Joint ventures are when two or more people / business owners decide to enter into a particular project together for a limited time to combine resources in terms of talent, funds, and tools. Doing this well requires some understanding and knowledge of how JVs work and what the best practices are.

* Chose a Strategic Partner – You want to JV with people who offer complementary products to your audience and who also have complementary skills to yours. You need to search for “ying and yang” so that you complement each other rather than work against each other.

* Don’t JV Core Capabilities – You don’t want to JV anything that is your core income, because if you do you could lose your main business. Instead, JV side projects or test out projects with side partnerships. Don’t risk your main income ability with a JV.

* Spell Out Detailed Plans – Before you get started, both parties should spell out detailed plans for how they want the JV partnership to proceed. This information can then be negotiated upon in order to come up with a final plan of action.

* Implement a Contract – Don’t enter into a JV partnership that requires a large input of time, money and effort without an iron-clad contract. Having that contract can protect you both from any misunderstandings and outright disagreements.

* Share Responsibilities – Ensure that the contract spells out what each person is supposed to do. Which resources are being used in terms of monetary, technical and human capital? Understanding these answers can help make the JV partnership work more smoothly.

* Choose a Leader – No project can be successful without a strong leader or project manager. Hiring a launch manager and or a project manager will help keep everything in order and working on time like a well-oiled machine.

* Check Up Periodically – The partnership should have a meeting periodically to discuss the goals, metrics and progress of what is happening with the JV partnership, and whether or not the partnership is successful.

* Do It Again – When something works, you should always find a way to repeat it. As you embark on joint ventures, you will discover some partnerships work better than others. Be sure to analyze why a particular situation worked and why it did not, so that you can repeat the successes and not the failures.

Remember that JV partnerships are most appropriate for short- to long-term projects that are not permanent, and between complementary entities rather than competing entities. You want share resources and not compete for them. This ensures that you both experience success in the joint venture that will add to both of your bottom lines.