Be careful about getting married too fast!
I’m not talking about literal marriage here, although it’s good advice there as well. I married my wife around 5 months after our first date. Later this year will be our 30th anniversary. It worked out well for us, but that’s way too fast for most.
Instead, I’m referring to joint ventures with business partners.
I had a project that went bad with a business partner a couple of years ago. I’m glad I got out of it early or it could have been even worse. I didn’t get paid. They misused my name by agreeing to something I didn’t even know about.
You need to discuss everything you possibly can before entering any long-term partnership. This includes long-term goals, who does what, how you’re reinvest profits, how customers should be treated, business models you’re comfortable with, etc.
Even more important is the relationship and connection you have with your potential partner.
Communication is king (WOW, it really sounds like I’m talking about personal relationships).
Here are two big tips to help you avoid joint venture partner disasters.
First, put character before cash.
One of the biggest red flags is when someone comes to you with big dollar signs.
They tell you about all the money that can be made from this idea.
Greed can blind you.
Run!
Instead, focus first on the character of the person you’re doing business with. Are they ethical, persistent when facing inevitable challenges, and fair in dealing with others? Because someday you will have problems. Will they be fair and ethical with you?
The second tip is to start small.
Go on a coffee date first. Do things together. Wait to get married.
For example, you could promote each other’s free lead magnets to your list. They promote you. You promote them. It could be done as affiliates, but you could also do it just as a straight free promo. No money has to exchange hands.
Do a podcast interview. Again, it’s low risk.
Start with something small like this to test the waters. Go from there.
Eventually you develop a strong relationship where you’re comfortable recommending each other and doing larger projects together.
One small meeting can turn into decades of friendship and millions of dollars in profits.
For example, a friend introduced me to Doberman Dan because we live in the same city of Ocala, Florida.
Dan is a world-class copywriter who has written for some of the most successful entrepreneurs and marketers in the country. He has written copy behind-the-scenes for a whole slew of markets. A $1 billion a year direct marketing company even hired him to launch their nutritional supplement business.
Dan and I combined our talents a few years back to put together a “fill-in-the-blank” instant sales copy system. You can find out more about the 60-Minute Copy Cure here…
