A JV partnership is a joint venture where two different businesses join up to work on a particular project together. They do not become one business entity; rather they stay separate through the JV experience and after.
There are many advantages in having a JV partnership. At the same time, here are some common mistakes that you’ll definitely want to avoid.
Not Having a Contract – So many people get involved with JVs without a contract and this is a huge mistake. If you have no control over the purse, the domain, or the intellectual property, you could end up being left out from the profit too.
Not Having a Clear Delineation of Duties – Each partner in the relationship should have some type of duty or responsibility. There are cases of silent partnerships where one gives their name, their list, or some funding in exchange for a split of the profits, but everything should be spelled out specifically. If you want one person to deliver a specific amount of work each month, say so.
Giving Up Too Much Control of Your Brand – In a joint venture, sometimes one person is in control and in charge. However, you want to keep an eye on your brand so that you do not give up too much control over it.
Unrealistic Expectations – It is easy to get excited about a joint venture, but do not place all your hopes and dreams into a single venture. You never know what can happen, but you need to have contingency plans.
Entering into Partnership with a Competitor – It is a bad idea to enter into a JV partnership with someone who is a direct competitor. Instead, try to find people to work with who market complementary goods and services to your audience.
Not Planning an Exit Strategy – Most JV partnerships do not last forever. Therefore, you should write into the contract how long the relationship will last and how it will end. Planning everything in advance usually works better than just letting it dissolve on its own due to potentially having different expectations.
Not Offering Something Valuable to the Partnership – If everyone is to be satisfied in the partnership then each person needs to contribute value to the partnership. Everyone will feel better and it will cut down on resentment.
Trying to Hook Up With Someone in the Wrong Niche – It is hard sometimes to differentiate between working with someone who offers complementary products in your niche and someone who is in an entirely different niche. But you need to stick to what you know and only enter JV partnerships within your niche.
When you enter into a partnership, it is more important than ever to cross all your T’s and dot all your I’s. Do not be afraid to ask for a better contract or better terms when working out the initial phases of the JV relationship. If you are setting it up, do not have a “me first” attitude about the situation. Instead, find a way to make the JV a win-win association for everyone involved so that everybody can contribute talents and benefit as equally as possible.
When you create a course, you will need to start with an outline. Outlines are for you and for your audience. The outline will help you avoid missing any part of what you need to teach to meet the objectives of your course, but it will also be of use to attract your audience to your course. It will give them a sneak peek into what they will learn and encourage them to sign up.
Here are 12 things that your outline should include:
Why You Should Teach the Course – Everyone wants to know why you are the right person to teach the course. What gives you the qualifications to teach the course you are going to describe? Who you are, what your credentials are, and so forth should be listed.
Course Description – Explain to the audience what the course is about in detail, but do not make the description so long that they no longer need to take the course.
Course Goals – What are the goals of the course? For example, will the learner know how to make a web page using a particular platform when the course is over?
Learning Objectives and Outcome – Once the person finishes the course, what will they know and how can they use it? Will then have a workable item they can hold when they finish the course? Perhaps when the course is over they will have a five-page website that they can use.
List of Topics That Will Be Covered in Each Module – You want to state exactly how many modules or sections there will be, along with a title and description of what is covered in each module.
What Type of Audio / Visual Materials are Included – State what formats the information will include, for example, if you will have audio, podcasts, video, and other types of material. This will alert the student about the requirements of their own systems.
Procedures for Accomplishing Objectives – Explain what you will do to ensure that the students accomplish the objectives. For example, a reminder will go out to all students each week.
Student Requirements – In cases where there are prerequisites for what students need to know, express them. Also if they will need to complete work that is turned in and evaluated, be sure to tell them.
Assessments (If Any) – Some courses will have tests and assessments to qualify for a certificate, and others will not. If yours does, say so.
Schedule of Activities – List the schedule of activities that are included in the course that the student will do, or that the instructor will demonstrate.
Reading List (If Any) – In some cases, a book might go with the course. If you have written a book that they need to purchase, or you are using a book someone else wrote, link to it so they can buy it.
Follow-Up Opportunity – A great thing to include in your course is a way for them to follow up with you and sign up for other courses you teach or participate in other things that you do.
The outline for an online course is only slightly different than if you were teaching a course in person. In both cases, you want to explain what is inside the course, what your audience will learn, and what to do after for more information or where to find more courses that you teach.