Networking is the lifeblood of any business and that holds true for wedding consultants as well. Wedding consultants are largely solopreneurs and you’re probably quite used to handling things yourself. While you might have a rolodex full of wedding photographers and caterers, it probably never occurred to you to try a joint venture with other consultants to help your business grow. Let’s look at how to joint venture with other wedding consultants to grow your business.
What is a Joint Venture?
A joint venture is simply two business or wedding consultants coming together to work on a project or a product for their respective businesses. It can be two consultants working together to handle a large and complicated wedding or working together to put together a product that helps other consultants in the industry. You may be thinking “but aren’t they my competition?” Yes, they are but that doesn’t mean you can’t have a friendly relationship and come together to handle a project you can’t do on your own.
How Does a Joint Venture Help My Business?
Let’s say for the sake of example you and a colleague decide to develop an app that helps brides stay organized. The other wedding consultant has the technical skills and you have the marketing skills, together you have the ability to launch a very successful product within your industry. You both have skills that you bring to the table that allows you to work together and create something extraordinary.
This isn’t the only perk to a joint venture, as you each bring something unique to the project half the work is shared between the two of you. Each of you has your own responsibilities that cater to your area of expertise. Each of you has your own network of contacts that you can tap into to help make your project successful. It is effectively doubling the size of your network. When it comes to future projects whether you do another joint venture or go solo you now have a much bigger network to tap into.
Joint ventures with the right partner can be amazing for your business. Don’t be threatened by the idea of working with the competition. You can create bigger and better things with someone to work with especially for solopreneurs like wedding consultants. Take a leap of faith and try out a joint venture you may be surprised at how successfully it can turn out.