Do’s and Don’ts When Handling Meat > Food Safety

Meat is a part of many individuals’ meals and diet. There is a proper way to handle it in order to prevent food-borne illness. Here are some rules to follow when you are cooking with meat.

Wash Your Hands Thoroughly before Handling

Before handling the meat, or any food, be sure to wash your hands thoroughly with warm water and soap. Even if you don’t feel that you have been exposed to many germs since your last hand washing, wash them directly before preparing the food anyway. Anything on your hands can make it into your food, and because germs and bacteria are too small to be seen, there is always a risk when your hands go unwashed.

Wash Your Hands Thoroughly after Handling Raw Meat

Raw meat contains harmful bacteria that is only made safe by cooking it to the proper temperature. Every time you touch raw meat, your hands become a vehicle by which this bacterium can spread. Wash them a few times with warm water and soap and be sure to clean under your fingernails or anywhere else the bacteria may be hiding.

Be Careful When Pets Are Around

Think your pet is too well-mannered to get into the food when you are not around? Think again. Animals are tempted by food and leaving meat unattended in the kitchen is just asking for trouble. Cats have been known to walk across the counter when their owner has slipped out for even a few minutes, and dogs that are high enough to reach the counter can make contact with the food as well.

Don’t Allow Cross-Contamination

Always be vigilant not to allow cross-contamination in your kitchen. When handling meat, and especially raw meat, keep it separate from safer foods. Try to prepare fruits, raw vegetables and other ready-to-serve items before handling the raw meat, in order to cut down the risk of this type of cross-contamination.

Use completely separate parts of the kitchen to prepare meat, since the raw juices of meat can easily splash other food items that are nearby.

Wash Everything Thoroughly That the Raw Meat Touches

When you cut or otherwise prepare raw meat, be sure to clean any utensils and surfaces that come in contact with it. It is not enough to wipe it down, even when used along with soap. Cutting boards and plates should go into the dishwasher so as to be heated and washed intensely. You can also spritz them with vinegar, then 3% hydrogen peroxide and then rinse them well.

Utensils and other items should be stashed in the dishwasher immediately, so they are not accidentally used for any other food preparation. Wash the sink thoroughly as well with soap and hot water, and then either the vinegar and hydrogen peroxide mix or a bit of bleach.

Cooking meat requires knowledge of basic food safety. It is important not to experiment when it comes to the safe handling of these particular foods. Follow these guidelines and you will be able to enjoy a great meal and keep everyone healthy at the same time.

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Marketing to Senior Citizens > Free Niche Marketing Report

Niche Marketing report “Marketing to Senior Citizens” covers What Is a Senior? What Products and Services Are Seniors Looking For? Senior Marketing Do’s and Don’ts. Where to Reach Your Senior Audience. How to Engage the Senior Audience. Focus on Lifestyle. Make Marketing More Seasonal. Include Online and Offline Marketing. Provide the Information They Need. Click “Marketing to Senior Citizens” to download (561 KB pdf) this free marketing ebook.

marketing to seniors

Marketing to Seniors > Online Business Marketing Primer

1. Design tips for making your website senior-friendly

Seniors have specific ways that they like to receive information that is usually different from millennials. If your audience consists of older people, then you need to ensure that you organize your site correctly.

* Use Shorter Sections – Seniors want to find the information they need without a lot of clicking around. Use shorter sections and make it clear how to get to the next section with directional cues and images.

* Put Important Info Up Front – Older people aren’t going to search around for the information that you want to give them. If it’s not up front and first, they may not ever see it.

* Use Consistent Navigation – Show your audience immediately how your website is designed and how navigation works on your website. If you make it clear how it is organized right away, they’ll be less likely to click away because they’ll understand how it works. Keep the navigation the same on every page of your site for consistency.

* Make Opening and Closing One Click/Tap – This is very important because a lot of seniors don’t have quick reflexes and need it to be simple to click through. Make it one click or one tap to do things and provide instructions.

* Keep Website Visually Clean – White space is very important to make it easier for seniors to read the content on your website. Remember the refrain, “less is more” when it comes to designing the pages of your website.

* Use Larger Buttons – This is very important for touch screens, because some elderly people have shaky hands and it will be easier for them to tap and find larger buttons that have good descriptions of what they do if you tap them.

* Use Larger Body Text That’s Adjustable – Try to use at least 16-point font as your standard font for sites designed for older people, and make the font easily adjustable. While it’s true that most computers and tablets enable you to adjust these things yourself, many seniors won’t take the time or don’t know how, so if you can provide instructions that will be helpful too.

* Use Colors That Are High Contrast – As people age their eyesight changes, and it’s harder to see certain colors. If you use high contrast colors such as black text on white background, and fewer colors, it will look better to them and look great to everyone else too.

* Provide Text Transcripts of Multimedia Content – While using a lot of different types of media is a good thing for the content on your website since people learn in different ways, always provide a transcript in text of all multimedia content for your non-hearing audience members.

Of course, all your websites should be responsive. They should work seamlessly on any device. Consider which device your audience most likely uses and optimize for that device to ensure that the seniors using your website can get the information they need easily.

Next time we’ll look at some common mistakes you’ll want to avoid when marketing to seniors.

2. 9 common mistakes when marketing to seniors

It’s imperative that you pay attention to how different your audience may be compared to other audiences. Part of it has to do with familiarity with technology, but other aspects simply have to do with getting older and having certain expectations for how content should be delivered.

1. Not Using Old Media – Newspapers and magazines are still well-loved and read by boomers and seniors. They still like the feeling of the paper in their hands. While they are transitioning to tablets and digital media, they still have the highest subscription rates to newspapers and magazines.

2. Not Getting Published in Senior-Focused Media – Certain media such as AARP are focused on their senior audience. If you’re serious about marketing to seniors, you should be focusing on these types of publications too.

3. Not Considering Authorship – Just like many seniors like to hold a paper or magazine in their hand, they also like books. There is a high respect for authors among boomers and seniors that is even greater than younger audiences. If you go the publishing route to express subject matter authority, be sure to publish a paper book in addition to a digital book.

4. Not Considering Coupon Mailers – The audience that uses and looks through those coupon mailers are mostly seniors. They love them. If your audience is seniors, you should highly consider running a test with coupon mailers.

5. Not Using Facebook – Don’t assume that just because your senior audience likes paper that they don’t also use social media. A lot of grandmas are on Facebook because they like watching their grown children and grandchildren’s lives unfold before them. That means they’re right there where you can market to them.

6. Not Advertising on Cable TV – Your senior audience likes to watch TV. If you can afford to run an advertisement on late-night TV cable channels that your audience watches, you can rake it in. Because many seniors sleep less and watch TV more, they’re almost a captive audience.

7. Not Using Sponsorships of Senior Focused Events – What do seniors like to do where you live? Do they play bingo? Do they hang out at the senior center learning to paint? Do they like to take courses at the Lifetime Learning Center in your area? What events do these places have that you can sponsor? Sponsorship of live events is a great way to get your brand made aware to seniors.

8. Not Marketing on Radio – Many seniors love to listen to the radio, especially talk radio. They like listening and even calling in. Find out which shows your audience listens to and buy spots on those shows. You can even appear on the radio show to be interviewed about your product or service.

9. Not Using Church Functions in Marketing – Over 60 percent of seniors go to church each week. Churches like to do things for their members and if you can help them out by sponsoring programs and events, you’ll make a name for yourself among the members.

These are all advertising and marketing ideas that your senior audience may respond to. The best way to find out is to test your market with some well-placed advertisements and content in the spaces where seniors are already.

3. 7 content marketing tips for attracting seniors

First, understand what senior marketing is. Today, most senior-focused publications and groups consider anyone over 50 to be in their market. When you consider that, your market for seniors is a lot larger than you may have thought.

And yes, you can use content marketing to get the word out to seniors. Use these tips to ensure that your content marketing attracts seniors.

1. Don’t BS Them – Seniors are a lot savvier than some people give them credit for. Think about it; seniors have been marketed to their entire lives. They know tricks when they see them and aren’t easily fooled, despite what you may have heard.

2. Use Video – Seniors do watch video but the key here is to make them short, to the point, and include closed captions so that if there are issues with hearing they can understand what is being said on the video.

3. Blog – You can still blog for seniors. Seniors do read blogs but they may not search for them in the same way, so promoting on social media, via email marketing, and even ensuring that you’re published in magazines will make it more likely that you’re found.

4. Use Word of Mouth – One way to get content to your senior audience is to ensure that you ask anyone who reads your content to share it with their friends. Seniors trust word of mouth more than slick advertising, because they know and trust their friends.

5. Know Your Audience – Every senior audience is not the same. It’s imperative that you don’t treat them that way. For example, if your senior market is retired computer programmers they obviously understand more about technology than if your senior market consists of quilters.

6. Use Direct Mail Content – Content marketing isn’t just for the internet. In fact, content marketing was around long before the internet. Therefore, since seniors usually really like direct mail that they can hold and look at, your audience may respond very well to direct mail.

7. Get Published in Print – Don’t focus all your content online. Submit articles to print magazines and senior-focused newsletters. Many magazines and newsletters will pay you for your content, but in some cases, you may have to pay to publish your content as if it’s an advertorial.

If you really want seniors to respond to you, present content to them where they are. Make it easy for them to find, to act on, and to use. Plus, promote any content that you create as well as you would promote the actual products and services you create.

4. Tips for marketing to senior men

If your audience is senior men, you’ll need to adjust your marketing methods to appeal to them. The first thing you need to do is study your audience so that you know what they spend their time doing. What are their hopes and dreams?

Contrary to some beliefs, seniors aren’t finished having dreams. In fact, many of them are just starting to live the life they want to live. Plus, despite the news media’s dim view of seniors, they’re the ones with most of the money to spend.

* Study Your Audience – While you can use statistics about seniors to help you with your marketing, the best course of action is to study your own audience.

* Know Their Fears – What does your audience fear the most? What will make them feel as if they’re missing out on something? How can you address and alleviate their fears?

* Know Their Dreams – As you study your audience, narrow everyone down until you know what most of your audience dreams about.

* Know Where They Hang Out – A great way to find out about your audience is to find out where they’re hanging out and then hang out there too. Be a fly on the wall at first to learn about them, then join in.

* Be Seen Where They Are – A great way to gain credibility with your audience is to hang out where they hang out. Whether it’s the gym, church, the race track or the bingo hall doesn’t matter. What matters is that you are where they are.

* Use the Right Images – Don’t condescend to your senior male audience by putting up the wrong type of images based on a stereotype. Seniors don’t like being played and are a lot smarter than that.

* Provide a Lot of Information – Senior men usually like a lot of information about subjects they care about. They like it delivered in many ways including text, images, print, and audio. Back up the information with sources and facts to make it even more impressive.

* Know How You Can Enhance Their Lives – It’s also important to know how you improve their lives and solve their problems enough that you can speak intelligently about why you do it, how you do it, and with whom.

* Use Lots of Testimonials – Senior men (like most of the population) also like proof through testimonials. But, you need to find testimonials from the types of people that they respect, and the only way to know that is to get to know them.

* Give Free or Low-Cost Trials – Senior men love to try things out for themselves before making a commitment. That is one thing you can do easily depending on what you’re offering. You can offer a big discount on those parts you’re selling, or you can offer a free 7-day membership to your site devoted to the topic they love, and so forth.

Marketing to senior men is really the same as marketing to anyone. Get to know who they are, where they are, and what they want, and then educate them using content and information marketing that fits where they are in their decision-making process and lives.

5. Tips for marketing to senior women

Women over 50 comprise a lot of different audiences. Therefore, you’ll need to identify your audience to properly market to them. Stats that you can find about senior women may or may not apply to your niche audience, and you won’t know whether that’s true or not unless you study your own audience.

* Know Their Values – What values do your subset of the senior women market have? You can’t assume that all boomer women care about the exact same thing; however, overall you can guess that they’re concerned about retirement, midlife health issues, grandchildren, and older or adult children.

* Create and Share Experiences – Women of a certain age value experiences. They like to listen to other people’s experiences and relate best to women in their own demographic when it comes to talking about almost any topic. If you can create an experience for them that they can talk about and share, plus share other women’s stories, you’ll be able to connect with them on a whole new level.

* Remember, Women Live Longer – Stats show that women tend to live longer than men, so there are a lot of widows out there to market to. If they fit into your audience in some way, you can create a persona of the widow within your niche, and market to her as a sub-niche.

* It’s the Prime of Her Life – Older women aren’t invalids for the most part. In fact, once a woman reaches 50 she may live the next 25 years as a healthier, happier, version of herself who is confident and ready for what the future brings her. Market to that woman and you’ll create a vibrant community of powerful women.

* The Self-Confident Woman – Women older than 50 are usually a lot more confident than women in their 20s, even though media often portrays the opposite. It’s just smoke and mirrors, because inside younger women are over-worrying about silly things like stretch marks or a stray gray hair.

* Boomer Women as Game Changers – Women that are over 50 can be seriously confident about their lives. They know that they have control over themselves and their own futures. They respond well to powerful images of women who know what they want and how to get it.

* Avoid Stereotypes – The worst thing you can do when marketing to older women is to fall into a stereotype trap of the insomniac watching the home shopping network while wearing her poise pads. This is a depressing image that isn’t accurate of older women and should be avoided at all costs, even if you sell poise pads.

Like most marketing, you need to know who your audience is, where they hang out, and what their hope, dreams, and fears are. The senior woman’s market isn’t comprised of all the same woman. Their values and interests are more important than their age, although their age also informs a lot of their values and interests.

6. Tips for marketing to grandparents

When marketing to grandparents, the best thing you can do is focus on what grandparents like – their grandchildren. And, grandparents love spoiling their grandchildren more than doing almost anything else in life.

* Understand Their Point of View – Grandparents are very perceptive and have seen it and heard it all in their lives. They’re not as trusting about information as their younger counterparts, and need more proof that a claim is real. They’re very sensitive to false information designed to sway them. Therefore, try to filter all information through your audience’s point of view.

* They’re More Mellow – Most people naturally become more mellow with age and this is especially true of grandparents who get to spend time with their grandchildren. Parents the world over will try to convince their children that grandma and grandpa were strict when they grew up, but the children just can’t see it because the grandparents’ life experiences have made them more mellow and less judgmental.

* They’re More Spontaneous – Grandparents feel a sense of awe when they’re with their grandchildren. They appreciate more than parents how fast childhood goes by. So, when their grandkids want to run around outside and blow bubbles, grandparents are ready to do it because they know for sure that this is more important than going to bed at a certain time or sweeping the floor.

* They’re More Outwardly Focused – In their youth many grandparents were just like other youthful people and very self-centered. But, now that they’ve crossed the hill and are on the other side, they realize how important it is to leave behind a better world than they had to their children and grandkids.

* They Spend a Lot on Grandkids – Grandparents spend more than 50 billion a year on their grandchildren. When you put that into perspective and your audience is grandparents, if you can frame any purchase with how it helps grandchildren, you’ll be able to persuade them to buy faster.

* They’re Not All Seniors – One thing to remember is that grandparents come in many ages. There are 40-year-old grandparents and 70-year-old grandparents. Therefore, when you focus on marketing to grandparents, you shouldn’t always assume the gray-haired older lady in a bun as the image of grandma.

* Many Industries Can Market to Grandparents – Whether you’re in the toy sector or the financial sector, there are many industries that can and should market specifically to grandparents. Think toys, travel, consumer goods, financial services, automotive, sports, apparel, entertainment and more.

* Know the Right Marketing Channels to Use – Today grandparents use a lot of different platforms so you can safely market to grandparents using email, blogging, video, digital magazines, and other content. These all work well, and so does television, radio, print magazines and offline marketing.

* Grandparents Are More Deal Focused – Grandparents aren’t as brand loyal as some markets. This is because they have lived a lifetime and know that often less expensive versions offer the same quality. So if you focus on providing quality to them, it makes a huge difference. Speak directly to them as grandparents.

* Customize Your Ads – When marketing directly to grandparents, it’s imperative that you customize and direct your ads and messages to them and not just change the images and use the same copy. Be very specific about who you’re targeting.

When marketing to grandparents, remember that they’re not all seniors. Many grandparents are young and even youthful. Market to them based on their standing as grandparents using the values your audience cares most about, and you’ll be successful.

7. Tips for marketing to wealthy seniors

Over one-third of the buying public today is over 50, and more than 75 percent of the wealth is in the hands of these people. This means that it is a huge market for you to attack – as long as you know what you’re doing, because this subset of the senior market is wise to the tricks of the trade and won’t fall for hype and hyperbole.

* No Stereotypes – In your marketing materials, avoid stereotypes like the plague. You want to use images of the types of seniors you’re marketing to, but use images based on how they see themselves.

* Technology Is Good – Don’t avoid technology. Most boomers and successful seniors either know how to use most technology or have assistants who do it for them. They will get messages via tech if you place them in their line of vision.

* Use Multimedia Experiences – While you do want to use tech, you also want to use old media. Seniors still love reading magazines, newspapers, and listen to the radio and watch cable TV. This could change as younger people become seniors but as of today, a multimedia approach is best.

* Focus on Benefits – It’s very tempting to talk about the features of your product or services but they don’t care about that. Like most markets, they care about what the service or product does for them. What are the benefits? Does it make them more money? Does it save them time? Does it get rid of heartburn so they can eat more?

* Provide the Information – Seniors who have money like to read information before making a buying decision. Provide white papers, infographics, charts, graphs and any type of information you can to educate your audience on the benefits of your product or service, as well as the problem you’re solving.

* Be Empathetic – Some seniors took a big hit during the financial downturn of the economy in 2008. They may still be technically rich and wealthy but due to the situation, they’re a lot less trusting. If you show empathy to them for their losses and celebrate gains, you’ll be a lot more trustworthy.

* Remember Humor – Wealthy seniors, like most human beings, like some humor in their advertising. They like to make fun of themselves and others. But not in a cruel way. It’s important to maintain a sense of decorum.

* Focus on the Stages of Life – Today seniors are a lot healthier, smarter, and more with modernism than the elderly of the past. They’ve grown with technology, and become more progressive in their ideas and values than you might think. It’s imperative to study your audience before making assumptions.

* Be Relevant – With more than two trillion dollars in spending power, this demographic demands that advertising and marketing be more relevant to them and their needs. Even if you also have a younger audience, create marketing materials just for your older wealthy audience.

If you take these tips and apply them to your audience within your niche, you’ll start getting more results from your senior wealthy audience.

8. Tips for marketing to new retirees

New retirees are largely an untapped market. Most people focus their marketing on younger people and forget about retirees. But every single day about 10,000 people join the ranks of retirees. If you really want to unlock the potential of this market, consider the following tips.

* Focus on Value – What value do you bring to the table for your audience? Find ways to show your audience that value through the content and information that you provide. Share your personal story and your why with them, so that they know you have their best interest at heart.

* Study Your Market – There are subgroups within the retiree market, so it’s important to know which group you’re marketing to. Is your retiree on a fixed income, do they have money to spare, are they in a senior living community, or something else? Understanding the exact niche your market fills is imperative for messaging.

* Identify Your Segment – Your segment isn’t “all new retirees”. As mentioned above, you need to niche down that market to identify the exact subgroup or niche that the retirees you want to get your message to belong to.

* Create Your Message – Based on the information you discover, focus your message on the value you bring to the table, and the benefits of your product or service. Then work on crafting the message toward your niche audience in a way that they understand, in many formats.

* Polish Your Message – It’s not enough to focus only on your value. You also need to know how to message directly to the specific group you’re targeting. Sure, it’s retirees. But as mentioned above, which group does your audience belong in and how can you best approach them with your information?

* Test Your Messages – The only way to know if you’re doing the right thing is to test each message that you send. Survey your audience, watch social media discussions, conduct interviews of happy customers and even angry customers so that you can improve your message even more.

* Keep Going – As you perfect your message, you’ll start to see results. Now is the time that you want to maintain consistency and build rapport with your audience, in such a way that you can build relationships that last long enough for them to trust you enough to spend money with you.

Remember, with this niche you can literally own the market, since most seniors don’t feel as if the market is reaching them in a manner sufficient for them. As long as you can offer value to your audience in a manner that provides the benefits that they need, you’ll be a winner.

Whilst seniors are a lot more tech-savvy these days, there are still some who never use computers.

9. Tips for marketing to seniors who never use computers

Even in these modern times, there are seniors who don’t use technology. That doesn’t mean you can’t and shouldn’t market to them. Advertising and marketing have been around a lot longer than technology, after all.

* TV – Find out which shows your audience likes to watch and the time that they’re watching. Then find out how to place an advertisement. If you work with a local station, you’ll have better luck getting your ad live than if you try to go through the cable provider.

* Sponsorships – Another way to get your name known is to sponsor nationwide and local events that seniors enjoy. For example, many older Americans enjoy being in their local “Friends of the Library” club or their gardening club. You can sponsor both national and local events to get your name known.

* Radio – Many seniors make it a daily habit of listening to the radio, especially talk radio. If you can get your advertisement on during prime listening time for seniors, you’ll get a good response, provided you create the spot with your audience in mind and focus on the benefits of what you offer to them.

* Magazines – Seniors still like reading paper magazines, as well as giving them as gifts to their family and friends. Focus on magazines that you know your niche audience reads as a place to put articles and ads for them to find.

* Direct Mail – Coupon packs and other mailers are great ways to market to seniors who don’t use computers. One thing to keep in mind when you create such ads for this audience is to direct your information toward them in a way that isn’t stereotypical but respects their way of doing things.

* Snail Mail Newsletters – A great way to market to an audience that isn’t using computers is to start a snail mail newsletter. In fact, you can even earn money with the newsletter by charging for a subscription, plus putting advertisements into the newsletter. Many industries still use snail mail newsletters with great results.

* Church – The church may seem like a strange place to market, and you don’t want to do it in a way that’s obvious. Instead, donate money in the business’s name, help people in the church, and get known for what you do by the way you help and add value to the community. Plus, hand out your business card. This is a very popular way for photographers to earn money. They offer free sittings with one free 5×7 to each family and then take orders from the congregants.

* Senior Centers – These centers are usually in every area and town in some form. They often allow people in to teach classes such as yoga, painting, and even computer classes. You can plan functions with the senior center and offer sponsorships for events to get the word out about your products and services.

* Live Events – Host live events in local areas about your products and services. For example, if you want to teach people to eat healthier you can go to senior centers, 55-plus communities, libraries, and even churches to host a free event to inform your audience about your offerings.

* Books – Publish short books about your topic directed toward and marketed toward your audience. If you can get your book published and printed, you can use the local library, bookstores, and other events to market your book and your products and services.

* Book Stores – Speaking of books, if you are a published author you can make bookstores a target of your marketing efforts for your audience who doesn’t use computers. Host readings, host workshops based on your books, and other presentations.

Just because a market isn’t on computers doesn’t mean you can’t reach them. You simply need to find out who they are, where they are, and what they want, and then deliver it to them in the method that works for them.

10. Tips for marketing to senior entrepreneurs

Marketing to entrepreneurs is a whole different ballgame than marketing to average citizens. Marketing to senior entrepreneurs is a special niche that can be very lucrative to break into. For example, you can offer services to mom-and-pop stores such as social media marketing.

It depends on your service or product which senior entrepreneurs are your market, but in general senior entrepreneurs are great to do business with. And, the biggest group of new entrepreneurs happens to be seniors as they seek ways to spend their time after retirement.

* Choose Your Niche – You’ve already picked your audience: senior entrepreneurs. But there is more to it than that. Now you need to decide which type of senior entrepreneurs you want to work with. Do you want to help seniors start online businesses, or do you want to provide services to seniors with bricks-and-mortar businesses?

* Find Out What They Need – Once you have chosen your subset of senior entrepreneurs to focus on, find out what they need. It’s a lot easier marketing products and services to a group of people when you’re handing them what they need.

* Create Products and Services That They Need – Once you know what they need, match their needs with your skills or the offerings you already have so that you can get into that senior market more easily.

* Know Where They Are and Be Where They Are – Study your audience to find out where they are. Do they get online? If so where? What medium do they use and like? If they’re not online, how can you reach them?

* Develop Marketing Materials Based on Research – How you market to your audience will depend on who they are. You can’t make assumptions about seniors. You must do the research and then create the types of materials that the audience needs to decide.

* Provide Plenty of Information – One thing that you can be sure about is that seniors are smarter than your average customer, especially if they’re entrepreneurs. They can smell BS a mile away. You need to provide the information in formats that they can access so that they make the choices you want them to make.

* Build Relationships – Something senior entrepreneurs appreciate is a good relationship built on mutual respect and trust. How you build the relationship will largely be determined by the type of senior entrepreneur they are. They are firm believers of the good old-fashioned handshake so if you can, talk to them on the phone, meet them in person, or somehow make yourself more available to them in real time.

Building a business based on B2B marketing to senior entrepreneurs will be very lucrative if you learn how to niche down your audience. The idea is to create an audience of one that you have in mind for every product, service, and marketing material that you create.

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Family Financial ebook “Financing Your Child’s School Year” looks into Items You’ll Likely Be Responsible for in Public School. How to Create a Budget with School Expenses in Mind. Save Creatively. The Real Cost of Extracurricular Activities. Before and After-School Care. Tips to Save Money on Back-to-School Supplies. How to Get Free Supplies for Your School. Click “Financing Your Child’s School Year” to download (424 KB pdf) this free financial ebook.

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  1. Inexpensive school lunch ideas

Getting kids up and ready for school and preparing lunch for them can be time-consuming and nerve-wracking. You don’t want to send them to school with junk. But, most schools have terrible lunches that kids won’t eat anyway. Here are a few lunches you can make that don’t break the bank or take that much time.

First, ensure that you have the right packaging for your child’s lunches. You want hot food to stay hot and cold food to stay cold. Plus, you want it to stay solidly closed in your child’s backpack and locker without spillage.

* Mini Pizza Lunch – Triscuits crackers, turkey pepperoni, a little sauce, cheese and you’re done. Add some sliced apples, some carrot sticks, and a juice box, and you’ve given your child a healthy alternative to school lunch.

* Kabobs – Kids love this one. Just take some chunks of chicken, cheese, bread, seedless grapes, any other fruit and put on a kabob stick. You can use disposable sticks so your child can toss them after they’re done. It’s easy to include all food groups with this plan.

* Quesadillas – All you need is a tortilla, some cheese, turkey, and sliced apple to make the best quesadilla to take to school. Add a juice box or milk box and you’ve got a well-balanced lunch for your child that they’ll eat.

* Veggies and Hummus – Children like hummus, and they like dipping stuff. Put some hummus in your child’s lunch with all sorts of dippers like carrots, cucumber chips, bread, crackers, and fruit. They can dunk it themselves. Hummus is just beans, so it’s full of protein and good for them too.

* Tuna and Crackers – Instead of a soggy tuna sandwich, make some tuna salad and include wheat crackers so your child can make tiny little tuna sandwiches. Include different veggie sticks too and it’ll be a nice balanced lunch.

* Hard Boiled Egg Lunch – Make hard boiled eggs but do peel them before putting in the lunch. Add some mixed fruit, sliced bell peppers (use the colorful ones) and some date dip for apple slices. (To make date dip, just blend water and pitted dates in a high-speed blender.)

These lunch ideas can be made the night before and put in the right container. It’s okay to eat most of this food cold.

2. How much does it cost to get a private tutor?

If your child has some learning issues that you can’t seem to help them with, the best thing to do for them is to hire a private tutor. Private tutors can be found in many places. You might find them among the friends you already have, or you may have to find them by placing an advertisement. The best place to find them is via your local college. Plus, your child’s school may already have a list of tutors available, so that’s a good place to start.

There are also places like Kumon or Sylvan learning centers which offers tutoring services. You take your child to a center, and you will pay from $95 to $125 a month depending on how much work they need to do with the child. You’ll also pay a registration fee of up to $50 dollars, and there will be a contract for services.

The cost of a tutor varies for the area as well as per subject matter. But, you can expect to pay anywhere from $30 per hour to $100 per hour depending on the grade of your child, and the subject they need help with. Most individual tutors do not charge a set-up fee, nor do they have contracts.

There are some advantages and disadvantages of center-based tutoring and individual tutoring. In a center, each tutor must pass a background check per state requirements. Often individual tutors don’t go through that process even if the state has a requirement, because they don’t know about it, or don’t think it’s necessary.

If you choose a center, your child will go there, so transportation could be an issue. If you choose an individual tutor they’ll come to your home. It’s important that you or another adult is home during this time until you get to know the tutor well enough or perform your own background check on them to ensure that they’re not predators.

When you look at the cost, think about the benefits instead of the cost. Generally, a child will improve with a good tutor over a few weeks’ time. Some children need tutoring longer. The best course of action is to play it by ear and determine if you’ll likely need a tutor for at least an entire semester to help your child catch up or improve. But, you may need to keep the tutor longer.

Tutoring can really help boost your child’s scores and confidence in a way that other activities can’t. If your child is getting a C or less in any subject and you’re unable to help them, tutoring is a good choice.

3. Cost of private versus public school

First, let’s determine what the visible costs are for both public and private schools.

Visible Costs

Tuition for public school: Zero

Tuition for private school: On average between 8000 and 13,000 dollars per year for a private, local, non-residential school.

It almost seems like a no-brainer to choose the public school. But one thing many people don’t realize when they first have a child is that public school attendance is based on school zones, and often bussing in and out isn’t really an option depending on where you live.

Usually, districts have set up “neighborhood” schools. Schools get their funding via property taxes. That means the more expensive the home, the more the taxes, and the better resources that neighborhood public school will have.

So, if you live in the country, your child may end up going to an underfunded rural school. Likewise, if you live in an apartment in a city, or low-income housing, your child may go to a poorly funded inner-city school.

This is very unfair for most students. Unless you’re lucky enough to live in a well-planned community with expensive housing and well-funded schools, your child could be left behind and out of opportunities for advancement.

Other Costs

But, when you start to look at other costs involved in schools, you can make a better choice.

Let’s say you want to your child to go to a well-funded school with lots of opportunities and choices. Then you must either buy a house in that great neighborhood with the good school district, or you must come up with the funds to pay private school tuition.

In most cases, property in the country is going to be less expensive; a 3000-square foot house in the nice neighborhood will likely cost double what you can get in the country. If you add those costs to your tuition cost, suddenly public school is no longer free.

For example:

House in country: $250K
House in good school district: $500K

When you think of this, private school ends up being the best bargain. Plus, you end up living in a house that you can probably enjoy for a lifetime instead of just until your kids finish school. All you must do is add up the cost of twelve years of private schooling versus housing costs.

The payment on the $250K house will be about $1500 a month, while the payment on the $500K house will be about $3000 a month. That’s a difference of $1500 dollars per month.

Private school tuition will be about $1000 a month or less.

Your tuition may be lowered via scholarships, and in some states, you can get tax credits for sending your child to private school. If you live in Alabama, Illinois, Indiana, Iowa, Louisiana, Minnesota, South Carolina or Wisconsin, you may qualify for tax credits. Check with your tax professional to find out if you qualify for this state benefit. Also, keep an eye on politics because there could be more tax benefits federally in the future for private school attendees.

That’s a saving of at least $500 a month, which could be put into a 529 plan for college. Also, understand that public school isn’t totally free. Only tuition is free; you’ll still end up buying supplies, paying for sports, band, and more, adding up to probably a few hundred dollars a month depending on what your child is involved in, just like you will for private school.

The moral of the story is to check out every school and option before you decide, so that you can provide your child with the best education, public or private, at the best price for your budget long term. There is no reason you should give up living where you want to while paying exorbitant housing prices, just to get your child into a good public school.

4. Typical expenditures for preschool

Many areas of the country do not offer free public preschool to most children. If your child has any learning issues, you can go to the public school system and ask for testing for your child that may possibly allow your child to get into a free public preschool situation a few times a week. But, for the most part, if you want your child to go to preschool it will be at a “daycare” or “learning center” type program.

The good thing about preschool that is at a daycare, is that you will be able to get some break on your taxes. This is because daycare costs are somewhat tax deductible, depending upon your income and a lot of other factors that you should discuss with your tax professional. In addition, if you have a low income you can usually find a center that will charge on a sliding scale basis, because they get benefits sent directly to them from the government for your child.

But for the most part, the typical expenditures for preschool will vary based on your location and the availability (open spots) in your area.

Tuition: $5000 to $13,000 a year (from BabyCenter.com)

Often this fee is payable either weekly or monthly. You may also be responsible for sending lunch if they don’t have a cafeteria, supplies when needed for various crafts, and paying for field trips. Each preschool is a little different, and area plays a huge role in what is offered.

There are many different types of preschool options:

* Public – Some areas do offer public preschool so check with your school district.

* Co-operative – Some parents have decided to band together and provide preschool options for their kids together. This requires that parents take turns teaching the children the curriculum and buying the curriculum and choosing the place.

* Church – Many area churches also run a daycare and preschool programs. Some have certified teachers and some do not. These usually cost less than other options, but more than public and co-operative options.

* Centers – Most areas have these types of preschools. These are the ones often thought of as daycare. They are run privately and some are chains. One well-known chain which hires certified teachers is called Primrose Schools.
Link – https://www.primroseschools.com/

If you want to send your child to preschool, there are some options that you can look into that may be affordable for you and good for the socialization of your child too.

5. Typical expenditures for elementary school

If your child is getting close to attending elementary school, you have a lot to think about and a lot to budget for. Even if your child is going to public school, there will be expenditures that you’ll need to pay for.

* School Clothing – Elementary school kids don’t need to be fashion icons, but they do need weather-appropriate clothing that fits in with the school dress code. For example, many schools require that children wear certain shoes with certain soles on them for safety reasons. They also will require weather-appropriate attire for going outside even when it’s hot or cold.

* Lunch – Some schools have cafeterias that have decent lunches at a good price. You’ll have to find out. Find out if you can eat at the school to try the food before you decide how to proceed. School lunches usually cost less than 3 dollars and in some cases, all students get free lunch. Make sure to fill out all the paperwork in case your child qualifies. If you don’t like the lunches, you will need to budget for packing lunch for your child.

* Before and After School Care – Some schools offer before and after school care for about $50 to $100 a week. This is very convenient since it’s already at the school. If they don’t offer it, you may need to find care on your own. Look to local childcare centers for options with transportation.

* Extra-Curricular Activities – Even in elementary school children are often in extra activities, depending on the school that they attend. Some of these activities are at school and some aren’t. They can include sports, music, art and other programs. This expense will just depend on what your child likes to do.

* Supplies – Every child usually has to buy personal supplies and general supplies for the school in public schools. Usually, for a private school, the only supplies that need to be bought are for the individual student. In public school, these supplies can cost as much as $600 a year in some school districts.

* Transportation – In some school districts, even public schools charge a transportation fee for kids who will take the bus. This can be from $100 a year up to $100 a month. It’s an important fee to watch out for since most people are shocked about it. Also, some school districts don’t offer feasible bussing at all, so don’t assume that transportation is going to be there for you just because your child goes to public school.

Expenses for elementary school can be a shock for many parents. If you’re having issues meeting these obligations, some schools have programs for kids who are getting free lunch. The free lunch program signifies that the child qualifies financially for additional help for some of these expenses.

6. Typical expenditures for middle school

Middle school brings with it more excitement and a little more expense, because this is when kids usually start really getting more involved with particular subjects and school activities such as band, social clubs, cheerleading, sports and other activities. Plus, it’s a time when most kids have huge growth spurts, so expect to spend more on clothing than in years past.

* Textbook Fees – This is usually the time when textbook fees start to show up for parents. These can range from a couple bucks to more than a hundred bucks per book.

* Class Fees – Since subjects are getting more in depth now, you’ll likely see a science fee or other class fees added on to your child’s bill for school. Yes, even in public school.

* Activity Fees – If your child is in the band, a club, or does other activities via the school, expect to pay a fee for each activity. These fees can vary greatly. Sometimes, you can find out what last year’s fees were on the school’s or district website.

* Sports Fees – These are often pretty high, so if your child is in a sport (especially football), expect to pay up to a grand a year for the privilege. If your child is considered low income, some schools do have policies that help lessen this hit.

* Band Fees – While mentioned above with activity fees, you should know that band fees are often as high as football fees. Many schools set up a fee schedule that you pay monthly called “Fair share”. Don’t be intimidated by this. If you don’t have the funds, talk to the school and they might work something out for you privately.

* Clothing – During this time, children start to take on a more adult appearance and clothing becomes more important to them. Some schools, even public, do have uniforms, so you may have that added expense. Before buying any school clothes, get a copy of the dress code. Follow it to a T so that you don’t end up with any problems.

* Associations and Clubs – Whether it’s the national honor society or other association that your child wants to be part of, expect to pay a fee for the privilege. In addition, some clubs and associations have requirements to volunteer or do certain activities which also have expenses to add to your budget.

It may seem as if the money never stops flowing, but you can keep these fees reasonable if you shop for sales, talk to the school about discounts, and work with other parents to help less advantaged students.

Next time, we’re going to look at what you can expect to pay for your child at high school.

7. Typical expenditures for high school

When your child is entering high school, a whole world of learning is at their fingertips. So are a whole new set of expenses for you. Expenses will vary based on what type of school your child goes to, as well as your income level. As normal, in public schools most parents can access extra help if they have a low income, such as free lunches and lowered fees if needed. But in general, you can expect to pay for the following for your high school child.

* Lunch – Some schools have an open-door policy for lunch. Kids can bring their sack lunch, eat at the cafeteria, or go out for lunch. Either way, they’re not always required to go to the cafeteria for lunch. Depending on what you’ll allow, you can expect to spend from $3 to $10 a day.

* Clothing – Again, some schools (including public schools) have uniforms. These can cost as much as $100 per outfit. If your child gets to wear street clothing, then you’ll need to stick to the school rules and set a budget for the school year.

* Transportation – Again, you may have to pay for school buses or work out some type of situation for your child to get to and from school until they can drive themselves. This can cost as much as $100 a week.

* Book and Class Fees – Depending on what type of classes your student wants to take, book and class fees can add up. If your child is an honors student, then classes will cost a little extra, including a testing fee at the end of each semester.

* Activity Fees – Everything your child wants to be involved in, or even things they must be involved in, will carry a small fee ranging from a couple bucks to a hundred bucks. It just depends on the district. Often, you’ll have an option to participate in a fundraising instead of paying a straight fee, but honestly the time spent fundraising can be a pain too.

* Sports Fees – This is where the sports really ramp up for kids. They get more serious and more expensive. No matter which sport your child participates in, there will be a cost. Some parents report as much as a couple thousand dollars for football.

* Band Fees – This is another big one for parents. If you have a band child, expect to spend a couple hundred dollars a month for fees and expenses, including your instrument. It can really add up.

The best way to determine your added expenses is to look at the school website to see if they have included a list from last year on what you need to buy and pay for. Keep in mind that there is a lot of disagreement about what schools can force you to pay for and buy, so your mileage may vary.

8. Typical expenditures for college

Once your child enters college, it’ll be even more important to budget for expenses. You’ll have a lot of items to include in your child’s life to ensure that they get a well-rounded education without having to be worried about money.

* Tuition – Most people don’t realize it, but tuition is only part of the expenses of college. It ranges greatly from state to state and school to school. Today, there are accredited online options that can work too. But you’ll pay $26 dollars a credit to more than $500 a credit depending on the state and school choice. Most schools, as well as federal financial aid, require a student to complete twelve hours each quarter or semester to be considered full time. Some scholarships require fifteen, so pay attention to those requirements.

* Fees – Usually, most schools charge fees based on the classes they’re in. For example, there is often a lab fee for science – sometimes for math and English too if they offer a lab to give extra help to students. These can be as little as 5 bucks a class to 100 dollars, depending on the equipment involved.

* Supplies – Your child will likely need supplies such as a laptop, tablet, paper, pens, calculators and so forth. Each supply will be dictated by the courses your child signs up to take.

* Books – This is usually a big chunk of the cost of attending college. Again, the cost goes up or down depending upon the subject. Expect to pay more for accounting than for art books, because accounting changes from year to year. Some accounting books cost $500 and you can’t always get used ones.

* Meals – Most schools offer different plans for meals. It is tempting to get the cheapest plan, but the best course of action is to get the unlimited plan at least the first year, then limit the amount you give your child to spend on food outside of school. These plans range from a few hundred a semester to more than a thousand a semester.

* Sports – Sports takes on a whole new meaning in college. If you have a child on scholarship, most of the time these expenses are taken care of by the school. If your child is not on scholarship but chooses to play anyway, then you’ll be responsible for these expenses.

* Testing – Even before going to college, you’ll have some testing expenses for your child. Many schools still require either the ACT test or the SAT test or other tests to determine placement and scholarships for your child.

* Entrance Applications – This is again prior to your child starting college, but it’s an important aspect of choosing a college. Each application costs $20 to $100 dollars depending on the school. Some schools do have programs to waive the fees, so check about that.

* Extracurricular – This will depend on what your child is involved in, but could include doing things with friends, buying clothing, and going to the movies. This will depend on what you as a parent can afford or what the child can afford for a job. But the average is about $100 a week.

* Housing – This is a big expense for college, often more than tuition. You can expect to spend from $400 to $800 a month on housing. There are usually choices depending on your budget. Sometimes parents can save money by investing in off-campus housing with other friends, although studies show that living in a dorm is usually best for first-year students.

* Study Abroad – Don’t pass out, but this will usually cost about $10K to $20K for one semester. But, there are often scholarships that can help with this cost. If you can swing it, this is often one of the best memories of college for many students who learn from studying abroad.

The expenditures can add up, but they can be done on a budget if you’re careful and plan for it in advance. Students can qualify for work-study, which will give them a job up to 19 hours a week at minimum wage to help with some of the expenses while keeping them at school.

9. Tips to help fund your child’s time at college

College expenses seem very overwhelming to most parents and students. However, most people can find a way to attend college if they give it some thought. There are many ways to fund college by both parents and kids.

If you’re planning early:

* 529 Funds – Parents and grandparents can donate to a state 529 fund. This is a great option because you pay today’s rates for tomorrow’s education. Your child can often use the funds even if they go to an out-of-state school.

* Savings Accounts – You can start a college savings account for your child at almost any bank. Talk to your bank to find out what they can set up and what type of interest you can earn. All grandparents, parents, and kids can contribute to the savings account.

* Scholarships – If you have a child who is a good student and who tests well, you’re in luck. If your child can score well on the ACT or the SAT, then you can get many scholarships. It might be worth it to invest in tutors to ensure high test scores.

* Loans – The government offers many loan programs for students. While there is a lot of controversy regarding government loan programs, the fact is that they really work well. You just need to be smart about the loans, how you use them and paying them back. It’s very unadvisable for parents to take parent loans, though.

* Grants – Many schools offer grants, and the federal government offers Pell Grants to students who qualify. How they qualify a student under age 23 is by adding up household income. Anyone who earns money in the household is counted, so this can be hard to qualify for. But since everyone must fill out the FAFSA (Free Application for Federal Student Aid), you’ll know right away. You can use this calculator now to determine if you do qualify for anything:
https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator

Keep in mind that everything changes depending on who is in charge of the government at the time.

* Private School – One way to finance your student’s education is to look at private schools. This might seem contrary to the popular notion that public school is less expensive. But in some cases, private schools give out more scholarships than other schools do to expand diversity in their school. Schools like Berea.edu in Kentucky offer a solid liberal arts education tuition free, and help kids pay their other expenses via work.
Link – http://www.berea.edu/

* Working – It might seem like a lot to work and go to school, but it is very possible to do. Working is only going to supplement the cost in most cases, but it will help. It’s inadvisable to work more than 20 hours a week while taking a full course load, though. You’ll likely make more money in a shorter time being a waiter than most jobs.

* Go Local – If your child goes to a local community college, the tuition is often less expensive and they can live at home. That will help end the problem of room and board costs.

* Online Schools – Avoid for-profit online schools because they are overpriced. But, there are accredited online non-profit schools that you can consider. What’s great about these is that your child can live at home and go to school. Look at SNHU.edu and WGU.edu for ideas.

Using these methods to fund college can help it become a reality for your child. You might both just have to think outside the box and take a little longer to finish, but it can be done if you’re committed to it.

Next time, we’re going to look at the costs and benefits of studying abroad during college.

10. Studying abroad – tips for students

Studying aboard during college can make a huge difference in a student’s life. If you talk to any adult who did it as a college student, they will say that they wouldn’t change a thing and that it added a lot to their life.

Studying abroad can be quite expensive, though. By some estimates, it can cost as much as $35K per semester to study abroad, all inclusive. But there are ways to lessen the cost if you plan ahead. Plus, you must consider the fact that having a study abroad experience that relates to your degree can place you ahead of your peers for a good job.

Book Your Flight in Advance

One way to lower your expenses is to book your flight on your own and well in advance of your arrival date. This may mean you need to book a hotel or place to stay until your program starts, but you could end up saving a lot of money in the long run on a cheaper ticket.

Do NOT Take Credit Cards

You’re not there to rack up a huge bill in credit card charges and exchange fees, so you should just leave it at home. Alternatively, if you do have good credit, you can ask your bank for a card that doesn’t include those fees and gives cash back. Then set a strict budget for yourself.

Apply for an International Student Card

This card can offer you the ability to get discounts on many things around the globe as a student. You will end up on a mailing list, so try to avoid falling for the scams and sales. Just use the card as intended to get discounts, and have proof that you’re an international student. You may even win a scholarship.
Link – https://www.isic.org/

Explore Like the Locals

One huge cost of studying abroad is wanting to travel and see the sights. You can stay inexpensively in youth hostels. Travel with a buddy and fill your backpack so that you can do things on the cheap. If you can meet locals, you’ll do a lot better on experiences, because locals know how to avoid overpriced tourist hangouts.

Ensure Your Choice Is Career Centered

It sounds great to study abroad in a party spot without any concern to your degree, but the best bang for your buck is picking something for your future. You want to pick something that offers both fun and games but also offers you something to boast about in your job interviews. Plus, doing something good for others always feels good, even when it pays off financially with a higher salary offer when you get a job out of college.

You can make your dreams come true if you set your mind to it. If you want to go to college at home or abroad, it is within your grasp. Sometimes you may have to go after it in a way that you didn’t plan, but you can get there.

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Understanding Joint Ventures > 12 Part Marketing Primer

1. Understanding Joint Ventures

Whether you’re new in the art of business or have been an entrepreneur for some time, you’ll eventually presented with the idea of becoming part of a joint venture. While it may sound like complex business talk, a joint venture is simply a variation on the age-old idea of a business partnership. Of course, it’s a little more complicated than that.

While similar to a business partnership, they allow more freedom for all parties involved. Generally, joint ventures are legal entities created when two or more companies combine their resources to achieve a goal. Small companies often enter them hoping to expand and global companies enter them to expand their reach into new markets and countries.

They usually come about in the way that most partnerships do. One party has something that the other wants and the other party is willing to share its resources to the benefit of both parties.

There are several advantages to joining a joint venture. The primary one is that a joint venture is a shared business. Meaning that work, resources, liabilities and profits are divided between two or more partners depending on the terms of the agreement. This enables all parties involved to enjoy a higher profit margin with less work and lower risk.

Usually, when a business enters a new market, the risks involved can be terrifying for the company even larger corporations tread lightly when they enter a market. Going into a joint venture with partners can make sure that the risk of failure isn’t devastating for the company.

Another advantage is that collaborating with someone who already has the infrastructure ready for your product enables you to deliver the product faster than other businesses. Trying to build up a distribution channel is a difficult proposition. It costs money and can be subject to delays.

On the other hand having ready-made distribution points provided by your partner can make it easier for your business to deliver the product and help you stay focused on your part of the operation. Joint ventures also carry with them the weight of the partners’ reputations.

Imagine having a well-known and trusted brand backing you and how that could help grow your business, sell more of your products and increase your profits. Joint ventures are a great way to reach more customers, penetrate new market and expand your business. I hope this brief introduction gives you a general idea of what a JV partnership can do for your business.

2. Understanding Joint Ventures

A joint venture is business association with two or more parties that involves merging resources for a particular purpose, project or goal. The first steps when considering entering into a joint venture is setting your business goals and understanding what you need from the partnership.

Your goal may be expanding marketing coverage, sourcing out information making new business contacts, building credibility with a specific target market, or accessing new markets that are hard to reach. After you understand your needs and set your goals, you should look for a trustworthy business partner who shares a common goal.

In the beginning stages, you should take time to research several prospective partners, exchange business ideas with them and see if your end goals are similar enough to from a successful partnership. Not all potential partners will fit the bill. You may need to consider quite a few before you find the right fit for your business.

Once you find a company that you want to work with and they agree to the partnership you’ll want to secure the venture with a written contract. You’ll need professional legal guidance for this, to protect the assets of all parties involved. We will talk more about that in another issue.

For now, let’s go over a few more advantages of joint ventures:

– Access to new technologies

If you want to enter into global markets to reach more consumers and increase profits, access to state-of-the-art technologies is very important. Joint ventures can provide a thriving or growing business with new technologies that sole business owners often can’t afford.

– Cost reduction

Costs of production, distribution, technology and transportation can be reduced with the right joint venture. It’s much easier to focus on product or service enhancement when you have additional resources to pull from and you don’t have to worry about exceeding costs.

– Improved market credibility

Many businesses struggle in the beginning when it comes to building credibility within their target market. The right joint venture can provide instant access to more customers and provide a certain level of built trust and confidence for any new project.

– Less competition

Since your fellow joint venture partner has formed an alliance with you and you share similar goals and interests there is no reason to compete with you for a share of your customer market when it comes to the joint project.

– Better market feedback

When a business is able to provide state-of-the art technologies, better market coverage, enhanced credibility and penetration, customers are able to give feedback more.

So as you can see the right joint venture can be a profitable alliance that can give any business access to more resources, less risk and a bigger share of their market. It can allow you to focus on developing your strengths and provide your business the ability to grow more quickly and in some cases can also open up to global opportunities that were once out of reach.

3. Understanding Joint Ventures

Contrary to what many assume, a joint venture doesn’t always involve only two people. It can actually involve many more than that. While the general meaning is the same as that of a partnership they can often much more formal and official.

Joint ventures have been around for a long time but with today’s technologies, they are becoming increasingly popular for any size business from small companies to large corporations. They are great for startups and established businesses alike. This is because provide many benefits that we have discussed before including cost reduction, market penetration and reduced risk.

As we know, with a joint venture, business owners will sharing the risk with each other as well as the profits of the business. All the properties of the company or the entity created will be owned jointly and when the partnership ends or is dissolved, the properties will be divided equally unless otherwise stated of course in a legal agreement.

A joint venture can be long term or short term depending on the agreement between the involved parties. Often, there is no specified period of time, but rather a specified situation or goal.

Besides risk sharing, many business owners opt for a joint venture because of the benefits that they provide. One of which is access to resources. Say for instance one company holds a patent for a technology that another company needs to manufacture a product, instead of paying for the patent, the two companies can agree to do a joint venture. This can be for a specific amount of time where they will manufacture the product and divide the profits equally while still keeping the idea and the patent to each company.

Another reason for companies to go into a joint venture is geographical limitations. For instance, if you have a company that wants to reach into a country that has policies for foreigners owning their business, they can seek a partnership with a company to provide their product or service locally.

Another scenario is if a company who has a language barrier to contend when expanding their business in a particular country can opt to collaborate with a local company instead to minimize the hardships of reaching consumers.

Market access is another reason why some companies opt for joint ventures. Rather than spend millions introducing a product to the masses, a company can have a joint venture with a company who already has the market share and the access and just have that product or service bundled up with the local company’s own product or service.

Joint ventures are also started when companies need the additional funding for raising capital for a new business or for an expansion. Some lenders and banks also lend easier to companies that are in joint ventures because they feel that there is less risk involved with lending money to them.

Joint ventures provide unending benefits to anyone but keep in mind that care must be taken when choosing a partner because the success of the venture can depend on how compatible the partners are.

4. Understanding Joint Ventures

Whether your business is looking for a way to jumpstart profits or roll out an important project a joint venture may be the answer to achieving your goals much faster. If your business doesn’t have sufficient capital or technical expertise to get where it needs to go they are a great option too.

– But how do you get compatible companies to go into business with you?

It isn’t always easy to find JV partners who are willing to take on the risks involved in a new venture and persuade them to enter into an agreement with your business. To make the task less daunting and more successful, there are certain guidelines you should follow that will help make your offer more interesting and hopefully irresistible to potential partners.

First, highlight the win-win situation your proposed project could bring to your potential partner. Make the other company understand the practical and profitable benefits that they could gain by agreeing to become involved in the venture. Express the reasons why you are determined to make the venture a success. Be honest to tell them you’re your aim to expand, gain more exposure and increase revenues for both companies.

It’s a good idea not to make your joint venture proposal too lengthy. Remember the basic rule in business writing: Keep your message short, simple, direct and get to the point. Keep in mind that managers and owners of other companies are often too busy to spend hours browsing through a long formal joint venture offer. Once you get their attention you can provide them with all of the details.

Make the impression that you are a peer instead of a sales person trying to take their money. Personalized the proposal to the potential partners as much as possible, by including information about their business so they know you did you research.

When writing you first proposal use laymen’s terms and don’t include too much technical. They may not fully understand some of the technical terms and it may cause them to lose interest. You want your message to be comprehensive but easily understandable.

Let potential partners know you are willing to put in the time and work necessary to get the job done. They will appreciate your efforts and feel assured that they will be required to do less. The less work the proposed project requires from them, the greater is the possibility that they will agree to become your joint venture partner.

Don’t limit your list of potential partners only to major players in your industry. You may be surprised at how beneficial it can be to work with smaller companies can be when it comes to making your project successful. So be sure to take smaller businesses in the market into consideration. They could provide you with more resources and expertise than bigger companies can.

Lastly point out how your proposed venture can help their own customers and clients. Most companies won’t say no to projects that will benefit their existing customers and make their lives easier and more enjoyable. This will show them that you are committed to helping them provide better services to their clients, which will help them, trust you and assure them that you have their best interests in mind.

5. Understanding Joint Ventures

As we know, joint ventures are a popular way for companies to raise their profit margins and to lessen the risks involved in going into business. If you have been considering the prospect of going into a JV then chances are you’ve considered the up the pros and cons as well.

However, once you find the right partner to go into business with you’ll want to make sure that you do everything possible to ensure the success of the venture. You have to know how to maximize the relationship between you and your partner or it can end up being a disaster that doesn’t yield the desired results.

– Here are few pieces of advice to consider.

First, be sure to look out for your interests. Even though you may be partners, it doesn’t mean that you shouldn’t protect yourself. Take note of what can benefit you in your business dealings and try to build your company’s strength while solidifying your partnership. This way both companies will come out stronger in the end.

Remember that most joint ventures are a limited and you may eventually have to break off your relationship with your partner. So be sure to train your employees to do some of the tasks that your partner brings to the table so if the partnership comes to and end your business will still be able to function on its own.

It’s also a good idea to build up your list of contacts in the market so that you can cultivate your own business relationships. This way if the partnership dissolves your business won’t be left in the dust.

Secondly, look at what your business is putting into the partnership. Always remember that a joint venture is a partnership. There should be an equal division of work. If your partner is doing the easy part and not putting in the same amount of effort and resources as you are, it can be detrimental to your company’s financial future. Having a partner that carries their own weight is essential to the success of any joint venture and its up to all parties involves to keep things honest.

Thirdly, pay attention to the venture itself. A joint venture is often like an independent business. You should keep an eye on its profit margins and losses. Make sure that you’re in the black and are well aware of the market trends that may affect your partnership. You should also pay attention to the “joint” part of a joint venture. Make sure your relationship with your JV partner is both cordial and stable; this can make or break the partnership.

Always keep the lines of communication open between you and your partner. Remember that both you and your partner are focused on the bottom line and it is very important to the success of your venture if you can work together to achieve the end goal.

6. Understanding Joint Ventures

It’s a sad but true fact, joint ventures aren’t always successful. This can be hard to imagine especially when the right partnership holds so many benefits for all concerned. We already know a solid JV can reduce risk, provide needed resources and give the participants access to additional information and ideas. Most of the time it is a win/win situation with everyone working towards the same goal.

Think about setting up a joint venture as if you were organizing an event. To plan the party and make it a success, you need a good caterer, a good party planner, great sound system, decorations and stage set-up. Each of these companies provide expertise that you can’t. When they come together, each putting their own products, technology, service or expertise on the table It’s a good example of a successful joint venture.

There are several vital elements to a joint venture and you need to look into each one to make sure that it will be a success.

The first one is the partners involved. Who will be the partners in the endeavor? Do you know them? Have you researched their personal background and company history? If it is a company, have you reviewed its performance and its current CEO or its leadership in general? It is important that you know these things about the partner that you will be seeking. A joint venture can fail when two incompatible partners come together.

The next element is the contractual agreement. As we know this is established so that the partnership, the goal, its duration and the contributions of each will be put into writing. This minimizes confusion and other potential problems in the future. It will also help avoid any discord because everyone involved will know what their role is.

Another element is the purpose and duration of the contract. Partners in the venture need to put into writing how long the partnership will last and if there is a provision for extending the contract for and additional time. This should be established at the start of the partnership. This way, everything is clear and the partners know how long they have to accomplish the objective of the project.

Keep in mind that most joint ventures aren’t forever. They can be long or short-term. Most of the time they only last long for the duration of the project. However, some may last longer especially for those who have products to sell in other markets than their own. Then they can continue for years until one partner or the other decides to back out of or extend the contract.

Lastly, there should be the joint property interest, which states which properties are shared and will be distributed to the partners in case the venture is dissolved. This states the percentage of the joint property that partners will get depending on their initial and continual contribution.

7. Understanding Joint Ventures

Joint ventures are like a strategic alliance. They are often described as a collaborative effort in the form of legal entity like a corporation, partnership or limited liability company. The elements common to joint ventures include a shared interest, sharing profits and losses, equal right in the decision making process of the venture, and ethical relationship of trust between all the participants involved.

Over the last few issues, we have discussed the many benefits of entering into a joint venture but when they aren’t set up properly they can lead to unwanted burdens, risks, and ultimately disaster.

Let’s go over a few of the most common drawbacks:

– Loss of competitive advantage

Joint ventures, acquisitions, and alliances with an actual or potential competitor may jeopardize the cooperative advantage that a business might otherwise have developed in the absence of the relationship. As a participant, it’s important for you to evaluate whether your goals and business opportunities can be achieved even without assistance of competitors or whether the price of such opportunities and goals is excessive in light of the overall business objectives of the entity.

– Lack of control

Two heads is better than one, so they say. But no matter how the partnership is structured, all participants will inevitably lose some aspect of control over the project. That is the nature of a JV, in order for participants to gain; they must also give something up.

If you want your venture to be successful, you need to structure the management in such a way that your business retains as much control as possible without affecting the outcome of the project. This way all parties involved can be assured a certain level of trust going forward. Each partner must contribute complimentary skills and resources in the relationship to share in the mutual benefits.

– Administrative relations

Some joint ventures involve alliances formed with foreign entities. This kind of relationship can lead to substantial opportunities for a growing your business but it’s important to be mindful of local regulations and governmental procedures that may affect the success of the venture.

– Time constraints

For many businesses, entering to new venture is time-consuming. Getting to know all of the participants and developing a good working relationship can be challenging. For any joint venture to be successful, all parties involved must be prepared to put in the time and effort to get to know each other and to ensure completion of the project before entering in to the venture.

– Increased managerial burden

Shared control of any business can increase the burdens of management. Time constraints and a risk of deadlock can loom among participants. To avoid this type of situation, it’s important to have a carefully drafted joint venture agreement that describes everyone’s roles and responsibilities in the partnership. This will help eliminate confusion and minimize any problems that may come along with shared control.

Perhaps the most difficult part of a joint venture is that the law doesn’t generally recognize joint ventures as legal partnerships. This means, that the signed and preferably notarized joint venture agreement is the only thing protecting your business from exposure to liability or the wrongdoing of the other participants. By outlining the terms of the agreement carefully, you can protect yourself and your business.

8. Understanding Joint Ventures

As we know, joint ventures are very popular in the world of business. This mostly because they provide a wide range of benefits for any prospective company, both large and small. Including the sharing of resources while reducing the amount of risk that one of them would usually face alone. Another big benefit is that the cross-pollination of information between the companies can lead to faster product development and exciting new breakthroughs.

Financial support is also a great benefit; entering a new market or launching a new product can be costly but when you can spread out the cost between partners, it can help ease financial burdens and help ensure that losses aren’t catastrophic if it falls through.

As we have discussed before, forming a joint venture can be very profitable for everyone involved. The thing is, for a partnership like this to prosper; you need to have a good partner.

Having a partner that doesn’t carry their share of the responsibilities is even more of a burden than going it alone and a partner that is actively sabotaging your business relationship, whether intentionally or unintentionally, can be a tremendous problem for any business.

This is why it’s so important to screen your prospective partners. So what should you be looking for in a potential partner?

Firstly, the company needs to have strong leadership. A solid hand on the wheel can help integration between two companies be a lot easier. Indecisive leadership or an unclear chain of command can cause problems like conflicting orders or lax discipline that can spell disaster for your partnership. Always do a background check of the head of the company for possible problems personality conflicts.

Secondly, take a long look at the other company’s corporate culture. Many potential problems can crop up when your company’s laid-back style clashes with the fast-paced one of your partner’s. Your employees will be interacting and mingling with each other and creating a good rapport between them will be important.

Thirdly, the business needs comes into play. Draw up a list of what your business needs from the partnership. If you’re looking for a distribution channel, check your prospective partner’s market penetration and capabilities for delivering the product.
If you’re looking for research and technical development (R&D), look at the company’s track record on developing technology. Always have a set idea of what you want, that way you won’t be disappointed when you’re waiting for your partner to deliver the goods.

A company’s track-record is usually public record for the shareholders’ benefit and if not, have a background check done. When you think about it, all of these things can be summarized into one sentence: Know exactly whom you’re going into business with. Remember, knowledge is power and that’s the key to entering into a successful in a joint venture arrangement.

9. Understanding Joint Ventures

So you’ve got this business idea that you think is going to be really big the problem is you don’t have the resources to make it happen or, let’s say you’ve got everything set-up and all you need is a distribution channel.

You can go about in getting your idea off the ground or product to the market two ways. The first is you can use your own funds and set up your own distribution network. Both of which would require a lot of money, time and effort, or you could go into a joint venture with someone who already has presence in the market or has the capital you need.

In previous issues, we have discussed the many benefits of joint ventures and how they can reduced the costs and risks when entering into a new market. They can give your business access to local or knowledgeable talent. They can also help diversify your company holdings, and lessen the financial burden of going it alone.

In fact, many companies use joint ventures to increase their global reach, by collaborating with local businesses or manufactures in the area they are trying move in to. This way they can tap into the market as quickly and cost effectively as possible. Much faster than they could on their own.

This can also work on a lower level when a company who has no experience in a particular field goes into business with someone who’s already in the market. This can be helpful for a small enterprise because it spreads out the potential losses and helps enhance your profit margin.

As with any business venture it’s important not rush into a partnership too quickly or lightly. The first thing that you should think about is whether you’ll be able to commit your time and energy to the partnership. For something like this to be successful, you need to be willing to cooperate fully with your partner. If you’re an independent spirit sharing your leadership role probably isn’t for you. However, if you think you can rein in your pride in the name of profit, then it can be a very beneficial option.

As we have discussed before, when it comes to choosing the right partner for your new venture, you should start by drawing up a list of prospective partners and doing your research. This means checking their backgrounds, history and to see if they have a good reputation and track-record.

Here are a few questions to consider:

– Have they been successful?
– How do they handle their employees?
– Do they have the resources you need from a good partner?
– Are they in other partnerships that could hurt your business?
– Are they willing to commit to the venture?

When you’ve narrowed down your options and settled on a potential partner, it’s time to get into the nuts and bolts of the venture. Meet with them and hammer out all of the details. Drawing up a cooperative business plan should be your first priority. It will help ensure that everyone involved knows what is expected of them and that everything runs as smoothly as possible during the term of the contract.

Make sure that all parties involved agree to the terms and then have a contract drawn up, signed and notarized to make sure everything is legal and everyone is protected.

10. Understanding Joint Ventures

Making the decision to take part in a joint venture can truly help boost your business. In fact, they can be a very powerful and strategic move especially these days when competition is intense and resources are often limited.

If the goal for your business to achieve success, you have to approach every new venture using every bit of knowledge and resources available to you. If you don’t your efforts will more than likely end in a catastrophe.

It’s important to keep in mind that not all joint ventures succeed. That is why before you enter into one, you should consider all aspect of the venture and follow a few important guidelines.

Firstly, be sure you are pursuing the right goals for your business. As a manager or business owner, you should be able to look at the big picture. You should be strategic and logical at the same time. Before entering any joint venture agreement, be sure that you know exactly what you want to achieve. Knowing what you need from the partnership will help you choose the right projects and partners to move forward with.
The cardinal rule is to choose a specific project that will help your business grow and profit in the end. Your management skills and expertise as a business owner should help, when it comes to assessing whether or not a project will take your business where you want it to go. As I have mentioned many times before it’s important to carefully consider any proposed projects and use good business sense when it comes to making decisions.

Secondly, choose the right companies or people to work with. I know I’ve said this before but I can’t stress it enough, before entering into any venture, make sure you know who you are getting into business with.

Choosing the right joint venture partner it vital to your success. You should never enter into a project with someone just because they make an offer. As a rule, the right partners are those that uphold similar goals as your own. They should be reliable, trustworthy and willing to work hard to make the partnership a success.

Finally, be sure to choose partners that will bring what you need to the table. Ideally, you want to collaborate with a company that will be able to do things that you can’t do on your own or without investing substantial resources.

11. Understanding Joint Ventures

Joint ventures are great for business but as we have discussed before they aren’t without disadvantages. Some are wildly successful while others crumble against the weight of the conflict. Therefore, before you opt into a joint venture, there are some things you should consider in order to make sure it will be successful.

– Your partner

Your partner must be somebody or a company who you trust and believe in. If you are thinking of collaborating with a company, research the owner as well as it’s key employees who are a part of running the business. You will need to work with these people if the joint venture moves forward. The potential partner you choose should share the vision that you have for the venture and for your company.

– Their contribution

Another important aspect that you need to consider is the contribution that each partner will have for the project. These contributions should be clearly stated and agreed to before beginning of the project. It’s also a good idea to include them in the JV contract or at the very least written down on paper and signed by each of the partners.

This way, everybody is aware of their roles, minimizing the potential to for misunderstandings and dereliction of duties. It’s also good to include a stipulation in the document that if any of the partners fail to honor the arrangement that can be removed from the project their share of the profits lessened or it can be can be dissolved completely.

– Exit strategy

There should also be something in writing about how long the partnership will last. Remember that most joint ventures are temporary. It’s good to have a specific end date and then include an option to extend for all parties. This is a good way to ensure that everybody who is staying in the joint venture is still committed to the partnership and isn’t just staying in it because of the contact.

– Property

When two companies go into a joint venture, they will be combining some of their assets. Make sure that the properties that each of you will be bringing to the table is equitable. It isn’t only in the number of properties but also the value attached to each one.

If the contributions aren’t the equal among the partners, make sure that you talk about it and put them into writing. The sharing of profits may depend on the contributions of properties. The bigger the contribution, the larger the percentage of your profits.

12. Understanding Joint Ventures

When you’re building up a business, one of the main things that you have to decide on is whether you can do it on your own or if you need a partner to carry some of the responsibilities.

This may seem such a no-brainer but don’t be fooled because it is one of the most important decisions you need to make for your business. Partnerships with other people may seem a good idea in the beginning, but if you don’t have the right partner they can also be a disaster especially when you don’t get along well.

If you can’t decide whether or not a joint venture is right for your business, here are some of the things that you should consider.

– Do you know your partner well?

One of the worst things that can happen to you when starting a business is working with a partner who drags you down. Trust me; there are plenty of situations like this in the business world. Even longtime friends who decide to work together can end up hating each other because of the business.

Before collaborating with anybody, make sure that you know them well. Ask yourself these questions:

– Do you have the same work ethic?
– Do you have the same drive?
– Do you have the same vision for the company?
– Can you trust him or her with your business?

These are just some of the questions that you need to ask yourself before you decide to partner with anyone.

– Do you need the money, expertise or the extra hand?

If the basic concept of the business is your idea, you may want to consider trying to make a go of it on your own first before seeking a partner. Keep in mind that you only need a partner if you need that person’s expertise, resources or if you don’t have enough capital to grow the business.

A partnership is also a good idea for people who have full time jobs and are only doing the business as a side job. They need the partner who can help them run the business.
If you don’t really need any of these three, I would advise you to start the business on your own at least in the beginning.

– Can you work with a partner?

Some people work well with others while others are complete disasters when it comes to dealing with other people. Examine your personality and see if you are cut out to be in a partnership.

Keep in mind that a partnership means that you won’t be boss, you’ll have to compromise and you will also have to relinquish some control when it comes to the decision making process. It’s like having a relationship it takes compatibility and work.

If you think your business needs a joint venture partner to grow and you still aren’t sure if it’s right for you then why not try working together on a short term basis to see if it’s a good fit. You can always extend the partnership if it works out well.

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