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In this internet marketing news update:
00:27 – FastWebFormula 4 live in 2013
01:23 – Own The Racecourse results thread in SuperFastBusiness
01:59 – OTR builds your business faster
02:13 – People always want ‘success fee’ deals
02:42 – Get paid upfront
02:51 – Add a performance bonus
03:03 – Hire specialists rather than profit share
Access all the FastWebFormula event recordings here
Transcription:
James Schramko here with a SuperFastBusiness internet marketing news update.
As you can tell from the weather here, it’s Christmas time in Sydney and of course we don’t get the snow but we do get some pretty cool Christmas lights this time of the year. And as a special treat, I’ve managed to coordinate the local school to give you a little bit of special music and I’ll show you that at the end of this video.
What’s happening in SuperFastBusiness right now?
The big news is the announcement of FastWebFormula 4. Which is a live event that I run and I’m going to be doing that in 2013 sometime around May or June. It will be in Sydney and it will probably be for 2 days. So no matter where you are in the world, I hope you can come out and meet us, I’d love to meet you. Of course with all the other members in SuperFastBusiness getting face to face, it’s such a powerful experience. We’ve got such a wonderful community with around 500 members now.
If you are brand new, then the intermediate and advanced people can pull you through much faster. If you are intermediate or advanced, you’ll have some really like minded people to talk to and have that discussion that normal people on the street would think that you’re some kind of alien form. Also the new people coming through as they get stronger will be great sources of both being a customer and a potential partner for your business.
One of the things I’m most proud of is the Own the Racecourse results thread in SuperFastBusiness.
A lot of people have purchased Own the Racecourse or had access to it in SuperFastBusiness and they are getting results. Everything from the English/Japanese market through to a tourist operator getting results that of course the traditional business and coaching and internet marketing fields, but also travel agents are doing this. The results are sensational, the method works and I really think Own the Racecourse has been the stand out training this year as Traffic Grab was the year before. When you implement Own the Racecourse, you’re getting videos like this or audios that accompany them and it just builds your business faster than anything that I know how to do.
Get in there and absorb Own the Racecourse. It’s a wonderful cause.
Today’s tip is about joint ventures.
Quite often because you have internet marketing ability, you will get people coming to you saying, “Could you please help me with my business and I’ll pay you for profits.” Well I want to say that is a bit of a trap. The sole person who can’t afford to pay you to work on their business is also least likely to succeed and usually, there’ll be no profits for you to share. You will put in all that blood, sweat, tears, the effort, the risk and potentially no return. My advice is to get paid up front. Get a retainer if they’re that confident their idea will work then they should be confident enough to pay you.
Of course you can have a performance bonus and if it does all go fantastically well then you can actually share in a profit as well. Keep in mind that most of the time the profit will never get paid. There’s my tip.
A Better Business Model
Keep in mind that specialists are readily available all around. They’ll probably contribute content for you for free or one-time payment and if you own the product or the service, and you recognize the fact that you as the marketer hold all the power in the relationship, you should setup 100% ownership and just subcontract the bits you need specialists for and own the thing and get all the profits for yourself. That’s a better business model for my mind.
I hope you’ve enjoyed these tips. I look forward to discussing these things with you in SuperFastBusiness. I’ll catch up with you soon.
Be sure to check out the special music I’ve arranged for you.
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Please leave a comment below.
Great video and fun lights!
Loved the video James, I have seen quite a few partnerships gone bad, because of the sides not being driven enough to see the results. I agree with you hiring specialists and keeping the profits with us. Thank you for your wonderful insight.
Jaimini I have learnt this the expensive way ;) If I can save others it was worth it
Thanks for your perspective on pay for profit deals James. If I’m going to put in all his hard work and risk then I may as well get all the reward.
too true Casey and you have the mad skillz to get paid upfront
Hi James – Loved the music at the end. Was that you on clarinet?
sadly the clarinet player is better than I am at Clarinet.. that is saying something.
FWF4?!!? Fantastic – I’ll be on the look out for dates (June works better for me than May, if you’re 50/50!)
Ok – working on venues now