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The Partnership Principle and Profits

One plus one equals four.

Or at least it seems like it when you get the right partner working with you.

What’s the fastest way to create a product?

Get a partner whose an expert on the topic. Make an outline. Do an interview. There you go…almost instant product. If you did a great job on the outline and you work well with your partner, you can even create an excellent product this way in less than one fourth the time it would take you to write an ebook about it yourself.

How about creating a quick sales piece?

Sure, I do some heavy research at times, but let’s say you need a quick shortcut to get a small product out fast. Get a good listener who knows how to ask the right questions on the phone with the product developer or a customer, and watch as indepth information about the real attention grabbing story comes out.

How about traffic for your new product and site?

There it goes again. Find a partner that already has the attention of your desired audience. Maybe they have a large email list or a popular blog. Get them registered as an affiliate and run a special deal to their audience. Your new partner just generated more sales with one email than you could all month experimenting with other traffic methods.

The Partnership Principle

A lot of people think it’s easier to go it alone. Then you don’t have to deal with disagreements or problems that come up (issues do come up at times). The only problem is that you’re only making life difficult for yourself. This isn’t math class. One plus one doesn’t equal two. There is a multiplying effect that comes into play.

Find people who have different skill sets than you. Perhaps you LOVE writing, but you hate doing the work it takes to get traffic to your site. Bring on a partner to work together. Maybe you want to grow your affiliate program, but don’t want to spend any attention there. Bring on an affiliate manager who you give 20% of all affiliate sales to. In other words pay them well if they’re worth it to you.

Here’s a secondary affect you often don’t think of. Having the partner also working on a project with you adds a measure of accountability. Now it’s not just YOU that’s being slowed down by your procrastination at getting the project done. You’re also hurting the person working with you. You have to get it done because so-and-so is relying on you.

I don’t care how dedicated you are, sometimes it’s easy to let your own projects slide. It’s not so easy once someone is working alongside you.

Partners also allow you to make up for your weaknesses. If you’re a great writer, the best way to make money is to keep you writing as much as possible. Let someone else handle the other stuff that gets in the way. Perhaps you’re an incredible speaker, but generating traffic to your site is a pain in the butt. Bring a partner in to schedule you a whole collection of joint venture partners to hold teleconferences for you.

Here’s where to start. Look at anything in your business you’ve been putting off…or you simply can’t find the time to get to. It’s rarely because you “don’t have the time.” It’s more often that you’re putting it off because it’s not something you enjoy doing. Then think about whether you have anyone in your life or in your circle of influence who can do this much better than you. Contact them and see what it is going to take to get it done right.

One of the simple ways to begin working with partners is through creating an info product together. I’ve seen dozens of people drag their feet about this. But the moment they get a partner, they get it done quickly. Choose the interview model for this first product…and make a committment to get it done before the New Year.

If you need help with discovering how to create products using partners, check out the Ultimate Interviewing Pro product I did with Fred Gleeck. It covers step-by-step how to put together your own high profit projects quickly. Click here now…

Written by Terry · Filed Under All 

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Comments

4 Responses to “The Partnership Principle and Profits”

  1. Andrew @ WeBuildYourBlog.com on December 17th, 2009 3:19 pm

    Must admit, Terry, I’ve got a partner on board for my new product and working together makes the content and launch process so much easier. We bounce ideas off each other, we set deadlines together and there seems to be so much more commitment and dedication when there is 2 of us.

    Good stuff.

    Andrew

  2. Kavit Haria on December 18th, 2009 4:46 pm

    Hi Terry,

    Thanks for sharing this article.

    When creating products with different partners – how do you keep an open book so that both can see the income and proof so that its split equally? What have you found is the best way to do this?

    Kavit

  3. BloggerDaily on December 24th, 2009 9:03 pm

    You article makes me think a lot. Yeah, I love writing but there must be someone else to be a partner with me if I’m looking forward to create a product. Doing works alone will be a mess.

    Thanks for your thought!

  4. Event Planner San Francisco on February 20th, 2010 4:01 pm

    I think its depends on you. Sometimes sharing the risk is a good option rather than taking the pain all by your self. And as such two point of view is better than one. Especially when investing into a product.

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