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I really need some experienced feedback on this. I have never had a partner before in any business venture that I have been involved in.
Over the past few months I have been learning about keywords, ranking, Domain name density blah blah blah but actually jumped in yesterday. This morning a very close friend of mine called me and we were just kicking it on the phone and he asked what I was doing, I told him (kind of) and he got all excited and said he always wanted to do that yadda yadda....Then he suggested that we start a sight selling the products that we were already listed as dealers on.
HOLY CRAP why didn't I think of that:bgh: I had totally forgot that I had allowed him to register one of my entities as a dealer with this company just so we could buy things for ourselves and we have been dealers with them for years. He has actually allowed his close friends to order from some of his catalogs. I just got items for my own personal enjoyment.
Long story short I told him I would get back to him after I checked out to see how vulnerable some of the top 10 sites were for some of the keywords we would target, and low and behold I was able to snag a good domain name with 100% density and exact keywords in it. I used Market Samurai btw maybe not the best but it helps.
I honestly believe this business could do pretty well in a few years and our wholesaler has a broad range of high and low end products. I am taking Biophase's advise and just jumping in but my only issue is I need to determine what percentage of the company my friend gets.
I have a C corp already set up, I purchased the domain, I am going to start setting up the Big Commerce site and try to get a hi res marketing package from our wholesaler (pretty sure they have them because one of their dealers has a copycat retail site with products marked up almost 100%) and if not I still have their latest dealer catalog with hundreds of professional quality images and model numbers in it surely someone can turn these to digital images. I believe the wholesaler offers free shipping for any orders over $500 which is a very common order size. I already have the office space and equipment to handle customer service and orders and I have the time to commit to this while my friend works a job.
My dilemma is I value the fact that he brought the idea to me and he actually found the wholesale company which is 15 minutes away from my house. I need to call him back today and tell him I think the idea will work and at some point we need to get a customized site once we generate enough income. But I don't know how to determine what percentage of the company he deserves because I have never had a partner. I would rather us reach an agreement now so there will be no misunderstandings later. Some seasoned input would be most helpful. Here is a hint. We live next door to the furniture capital of the world.
Over the past few months I have been learning about keywords, ranking, Domain name density blah blah blah but actually jumped in yesterday. This morning a very close friend of mine called me and we were just kicking it on the phone and he asked what I was doing, I told him (kind of) and he got all excited and said he always wanted to do that yadda yadda....Then he suggested that we start a sight selling the products that we were already listed as dealers on.
HOLY CRAP why didn't I think of that:bgh: I had totally forgot that I had allowed him to register one of my entities as a dealer with this company just so we could buy things for ourselves and we have been dealers with them for years. He has actually allowed his close friends to order from some of his catalogs. I just got items for my own personal enjoyment.
Long story short I told him I would get back to him after I checked out to see how vulnerable some of the top 10 sites were for some of the keywords we would target, and low and behold I was able to snag a good domain name with 100% density and exact keywords in it. I used Market Samurai btw maybe not the best but it helps.
I honestly believe this business could do pretty well in a few years and our wholesaler has a broad range of high and low end products. I am taking Biophase's advise and just jumping in but my only issue is I need to determine what percentage of the company my friend gets.
I have a C corp already set up, I purchased the domain, I am going to start setting up the Big Commerce site and try to get a hi res marketing package from our wholesaler (pretty sure they have them because one of their dealers has a copycat retail site with products marked up almost 100%) and if not I still have their latest dealer catalog with hundreds of professional quality images and model numbers in it surely someone can turn these to digital images. I believe the wholesaler offers free shipping for any orders over $500 which is a very common order size. I already have the office space and equipment to handle customer service and orders and I have the time to commit to this while my friend works a job.
My dilemma is I value the fact that he brought the idea to me and he actually found the wholesale company which is 15 minutes away from my house. I need to call him back today and tell him I think the idea will work and at some point we need to get a customized site once we generate enough income. But I don't know how to determine what percentage of the company he deserves because I have never had a partner. I would rather us reach an agreement now so there will be no misunderstandings later. Some seasoned input would be most helpful. Here is a hint. We live next door to the furniture capital of the world.
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