Hi! I'm currently working on executing a fastlane biz idea I had about a month ago. The business is selling a web service in combination with digital contents on a website with global reach (the digital contents are the final product that customers will be able do download).
Both the content creation and the web service will require expertise and fair amount of time expenditure (I'm thinking at the very least 6 months from concept to launch, but that's factoring in doing this as a side-hustle).
So far (one month into the project) I've done all the planning and basic web site conceptualizing myself and have started with content creation (which is my core skill). However, it's clear I cannot start and run this business as a one-man show since I'm lacking skills on several fronts, namely website creation.
So I've started looking for people with skills in web design /programming and branding/ marketing and have already made good connections & friends who are experts in these fields and who have agreed to help me in those areas. I am also seeking out people from my professional network who could help me with content creation because that would help me in many ways (accelerate the completion of content, get a second opinion other than mine, a chance to discuss content, etc).
Now the question is: Should I outsource such work for money (for example the website and programming), which could cost me a lot of cash up front, or involve these friends and collaborators in my business, and if so, how?
I was thinking about a revenue-share arrangement, say 5-10% in future net revenue (maybe for a certain time period after launch), rather than giving equity in the company. But I'm not sure how common this is and what people's real life experiences are with such an arrangement.
Would love to hear input from other Fastlaners. Thanks a lot!
Both the content creation and the web service will require expertise and fair amount of time expenditure (I'm thinking at the very least 6 months from concept to launch, but that's factoring in doing this as a side-hustle).
So far (one month into the project) I've done all the planning and basic web site conceptualizing myself and have started with content creation (which is my core skill). However, it's clear I cannot start and run this business as a one-man show since I'm lacking skills on several fronts, namely website creation.
So I've started looking for people with skills in web design /programming and branding/ marketing and have already made good connections & friends who are experts in these fields and who have agreed to help me in those areas. I am also seeking out people from my professional network who could help me with content creation because that would help me in many ways (accelerate the completion of content, get a second opinion other than mine, a chance to discuss content, etc).
Now the question is: Should I outsource such work for money (for example the website and programming), which could cost me a lot of cash up front, or involve these friends and collaborators in my business, and if so, how?
I was thinking about a revenue-share arrangement, say 5-10% in future net revenue (maybe for a certain time period after launch), rather than giving equity in the company. But I'm not sure how common this is and what people's real life experiences are with such an arrangement.
Would love to hear input from other Fastlaners. Thanks a lot!
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