Possible Partnership on Painting Product

6 replies
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
#painting #partnership #product
  • The question you need to ask yourself is "how serious am I to commit to making my current self defense business venture a success"? Would you rather spend the little time that you have left over in the day, after you are done with your part time career, school etc, on pursuing another unrelated venture, or on building your own self defense product business? Also, would you have taken an interest in this "painting" project if you saw the so called opportunity in a classified ad, as opposed to it being tied to a co-worker? I know for myself in the past I have taken on projects for others, simply because I knew the people involved and wanted to help. But this rarely works out, especially if the product / service is not exciting to me.
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  • Profile picture of the author Marketing Fool
    In economics there's something called 'opportunity cost'...basically it's the value of the thing you gave up to do something else.

    What would you have to give up to do this new thing with these people? What is that thing worth? That's your starting point...
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  • Profile picture of the author kindsvater
    "H" ... is looking for "free" solutions.... [The product] is patented and trademarked.
    Something is amiss. Those two statements do not fit together.

    I would be highly skeptical about the product having any value, which is they are looking for someone to work for free. I don't see any value in a 10% minority interest in a small, private business, with no revenue. You haven't mentioned anything indicating there is a viable market for the product.

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  • Profile picture of the author dean20653
    I think that would depend on how much faith you have in "H" and his company .... Painting Services are Just like any other Service, They can be here today and gone tomorrow.

    If it was me in you situation, I Would Take a commission, So I could see immediate roi .. But that's just me!

    Good Luck!
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  • Profile picture of the author srselfdefense
    @stoltingmediagroup

    I'm very committed to making my business a success. I've invested a lot of time and money into it and expect to bring it up from its current position into something profitable. You make very good points. Painting is an area that is not that intriguing to me, but if it is a viable product I wouldn't mind helping out. Expanding my knowledge of social media and marketing would help my own business out in the process. Time, of course, is the biggest issue.

    @Marketing Fool

    Yep, the dilemma of the opportunity cost...I'd essentially have to give up more time to help them out. Time that could be spent elsewhere.

    @kindsvater

    Free in the sense that he doesn't want to invest anymore of his personal money at this point in time. Most of it was spent on the patenting, trademarking and conceptualization of the product. Now he needs to bring it to market. That's how I will be helping...getting the product out there for people to see.

    There's "no such thing as a free lunch" after all. lol

    He's not looking for someone to work for free, just looking for free solutions (e.g. social media, blogging, etc).

    @dean20653

    I have faith. He's REALLY committed to what he does in life. Really good guy. I think I might take up commission, actually.

    Thanks everyone. Your thoughts are a great help!
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    • Profile picture of the author sbucciarel
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      Originally Posted by srselfdefense View Post

      He's not looking for someone to work for free, just looking for free solutions (e.g. social media, blogging, etc).
      10% of zero is still zero. What you are going to bring to the table is a lot of work. I would want guaranteed and ongoing money for my work.
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