Mcslothin
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Today I met with a potential partner for the first time and could use some advice/guidance on which direction I want to take this. We're meeting again on Friday to discuss the details so I need to have my mind made up by then.
He's opened up a computer repair business and is looking for someone to help him run it. To give a little background on what I learned about him in our short meeting, he's been living from income through the internet for over 10 years, he has a successful amazon and ebay store, he co-owns a couple small businesses around town (i.e. thrift/pawn stores) and also has a marketing company which maintains ~80 clients that he charges monthly to manage their websites, ppc campaigns, etc.
Now about the business. He's looking for a partner to help him run the store so he can focus all of his efforts into marketing the company. I initially engaged his ad looking for an employee with a marketing offer. He asked me what I could bring to the table and just more about me. We set up a meeting for today at 1. It's a simple computer repair company, software and hardware installation/repair, antivirus and spyware - like I said, simple stuff. Along with that he is buying laptops, repairing them, and selling them fixed or for parts on his ebay and amazon stores. He's asking me to do the work part so he can focus on the marketing, but told me once the store starts to pick up (he had already made about $400 profit from 9-1 today) if I choose to hire and manage a technician to do the repairs I could move on and help him expand and market the company. He stressed that he's not looking for someone to do this job, he's looking for someone to thick it out with him in the beginning and to help grow and expand the company together.
A couple promising facts are the LOCATION - It's on one of the busiest roads about half of a mile from the busiest intersection in our town with a population of ~230k. Along with the location he's already started marketing and making business. He's got signs posted all across the intersection and miles down the road, along with around the town and in his town (about 10 miles out) as well as email campaigns and 5,000 $20 off coupons on thick cardstock going into the mail Monday morning.
The building he's acquired also has a large meeting room in the back and the layout of the building itself is great. He mentioned he wants to do workshops for marketing and building a brand in the meeting room and if I would like to do photography, photoshop, etc. workshops I can also use the space freely.
As for pay, the first $250 brought in (whether it from repairs or flipping laptops) goes straight to me, after that initial $250 all profits after parts cost will be split 50/50 between us. As for pricing, it's very basic and standard starting points. It will be all commission and no salary. That's the part that sketches me out a little.
The good news is the last two month's I've quit my full time job and have been engaging photography as my only source of income. I only work my main gigs on Friday and Saturday. Before mentioning my current hours he said he just asks that I take part of the work load. Flexible hours and days, if I want to come in a couple hours or a couple days, that's not a problem.
Since Monday through Thursday I do nothing but lounge around and dive into my own business endeavours I was thinking I could do limited hours starting off just to see if it's really worth it. I'm not afraid to dive into business opportunities, however it being my first time meeting with someone like this that isn't some corporation looking for a seasonal employee.
I don't really know exactly what I should ask here, or need to ask him. How should I go about this? Are there any vital questions and information I should ask/get? Does this sound like a normal offer or does it sound vague?
He's opened up a computer repair business and is looking for someone to help him run it. To give a little background on what I learned about him in our short meeting, he's been living from income through the internet for over 10 years, he has a successful amazon and ebay store, he co-owns a couple small businesses around town (i.e. thrift/pawn stores) and also has a marketing company which maintains ~80 clients that he charges monthly to manage their websites, ppc campaigns, etc.
Now about the business. He's looking for a partner to help him run the store so he can focus all of his efforts into marketing the company. I initially engaged his ad looking for an employee with a marketing offer. He asked me what I could bring to the table and just more about me. We set up a meeting for today at 1. It's a simple computer repair company, software and hardware installation/repair, antivirus and spyware - like I said, simple stuff. Along with that he is buying laptops, repairing them, and selling them fixed or for parts on his ebay and amazon stores. He's asking me to do the work part so he can focus on the marketing, but told me once the store starts to pick up (he had already made about $400 profit from 9-1 today) if I choose to hire and manage a technician to do the repairs I could move on and help him expand and market the company. He stressed that he's not looking for someone to do this job, he's looking for someone to thick it out with him in the beginning and to help grow and expand the company together.
A couple promising facts are the LOCATION - It's on one of the busiest roads about half of a mile from the busiest intersection in our town with a population of ~230k. Along with the location he's already started marketing and making business. He's got signs posted all across the intersection and miles down the road, along with around the town and in his town (about 10 miles out) as well as email campaigns and 5,000 $20 off coupons on thick cardstock going into the mail Monday morning.
The building he's acquired also has a large meeting room in the back and the layout of the building itself is great. He mentioned he wants to do workshops for marketing and building a brand in the meeting room and if I would like to do photography, photoshop, etc. workshops I can also use the space freely.
As for pay, the first $250 brought in (whether it from repairs or flipping laptops) goes straight to me, after that initial $250 all profits after parts cost will be split 50/50 between us. As for pricing, it's very basic and standard starting points. It will be all commission and no salary. That's the part that sketches me out a little.
The good news is the last two month's I've quit my full time job and have been engaging photography as my only source of income. I only work my main gigs on Friday and Saturday. Before mentioning my current hours he said he just asks that I take part of the work load. Flexible hours and days, if I want to come in a couple hours or a couple days, that's not a problem.
Since Monday through Thursday I do nothing but lounge around and dive into my own business endeavours I was thinking I could do limited hours starting off just to see if it's really worth it. I'm not afraid to dive into business opportunities, however it being my first time meeting with someone like this that isn't some corporation looking for a seasonal employee.
I don't really know exactly what I should ask here, or need to ask him. How should I go about this? Are there any vital questions and information I should ask/get? Does this sound like a normal offer or does it sound vague?
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