Today is a very exciting day for me.
After 15 months together, my business partner and I have decided to go our separate ways.
The reasons behind the separation is fodder for another blog post because today I want to talk about being reborn.
Don’t worry this isn’t about religion or politics – it’s strictly being reborn in a business sense.
Now that I’m back out on my own two thoughts are running through my mind.
Thought #1 – This is totally cool. I’m 100% responsible for my success and every dollar I make is mine, all mine.
Thought #2 – I’m scared shitless.
Not “someone is chasing me through the woods with a knife” scared, but close.
What am I scared about?
Mainly, what I’m going to do from here on in my business?
You see, a partnership is like a marriage, where you have to take someone else’s feelings, thoughts, and ideas into consideration. You also have to ask for permission from time to time and more importantly you tackle big issues or challenges – together.
In some ways it remind me of when my wife and I were dating. I would pick the places we ate and the things that we did – while she went along for the ride. Then we got married and decision making became a joint task, which meant I lost 100% power over the decisions in the relationship 😉
Before I knew it, she was helping me make more and more decisions. God forbid if we’d ever split up, because I’m not sure I’d be able to dress and feed myself (kidding, kidding). But you get the idea.
To be back on your own, especially after working with someone else, can be scary.
So what am I doing?
Well the first thing I’m doing is enlisting some advice from friends and mentors.
Each day this week I’ve reached out to several folks I respect and trust for their opinions. I basically laid out where I was today, what my business and financial situation were, and then asked for their advice.
So why did I reach out to someone else to help solve my problem?
Because, I wanted a third party – someone who isn’t impacted by my success or failure – to give me their honest opinion and maybe spread some direction on where I should go with my business.
I mean, since I’m basically “starting over” I can do anything I want.
I could delete my email list and go after a totally different market online.
I could go back to working for someone else (yeah that’s never going to happen).
I. Could. Do. Anything.
So I’ve got one more call tomorrow and then it’s up to me to lock myself in a room and try and figure it out.
Here’s my plan.
I’m not going to try and freak myself out and plan the whole year – I’m just shooting for the next 90 days. Try that sometime if you ever get stressed by setting yearly goals. Instead of focusing on the yearly goal – just focus on what you’d like to accomplish in the next 90 days only.
So for those 90 days I’m going to set an income goal ($40,000 has a nice ring to it). Once I do that I’m going to work backwards and figure out how I’m going to accomplish that goal – aka how am I going to make the money honey.
I’m also going to ask myself some pretty important questions that really need answering.
Questions like …
1. What would I like to do?
2. What excites me?
3. What would have the biggest impact on me and my business right now?
4. What things do I love to do in my business?
5. What things do I hate to do in my business?
6. Where do I want to be 90 days from now?
7. In 90 days, what do I want my biggest accomplishment to be?
As you can guess, these aren’t questions that can be answered in 5 minutes while taking a shower. I plan on grabbing the old fashion pen and paper and working through each question until I have a clear direction of where I want to go – and just as important – where I don’t want to go with my business.
What about my business now?
Well I’m glad you asked. Here’s a breakdown of my business as it runs currently (or at least until 10/31/12).
We would get leads through our product launches. Sometimes (like when you sell 1500 copies) it really amazing and the rush of making money, getting new leads, and making more money can be addicting.
But when you have a bomb (like a launch that sells less than a few hundred copies) it can be stressful and time consuming.
Once we got the buyers we’d send them affiliate offer after affiliate offer of products, software, and services.
It was great.
Send out an email, make a few hundred bucks to a few thousand, and your day was done.
The problem with this model is once you start promoting over and over again the list gets tired of being pitched all the time to the point they eventually stop opening and responding to your emails.
What do you do then?
Why launch another product of course.
The whole cycle repeats itself over and over again and frankly I’m sick of it.
Really I’m sick of the constant promotions, the lack of content in emails and the lack of general value I have given in the past.
I’m also tired of trying to sell every $9 push button millionaire course out there.
So I’m not going to do it anymore.
Instead, here are some things I want to focus on:
1. Providing more usable content to my readers. I’m going to do this through videos, walk through ideas, more blog post, and just general and useful information that they can use for their success and motivation.
2. Reduce the amount of promotions I offer to my list. I am sure it will result in less cash, but frankly I’m ok with that as long as I am providing value to my readers.
3. More smaller projects and products. No more large and involved software. No more month long build up for a launch. Short 1 problem 1 solution reports that I can produce quickly and draw new leads from.
4. I’m going to work on some high end coaching and maybe even a membership site. Frankly, it gets old starting at zero every month and trying to do the “dance” to climb the mountain back up. By having a way to collect money each month from coaching or a membership it also reduces the burden to always be creating and promoting to my readers.
5. Continue to build my joint venture network and my circle of friends. Look, this business is all about relationships. The more people you can count on to mail for you, work with you on a project, and give you advice the better off you are.
I know guys who are extremely successful working with others to rapidly launch products, build up coaching programs, and more.
So that’s the short list as of now (11/1/12).
I’ll keep you updated on my progress and any bumps in the road along the way.
In closing I feel compelled to say this – I know a lot of people who have successful partnerships. For a variety of reasons, mine was not one of them. But, even with that said I am thankful for the time I spent with my now former business partner and the lessons I learned (which I’ll share with you later).