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Start to Finish Checklist for Joint Venture Projects

So you want to start a joint venture project. Here is a quick checklist to make sure you’re on the right track to success:

  1. Why do you want to do a joint venture? Do you have goals? If not, write down a few goals for your joint venture project.
  2. Do you have a partner in mind? If no, do you have a plan to find an appropriate partner?
  3. Is your potential partner a compliment to your strengths?
  4. Have you researched your potential partner thoroughly?
  5. Have you prepared your proposal and covered the details?
  6. Do you have a plan of how you’re going to approach your potential partner? Email? Phone call? FedEx?
  7. Do you have the right attitude? A positive attitude is a must for a successful joint venture.
  8. Are you prepared if your desired partner is not interested?
  9. Are you prepared to negotiate?
  10. Do you have a legal agreement? DO you need one?
  11. Is this joint venture the best use of your time and resources, or do you have a better alternative?
  12. Are you spending your own time, money and resources, or are you using other peoples' time, money and resources? A good joint venture partnership should at least have equal amounts of effort between partners. If you’re creating a product using your own time and resources, then the other person should be spending as much time and resources promoting the product.
  13. Is this deal as good as you thought it would be? Is the other party doing what he or she said they would?
  14. Is this win/win and does every party benefit, or is someone being taken advantage of?
  15. Is your partner ethical, honest and professional?
  16. Do you have a promotional plan in place?
  17. Do you have someone to handle every task, and are the responsibilities and profits being shared fairly?
  18. Do you have checks and balances in place to track sales and profits?
  19. Do you have a plan for your profits?
  20. Are you making the most of your joint venture partnership, or are there opportunities you’re overlooking?

If you can answer every question with a yes, then you’ve succeeded in a successful joint venture partnership. Congratulations! If there are a few no answers, take a step back and evaluate your plan.