Here’s a new look at your future Internet business endeavors. Think in terms of “if you can’t beat them, join them.” Rather than compete with other similar Internet businesses, you can join them as partners, escalating your business more than you ever imagined. :-)
In other words, Internet business doesn’t have to be about being “better than the competition” but can be about doing some business together and therefore growing together.
As an Internet business owner, you are likely searching out ways to increase your reach within your market, breaking down barriers and rocketing your revenues. And of course, you want to do this in a short amount of time!
In recent years, so many Internet businesses have united to augment their survival odds. It becomes necessary, I suppose, with many small businesses failing (or quitting) within the first five years.
So you hear more and more through various means that work-at-home parents and entrepreneurs have been looking into the possibility of working together with those who were competitors, thus becoming more successful in their endeavors.
Yes, many marketplaces these days are highly competitive. Of that there is no doubt. But when you look long and hard, you can find ways of overcoming. That’s why I wanted to include this topic for you to read about Competition Versus Joint Venture. It’s something to consider in your Internet business.
Taking part in a joint venture is basically teaming up with others (one person, a group or a business entity) in order to expand your business influence and to create a powerful market presence. It’s important, if you are going to do this, to do it soon… because otherwise your competitors may beat you to it!
Formally speaking, in a joint venture, an entity is formed between two parties (or more) to take part in economic activity together. They both contribute equity and share in the expenses and in the control of the business. It can be for only one project or be a continuing relationship.
So much to the formal stuff… ;-)
In a joint venture, you won’t be transferring ownership in any way. It’s not a merger, just a sharing. So what do you share with a partner?
You can share markets, assets, or knowledge, and of course, you can share (higher) profits!
For example, a large company may decide to start a joint venture with a small company to get some intellectual property not available to them otherwise, or to obtain hard-to-come-by resources.
Or a small business person with a Web site and hundreds or thousands of visitors per day shares the traffic with another webmaster who is in the same market but with eventually a slightly different audience (not necessary though!). Both have excellent products or services and share their excitement by recommending each others products. As a result, each of their audiences get more of what they want and improve their lives, so it’s a true win-win-win situation.
The advantages are great! It’s possible to expand into foreign markets, lower production costs, increase sales, etc. Collaborating with others definitely has pluses.
Bottom line, rather than invest large amounts of resources to enter into new areas of the marketplace, you can join forces with others who have identical products or services. And you will possibly find yourself able to compete (together with your partner) against some of your larger competitors—or even joint venture with THEM later, too!
So, before talking about “that competitor” again, why not shift your mindset from Competition to Joint Venture?