In a recent training call, I helped a SuperFastBusiness member identify a few ways to turn their best students into fantastic profitable business partners. Here’s my answer.
There are two ways you might look at that. One is you create a business, and you pay them a percentage of revenue, and they do the work in there. Or the other one is you just get them to create their own business and you take a percentage of their business. That gives them the most amount of control and freedom and choice to say, Look, I’ve really enjoyed our coffee catch-ups and seeing your business grow from small foundations, I’m growing my business, I’ve got plenty of deal flow. I’d like to partner with you to grow your business even more for 10% of your revenue. I’ll keep sending you customers and I’ll give you guidance and mentorship. I’ll put you in a little Slack group, with my other partners, and we’ll grow your business and their businesses together. And you can basically build it that way and that’s exactly what I’ve done.
And I like that model. I like mentoring. I like having these mentees that are growing. I like being able to influence their outcomes and to give them a better business than what they could have by themselves. And they cheerfully send me my payments when we invoice them because they know they’re on a good thing.
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