When digging through my email the other night I came across an email I sent that made me laugh. When I hit send on January 5, 2011 I could not have begin to guess what it would have morphed into nor could I imagine how much profit it would have made over the past 2 and a half years.
The business and how it works is irrelevant. Explaining it wouldn’t be worth it, but needless to say it is not an original idea and when I wrote that email it was, as I said, “rudimentry” (not sure why the partner gave me a chance when I didn’t even use spell check on that email). We have been operating this joint venture coming up on 3 years.
In 2011 the business netted (after all expenses but before taxes) approximately $55,000; in 2012 the business netted approximately $36,000 and YTD in 2013 we are on our way to probably about $30,000 of income. Crazy amount of money? Absolutely not, but it is a hobby that provides an income stream vs. a hobby that costs money. A little bit more about this business is below.
Who You Succeed With May Be the Last Person You Expect
Over the past few years I have tried to launch multiple business ideas (mostly low cost online sites) with some of my best friends. The two I am thinking about particularly are hardworking and smart. I have known one friend for 13 or so years and other 20+ years. Those ideas have failed. Those ideas failed before they even had a shot to launch which is all the more frustrating. Even my investment club had a very rocky start and that was made up of 8 other buddies.
Back to the joint venture described above. It was started with that random email to a basic stranger. Even to this day I have only met the partner face to face once.
Like Usual Have a Theory or Two
I think I may be comparing apples to oranges within this random and discombobulated post:
- In the joint venture case vs. partnership with a buddy the difference is that we are essentially running two separate sites (mine being the blog you are reading today) and then co-owning other sites. This way we are still motivated to make the flagship sites strong.
- The joint venture made money from day one. The first month there was a 4 digit profit. This has not happened in the other business ventures. Money and profitability is a great motivator.
So, What Makes A Good Partner?
I believe that a good partnership creates something where the sum is greater than the parts. While I wish I had an insightful ending or cheesy advice like find a partner that compliments you, I don’t. I can’t figure out why one partnership works and the others have not.
Anyone have any ideas they’d like to share?