Have you ever been meeting with a new prospect when suddenly the prospect wants you to go into business with them? Yeah, it’s been happening way too much lately.
Here’s my most recent example:
I’m sitting at our conference table. There’s some jazz playing in the office and across from me is a new prospect. I smile and ask him all of the usually questions.
He wanted to build a web site and a business around it. A site that generates leads. In this case, I calculate that he needed over 10,000 visits a week to make the million dollars a year he suggested.
This all takes time and time is money.
Then the meeting changed direction and instead of looking for a company to build his site and pay cash, he was looking for a business partner.
“I’ll split the profits 50/50 with you?” he asked.
Let me tell you how difficult these situations can be! Not only have you just sold the guy on your services, now the prospect wants you to go in business as a partner. This opens up a can of worms because having the capabilities to build web sites it is very easy to open and create side businesses.
In the end I turned him down.
Why? Because I have my own products I want to produce and I’ve been putting those projects off far too long. In addition, I really don’t think it’s a smart idea to go into business with people you’ve just met and the best reason is that I wasn’t interested in his industry. Flat and simple. If you don’t have passion for the business idea it’s going to be a bad idea. Even if the money sounds good.
The most interesting thing is the number of people that want to go into business just to get their web site built for free or little cost and have a partner they can count on (someone invested in the idea). The benefits for them are numerous: They get a dedicated web partner, little to no cost to build the web site, and all they have to do is share future profits. No thanks.