Sometimes, it takes a couple of bricks to the head to learn a lesson (ergo, the month-long blogging silence). Here I am, Madam Genius, Esq., blogging about business partnerships, and I violated all my own good advice about choosing one wisely.
A while back, a colleague approached me about getting involved with a network marketing opportunity with her. I knew nothing about network marketing (save the nasty rumors about Amway and cults), but frankly, was enticed by the prospect of getting into this particular organization when it was fresh and newly-launched. . . and (hey, I’m human), my eyes sparkled with sugarplums and visions of easy money and residual income. It was rush-rush-rush to get signed up by the pre-launch deadline to ensure a high place in the network’s organization. Lots of phone calls to educate me (and others) about what network marketing is (and isn’t), how this particular organization intended to work, compensation structure, etc.
But this is a blog about business partnerships, not network marketing, so, in the coming installments, I’ll let you in on where I went awry with my business partner.
For the overview:
- We knew nothing about the business (see below)
- We were looking for a “quick buck”
- One partner was fronting all the money
- We couldn’t agree on the simplest of decisions
- One partner’s needs created major tax and financial complications
- I didn’t do enough due diligence
- How we wrapped this up
Here’s the first major lesson–what not to do again:
We were entering into a business that neither of us knew anyhing about. Yes, we both had networks of contacts, but “selling” for network marketing takes a different approach, because it’s a different kind of opportunity. Millions of people get involved with network marketing organizations, but only a proportionate few of them do really well with it because IT’S A LOT OF WORK. Neither my partner, Grace, nor I had had any prior experience in that industry. And, in fact, we BOTH had bad impressions toward the industry overall.
More lessons next post!