Joint ventures are a business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity. Think of Apple and the iPhone and iPad and apps – Apple teaches you how to create apps for free. You create an app that meets a need. Local businesses can partner with others to provide complimentary services that grows each other businesses. You can partner with someone to to create a new complimentary product or service, or you can grow you email lists by sharing resources that benefits each other customer base.
Joint ventures are an awesome way to expand any business. You don’t want to be competitors but complimenting business where the winner is ultimately, the customer!