How to Convince Other Companies to Accept your Joint Venture Offer
Your company could be aiming to jumpstart or roll out an important project but you just could not easily do so because of the significant risks involved. Furthermore, your business may not have sufficient capital and technical expertise to carry on the endeavor. To be able to pursue your goals, you should form a joint venture with other companies, which should be willing to support and take part in your business initiative.
It may not be that easy to persuade other firms to get into an agreement to form a joint venture with your business. To be able to make the task less daunting and more successful, you have to follow the following tips and guidelines to make your joint offer to other businesses more interesting and more irresistible.
First, highlight the win-win situation your proposed project could bring about to partners. Make other companies understand about the practical and logical benefits that they could gain upon agreeing to get into the venture. You could also explain why you are determined to pursue it. Be honest to tell them that you aim to gain more revenues.
Do not produce very lengthy joint venture proposals. Remember the basic rule in business writing: Keep your message short, simple, and direct to the point. Managers and owners of other companies could also be too busy to spend many minutes browsing through your formal joint venture offer.
Create an impression that you are a peer instead of a sales person. It helps to write a joint venture offer in a personal but detailed style. Making the proposal appear more personalized would do wonders. Do not shock the other companies or try to impress them through your showcase of technical knowledge and expertise. They may not fully understand some of the jargons and technical terms you use. As much as possible, make the copies more comprehensive but easily understandable.
Highlight your proposal to do much of the efforts in the venture. Prospective joint venture partners surely would appreciate it if you would assure that they would be required to do less work. The less work the proposed project requires from them, the greater is the possibility that they would agree to become your joint venture partner.
Do not chase only the major players. You may be surprised at how capable less popular and smaller firms could be when it comes to managing and operating your proposed business project. It could be discriminating not to take seriously the minor and smaller businesses in the market. Smaller and minor players could provide you with more resources and expertise than the giants could do.
Tell them how your proposed joint venture could help their own customers and clients. All companies could not say no to projects that would make their loyal and important customers’ lives easier and more enjoyable. This way, you could also actually help them provide much better services to their clients. Such a strategy is important in building trust in your joint venture.