There are all kinds of ways not to plan a joint venture project and many things that can go wrong with even the best possible planning. The truth remains though that planning your joint venture properly can save countless hours, days, weeks, and months of wasted effort down the road. Take the time to learn how to properly plan your joint venture project before getting started and you will be amazed at how much more efficiently this project runs than most others in the past—even if something should go wrong along the way.
Outline
Create a detailed outline of the product you want to create, the goals for the overall sales of the product, the markets you want to reach, advertising you want to do, etc. Then follow through with this outline. By being prepared and having a plan of action you are already one step ahead of a surprising amount of your competition. The important thing to remember about outlines and plans is that the best plans are fluid and flexible. This gives you the power to make changes, adjustments, and amendments as the project progresses. You may discover that you feel, halfway through the project, as though it can be so much more than you originally dared to hope. There is no reason you can't make changes, just be sure to follow through with the new goals and plans you make as you go. You also need to make sure that everyone is on the same page when changes are made.
Communicate
There are all sorts of tools that you can use online in order to communicate every aspect and stage of the joint venture with your partners. From email, to instant messages, and video conferencing there is no reason that you can't all get together and see what's going on at least on a weekly basis. Communication is the key to success in a joint venture. It becomes more vital as more people are added to or included in the venture. Not only is it important that everyone hears the message you are sending out but really understands what you are saying. A joint venture is not a time to have a Mars-Venus moment if you know what I mean. If there is any doubt, make sure that you clarify and iron out any potential communication misunderstandings before they become problems.
Delegate
The main benefit of joint ventures is that you have many heads and hands involved in the project. Don't be afraid to delegate those tasks that you either lack the knowledge to handle yourself or know without a doubt that you will put off till the last possible moment. Don't waste time procrastinating unpleasant tasks when there is someone on the team that may actually excel at that task or enjoy it.
Get to know the great team of people you are working with on your joint venture, even if it's a team of two. Learn each others strengths and weaknesses so that you can work as a more cohesive and effective unit. This is the key to successful planning when it comes to joint ventures. What are you waiting for?