Doing Information Marketing Business with "Friends"
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My Dad used to use an expression: “Don’t do what I do, do what I SAY!” How true is this one! How many times do you give great advice that you can’t even seem to follow yourself! If that rings true, you’re NOT alone. Let me share this story.
I have always cautioned info marketers not to give away their knowledge and expertise unless they were getting paid to do so.
Like you, I have friends that are interested in what I do. They want to learn how to create, market and sell their own info products. Naturally, they tend to ask me a lot of questions and pick my brain. Happens to you too? Join the club.
I just had an experience where I provided a person with information, suggestions and expert advice worth HUNDREDS of THOUSANDS of dollars. That would be the value of the ideas when full implemented.
I gave all of this valuable information and advice BEFORE having them agree to and SIGN and AGREEMENT detailing our “deal.”
PLEASE don’t follow my lead on this one. I don’t care how good a friend, or how well you think you know someone. Separate business from friendship. Put together a one page agreement letter BEFORE you start giving out ANY information to a friend, or anyone else you do business with.
As an info marketer, information is what you sell. It’s your inventory . . . your lifeblood.
In my particular case, I have not only lost a lot of money, I’ve now lost a friend. This was MY fault for ASSUMING that we had an agreement before we had something in writing.
Don’t do as I DID, do as I SAY in this area!
What if a friend is “miffed” by your unwillingness to work with them before an agreement is signed? My thought: they do NOT understand the value of what you. AND, you MAY lose a friend as a result.
Please listen to me on this one. Don’t learn the lesson on your own and then have to share it with me.