Episode 462: Hot tips for collaborations and joint ventures – #tashmas DAY 1

When it comes to joint ventures and collaborations, there is a WORLD of opportunity available to us… and there are some tricky risks and challenges that may arise. I want to equip you with the tips and insights you need to make the most of it and also protect yourself.

But first: It’s the most wonderful time of the year!!!! 

Why? Because it’s the 1st of March, which means it’s 12 days until my BIRTHDAY! That means it’s time for Birthday #Tashmas!

What is #Tashmas?

I do it for both my birthday (1-12 March) and pre-Christmas (1-12 December) every year! Every day from now until my birthday on 12th March, there will be a new daily podcast episode, with a hot tip or practical strategy as per usual… but you ALSO get a gift! I love sharing the birthday vibes, and what better way to do that?! The daily gift could be a freebie, a special offer, a competition… but there will be something for YOU every single day.

We are kicking off by talking collaborations and joint ventures… and I’ve got a juicy gift to help you get started as well…

Let’s dive right in!

EPISODE 462: Listen using the player below, or click the links to your fave platform to subscribe and listen over there:

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Do you need to collaborate these days?

I see joint ventures and collaborations as becoming even MORE relevant for business owners, especially as we move forward in this age of AI, and more market saturation. People don’t know who to trust or what content is real – it’s getting harder to tell even with video content what’s actually a human versus what is computer generated.

I am observing a lean back into human-to-human business strategy. Being able to connect with new people through your existing network is a way to develop that connection and trust faster, by borrowing their trust. If someone I know puts you in the spotlight or recommends you, that goes a long way to me knowing you’re the real deal.

Is it a collaboration or a joint venture? 

If you plan on doing collaboration, I suggest calling it a collaboration in this episode. Joint ventures generally have a legal arm, and you’re actually going into business together. There’s usually more risk involved there, so let’s call it a collaboration unless I explicitly mean joint venture.

Benefits vs Risks

Sharing resources, particularly audiences, can be a win-win for all parties involved. If I can put you in front of my audience and you can put me in front of yours, it can really be a win-win situation. But I also want you to dive into these things informed about the benefits and risks, and be clear on why, what, who, and how. I want to dive into tips and strategies to unpack the joint venture and collaboration opportunities that may come your way and discern which ones to participate in. If you say yes to one, there is an opportunity cost involved.

So I want us to do this in an informed and strategic way to ensure you look after yourself and make the most of those collaborations.

My top tips for Joint Ventures and Collaborations:

1. Be Clear and Explicit

Be explicit about the reciprocal arrangement. Do not make any assumptions. I’ve been interviewed for podcasts before, and that podcast never got released. When I followed up, they said it wasn’t fair because I hadn’t invited them onto my podcast.

There’s a lack of communication and explicitness in many cases where issues arise. I’ve been invited to speak at conferences and reprimanded for not promoting them when that wasn’t an expectation. So if you expect something in return, be explicit about it. Ask questions and make sure assumptions aren’t made. Recently, someone wanted to do a joint program with me, and I openly asked if it’s because of my existing audience. They agreed it was one benefit but valued other expertise I brought to the table. I asked what they would bring in terms of sales and marketing. If I’m doing all the sales and marketing, why would it be a fifty-fifty partnership? We need to be explicit about our contributions and expectations on both sides.

There are joint ventures that have worked where one person did no marketing, but they did logistics and all the other heavy lifting. Explicitly clarify each person’s role and contribution. If there’s financial incentive and complexity, agree on what each person will make.

2. Make the First Move

Want to collaborate with someone more established? Don’t wait to be picked—make the first move! Yes, you might face rejection, but that’s part of the game, especially if someone has a larger audience. Sometimes you need to be the one who takes on more work initially. It will pay off in the long run when it comes to growing your visibility and network.

This is also a great time to remind you to see the benefit in collaborating with people who may not be as far along as you would like. If you’re always on the receiving end of the benefit, and you’re not paying it forward by saying yes to smaller players in the market, the well will dry up pretty quickly. A rising tide lifts all ships – be a contributor, not a greedy taker.

3. Start Small and Test the Waters

New to working with someone? Start with a one-off, short-term collaboration. It’s like dating—before you commit, see how you work together when actual transactions and money are involved. Even with close friends, what works personally might not in a business set-up. Test the waters first; it’ll save you from headaches later on.

4. Get It in Writing

Anything beyond short-term or significant collaborations needs a written agreement. This is your safety net, ensuring everyone knows their responsibilities and expectations. It doesn’t need to be complicated; just have everything clear to avoid any misunderstandings down the line.

5. Voice Concerns Early

If things start to feel off, don’t bottle it up. Communicate your concerns early and kindly. It’s all about learning how the other person handles issues. Good communication can make or break a partnership. And pay attention to how your concerns are received—it’s a huge indicator of future collaboration success.

6. Seek and Use Feedback

Always ask for feedback, especially if you’re new to joint ventures or speaking at events. Whether it’s a podcast or a summit, knowing what you did well and what you can improve on helps you grow. Even if feedback is tough to hear, it’s invaluable for your development as a collaborator.

Your #tashmas Day 1 gift! 

If you’re looking for an awesome opportunity to find people to collaborate with, thats’ something I am BRILLIANT at facilitating. The next opportunity for you to get in on the connection action is at the Heart-Centred Virtual Business Conference. It’s a fantastic space to network, collaborate, and level up your messaging in real time. Plus, as your gift for #Tashmas, you can get your ticket at early bird pricing… but it’s only for a limited time!

Use coupon TASHMAS and get $100 off at www.heartcentredbusinessconference.com/virtual.

Thanks for tuning in, and here’s to elevating our businesses through collaboration.

Until next time, I cannot WAIT to see you SHINE.