a good |
| a great package deal for brides and grooms wanting | | | | one. Research is crucial to the success of a new JV. |
| to document their special day. | | | | Ultimately your enthusiasm and determination for |
| Do you have enough money and/or resources? - Try | | | | developing a JV idea will be the key factor in the |
| to forecast how much money and resources you | | | | success. But before diving into a JV, be sure you are |
| would need to make a JV a success. Would you | | | | ready to tackle and handle the challenges. |
| need to borrow money? Will the combination of | | | | |