Joint Venture and Publishing Partner Tips
Time for you to start thinking big. Even if you’re just getting started, I want you to be thinking 3, 5, even 7 moves ahead in this game of business.
You up for that?
Good.
Today’s QnA gets into some deep thinking, long-term planning, and frankly, what I consider to be much more important topics than “What can I get some stranger to do on fiverr.com?”
This QnA theme all started with an email out of the blue from a businessman that is in The Atlas 400 networking club with me…
Q: Craig, I do not believe we have met. I joined Atlas 400 about 18 months ago and signed up for your email list – mostly out of curiosity.
After many emails – you have peaked my interest.
I shied away from doing anything internet related as my technical skills artechnical skills are marginal. Although I have been a corporate executive with very large and start-up companies – I am not sure how this skill set translates into online entrepreneurship.
What do you suggest is the best way to get started?
Any suggestions appreciated. Do you have a program you are selling that caters to individuals like me who do not have an existing product to sell and would be starting from scratch?
Answer: Great to hear from you, and hope you are enjoying the newsletters. I look forward to meeting you in person.
Here’s the good news. As a corporate exec, your skill set transfers perfectly to what I call, “The Publisher Model”.
This is an advanced version of the Joint Venture method.
Let me explain…
First, you don’t need tech skills to run an online business.
Mine are marginal at best as well. I’m really just a communicator, marketer, and salesman.
But you don’t even have to be a communicator (at least not with the end user).
Instead, you could run an online business like a newspaper publisher runs a newspaper.
You would outsource the writing – urce the writing – all you need is a “star” (someone who creates the content while you manage the rest).
You’d outsource the technical components (everything from graphics to content delivery).
You would outsource the sales copy and the traffic generation.***
So what do you do?
You are the Chess Master. You manage these people, inspiring the “star” to create great content and keeping them on track, and you come up with the big ideas on sales, marketing, new product creation, etc., that you get others to implement.
***NOTE: You’d also have to be involved in the crucial first step of developing the big idea behind the business…what problem does this solve, why are you different, what is your unique selling proposition, and what is your optimal selling strategy for making the front end sales.
I have several side “publisher model” businesses in the fitness industry that run this way.
One of these “publisher model businesses” is www.kettlebellworkouts.com.
Here I’ve found a trainer that specializes in this form of exercise. I helped him write the sales copy, I provided the funds for the site (a couple grand), and I keep him on a content-delivery and promotion schedule.
We originally split the profits 70-30 (me-him) because I was also driving most of the traffic. After excellent performance on his part, we moved to 50-50.
Today, most of the ventures I do now are 50-50. But it isn’t unfair to start with 70-30 or even 85-15 if you are bringing all of the seed capital and resources to the table.
I hope that type of set-up is of interest to you.
But it all starts with a BIG IDEA, of course.
So again, as I mentioned earlier, as a corporate exec, your skill set transfers almost perfectly to this publisher model.
If you can see how this model would work for you, then I recommend considering our new Virtual Mastermind program that we are making available through www.earlytorise.com on Monday, July 16th.
Let me know your follow-up questions.
Q: Hello Craig, when you set up a joint venture with someone and produce a product together, how do you normally share the profits from sales… or what do you recommend for someone just starting out looking at a joint venture with another trainer, and I’m not sure the best way to agree upon profit-sharing…
50-50 with only one sales page?
Each have our own sales pages on our own sites and responsible for own marketing / sales?
What is typical, or recommended in your opinion? – Josh
Answer: Hey Josh, for joint ventures, it depends on who brings what
to the table.
If contributions are 50-50, then that’s the split to go with.
If you bring the list and they bring the product, quite frankly you should be getting more of the profit.
Products are a dime a dozen. Lists are not.
And yes, one sales page is best.
Finally, if you run this through Clickbank, you can set up “Joint Venture” accounts that will split the money automatically and pay you both. That way there is less paperwork on your behalf.
I use this with several of my projects.
Q: If you have an idea that you want to present to an affiliate to help them work with you, how do you protect that idea so that way they don’t take the idea and use it for their own? How do you protect your intellectual property? Thank you! – Steve
Answer: I know of only two options.
1) Go the legal route and protect it.
or
2) Trust the other person not to be a jerk.
That said, if they end up being a jerk, sometimes all you can do is just be better than them at implementing.
There’s a phrase often attributed to McDonald’s that you need to instill in yourself:
“We can innovate faster than they can copy.”
I have this faith in myself, which is why I give away so much information about my business. By the time I share my tips and tricks, I’m already on to the next one.
Q: Craig, long story short, I work (like a dog) in the magazine industry and I’ve also ghostwritten a few books for experts that have made a lot of money…for them…not for me.
After those hard lessons, I’ve teamed up with a great guy who has a BIG IDEA product (it’s already got big-time exposure). So we decided to team up 50-50 on an info product. The product is done and we even have the sales page up.
I want to do things right this time. Where do we go from here?
Answer: Hey, cool product. I think it has big potential.
Here’s what to do next:
1) Get connected with the big affiliates in your industry.
Call in favors, send them gifts, do whatever you can to
get connected.
2) Improve your copy and offer. The hook is great, but the
site and sales process need work.
3) Once you’ve done that, it’s time to play Internet Moneyball. See the article here:
– http://internetindependence.com/get-affiliates-2
Once one affiliate runs something, tweak and improve the copy and conversions and get another affiliate to promote it. Always be testing at least one thing during the promo.
Once you have success, some numbers, and social proof from other big affiliates, you’ll get the rest to jump on board.
In the meantime, here are a few resources to help you improve your copy and to understand the entire info marketing system:
a) A copywriting teleseminar I did
b) And my complete guide to selling info products
Bottom line: You guys have a potential blockbuster on your hands. Don’t hold back.
That goes for everyone,
Craig Ballantyne
“You have much more opportunity to earn more money than you do to ‘not spend’ money, and yet most people spend hours upon hours clipping coupons and perusing daily deal sites instead of brainstorming how to earn more money and solve people’s problems.” – Susan Fujii, www.Kungfufinance.com