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Partnering up

by TLondon
9 replies
Has any of you warriors tried partnering up with somebody you know to work on small-scale IM projects, like affiliate marketing websites or that kind of stuff?

Any tips, advice, etc. on the best way to approach this? How to work most efficiently, how to split profits, and any other how-tos...

The reason for partnership is that we're both good at different things and would complete each other once partnered up. The process on building would be 3x quicker and more efficient from where I see it.
#partnering
  • Profile picture of the author jrigdon73
    Two heads are always better than one. Make sure its someone you can have a good working relationship with and can trust.
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    • Profile picture of the author Steve B
      Have everything spelled out clearly, in writing, and have both parties agree to the deal. Include a way to settle disputes.

      When it comes to money and business, many friendly partnerships have ended in disaster.

      Be sure you want to "get in bed" with your partner because when you do, it ends up being "for better or for worse" . . . sometimes the latter.

      Not trying to suggest against doing a partnership - just realize that 1 + 1 doesn't always equal 3.

      Steve
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  • Profile picture of the author ViceHood
    Hard to trust people these days. Would be nice to have a partner you could 100% trust.
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  • Profile picture of the author John Pagulayan
    There's a lot of negativity being thrown at having a partner because of trust issues. In your case since what you want is just to do things 3x quicker, you can:

    1. Have an accountability partner instead of a full time partner. Find someone who at least holds you accountable for meeting your deadlines. You'd be surprised just how much you can accomplish just by having someone monitor your progress.

    2. If you just want to get rid of the technical stuff so you can focus on the meat or vice versa, then it would be much cheaper to hire a virtual assistant rather than splitting the profits.

    3. If ever you're really hell bent on getting a 'business' partner, make sure that everything is in writing. We're in a business and no matter how friendly or good natured your potential partner seems to be, don't let that relationship go sour just because of some things you did not mention in the fine print of your contract.

    Some of the things you might want to consider:

    Is it profit sharing?
    Is it net sharing?
    Who does what and how?
    Who's going to shoulder advertising cost?
    How about recruiting affiliates?
    Who's going to be left behind in case someone branches out to a new project?
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  • Profile picture of the author Phantom X
    Like others have stated, trust is always an issue. I've never really felt comfortable partnering up with others with whom I've never met in person before. I have partnered up with a few friends though, but I know them in person.
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  • Profile picture of the author TomVa
    I would love to partner up with someone myself.
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  • Profile picture of the author GailTrahd
    Be sure the tax issues are also straight before beginning. If you are in two different tax districts that can make things a bit more complicated as well. Can't stress enough getting things hashed out in writing before starting. Include conflict negotiation/mediation as well.
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    • Profile picture of the author Teravel
      Originally Posted by ViceHood View Post

      Hard to trust people these days. Would be nice to have a partner you could 100% trust.
      Originally Posted by GailTrahd View Post

      Be sure the tax issues are also straight before beginning. If you are in two different tax districts that can make things a bit more complicated as well. Can't stress enough getting things hashed out in writing before starting. Include conflict negotiation/mediation as well.
      Originally Posted by Steve B View Post

      Have everything spelled out clearly, in writing, and have both parties agree to the deal. Include a way to settle disputes.

      When it comes to money and business, many friendly partnerships have ended in disaster.

      Be sure you want to "get in bed" with your partner because when you do, it ends up being "for better or for worse" . . . sometimes the latter.
      Having a partner is usually called a Joint Venture, and most of the problems listed above have been resolved by JVzoo's partner setup. It splits sales automatically between partners, and you can set who gets what %.

      Creating a JV Contract - Powered by Kayako case Help Desk Software

      The real issue is making sure everyone does their part to achieve the desired results.
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  • Profile picture of the author stevenjacobs
    Banned
    yeah theres some people that do that and you can make lots more money and save time
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