The definition of joint ventures is the cooperation of two or more individuals or businesses in which each agrees to share profit, loss and control in a specific enterprise. Joint ventures, also known as partnerships, can be utilized in a much less formal way and still be highly effective.
Recently, I had the opportunity to “joint venture” through co-op advertising with some companies on marketing campaigns. In these partnerships, we merely split the cost of the campaign while enjoying the benefits of more exposure for a fraction of the cost. This allows The U Center and the other partners to utilize marketing platforms we more than likely would have passed which would have been cost prohibitive.
Consider what business might be a good partner, who might compliment you or your company. There are so many ways beyond just marketing opportunities to work together with another individual or company. Look at what Nike did for Michael Jordan or vice versa. You just never know how partnering can catapult you or your business.