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How to Approach Joint Venture for WSO

by pablogy
12 replies
I have a potential joint venture partnership to produce a WSO. There are some things I would like to know to make sure things goes smoothly
It involves hiring a programmer.

How should I approach the initial converstion?

1. Should I tell the programmer about warrior forum (WSO)
2. Should there be a signed agreement? How?
3. How do we get paid? should we have account for both of us?
#approach #joint #venture #wso
  • Profile picture of the author officer_iron
    Well unless it's not an option for you, you could always just have the programmer develop the software for you, and then purchase it from him. You then would have the rights to it and you wouldn't need to include him in the WSO.
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    • Profile picture of the author pablogy
      The product is already developed and and his interested in a joint venture but he does not know about the warrior forum yet. How to start the partnership in lunching the WSO?
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      • Profile picture of the author jenniferlne
        Originally Posted by pablogy View Post

        The product is already developed and and his interested in a joint venture but he does not know about the warrior forum yet. How to start the partnership in lunching the WSO?

        You can just refer to it as "to market," you don't have to advise him of your exact strategy. If you think that he may circumvent you, just place him on a non-compete agreement if it was your intellectual property.
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  • Profile picture of the author jenniferlne
    Something that I had done was I used an MIT intern to develop some software for me. I offered them internship hours for a free virtual internship and I setup a profit participation agreement for a percentage of the profits. Although they are programming, they are happy to get a cut because a lot of people don't have the knowledge or time necessary to bring the product to market. So agree on a percentage, setup the profit participation agreement and take it to market.

    Good Luck!
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  • Profile picture of the author James Sides
    Originally Posted by pablogy View Post

    I have a potential joint venture partnership to produce a WSO. There are some things I would like to know to make sure things goes smoothly
    It involves hiring a programmer.

    How should I approach the initial converstion?

    1. Should I tell the programmer about warrior forum (WSO)
    2. Should there be a signed agreement? How?
    3. How do we get paid? should we have account for both of us?
    As someone who has done many WSO's and many JVs I'd like to lend some of my experience to the question at hand.

    1) No, you do not need to tell the Prorammer about the WF. Its not any of their business what you plan on doing with the software. You pay them to make it and thats all they need to know.

    2) Signed agreements are worthless unless you hire ap programmer in the same country as you. Laws are different from country to country so the chances of a signed document having any weight in a foreign country is unlikely.

    3) This depends on the system you are using. In my own case I pay my programmers up front. If you are planning on doing a revenue share then you will either have to use a system that does split payments for you or one person will have to hold the money and the other trust them.

    My advice is pay the programmer up front. There's no reason to do a revenue share with a programmer unless its a case of you simply being unable to afford the project in which case I'd strongly urge you to find a JV who can help foot the bill.

    Cheers,

    James
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    • Profile picture of the author pablogy
      Originally Posted by James Sides View Post

      As someone who has done many WSO's and many JVs I'd like to lend some of my experience to the question at hand.

      1) No, you do not need to tell the Prorammer about the WF. Its not any of their business what you plan on doing with the software. You pay them to make it and thats all they need to know.

      2) Signed agreements are worthless unless you hire ap programmer in the same country as you. Laws are different from country to country so the chances of a signed document having any weight in a foreign country is unlikely.

      3) This depends on the system you are using. In my own case I pay my programmers up front. If you are planning on doing a revenue share then you will either have to use a system that does split payments for you or one person will have to hold the money and the other trust them.

      My advice is pay the programmer up front. There's no reason to do a revenue share with a programmer unless its a case of you simply being unable to afford the project in which case I'd strongly urge you to find a JV who can help foot the bill.

      Cheers,

      James

      James Sides,

      Thanks.
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  • Profile picture of the author Matthew Shane Roe
    As for the JV split, you can always use JV Zoo that automatically handles this for partners and affiliates.
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  • Profile picture of the author travlinguy
    I'm not clear on what you're asking. Are you hiring a programmer or joint venturing with one? Or are you joint venturing with one party to sell a product that will be created by the programmer?

    I'm guessing the programmer is the guy you've got the potential JV with. If so, how is it he's agreed to a deal but doesn't know the venue you're going to use to promote it?
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    • Profile picture of the author pablogy
      Originally Posted by travlinguy View Post

      I'm not clear on what you're asking. Are you hiring a programmer or joint venturing with one? Or are you joint venturing with one party to sell a product that will be created by the programmer?

      I'm guessing the programmer is the guy you've got the potential JV with. If so, how is it he's agreed to a deal but doesn't know the venue you're going to use to promote it?

      He owns the product, I approached for a joint venture and he is interested.
      I would market the product and works on the technical part.
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      • Profile picture of the author travlinguy
        Originally Posted by pablogy View Post

        He owns the product, I approached for a joint venture and he is interested.
        I would market the product and works on the technical part.
        Okay. Then I'd get an agreement made where what's expected of you is very clear as well as what he's going to do. A software product is likey to have technical issues or at least questions. Is he available to address the inevitable stuff that comes up?

        How are you going to collect the money? In one account? In a joint account? If it's one account the account holder will probably be responsible for income tax on the revenue unless he issues a 1099 to the JV partner.

        If I were you I'd start with a single marketing venue, the WSO board maybe. If that goes well you can create new agreements for other marketing projects.

        With that said, selling the thing as a WSO isn't any walk in the park. There's a lot more to having a successful offer there now than in the past. Once upon a time you paid $20 to post a WSO and took your best shot. Now it's $37 to be a War Room member.

        Then another $40 for the posting fee. Then $19 for a Warrior Plus license. That's close to $100 just to list the thing properly. You'll also need positive reviews, influential affiliates and a lot more. Not saying you can't pull it off, just trying to help you get a handle on the bigger picture. Good luck.
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        • Profile picture of the author pablogy
          Originally Posted by travlinguy View Post

          Okay. Then I'd get an agreement made where what's expected of you is very clear as well as what he's going to do. A software product is likey to have technical issues or at least questions. Is he available to address the inevitable stuff that comes up?

          How are you going to collect the money? In one account? In a joint account? If it's one account the account holder will probably be responsible for income tax on the revenue unless he issues a 1099 to the JV partner.

          If I were you I'd start with a single marketing venue, the WSO board maybe. If that goes well you can create new agreements for other marketing projects.

          With that said, selling the thing as a WSO isn't any walk in the park. There's a lot more to having a successful offer there now than in the past. Once upon a time you paid $20 to post a WSO and took your best shot. Now it's $37 to be a War Room member.

          Then another $40 for the posting fee. Then $19 for a Warrior Plus license. That's close to $100 just to list the thing properly. You'll also need positive reviews, influential affiliates and a lot more. Not saying you can't pull it off, just trying to help you get a handle on the bigger picture. Good luck.
          Hi travlinguy,

          Thanks.
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