Information Marketing Joint Venture Deals
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When you sell info products, joint ventures should be a significant component of your efforts. I just got off the phone with a NEW joint venture partner and wanted to explain to you how things went. I’m hoping that you will be able to benefit from my experience.
Bill O’Hanlon and I met in person a couple of months back. He is the author of about 35 traditionally published books. He has also been in the psychotherapy field for over 25 years.
Bill had been on my list for a good while and when I put out the word that I was looking for some people to write articles related to publishing, he responded. Bill KNOWS publishing! After a couple of conversations over the phone, we agreed to work together on a couple of projects.
He flew down to Las Vegas and we spent a couple of days together creating some products related to the publishing field. We got along very well and decided to work together MORE in the future. He then took an extended vacation to the Caribbean for a month! Lucky him!
He’s been back for a few weeks and we had a great 45 minute phone appointment. During the conversation we agreed to work on two projects. One for people who are interested in publishing a book of any kind, and a site devoted to helping psychotherapists.
One of the first things I said to Bill over the phone was that I was interested in working with HIM. NOT on a specific project. Yes, we would end up working in these two fields because of our backgrounds, but the deciding factor (for me) in our working together was him, the person. NOT the topic.
I would recommend that when YOU consider any joint venture, you look at the PERSON a lot more carefully than the field you choose to work in. I actually told Bill that it didn’t really matter WHICH field we decided to work together in, we could, most likely make it work.
Here is our DEAL.
We will split expenses and revenue 50-50. He has knowledge of his topics and I have knowledge of both the topics and the process. He clearly is MUCH more knowledgeable in the psychotherapy field, AND it the field of traditional publishing.
I will end up doing the web-related work. Putting up the site, and doing all of the other online set up and structure. Bill will be coming up with topics for products that we will put together in both of these areas. For the publishing niche, we’ll be taking an existing site, PublishingABook.com and modifying it to reflect both of us.
We agreed that I should come out to visit him in Santa Fe sometime next month. I’ll be flying out for a couple of days. Before then, he will be brainstorming a list of possible product topics in both fields. When I get out there, we’ll be recording a bunch of audios for both niches.
There is a lot of things you can learn from this scenario. Here are a few!
1. Work with the person, not the topic.
2. Try and find a way to do a 50-50 deal. If not, one person will feel unequal.
3. Identify each parties strengths and capitalize on them.
4. Pick niches where you have credibility and background.
5. Create LOTS of products. More is always better.
6. Understand that it may take a while for a concept to get off the ground.
7. Consistent effort is more important than BURSTS of effort.
8. Only work with people you like and feel comfortable with.
This list should get you started! All the Best!
Comments? Ideas? Please make them here.