I recently read a webmaster forum
post from a guy whose friends keep asking him to teach them how to make money online. There are a few approaches to take in this situation:
Three Approaches to Dealing With a Friend Who Wants Free Advice on Making Money Online
- Tell him to piss off and figure it out himself
- Be a good friend and actually help him out
- Scare him off by telling him how hard it is
The Fourth and Only Approach to Take In This Situation: Create a Partnership
While I’d typically reccommend the second approach listed above, there is actually a better route to take here. Instead of just giving away all the pearls of wisdom that you spent your hard time learning, do like they do in 24 . . . cut a deal!
How To Create An Online Partnership
- Convince your friend of your know-how and let them know that you can relpicate your previous successes
- Let them know that while you’d love to just give them all the knowledge you’ve gained, it would be easier if you partnered up
- Cut a deal. In exchange for you helping them create a successful online money-making website, you absolutely deserve a cut. It is up to you to negotiate your share based on your ongoing participation in the site, the work you put in to get them started, etc. For example, I’ve partnered with a friend on a blog site, where I am responsible for the setup of the site, maintenance, monetization, and publicity; he is responsible for content. We have come to a 50/50 arangement.
- Put everything in writing. Working with friends can lead to problems if expectations are not clear. In creating a contract for this partnership, consider the following questions (this is by no means comprehensive):
- What will each partner’s role be in the day to day care of the website? (consider little things like who wants to be woken up at 3 AM if the is a problem with the site)
- Do you want to create a company, which will own the site, or will it be in your names
- Who will be the registrant of record?
- Who will finance the site’s startup costs?
- How will expenses be covered?
- How will any income/profits be split?
- If sold, how will the proceeds be split?
- Once you’ve got everything in writing, be sure there is absolutely no debate over any of the expectations.
- Sign your partnership agreement and start making money!
If the online business is a success, you will both benefit. If the partnered site(s) is(are) better then any of your personal sites, then you won’t be kicking yourself in a jealous rage . . . you’ll be laughing all the way to the bank!
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11 Responses
Sean
April 16th, 2007 at 1:39 pm
1That’s a great idea. I’ve been helping friends set up sites, only to get nothing in return. Don’t know why I didn’t think of that.
marti
April 16th, 2007 at 4:57 pm
2Excellent idea! I actually thought about this earlier today before I signed in to DP. It would be such a great way for newbies, like me, and veterans to work together. The newbies can learn and the vets get some compensation too. Win-win! Drop me a note if you ever want a trainee who is ready to learn and eager to work hard.
Carnival of Entrepreneurs: # 20 - Atlantic Canada’s Small Business Blog: IQI Strategic Management
April 24th, 2007 at 9:17 pm
3[…] What do you do when friends keep asking you to teach them how to make money online? Josh Dorkin at Time for Blogging suggests “Don’t Just Teach Your Friends to Make Money Online: Partner with Them!” […]
» CultivateGreatness Success and Personal Growth Blog Carnival #014, April 26th, 2007 · Leadership Training · Personal Development 2.0 Blog, Podcast, and Portal | Cultivate Greatness | Leadership Blog |
April 26th, 2007 at 6:19 pm
4[…] Dorkin presents Don’t Just Teach Your Friends to Make Money Online. Partner with Them! by TimeForBlogging posted at Time For […]
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May 4th, 2007 at 5:03 pm
5[…] Dorkin presents Don’t Just Teach Your Friends to Make Money Online. Partner with Them! by TimeForBlogging posted at Time For […]
Frank Muller
July 30th, 2007 at 8:29 am
6This can lead to all sorts of legal issues further down the line if you take the current situation with Facebook as a classic example.
Acne
December 1st, 2007 at 5:11 pm
7I got a few PM’s from guys on several forums asking all these questions. And there was literally 50 per PM. And they wanted me to take a few hours out of my day and reply and they were rude aswell. I told them to do some more research and find there people skills.
I guess i did the same as you in a way.
Andy
ACNE TREATMENT
May 24th, 2008 at 2:51 am
8totally agree with the statement!! partner with them to build up a strong network
paul
June 15th, 2008 at 7:27 pm
9Rigth now I’m doing this on my affiliate program.
Speeding Ticket
June 28th, 2008 at 3:09 pm
10“3. Scare him and tell him how hard it is”
This is the best answer in my opinion. The fact is, when people ’see’ that others are making large amounts of money online, they always want to do it too. When you’re starting out, the fact is - it is hard! Once you start learning the ropes however, it becomes easier just like anything else. Tools, networking etc plays a big part. If you tell the person its really hard but they still want to do it, they may be one of the few who will actually get somewhere - then tell them the first rule of online business - nothing is free!
Offer a partnership like you said. When people ask me to help ‘rank’ their website, I offer instant partnership! I offer all of my long time clients partnership deals as well.
Good luck!
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July 6th, 2008 at 12:12 pm
11happar reviewed
This panel will make it very easy to set up your web site and even includes an easy to use web builder so you don’ t need to know html.
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Editor: Josh Dorkin
I'm the founder of the website BiggerPockets.com, and have been creating websites since the dawn of graphic browsers. The purpose of this blog is to share some things I've learned about the internet and life.
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