A lot of Filipinos want to have a business of their own. According to a survey conducted by the National Economic and Development Authority (NEDA) and reported in GMA News, 47 percent of Filipinos want to have their own business. However, even if there is a high number of people who have the desire to venture into entrepreneurship, only a few starts their own businesses.
What is the common obstacle of the others who do not start their business? Most of them would say that they have no capital. It has always been perceived that all businesses need money as capital. You may not have enough money to put up your own business, but it does not mean that you cannot start your own business.
With zero cash as capital, you can start partnership marketing or joint venturing. All you need in this business is a network of people you know and some marketing skills; as the Filipino adage goes, “Laway lang ang puhunan.”
What is joint venturing?
Joint venturing is forming strategic partnerships with existing businesses to share markets, knowledge, and of course, profits. According to an article in TheBalance.com, joint venturing is different from a merger because the ownership of the business remains with proprietor.
How to start?
If you are just new in this endeavor, you can start venturing with the group of friends that you have. For instance, you have a friend who has a photography business. You can talk to him to explore on starting joint venturing. Your role is to look for potential clients for him and agree on how much shares you will get per closed deal. It could be a standard price of PHP1,000 per client, or a certain percentage of the total package. It is important that you discuss the terms first and put in on paper to make sure that the partnership goes well.
What’s the chance for success?
Once you have chosen the businesses to partner with, you have to start the marketing legwork. Know your target audience and make sure to penetrate the market in the right angles. This kind of business would not take much of your time like other backbreaking businesses or eight to five jobs. Marketing through social media or SMS will only a few minutes, while meeting with clients could take 30 minutes to more than one hour.
Joint venturing has brought success not just to starting entrepreneurs but also to big companies. The key here is to use your strength in marketing with the available strengths of booming businesses. Once you have established yourself as a “partner marketer”, you can start a “partnership marketing” agency. According to T. Harv Eker, author of SpeedWealth, you can start an agency by matching companies who could work together, and get a percentage of the resulting services.