It is true that joint ventures can be the fastest way to success but if the joint venture is the right one for the business then only it is possible. To find a partner for business is not an easy task as it is difficult to put faith in someone unknown. In the partnership, there is disclosure of financials and performance of business which entrepreneurs want do not share with everyone.
To find a joint venture an entrepreneur always seeks for a partner through which its own business could expand in the market. For small businesses, this is the best way to expand their operations and grow at a much faster rate. While finding a joint venture partner one should always look how this will add to its product offering and whether this partnership satisfying any particular need of its existing customer base.
In this competitive environment, merger plays a key role in business success. For instance, Indian car manufacturer Mahindra and Mahindra tied up with car renting platform Zoomcar to introduce battery car eco on its platform for rental purposes. Now, this was a strategic move as both the parties are benefitted from this merger as Swiggy will get additional cars on its platform and Mahindra Mahindra can raise funds through this as well promote the cars by giving users real-life experience.
But the problem is how to find the right joint venture partner for your business and why online networking platforms are the best way to do it. Here is the solution:
Analyse and identify business need
Before starting to look for your business partner, you should understand the need so that your business operations could benefit from it. As there are few options that you can go for like look for a similar type of business like your but in some other market so that you can have access to new markets. Also, you can partner with someone that adds on to your product like Swiggy did with Mahindra and Mahindra. While planning you should also need to understand whether it is satisfying your customer need or not.
Search and network
Once you understand what is better for your business then move on to the second phase. In this stage, you need to find an online networking platform like BusinessEx to find your partner. Then you should start looking for the joint venture after selecting industry and location you want your joint venture to be in. There will be an offer that is already made by the joint venture which you can negotiate while closing the deal. Even if you dont find the suitable joint venture then you can register your business on the platform and state your requirements so the promising partner can contact you.
Close the deal
Once you get connected with the joint venture then pitch your offer and requirements so that both the parties are clear on all terms. After pitching the offer it is essential that both the parties will come to a mutual consent so that the deal can be finalised.
Online networking platform like BusinessEx is the trending source to make B2B deals like buying and selling business opportunities. So if you are planning to sell the business, buy a business, planning to merge, or looking for an investment this is the best source to get things done.