Possible Partnership on Painting Product
So, a co-worker (we'll call him "H") at my job has his own company. He and his partner have developed a painting product that they are trying to sell and they want/need my help. Because both of them are both so busy they have not had time to go out and actually market their product to rake in sales.
At this point "H" has invested a lot of money into the business and is looking for "free" solutions. This is where I come in. I would essentially serve as a social media and marketing specialist, utilizing social spaces such as Facebook, Google+ and other avenues to market his product. I would also develop and implement strategies for offline use as well, such as setting up appointments with painting companies or sending free samples (with approval) for promotional and endorsement purposes. My other focus would be to manage incoming online sales for eBay and a website (once that is established), with possible order fulfillment (or just send the orders their way).
I am meeting with H and his partner today to discuss the details of our partnership. All of the duties stated are what I am planning to bring to the table for involvement in their company. I recall H saying before that he would be willing to offer a 10% equity in his company, but that can be negotiated (especially since I don't even know the value of the company..and the fact that they haven't sold anything).
The product itself is, again, a painting product; its seasonal in nature. It is patented and trademarked. There is only one other competitor (from the research I have conducted) that has something similar. I believe that it will sell IF people know about it; that's the whole point of this operation.
What do you guys think? Do you feel that I should take up equity or take a commission on each sale made (profit or revenue)? This project is going to be a part-time deal, as I have my part-time career, school, and my own online business (self-defense products) to handle. There's only so much time each week that I will be able to commit to this.
Thanks!
-Ulrich
At this point "H" has invested a lot of money into the business and is looking for "free" solutions. This is where I come in. I would essentially serve as a social media and marketing specialist, utilizing social spaces such as Facebook, Google+ and other avenues to market his product. I would also develop and implement strategies for offline use as well, such as setting up appointments with painting companies or sending free samples (with approval) for promotional and endorsement purposes. My other focus would be to manage incoming online sales for eBay and a website (once that is established), with possible order fulfillment (or just send the orders their way).
I am meeting with H and his partner today to discuss the details of our partnership. All of the duties stated are what I am planning to bring to the table for involvement in their company. I recall H saying before that he would be willing to offer a 10% equity in his company, but that can be negotiated (especially since I don't even know the value of the company..and the fact that they haven't sold anything).
The product itself is, again, a painting product; its seasonal in nature. It is patented and trademarked. There is only one other competitor (from the research I have conducted) that has something similar. I believe that it will sell IF people know about it; that's the whole point of this operation.
What do you guys think? Do you feel that I should take up equity or take a commission on each sale made (profit or revenue)? This project is going to be a part-time deal, as I have my part-time career, school, and my own online business (self-defense products) to handle. There's only so much time each week that I will be able to commit to this.
Thanks!
-Ulrich
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