DESCRIPTION
This episode is brought to you by J&V on the subject of JV…. Today, Jo & Vicky discuss Joint Ventures (JVs). They explain how joint business ventures work and why they are a virtually untapped way to earn extra income. Over the years, Jo & Vicky have used several different types of JVs. In fact, it is one of the main reasons they have grown so fast.
They explain how taking advantage of win-win situations by collaborating with other dog businesses and others opens up new markets for you. Using real world examples, Jo & Vicky explain how taking this approach enables you to make more money faster, helps you to keep things fresh, learn, spot trends and provide additional support for your customers at no extra cost.
KEY TAKEAWAYS
JV stands for Joint Venture – a collaboration that benefits all of the businesses involved.
Collaborating with other businesses improves your reach and enables you to serve your clients better.
Don´t view other local dog businesses as competitors. See them as potential business partners.
Many business owners unintentionally participate in joint ventures. But actively seeking them out is by far the best way to benefit.
Promoting products you believe in and securing a discount for what you buy for your business or dogs, is a simple example of a JV.
Being able to recommend another dog business e.g. A reliable groomer to your audience or customers is very positive for all 3 parties.
Even if they work differently from you, still consider partnering up with other dog businesses. The chances are they are serving a slightly different customer base from you.
Collaborating with other dog businesses is a great way to learn new ways of doing things and spot trends early.
Working with other businesses in your area is an effective way to build your reputation and brand.
Think outside the box, not all collaborations have to be with dog businesses. You could partner with a park based food stand to attract a group of dog owners to experience a free agility session or just a meetup you attend.
BEST MOMENTS
“Look to collaborate with other businesses that will align and support what it is you are trying to achieve.”
“JVS should always be a win-win.”
“We actively invite people into our group to speak that are our direct competitors.”
“It´s about nurturing those relationships, building the trust.”
“Your JV stuff doesn't always have to be a pet product.”
“So much can be said for just going and having a chat with someone.”
“You're going to help people off the back of the money thing.”
“Ultimately, you can make it a win-win, if you understand one another.”
SOCIALS AND IMPORTANT LINKS
https://www.tiktok.com/@letstalkdogbusiness
https://www.youtube.com/@LetsTalkDogBusiness
Website www.caninebusinessacademy.com
Community Facebook Group: https://www.facebook.com/groups/caninebusinessacademycommunity/
Let´s Talk Dog Business Strategy Book - https://www.amazon.co.uk/Lets-Talk-Dog-Business-Strategy/dp/1068791705
ABOUT THE HOSTS
Meet Jo and Vicky! They bring a combined 25 years of expertise in the canine industry. Jo, with a background in corporate business, and Vicky, a dedicated advocate for rescue organisations, form an unstoppable team. Beyond the mic, their lives are a whirlwind – managing two successful businesses, pursuing a full-time university degree, and parenting two little ones under four. Each of their homes combined is a lively menagerie, housing five dogs and an abundance of chickens.