The Art & Science of Profitable Joint Ventures – In Just 7 Minutes with Jay Fiset

Resources/Links:

• Wanting to Learn More About the Power of Joint Ventures and Create Offers that Convert? Find out why you should ditch the rest and invest in joint ventures: JVologylive.com/success-wheel

Summary

Have you been struggling with getting real and qualified leads for your business?

Do you want to know how to deliver recurring passive income that will help upstream your profits and promote your business?

Are you ready to find out why you should be creating connections and expanding your network through joint ventures?

Jay Fiset is a best-selling author, student of human nature, avid outdoorsman at 5-star hotels, speaks fluent smart ass and can see and reflect your life mission in 5 minutes flat.

In this episode, Jay talks about how joint ventures are the answer to your lead problem in your business. He also shares his tips and insights on how you can start expanding your network and foster better business connections while increasing your leads and profits through joint ventures.

Check out these episode highlights:

• 01:03 – Jay’s ideal client: “Entrepreneurs who are looking to grow and scale their business through partnerships and collaboration. Ideally, somewhere in the $100 to $500,000 range where we can just help them put their foot on the gas pedal.”
• 01:22 – Problem Jay helps solve: “We actually solve two problems. The first and most significant problem is most entrepreneurs have a terrible lack of leads. If they do have leads, those leads are actually too expensive, or unqualified.”
• 02:08 – Typical symptoms that clients do before reaching out to Jay: “So they’re doing things like contributing to the Mark Zuckerberg college fund for his kids through a process they call “Facebook ads” that is supposed to deliver business and clients, which is, frankly, generally a piece of shit.”
• 03:12 – Common mistakes that people make before they find Jay’s solution: “It takes about the same amount of time for an entrepreneur to sell a retail client their products, their services, and experience as it takes for them to nurture, develop and create a relationship with what we call ‘Instream JV partner’.”
• 05:21 – Jay’s Valuable Free Action (VFA): “Join a joint venture community. Get into a space where the peer-to-peer JV conversation is not just accepted, it is the intention of the community.”
• 05:57 – Jay’s Valuable Free Resource (VFR): Check out Jay’s Success Wheel: JVologylive.com/success-wheel
• 07:08 – Q: What’s my favorite psychedelic? A: I got a bunch I like, but I will- I’m actually a fan of legalizing mushrooms. I think that actually- it’s a very important process that’s going to change mental health care.

Tweetable Takeaways from this Episode:

“You need to be nurturing, building, and developing relationships with somebody who will send you more retail customers than you can frankly serve.” -Jay Fiset Share on X

Transcript
(Note, this was transcribed using a transcription software and may not reflect the exact words used in the podcast)

Tom Poland 00:10
Greetings, everyone, and a very warm welcome to another edition of Marketing the Invisible. I’m Tom Poland, as always, beaming out to you from little Castaways Beach in Queensland, Australia, joined today by Jay Fiset. Jay, a very warm welcome, sir. A privilege and a pleasure to have you on the show! Where are you hanging out?

Jay Fiset 00:27
I am in Calgary, Canada. We are waiting for the snow. It’s going to be awesome! Thank you for having me.

Tom Poland 00:32
Yeah, you’re welcome. Thanks for the tip and the invite. For those of you who don’t know Jay, you’ve probably been living in a cave somewhere because he’s a best-selling author. He’s a student of human nature. That’s an interesting thing. An avid outdoorsman at five-star hotels. He’s got a wicked sense of humor! And he speaks fluent smartass. The subject today is, “The Art and Science of Profitable Joint Ventures”. And Jay’s gonna share with us how to crack that particular nut in less than seven minutes. Jay, sir, our time starts now. Question number one, who is your ideal client?

Jay Fiset 01:03
Entrepreneurs who are looking to grow and scale their business through partnerships and collaboration. Ideally, somewhere in the $100 to $500,000 range where we can just help them put their foot on the gas pedal.

Tom Poland 01:14
Perfect! Thank you, sir. And question number two, how would you define the problem you solve for those entrepreneurs who want to grow their business through partnerships?

Jay Fiset 01:22
Perfect, we actually solve two problems. The first and most significant problem is most entrepreneurs have a terrible lack of leads. If they do have leads, those leads are actually too expensive, or unqualified. So the problem we solve is we get them a steady stream of perfectly qualified leads for free at the front end of their business. And if that’s not enough, just because we’d like to deliver a little extra, on the back end of their business, we deliver something called “recurring passive income”. And we do that all through creating collaborative joint ventures with partners that we call upstream and downstream and solving more of our clients more effectively and profitably.

Tom Poland 01:55
Sounds fantastic! Question number three, sir, what are some of the typical symptoms? You mentioned the lack of lead generation, but what are some of the typical symptoms that these entrepreneurs are going to be experiencing that kind of give them a clue that they need to find out more about what you do?

Jay Fiset 02:08
So they’re doing things like contributing to the Mark Zuckerberg college fund for his kids through a process they call “Facebook ads” that is supposed to deliver business and clients, which is, frankly, generally a piece of shit. That doesn’t mean it can’t work, but it’s generally not great. So they’re doing things like that. They are going to networking events where there’s a whole bunch of people in a networking event, and they’re trying to sell each other their retail products. Folks, that’s silly! They’re also in the process of trying to figure out how to get people to actually send traffic? And how do I actually get more eyeballs at the pages, the processes, the events, and the services that I have? And/or they think they’ve got something that’s working pretty well, and at the end of the year, they look at the dollars and cents, and the top line and the bottom line aren’t quite aligned. So they’re selling a lot, but they aren’t actually managing to keep a bunch. All of those be symptoms of people who should be in the JV space where they can control their lead costs and stabilize them.

Tom Poland 03:00
And have nice fat margins indeed! So what would you say, you’ve mentioned a few of them already, probably. But question four, and we’ve got five minutes left, what are some of the other common mistakes that people make when they’re trying to get the leads flowing and try to get recurring commissions?

Jay Fiset 03:12
Well, so this one, I’m going to go a little mecha on, okay?

Tom Poland 03:17
Cool.

Jay Fiset 03:19
And if I go long, you show me the timer. So here’s the deal. It takes about the same amount of time for an entrepreneur to sell a retail client their products, their services, and experience as it takes for them to nurture, develop and create a relationship with what we call “Instream JV partner”. And if it takes some time to sell, you know, X client or let’s call it a $5,000 course, program, workshop, car, or whatever the hell it happens to be, and I get to do that one. But I could go and I could build a relationship with a JV partner who sends me a steady stream of those retail clients. Maybe one a week, maybe one a day, maybe two a month, and those generate $5,000. Then should I be trying to sell my retail product or should I be trying to build relationships with peers who are true JV partners? And I think the number one mistake that most people make is that they fall into this process of, “Hey, let me double my retail sale”. And by the way, it even happens in JV events. So at our process, and our public event is called “JVology LIVE” is that we actually make people make a pledge. “I will not make a retail offer. Retail offers burn and scare away real JV partners” and we actually just declared this. And you’d be suddenly amazed at how many people don’t know how to talk to a partner so they fall to the thing they know is like, “Hey, buy my widget, My widget’s fantastic!” I don’t care about your widget. That’s not why I’m here. So that’s the number one mistake is falling into a retail conversation and trying to sell your retail stuff. You need to be nurturing, building, and developing relationships with somebody who will send you more retail customers than you can frankly serve.

Tom Poland 04:52
So essentially two conversations, two different conversations with different people. Two different sales, essentially, but one of them gives you one sale, the other gives you many sales ongoing. Makes a lot of sense. So let’s-

Jay Fiset 05:01
This one I should do, ooh.

Tom Poland 05:02
Let’s go figure. But if they know how to do it, they may not know how to do the JV one, which is where you can help them with. Question number five, we got two and a half minutes left, one valuable free action. You want to start someone on this JV journey, what would be your top tip? What they could do- it’s not going to fix the whole problem, but it might get them heading in the right direction?

Jay Fiset 05:21
Yes, join a joint venture community. Get into a space where the peer-to-peer JV conversation is not just accepted, it is the intention of the community. And there’s a whole bunch of that you and I are a member of those. There’s mine. There’s JV IT. There are the marketers- I don’t give a rat’s patoot which one it is, although, I think, mine is good! Just get in a community.

Tom Poland 05:45
Alright, perfect. Thank you. And let’s look at somewhere we could direct folks too. So question number six, two minutes left, where can people go to find out more about what you do?

Jay Fiset 05:57
We have a mini-training. It’s actually a segment directly from our JVology LIVE which is our three-day, three and a half-day, joint venture experience and is the spot where if people are like, “Ooh, what the hell is going on?” You should just come to JVology LIVE, but this is directly from that. And what we do is, we call it “The Joint Venture Success Wheel“. There are five components that you must get working in concert, so they got to work together, that will help you to, number one, set up your business, build the relationships, craft your offers– all of these pieces. And this wheel is perpetually rolling around. So it doesn’t matter if you’re starting from scratch, you still need the wheel. Doesn’t matter if you’re doing six figures, you still need the wheel. Doesn’t matter if you’re doing seven figures, you still need the wheel. So that process is an assessment, is training, and, frankly, everybody should do it.

Tom Poland 06:39
Folks, you can get it from the link under the video or if you’re listening to this on a podcast you can go to JVologylive.com/success-wheel, I believe. Thank you for that, Jay. Question number seven, last question. 50 seconds left. What’s the one question I should have asked you but didn’t? And I know why you’re laughing. Because, folks, when we did this pre-interview, he said, “What’s my favorite sex position?” I said, “Well, you can nominate that as a question but we don’t want to hear the answer!”

Jay Fiset 07:08
It’s either that or what’s my favorite psychedelic? No, I don’t know. You pick!

Tom Poland 07:13
30 seconds left. It’s your call, brother. 25 seconds left.

Jay Fiset 07:17
My favorite psychedelic.

Tom Poland 07:19
And what is it?

Jay Fiset 07:21
I got a bunch I like, but I will- I’m actually a fan of legalizing mushrooms. I think that actually- it’s a very important process that’s going to change mental health care.

Tom Poland 07:31
I’ll make sure I have some on toast tonight. Jay Fiset, thanks so much for your time, your insight, and also your humor. Cheers!

Jay Fiset 07:37
Thank you.

Tom Poland 07:39
Thanks for checking out our Marketing The Invisible podcast. If you like what we’re doing here please head over to iTunes to subscribe, rate us, and leave us a review. It’s very much appreciated. And if you want to generate five fresh leads in just five hours then check out www.fivehourchallenge.com.