Many people are surprised to discover one of the unintended or unexpected benefits of writing a book: Opportunities for joint venture projects. Other people in your industry or industries adjacent to your industry will often seek you out in hopes of starting a joint venture project together. This allows the two of you to leverage your combined knowledge to create an information product designed to appeal to all partners’ audiences and, perhaps, to help expand each partners’ influence.
How does the Joint Venture Process Work?
Joint ventures may involve one or more partners who come into the process and collaborate to create products and then promote those products to their email lists and within their social media circles.
The first step is the “meet and greet,” which can, and often does, happen in a virtual environment. One party approaches the other about a possible project collaboration. It helps if the interested party has a specific idea they’re interested in bouncing off the other person and then the magic brainstorming can commence from there.
Next you create the product, dropping a steady stream of hints and buildup to your respective audiences along the way, of course. Then you promote the products in the weeks leading up to the launch (then heavily in the days leading up to the launch) and then you launch your product and watch the magic happen as your wallets and your lists grow.
How does Writing a Book Attract JV Partners?
Writing a book lends huge amounts of credibility to your name in the circles where you travel. Most JV prospects will be in industries that complement your own very nicely. You’re not direct competitors but people who buy your products make excellent target markets for the JV prospect. In addition to lending credibility to your name within your industry, writing a book tells potential partners other things, such as:
• You have product creation experience.
• You understand the marketing process.
• You can finish a product.
In other words, it tells them everything they want to know about your abilities to get things done. Writing a book takes a lot of time and effort; there’s no doubt about that. The fact that you’ve not only written a book, but gone through the marketing process, built a list, and actively participate in social media makes you a hot commodity for JV partners. Just remember to vet your partners well so that you’re not left doing all the work while someone else reaps the rewards of your efforts without contributing much of their own.
Finally, there is no reason for you to wait for joint venture opportunities to present themselves to you. Look around in industries that complement yours. Seek out partners that inspire you or who you believe will inspire your audience and come up with a proposal to present to them. Present your proposal along with your own list of credentials and accomplishments (and perhaps a copy of your book). Then, see what kind of magic you can make happen!