How to Grow Your Business with Joint Ventures
As entrepreneurs, we often want to do things on our own. That’s one of the primary reasons that you started your own business, right? But that’s not always possible, or profitable for that matter. At some point, most entrepreneurs and small business owners find that it’s necessary to expand their horizons in order to grow their business and increase profits.
“Simply stated, strategic partnerships are the path to profits,” says Dr. Teresa R. Martin, Esq., founder of Enjoy Your Legacy.
One of the fundamental ways to identify potential partnerships is through relationship building and networking. Perhaps you buy a certain type of product on a regular basis. Building relationships with vendors can result in purchasing products at a lower price, receiving expedited receipt of products and many more money-saving and timesaving possibilities. All of these mean more profits for you.
Attending networking events allows you to meet like-minded people in your industry, which can lead to partnerships over time. From small community events to large-scale national conferences, think of these as an opportunity to discover collaborators.
Our REIA NYC Mastermind & Training Membership Program offers both relationship building and networking opportunities for investors and real estate professionals. Membership includes relationships and benefits with vendors common to real estate, vendors such as Home Depot, OfficeDepot/OfficeMax, and many others. Information about substantial networking events, such the Annual Real Estate Cruise, is another membership perk.
You don’t have to be a large corporation to joint venture. Entrepreneurs can too! In fact, they are important to grow any business, no matter the size.
Once you’ve started your business, you’ll find that growth can come quickly. While rapid growth is good, it can also present some challenges. Our REIA Wealth Academy has many resources available to help scale your business so you grow painlessly. We can assist with forecasting the future of your business, accounting and payroll, financial projections, building a team, and most importantly, creating strategic partnerships.
But partnerships don’t always have to be strictly for financial benefit. They can also incorporate causes or organizations that fit your passion.
Our passion is to improve the financial capabilities of citizens in their communities. We recently partnered with National Financial Educators Council to develop private labeled Financial Literacy curriculum that teaches money-management skills including budgeting, managing debt, investing and retirement planning. The financial literacy coursework and our mission to improve financial literacy form a partnership known as the REIA NYC Financial Literacy Project.
It’s important to us to make a difference in our local communities. We stand true to this commitment by closing our operations for one day each month so our teams can implement enhancement projects in their respective communities. Our community initiatives include Dress for Success, Career Gear, Helping Hands, Financial Education Workshops and Habitat for Humanity.
As you can see, joint ventures and strategic partnerships can be a win-win for all parties. New relationships are formed, passions are realized, and profits increase. So take the leap and expand your horizons today!