TAS 153 : 3 Things You NEED to Know about Partnerships (The Good and Bad)

If you spend any time in the online entrepreneur communities you’ll hear all kinds of negative things about getting involved in a partnership. But is it really all that risky or bad? On this episode Scott wants to address some questions he’s been getting about the wisdom of getting involved in a partnership for an Amazon business. There are pros and cons and you need to be aware of all of them going in. So take some time to listen to this episode, even if you’re not considering a partnership. You never know what’s going to be on your radar sometime down the road.

The first question you want to ask yourself about a partnership possibility.

A partnership may sound very tempting for a variety of reasons. But you need to go into it with your eyes wide open. The very first question you need to honestly ask yourself is the very simple “why.” Why do you want to go into a partnership. Are the reasons you’re considering a partnership important enough? Will those reasons sustain you throughout the course of your partnership? There’s lots of difficult decisions down the road that you may not be aware of, IF you’re not aware of the possibility ahead of time. That’s what this episode is all about, so be sure you listen.

What are the advantages of entering into a business partnership?

There are many advantages to partnerships, and Scott covers three of the biggest ones on this episode. One of the most obvious is if your partner is bringing in the cash to get your product purchased, advertised, and online to make profits. Clearly, if you’re struggling to get started, that’s a huge plus. You can also share the load of work and planning. But there are some disadvantages too, so be sure you take the time to listen to what Scott’s got to share on this episode.

What are the disadvantages of a business partnership?

It’s clear that one of the biggest disadvantages of a partnership is that you have someone else’s opinion and concerns to consider in every situation. You can’t go out and make decisions on the business the way that you think is best without discussing it with your partner. It’s like a marriage. You need to be willing to operate together in a way that is beneficial for both of you. Beyond that, you’ll have to share the profits, so the income opportunity is cut in half and as a result you’ll have to wait longer to see the personal benefit of your Amazon business. Listen in to this episode to hear the whole list of things to consider about partnership possibilities.

The three different types of partnerships.

Partnerships are not all the same. There are at least three different ways you could be involved in a partnership. Some allow both partners to have a say in the business activities and directions, others do not. How do you know which type is best for your situation? What are the pitfalls of each that you should watch out for? On this episode of the Amazing Seller, Scott is going to walk you through all three types of partnerships and give you tangible examples of how each one would work. If you’re going to step into a partnership, Scott wants you to do it with your eyes wide open.

OUTLINE OF THIS INTERVIEW EPISODE OF THE AMAZING SELLER

[0:03] Scott’s welcome to this episode about partnerships. [1:00] How you can get into Scott’s Free Workshop! [2:10] The first question to ask yourself when considering a partnership - Why? [2:30] Advantages to partnerships: reasons why you’d want to get into one. [11:53] The disadvantages of a partnership. [21:02] The three types of partnerships. [24:30] Making the decision in light of what you know.

LINKS MENTIONED IN THIS EPISODE

Scott’s free workshop - http://www.TheAmazingSeller.com/workshop

www.TheAmazingSeller.com/FB - the TAS Facebook Community

Scott’s story episode - www.TheAmazingSeller.com/145