May 26 in General discussion
“How could I partner up with someone?”
“How could I partner up with someone?”
This was a question asked by a young person just getting started in the agency business.
I gave the following answer.
In case it might be helpful to others who might not see it buried deep in a comment thread, I have reposted it here:
There are lots of ways to partner with people, from a simple affiliate arrangement to a full blown joint venture.
They all boil down to a basic quid pro quo, or “I give you this and you give me that.”
So, start by figuring out what specifically you can give.
And what specifically you would like in return.
Then find folks who have what you want, and are willing to trade that in exchange for what you have.
For instance, I am in the process of setting up partnerships with folks who have certain skills that they are willing to use to perform certain tasks that produce certain results in exchange for shares in the corporations I am setting up.
In other words, I am setting up the business and providing the use of particular pieces of intellectual property.
Each partner has developed a standard package of their services.
One partner might be a copywriter who has pledged to provide copy for ads, a sales funnel, sequences of emails, etc.
I’ll not take the time to list all of the elements of their particular standard service package here. Suffice it to say that it is pretty comprehensive when it comes to copywriting.
We negotiate a price and delivery terms for that standard service package and apportion a certain number of shares to them in exchange for their providing it to us.
Another partner, a graphic designer, has created a standard package consisting of such things as a logo, letterhead, responsive web design, etc. In short, everything a company needs in terms of graphics.
Again a price is set, shares apportioned, etc.
We do this with each partner.
That way, everyone is clear about exactly what they are getting and exactly what they are expected to give in return.
It helps the team.
And it helps the individual partner.
The partner is helped because they know that they can turn around and offer that standard service package for a fixed price quickly and easily to other customers. They don't have to get caught up in the drama of trying to do custom work for every new client, and they can hone and perfect their skills of producing predictable results within a given time frame.
This makes it relatively fast and easy to find additional clients who want that comprehensive service done for them.
Think fiverr gigs on a bigger scale.
Plus, we are setting up multiple companies, each targeting a different market with a different product. Each partner can participate in each new company we set up if they want by simply providing their same standard service package, in exchange for shares.
Thus, they can build a portfolio of shares in companies that have a high likelihood of success because they know that each partner is a professional who is providing a top quality service package needed by the company.
Our partners can build nice mostly passive income streams as profit distributions are made regularly to our shareholders, and as their shares become more and more valuable over time, our partners have the opportunity to sell some of theirs and receive a nice capital gains windfall.
We can also help our partners to continually upgrade, systematize, and automate the delivery of their service packages. Thus, it gets even easier and faster for them to deliver quality results every time, and their profits therefore continue to increase.
Usually partnerships are not structured so formally. They usually just have partners dividing up roles of responsibility with each handling anything and everything that comes up in their area.
I am structuring my companies as described above because I know that instead of just creating a single entity, we plan, Lord willing, to create many, and I wanted a method of doing so that would scale quickly and easily.
If you would like to join us, then let me know. DM me and I'll be happy to send you details.
Otherwise, your idea of posting in groups is a good one. Be sure you tell what you are looking for and what you are willing to give in exchange.
You might want to create some way of weeding people out such as a test or sample assignment. That way you save yourself a lot of trouble and heartache that comes with taking on bad partners.
One test I use is their creation of a standard service package. I can tell a lot about the quality of their work and what it will be like to work with them by how they go about creating theirs.
If they don't want to create one, or they produce one that is not of good quality, then that tells me right away that they don't know what they are doing, would be a pain to work with, and that I should avoid them like the plague.
On the other hand if they create a good one that lists everything we want, as well as stuff we didn't even know to ask for, if they make it clear and easy for us to understand what is expected from us and what they are delivering, when, and how, then I know that they will be a joy to work with, and I can tell by the quality of their presentation that they are true professionals who will raise and maintain the quality level of our whole company.
This answer turned out to be much longer than I originally intended, but hopefully it gives good value to you and anyone else who might read it.
Feel free to ask if you have any questions or need more clarity.
Meanwhile, if you don't already have one, I suggest you get to work defining your own standard service package that you can offer folks.
Be very specific, especially with the deliverables and the results your customers can expect to get because of them.
That will make you come across as very skilled and professional regardless of your age, ethnicity, or other factors.
You don't need to promise the moon, or pretend to be an expert at everything, you're not, nobody is. Rather, just be precise in what you can confidently deliver.
The more precise you are, and the more you can show that you have a repeatable system behind it, the easier it is to find partners and customers.
An easy way to think about it is to look at what info you want to have when you buy something, what qualities you would want in a partner, then provide those.
Godspeed with your search.
Maranatha!
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“How could I partner up with someone?”
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