Automate THEIR small business?
Hi guys,
I feel like I have learned a lot from this community and by applying a lot of the principles learned here in my own business.
Now, what if you know somebody who created a product, and you want to help turn it into an automated business for them?
Are there any ideas about collaboration, partnerships, and other ways to share your knowledge and get a cut too?
Thanks!
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Answers
I think that really depends on how much value you can convey to them about what you would do. Obviously, you could sell a "service", but that wouldn't make sense with the idea of creating streams of income. So, the best option, in my opinion, if you found a company/product that you believed in and wanted to help would ask for one of the following:
1) Equity - get a piece of the company..however, you should make sure that this translates into revenue. A % of ownership would be good too. I would avoid plain old stock since that may never turn into anything. If you go this route, get a great lawyer and make it clear that you want to make sure there is a payout no matter what, i.e. if another investor comes along, you don't want your equity devalued to nothing. Learn about preferred vs. common stock. 2) Become a partner with revenue share. 3) Better yet, setup an affiliate program for them and become their best affiliate. If you help automate them, it seems like you could ask for a much higher percentage than a regular affiliate. 4) Ask for a % of all revenue.
There are lots of ways to approach this. I would make sure you are getting compensated from the beginning. If you put off compensation for a point in the future, you may find that point in the future remains out of reach.
Anyway, a hope that is helpful.
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Thanks, that was good advice. I will post again if I make a decision!