Ed Erdal Koyuncu

Ed Koyuncu Shares Tips For Building Successful Joint Venture Partnerships

Welcome to the Ed Koyuncu blog. Ed Koyuncu looks after investments for clients in the UK and internationally. Ed Koyuncu also offers a range of funds and an investment trust. In today's blog we share few tips on the Dos and Don’ts of seeking out new partnerships. Let's get started.

For any business, winning new customers and generating new leads is a huge part of the daily grind. Without new customers even a business with incredible customer retention will run dry sooner or later. One of the best ways to reach out to a new group of prospective customers or clients is to form a joint venture partnership with another like minded business where you send each other leads or referrals for a mutually agreeable term.

So what exactly does it take to reach out to another business and convince them to help you promote yours? Here are my top 5 tips on the Dos and Don’ts of seeking out new partnerships.

Build A Friendship. Almost every successful partnership begins with some kind of prior relationship. If you’re not sure where to start, try going to some local networking events or if there is a particular business that has caught your eye why not approach them directly and introduce yourself?

Make Sure Your Offer Is Awesome. Don’t expect to throw an idea out there and for your prospective business partner to accept it straight away. Show them you mean business by offering a fantastic customer experience so that there will be no bad reflection on either party. Take the time to understand how this partner will be able to support the offer (or not!), for instance if their customers go back to them with questions about your deal, what will they do?

Keep it Personal.Do not use a template or cookie-cutter type email when approaching a potential business partner. Take the time to write a personal email, or even better pick up the phone and call them. The more personal the message, the better chance for a response.

Don’t Approach By Asking For Something. The fact is, even if you are offering this partner a commission for sending their clients your way, you are still asking for a favour. Approaching someone for the first time and asking for a favour gives them no reason to trust you or listen to you, they may even delete your email without a second thought. May I remind you of point number 1, build a friendship first!

Bring Value.Once you’re on the way to building a great relationship with your potential joint venture partner find out what their needs are first and see if you can help them out. Support your partner and bring value to the relationship. By proving that you are willing to help, you also increase the chances of them wanting to return the favour and help you out too. You’re also building a far more solid foundation for any future working partnerships and business referrals.

Have you had any success in building joint venture partnerships with other businesses? Let me know what has worked for you in the comments below!

Ed Koyuncu shares a long–term profitability of his firm with investment returns and client relationships that are sustainable over the long haul. More about Ed Koyuncu on his About page here. Discover plenty of other ways to invest for the long haul — including investing in small businesses and struggling start-ups on Ed Koyuncu's Pinterest page here. You can also follow Ed Koyuncu's Facebook page here for more investment news and advice.

Ed Koyuncu Shares Investment Tips

Welcome to the Ed Koyuncu blog. Ed Koyuncu is a British entrepreneur based in London who helps investors and entrepreneurs build lasting and profitable businesses for a brighter future. In today's blog, you'll learn few basic tips that you can use for your business investing game.

Investments could also mean those things you purchase or put money in, in order to further your business. Most people take additional studies in order to get the credentials needed to help them advance in their chosen careers. Other people invest in machinery, gadgets and equipment in order to make their lives easier. Then, most businesses invest in people which make up their workforce — their much-needed manpower. Here are three informal rules of thumb by which you can measure your investments and purchases:

• Does it add value to your business?
• Does it add value to your personal workflow? Does it save time and help you finish your work faster?
• Is it an expense that will pay itself off in the future? What is your estimated return on investment?

If what you pay for holds up well to inquiries like these, then it's safe to say that you've made a good investment and have put your money in a good place. On the other hand, there may be things that we may not see as outright investments, but end up becoming "money well spent."

One interesting financial tool is the credit card. It's a great tool when used wisely, but can also be a problem if used indiscriminately. If you apply for business credit cards as a way to organize your business' bills and expenses, you may find that doing so can be easier and can actually be helpful for compartmentalizing your finances.

In starting a business, one really does not need to have tens of thousands of dollars set aside or obtained on a loan for capital. Starting small is a good idea. As long as you manage your money well, and weigh each purchase or each acquisition against whether or not they add to the business, then you should be fine. And if there is any advice we could leave you with, it would be these tips:

• Make sure your bills are paid.
• Make sure your accounting is in order.
• Make sure you know where your money has gone, is going and where it will go.
• Endeavor to create a product line that answers your target market's needs.
• Make sure that you please and listen to your customers.

One of the biggest pitfalls of a business would be sloppy financial monitoring or the lack of any monitoring altogether. You'll have less worries if you can have mechanisms in place to meticulously track your finances. Finally, the other side of your business involves customer satisfaction. Once you have these matters down pat, there won't be anything stopping you.

Good luck on your money-making ventures!

 Ed Koyuncu understands the dilemma that is caused by the current economic turmoil for new and established companies alike when seeking investment and Ed Koyuncu's mission is to provide solutions for clients in a fast friendly manner. Read more about Ed Koyuncu here. You can also follow Ed Koyuncu on his official Twitter page here for more investment tips and tricks. Join our professional network by connecting with the official Ed Erdal Koyuncu Linkedin page here.