I could use your help regarding a dilemma I'm battling with concerning the future of my business at andrewscottmusic.com, which sells musical wind instruments and original books on how to play them.
I need someone to help me grow the business,.
With only a spasmodic approach to marketing, turnover from the site for the last 3 years is
2013 $ 3695
I'm trying to decide what kind of relationship to have with this person who will help me.
Should I employ someone as a business manager and pay them hourly rate + commission, or try to find an investor/partner/manager who will work for a percentage of the profits and own a share of the business?
My strengths are as a creator - I have been a music teacher since 1980, and have written more than 60 books on how to play musical instruments, of which I am able to sell about 10 titles, and I have another 6 in production.
I can produce any amount of promotional and marketing materials - articles, autoresponder messages, blog posts,videos, free reports, sheet music, MP3s, etc., but I lack the time to oversee their implementation into active marketing campaigns.
I've been collecting email addresses from my site for a few years and have a few thousand names of people who are in various stages of interest with my products. I would like to market products to my lists of people, however it's proving too time consuming to set this up.
I want to just deal with one person who will manage all the marketing of my products, leaving me free to concentrate on producing new content and sourcing good quality products.
There are advantages and disadvantages to both situations:
1. Employee -
- I keep total control of my business but am still responsible for every action, so I could find that I have no more time or profit than I do now, on account of my tendency to micromanage;
How likely is it that I could find someone with experience and initiative who will work for Odesk level pay rates?
- I still need to put in all the capital for expansion.
2. Partner -
- How likely is it that I will find someone with experience and initiative who can contribute time and capital to the expansion of the business?
- What sort of profit sharing arrangement is appropriate?
I look forward to your opinions.