This allows you to share resources, have each partner focus on their strengths, and achieve more in less time…especially in the ultra high speed Internet world.
So should you go running out and get a partner quickly?
In the 15+ years I’ve been online now I’ve done tiny little jvs like doing a joint article or teleseminar together to doing full partnerships. And just like everything else, I’ve learned a ton from trial and error.
The biggest lesson is that when a JV is good, it’s really good.
And when a JV is bad, it’s horribly bad…and then gets worse.
For example, when you’re a marketing consultant and copywriter, there will always be a multitude of people who are willing to suggest you work with them on a contingency basis.
Basically they don’t pay anything until they profit.
This sounds great in principle.
Of course you want them to get results. And you’ll end up earning so much more money by getting a portion of the profits. Great deal, right? At least that’s what I thought…
The problem here is the person who you’re working with doesn’t have any skin in the game. And without fail, they don’t do their part.
Years back I wrote a full website for someone on a contingency basis. I did all the research, spent time writing, sent it to them, and did all the edits they requested.
Guess what happened after all that work? Absolutely nothing. They never even put the site up. They “changed” their mind about what direction they were going in.
Since I’m such a glutton for punishment, I did this several times before I figured out it just doesn’t work. I even tried doing a contract with non-performance clause to prevent this. Nope. Didn’t stop it at all.
What about helping someone who is “down on their luck” and needs a mentor for free…for a share of the profits?
Sure thing. I tried that too.
Guess what? They always gave up before they reached success or expected me to do all the work for them. They didn’t want a mentor. They wanted an unpaid employee to hand them a push button business.
Unless they’re heavily invested in the project themselves (much more than you), these types of deals just don’t work.
The only place I’d consider doing something on only contingency would be with an already established business with a large customer list who gave me FULL ACCESS to the marketing of the list. And I’d be planning to do the work myself in following up and accomplishing the business. Otherwise they’d find a way to screw it up along the way.
So what’s this have to do with partnerships and other types of joint ventures?
The same problems apply, and sometimes even more problems occur.
Maybe it’s just a simple joint venture like a special promotion for one person’s product to your list. But what happens if they’re not reliable and disappear before delivering the product or they hide out when a customer requests a refund? I’ve been there.
What if it’s a deeper relationship and you’re creating a website/product together with a plan to split the profits? Maybe you’ll multiply your results by teaming up with each other…
Or maybe your partner will run the business into the ground by mistreating the customers or not doing their share of the work.
The safest policy I’ve found with longer term partnerships is to NOT enter into them quickly. Take it slow.
I remember the old movie, “What About Bob?” where Bill Murray played a highly dependent patient of a psychiatrist. I loved the movie as Bob eventually pushes his doctor over the edge.
One of the lessons shared with Bob is to take baby steps to overcome his fears.
I’ve found the “baby steps” process is how you can protect yourself in joint ventures as well.
You don’t start off with a long-term partnership. Do something smaller first. Perhaps share content with each other’s lists. Write a guest blog post for them or an article. Do an affiliate promotion. Grow it to a special exclusive offer to their list.
Each step along the way ask yourself if everything continues to work out. Because you’ll notice small warning signs or feel uncomfortable along the way. Any minor annoyance will be magnified if you work with them long-term.
People sometimes ask why I work so much with Glenn Livingston. It’s because we’ve done all the above. We’ve partnered to create products before. He always gives overwhelming value in everything he does.
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If you’re serious about improving your conversion using the techniques working today online, you need this information. And we’ll even be sharing some vital information you can use immediately on a series of free webinars we have coming up.
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