Facebook and joint ventures: the new way of doing business

There is a whole new “parallel dimension” and it is called Facebook. This social networking site has previously been dominated by teenagers, but not now. As I found out when I interviewed Mary Pat Kavanagh, she has used Facebook as the go-to place to find joint venture partners.

First, let’s define a Joint Venture:

A joint venture is 2 people (or more) coming together to create a new entity, a new company. It is a 2-way street where each person contributes in the form of money, product, knowledge, contacts, hard work, etc. Any of these have to contribute.

It is different from an affiliate agreement which is quite one-sided. They’re not really working closely together and contributing to the finished product.

How to use Facebook to find and develop joint ventures

1. First of all, go to Facebook and sign up

2. Gradually fill in the information in your profile about yourself (books, music, hobbies, etc.). The general idea is that people want to form relationships (JVs) with people they can relate to, so let them know a little about you.

3. Significant. In your profile, make a space to say “I want to meet people who… and my target customers (or I can help people who)…….. Be clear and specific

4. When you invite someone to be your friend, include a personal note about WHY (for example, I really admire their work)

5. DO NOT go directly to ask for help or say you are looking for a JV

6. Take the time to write comments on your profile, contribute to any discussion they might start, and introduce them to the people you think can help them (you can do this automatically through Facebook)

7. It’s like any relationship, you say hello and introduce yourself before asking for a date!

8. Join Facebook groups on your topic. There are thousands of them, you don’t have to be invited to join, and it’s a great way to find contacts in your niche.

9. Join Niche Groups: In addition to being a great way to find contacts (ie JV partners), it’s also a powerful way to do your market research. If people are discussing the problems they have, if you can find a solution to that problem, you have a business.

So go ahead, why don’t you join me on Facebook and we can discover this parallel universe together.