How Profit-Sharing Partnerships Has Transformed My Life & Business For the Better

As many of you know, Majik Media shifted our client model to a profit-sharing, partnership model almost two years ago. The move was one of the best, most rewarding pivots I’ve made in my entrepreneurial journey.

Obviously, the model isn’t a fit for all businesses, nor do I recommend every creator out there go this route.

However, if you’re considering a profit-sharing model with your business, this 50-minute conversation from one of our community Majik Minds is going to be pure gold for you!

The conversation goes in a lot of different directions, filling you in on the many nuances of turning your client work into longer-term business partnerships.

Topics Covered During the Session:

  • What is a usual partnership split?
  • Ongoing revenue share with monthly subscription. How it works?
  • Who provides the customer support in these relationships.
  • Majik Media’s proposal and contract process
  • How to keep things fresh as you continue to grow.
  • Roles, responsibilities and where are the gaps?
  • How does Majik provide team training.
  • Who steers the ship?
  • Our lifetime launch strategy for starting off with a bang.
  • Our secret team communications & coordination space.
  • Consulting vs. Client Projects vs. Partnership Projects
  • and much more…

 

The partnership model works best when you team up with people who are already established in who they are and what they do in the world… which means, you also need to be established.

And if you’re not established, don’t worry. You can still find partners who aren’t as far along and build your booming businesses together!

Here are some more topics covered:

  • You only have so much time. Develop your own superpowers.
  • Our profits come from helping others, not from helping ourselves.
  • I prefer to work closer with fewer influencers. Keeps things simple.
  • Consider what is less/more stressful
  • Sell your templates. Templates make non-pro’s look professional.
  • Choose to invest in projects you believe in.
  • When you do the partnership model, everyone gets rewarded.
  • Scheduling my time (outside of Majik media) – take one day a week that’s just for your favourite projects. I call it “Fun Fridays!”

Insights? How can you apply this to your business strategy?

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