Hi,
I am developing an online business with a partner. We came up with the idea together and have fine-tuned it as well. She brings a-lot of professional knowledge (it is a product targeted for parents and educators and she is both) and I bring a-lot of "get shit done", as well as a substantial technical know-how.
It became clear quite fast that the majority of the work is falling on me, as she created content once, and then I proceeded to make it into the product, which is very time-intensive.
We now have a prototype, and out next steps will be to reach out to key players in our market, get feedback, iterate, develop a business plan etc.
At this stage we are signing a written agreement on the nature of the partnership. I am wondering what deal to propose to her. I identify two things to be split up: ownership of idea/business, and compensation for time invested in all future work.
We had an oral agreement that we will split profits 50/50, but I have realized that I am investing much more time than she is, and in fact - without me there will be no business. What offer do you think makes sense?
I would love to learn from anyone that has thoughts to share, past experiences with this type of issue, or anything else relevant.
Thanks so much!
I am developing an online business with a partner. We came up with the idea together and have fine-tuned it as well. She brings a-lot of professional knowledge (it is a product targeted for parents and educators and she is both) and I bring a-lot of "get shit done", as well as a substantial technical know-how.
It became clear quite fast that the majority of the work is falling on me, as she created content once, and then I proceeded to make it into the product, which is very time-intensive.
We now have a prototype, and out next steps will be to reach out to key players in our market, get feedback, iterate, develop a business plan etc.
At this stage we are signing a written agreement on the nature of the partnership. I am wondering what deal to propose to her. I identify two things to be split up: ownership of idea/business, and compensation for time invested in all future work.
We had an oral agreement that we will split profits 50/50, but I have realized that I am investing much more time than she is, and in fact - without me there will be no business. What offer do you think makes sense?
I would love to learn from anyone that has thoughts to share, past experiences with this type of issue, or anything else relevant.
Thanks so much!
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