….The Question Is: What Kind Of Relationship?

You want to explore a relationship with the other business but you are neither ready to move in with them nor-gasp!-marry them! in fact, you may not even want to me monogamous with that business, and this is totally okay!


So let us talk about what a Joint Venture is NOT: it is NOT a partnership, which is ONE single business formed by two or more people. Partnership: think marriage, monogamy and living together. It’s not for everyone.

So what IS a Joint Venture? This is when two or more businesses (each which have its own legal entity) may decide to work together on joint project or idea, but they still maintain the rest of their business apart from each other. They are even free to “see” other businesses.
What are the benefits of a Joint Venture and what does this look like?
1. The JV can work on short- or long-term goals
2. The two (or more) businesses can combine resources and expertise
3. The JV can save money on advertising, marketing and expenses
4. The JV can for a separate entity or operate joints as separate entities.

Many businesses here can and want to combine expertise and resources, which both gives them more clout in the industry and saves money. However, do not define the lack of strict relationship rules with not needing anything in writing. Like personal relationship, if one person thinks you are one thing and you think you are another, trouble can ensue. Communication is key personally and in business!
Remember to have a Joint Venture Agreement, and everyone will live happily ever after.