Paying vs. Non Paying "Clients"
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I have to tell you: I DID IT AGAIN! I would have started that sentence with Whoops but I was a bit worried that Ms. Spears may have come after me. What weapon do you think she would have used? Anyway, let’s keep going here.
I just had an ongoing series of emails with someone I met recently. An accomplished individual, this person seemed like they had a lot of knowledge in a couple of different areas.
Since the person was at a PEER level with me I thought it might be wise to see if we could work together to produce some products with them where we could both make a good bit of cash.
After speaking with the person face to face a couple of weeks ago and then emailing extensively a number of times since then, I concluded I could not or would not work with this individual.
I wasted a lot of time trying to set this up. There are very few people where I choose to do peer relationships with. When I help people to develop their info products I normally use the system that I describe in GREAT DETAIL at: www.TheProductGuru.com.
This site clearly delineates the type of coaching/mentoring relationships that I like to have. It involves someone being put through a rather extensive screening program and then being asked to pay me a pretty decent sized hunk of cash up front.
The PEER relationship is working very well with a couple of select peers. Bob Bly being on the very TOP of this list.
Bob is a very bright guy. He understands that each of us has talents and we should concentrate on what we do best. That being the case, Bob has worked with me on producing close to a dozen programs with more on the way.
When Bob and I work together, we produce an audio program that we then BOTH own the rights to sell it.
Back to my story of how I screwed up.
The person I met is an accomplished individual. They know their stuff. Similar to Bob.
Here’s what I did wrong.
Very few people understand that 50% of SOMETHING is a whole lot better than 100% of NOTHING. Smart people get that, but few others do.
When I approached this person (hereafter called X) I told them that they had a lot of potential to make some serious money selling their knowledge. They agreed. I then laid out a plan of action. BAD idea. I should have first secured an agreement.
After bouncing emails back and forth X asked me to give what I thought was a “fair” percentage for my involvement. I turned around and asked them how much they thought it would be worth. I did include that a deal of this nature should land me a percentage somewhere between 25-50%.
X emailed back that they were willing to give me 15%. RIDICULOUS. My time is not worth this amount. And, someone who I have to negotiate with will, no doubt be tough to be working with.
My other mistake? I could have gone another route with X. Rather than try and work TOGETHER (which is always a huge challenge), I could have done the same deal I do with Bob Bly.
I could have said fine, let’s produce the products. We can both own the rights and sell them in whatever way we want or can.
X does not know how to use the internet effectively for selling info products. I do. So, in the end, X will get nothing. Chances are, X may develop products but will try and “do it themselves.” It may take a while to get the project going and all the while they could have been making money with me.
Moral of this story?
Don’t do any work until you have secured what the deal will entail and you’re happy with it. Also, be prepared to give up a fair percentage (as much as 50%) anytime for someone who can bring specialized knowledge to the table. It’s money you would never have had anyway.
Most people don’t get this. Bob does, but he’s smart.
By the way, the offer I made yesterday was CRAZY. If you didn’t get that email, go to the archives immediately at www.FredGleek.com/ezine and read it.
When you,get the audios you’ll hear Bob Bly at his best. This was his last seminar and you’d be nuts not to get the program.
Don’t let me leave out that Terry Dean and John Kremer also contributed to the over 12 hours of material. There is also bonus material from our lunch discussions.
Talk to you later!