Original subtitles

session No. 6

how to close the Joint Venture Deal

and start making money

so closing the deal

now that you've prepared your irresistible proposal

offer you are now ready to close the deal

so ideally you want to do this live

in other words

face to face

or on zoom or any other video conferencing facility

like Web X or anything else

what I suggest is

do not attempt to do the deal over email it's very

it's not that great

can't read their body language

you don't know what they're thinking

it's very backwards and forwards

so meet in a live situation

or discuss it on video conference

here are the key steps in order to make that happen

1 setting it all up

2 if you need an NDA

non disclosure agreement

what you need to do with that

3 negotiating

negotiations are a big part of doing joint ventures

and also do not think short term

think long term

and I'll explain why in a moment

have a clear action plan as to which one

which way you're gonna execute this

and make this happen

and also the contract

the agreement that you're going to ask them to sign

in order to move forward

with this particular joint venture

so everyone knows who

what they're responsible for

and how things are gonna proceed

let's talk about setting everything up

as I said always do this face to face

or on video conference

example zoom or Webex

but keep everything as simple

and as clearly laid out as possible

the clearer it is

the better it is

cause you're meeting up with them in order to

sign an agreement

at this stage

we do not want to confuse them

all the proposals have happened already

they understand what's going to happen

and so now we just got to repeat

go through everything

get them to sign

and agree to move forward

your goal is to create the best

win win situation possible

so they feel that they have won

you have won

their clients have won

so there's no resentment later on

in terms of

they got the better deal than I did

because it diss ours things

and next time

they don't want to do anything with you again

don't complicate things

just for the sake of making it complicated

and seeing how clever you are

but keep it simple

so they know they're

and so they're not confused

and know how you're going to move forward together

as I said earlier on

in one of the sessions

I talked about non disclosure agreement

if you need one

then make sure that

if you wanna put

you may want one to

you may want to get them to sign an NDA

depending on what product

program workshop

whatever it is you you are gonna do together

now this gives you some legal Protection

especially in regards to your specific strategies

maybe your specific cells processes

possibly your intellectual property or your trademark

or the way you do things

or it could be an NDA around your services

and how you provide it and what you provide

and it's useful

if especially if you have a new joint venture partner

with whom you have no pre existing relationship

then this may be useful

No.3 negotiation

negotiating with your joint venture partner

this happens when

you know exactly how much you can offer

so how much can you offer them

before you begin negotiations

so be very clear on that

and know what the number is

what the percentage is

what the dollar amount

pound amount is

that you're willing to offer them

now it's common practice to offer less upfront

then what you'd actually would be willing to part with

so you offer less upfront

maybe they'll make more in other deals in the back end

when you sell other programs

so bear that in mind

your potential joint venture partner may

counter your initial offer with a request for more

now don't be offended by that

this is business

but at the end of the day

this is business

you're negotiating

you wanna do something together

so negotiate with them to a happy medium

and one smart way to do that is

don't ignore what they just said

don't rubbish what they've said

you could use statements like

yeah I understand

and I understand

you want a better offer than that okay

let me ask you

what if we did it this way

would that work for you

okay let listen to what they have to say

so negotiate backwards and forwards

until both parties are happy

so whatever they say

acknowledge what they said

I understand

or thank you

I respect your viewpoint

and then ask them a question

so that the essence of asking the question

actually gets them to open up

and tell you what they are thinking

now make the deal fair and equitable

in other words

in the back of your mind

from the beginning to the end

it's always a win win

always go for a win win

always go for a win win

make it irresistible as well

now you may have to be very generous

with the profits you're going to make up front

in other words

you may have to give them more

knowing that you're going to make more later on

when clients buying further stuff from you later

remember that joint ventures produce either money

more customers

lifelong profits

and especially at zero risk and zero cost at times

so there is no need to be greedy

and I want you to note that the real profits

are often at the backend sales so

you sell this thing now with your joint venture partner

but the client comes back to you after they bought this

and then they buy some other things from you later on

and again they buy something from you

so think long term profits

not just short term

what can I gain now

and as the saying goes

you can either make 50% of something or 100% of nothing

so be fair be equitable

don't be greedy share

No.4 it's important to think long term

versus short term

thinking long term actually produces you more profits

don't think of this as a one off project

go for the long term profits

in other words

do things in a way where clients are happy

your joint venture partner is immensely happy

that in a few months time

in a year's time

they'll be wanting to do this with you all over again

now instead of solely

going for the one off type of deals

develop a long term strategy

that will make both you and your JV partner more money

for years and years and years to come

integrate all your Jvs as part of your marketing plan

so when you are doing your marketing

you're going to start thinking okay

where are we going to attract clients from

where are we going to attract leads from

and remember

your Jvs become an integral part of that so

make sure you have that in there as part of your plan

now be creative

if you do it the right way

you can create a situation where you both

make a lot of money up front

make a lot of profits up front

and also ongoing residual profit as well

ongoing so you just got to be smart on how you do this

action plan is No. 5

now have a specific action plan

as to how you are going to deliver this

and put this out there

see nobody really cares about theories and ideas

or the word potential

they don't really care

your JV partner doesn't care

the reality is

the proof is in a pudding

when you make it happen

that's the real thing

so your joint venture partner wants to see real numbers

tested and proven strategies

and they want to know exactly

how this can be actionable

should a partnership occur

should you choose to work together

what is it going to look like

what's gonna happen

who's going to do what

how much money you're going to make

so you should have a strategy and a planning place

before you discuss the deal

the details of the deal

so make sure that's clear in your mind

now it's is obvious

but set a kick off date

okay what date are we going to commit

what date are we gonna kick this off

and by setting a date

this shows that you're serious

and it shows that you're committed

serious seriousness and commitment

shows your professionalism

so make sure you have these in place

and above will be confident in your approach

you know you know

your products and service better than anyone else

you know this approach

this thing you're doing with joint ventures

you know it better than they do

so be clear in all your communication

because that energy will engage them too

and they will follow your lead

so that you both both win

and this important thing we have discussed

is the joint venture contract agreement here it is

the joint venture contract agreement is there

to protect both parties

now some people do join ventures with no agreement

no formal written agreement

and then that's okay

but I always like to do it with a formal agreement why

because what happens is when money starts flowing in

some people suddenly have memory loss

or selective hearing

like they didn't hear what was discussed

or they didn't

they can't remember what was discussed

so if you have it formalized

an agreement

which we will give you a template for

it makes it easier

and you can always refer to it

so there is no guessing

so only start drafting the agreement

once the deal has been agreed in principle

you can send an email

summarizing the agreement in principle

after you've had it

maybe an initial meeting

and whilst you're working on formalizing a formal

joint venture agreement

so that email you sent

you can use account content of it to actually

draft out the agreement

so that it makes it more formal

make sure your joint venture agreement clearly

covers the following issues

how and when will payment or compensation take place

what does that look like

who is responsible

for what now

be very specific

details here matter a lot

so what are they responsible for

what are you responsible for

so in a case of a joint webinar

they're responsible for finding the

putting their clients on a webinar

to show up at a specific time

and you are responsible for turning up

giving them a great deal of value

and then selling something

and then delivering on the thing that you sold

so their clients are fulfilled

now that could be a webinar scenario

then the other scenario could be

an email campaign scenario

where they're responsible for

sending out a series of emails that you have created

pointing them to

and giving them a lot of value

and then pointing them to the fact they can buy this

from you if they choose to

and you are gonna fulfill and deliver

so who's responsible for what

be very clear

very specific also

get very clear on how you're going to handle refunds

chargebacks

and losses so

for example

someone buys something

and then they want a refund

now where does that refund

uh come from

does it come from you

does it come from your joint venture partner

or does it come uh

is it is an equal um

refund that you have to do

so in this case

you may want to put a 14 day

money back guarantee in place maybe

or you have a cooling off period

and that cooling off period could be seven days

could be 14 days

it depends on how you sold it

and the legal restrictions

in your particular country as well

so make sure that's in the agreement

how refunds and charge banks and losses will occur

and so everyone knows what happens

also discuss in there in the agreement

put in there what will happen when the partnership ends

so when the partnership would no longer exist

what's going to happen

what happens to that

maybe the email list that you've jointly created

or any other thing that has allowed you to be in

tied up together

and so how are you going to deliver to clients

or how are you going to really sever that relationship

that partnership

so that you can both move forward

you may also want to discuss who keeps what

in terms of client contact details

email lists

email addresses

phone numbers

who keeps what so that there is no misunderstanding

as you know

we provide you with a sample joint venture agreement

as part of this program

so that you don't have to guess

about how to create it now this

the joint venture agreement that we are providing you

is an English

English law

and so what you can do

is you can adapt it to suit your own country

your own legal system

and if you're not sure how to do that

you can approach a lawyer

and a lawyer will can

for maybe one or one hundred

two hundred dollars or whatever

update it to suit your country specific law as well

but we've done the bulk for you

so it won't cost you thousands and thousands

and thousands of dollars or pounds to get it rectified

you know if you do need to speak to a lawyer

it's a quick tweak

it's a quick change

so you can move forward

and also please note

any and all materials provided to you in this course

is supplied as an example only

and does not constitute legal advice

okay so make sure you get legal advice where needed

and so that you can follow

and stay within the legal framework

you should also consult your own lawyer

to create any legal documents for use in your business

including joint ventures as well

especially when it comes to country specific

legislation

so here's an example of the joint venture agreement

it's much longer than this

but there is a cut out on it

and we have provided it for you

so you can download it from this program

so in this portal

click and download it

and start to make the changes on it

and as I said

the laws are based in the England and Wales

but you can change it to adapt

to your particular country

and the home actions are very clear

now that you have been through the whole program

now create your joint venture agreement

and once you've done your joint venture agreement

have that as a template

for other joint venture agreements

that you're going to do in future

as a resource

we've provided you with a sample

which you can download as I said

and tell us your wins

tell us your successes

share it in the Telegram group

ongoing let us know

keep that going

and in the Telegram group

you'll be able to also

possibly do some joint ventures with other people

based on what you are saying

how you're saying it

your elevator pitch

what you are doing

because you never know

who you could do a joint venture with

within the Telegram group

if you are stuck on anything

and you want us to maybe

look at your joint venture agreement

once you've created it

email us at Support

Mindspace Coaching

and let us know what the issue is

the challenge is

and myself and my coaches will be more than happy

to support you and get you on your merry way

so thank you for watching this program

thank you for doing this program

and above all

we are here to support you

let us know how you get on