Fortin’s post is worth reading at least twice because you will miss some of it the first time through. I recommend reading it once, taking a 15-minute break to analyze what you just read, and then come back for a second look.

Some key things to note from Fortin’s advice are:

• Trading time for dollars is not the optimal way to make money.
• Fortin applies his copywriting skills to boost the returns on his own products rather than simply working for flat fees to produce copy for others.
• Joint ventures (JVs) can be financially rewarding.
• A supportive spouse or significant other contributes to success (the converse is true too).
• Once there’s a proven system in place, use it rather reinvent the wheel.

After you’ve read Fortin’s post, I’d be interested in your thoughts on it.

Do you agree with what he wrote?

Joint ventures benefit partners when each adds an important piece to the project puzzle. Before you invite someone to become a JV partner, consider if something of value is really being brought to the table that can’t be obtained by less expensive means such as outsourcing to third parties.

You should also consider the potential legal liabilities that can be incurred by the actions of your JV partners on behalf of the joint venture. This is particularly important if you are a partner as an individual (personal liability) instead of having your corporation or limited liability company serve as JV partner.

Weigh the business pros and cons (risk versus reward) and run the proposed JV by your lawyer before agreeing to form the venture.

What lessons can be learned from this for your business?

First, it is a matter of distribution. McDonalds is one of the largest toy vendors in the world (via Happy Meals) because of the number of outlets that it has to sell food and merchandise. Wal-Mart is the biggest vendor of DVDs for the same reason. As seen by its success in selling other labels’ CDs, Starbucks has the distribution capabilities.

You probably don’t have as many outlets as a Starbucks, McDonalds, or a Wal-Mart. But simply looking through your yellow pages, you could identify non-competing businesses that have outlets where you could sell your products and services through joint ventures.

Secondly, Starbucks discovered that music complemented its caffeine products. People who bought one would buy the other. Although it would be contrary to the company’s corporate philosophy, it could make a financial windfall by selling cigars and other tobacco-related products that also complement its drinks.

What could you profitably cross-sell that complements your existing line of products and services? Why not joint venture with someone who supplies such? You’re leaving money on the table if you don’t explore these options because your customers will never be in a better buying mood than at the time they’re already making a purchase from you.

Hat tip to Peter Lauria at the New York Post.