Advice on partnering?

zig

Hi all, Im wondering has anyone here any experience with sharing their business with someone else, moreso , someone they dont know.

I've made alot of progress in my business and have applied my strengths where they should be applied, and am happy to say I have a product that CAN sell , and that I am confident it is very marketable in general, I have seen it do well when pushed.

But unfortunately despite doing courses in marketing/start your own business etc and receiving advice from lots of people,etc Im sort of running into a brick wall when it comes to promo/marketing/PR etc, i.e. pushing the product!
Im also realizing that right now I may not have the time to both produce and promote!
I was considering trying to get a few names together of potential people that may be interested in partnering with me, both for the reasons above, but also to give me that extra push as well, (people tend to motivate each other better than motivating themselves) im just wondering has any advice on doing this?

Any pros and cons?
Are people hard to find?
Id most likely be giving away half of the business so if the person wasnt as serious about it as I was , it could end up a disaster!

Recessionbust

There is a lot of pro's and con's to having a partner.
You can get lucky and get someone who will work hard, invest and motivate you but on the flip side you can get someone who will sit back and do nothing.
The big Con is that as you put it you are giving up half your business and putting faith in that person to work as hard as you.

My advice would be find 2 partners, 20% each that way you always retain 60% so even if one buys the other out you remain in control.

On a seperate note I be interested in knowing more about your product when its ready to go and if the product is suitable I can try put you in touch with some Independant Retailers.

Cianos

Do you definitely need a partner to fulfill this role? Could you hire a marketing agency, or just someone to run an online advertising campaign for you?

If you had a contract with an agreed payment structure conditional upon reaching set targets, they'd be more likely to put in a good effort.

billybunty

I agree, try to steer clear from partner be they active or silent.
I've been involved indirectly in 2 in the ladt few years, neither have ended happy or amienable.
Sounds like you've worked hard to get where you are.
I too was also going to say to hire an advertising/marketing company, they'll work hard for you as they are being paid
Also is it an option to look at your competitors & figure out their marketing /advert campaigns?
Start local also, aib let businesses into their branches to showcase products for local businesses, supervalu seem to be really pushing local traders/suppliers also.
Or your local hardware store?
Hard to say more when i dont know what category your product fits into!

zig

Hi ,
Thanks for the replies, some food for thought there,

@BillyBunty, thanks, its a food product, and while Im in a few small shops and bars etc I havent approach Super Value yet, mainly because I want my prices and packaging finally settled before looking at bigger areas. Good tip about AIB though. Regarding your advice on partnering, after hearing some comments here,and from others Im completely rethinking that idea now.
While finance is tight, Im sure its still possible for me to get direct help in those areas without having to give away my business.
So im going to look in that direction first.

Cianos: Good point, and its now the direction Im thinking of going in. The only other thing that was encouraging me to find a partner was that it is nice to have someone else on board and working on it as hard as you, but the reverse of that would be disastrous, i.e. someone not committed, Id really regret it.

Hi Recessionbust,
Thats some interesting advice, I hadnt thought about that ide, and if I DO end up going the partner route, despite what I was saying above, its something I could look at.
As for the product, Ill send you a pm now. Im sure boards dont want me spamming here.

Thanks again folks
Back to the drawing board:)
Adrian

Happy_Lady

Just a quick message to let you know that if you wanted someone with experience in marketing/PR etc. that you could go to a university/a particular course and ask if any students wanted to do some work for you.
A lot of students doing their undergrad and postgrad courses need to do work experience, which can be paid and unpaid. Others just need to do projects.
If you knew what you needed to be done, you could definitely have someone come work with you (for free if needs be).

I did this last year in my masters (probably best having a postgrad student as they're a bit more mature) and I worked for free for 3 days a week. It was a valuable experience for me as I gained real world experience and was able to use what I had learned during the year in a real work environment.

Just a thought, if something like this might help you.