Partner at The Closing Engine: Closing-As-A-Service for High Ticket Trainers & Course Creators. Visit http://www.theclosingengine.com Business Strategy, Sales Training, Funnel Design, Copywriting, Process Engineering & Improvement Visit http://www.salestactics.org for unorthodox sales & marketing expertise. More at http://www.jasonkanigan.com
Disclaimer: I am not a lawyer nor an accountant, and this is not "professional advice."
I have, however, set up a few businesses and had partners.
What you need to do is incorporate and then write up an Operating Agreement that lays out the terms of your partnership.
Who owns what.
How the new partner will "buy into" the organization with their sweat equity.
What happens when revenue targets are reached.
And how exactly you separate when it's time to move on.
Lay these details out and more in your operating agreement. You'll be so happy you did, later.
When you incorporate, you may do this on your own...or you may want an attorney or accountant to help. They will know how to set up an operating agreement, but now that you know the term it's likely you can google a template. There'll be a lot of technical mumbo jumbo in there you probably won't need, but the section headers will guide you in the right direction.
Many people have asked questions like yours, and I've answered a bunch of them. Get an NDA if you want.
But the truth is, most people are too busy with their own pet ideas to bother with yours.
You're in love with it.
We have other things on our minds.
I wrote a blog post with a nifty 2X2 chart in it to explain how, most of the time, you're safe:
If you look at competitors or books from branding experts or even books written by professionals wanting to help others in their industry, you'll see the same kind of language:
"wide range of services"
"meet your business needs"
Everyone looks and sounds identical.
And the value proposition boils down to: "Hire us because
To differentiate yourself, you need to change your language. Stop talking about "the thing." There's a saying about doctors: they fall in love with the disease, but forget about the patient. You need to remember about the patient.
I made a video blog discussing exactly this: https://www.jasonkanigan.org/what-to-do-if-you-are-a-commodity/
Chiropractors often sell supplements to drive revenue in their business. They're capped out like dentists and tradespeople on the hours they can crack backs (or 'drill and fill' as the dentists do), so supplements are a great complimentary product that doesn't eat time to fulfill. You'll see a bunch of them and doctors getting into CBD oil now. Their client base already has trust in them so these recommendations are easy to swallow heh heh.
Be looking for your version of supplements in the architectural field. Something complimentary, that your clientele already trusts you about, that you can earn a recurring income on while not using up more of your time.
One advantage I see them having over you is I presume they see more people in a day. What can you do to increase the number of people you see in a day, to leverage your
"architect authority" and drive the income stream of the complimentary product or service?
Could be as easy as loans: helping people rent money from your position as a professional.
Food for thought.
Wow, can I nominate this for Question of the Year?
Seriously! Most of the questions on here are from people who have done nothing so far...and I don't respond to them. Finally something exciting to answer!
So I asked this question in the co-founder role about a year and a half ago as our own team was growing. I am NOT a "fast mover" though am a quick start type, and I wanted to find out how I personally could move faster and complete more things. That has lead me into starting a new company all about speed of execution and operational excellence.
Here are the chief things I discovered, and they'll probably surprise you:
1. Delegate better
You need to provide not only the objective but the scope, so your subordinates can make decisions on their own. Decisions that would either mimic the one you'd make, or even better, be superior to yours.
Most delegators give a direction but no scope. So when a roadblock occurs, those carrying it out have to come back to the task giver and keep asking questions for clarification. This slows everything to a crawl.
"Get Italian food for the team for lunch," you direct. "I want food they won't object to, at an affordable price."
That's a good delegation instruction. If the local usual Italian place is closed, they know to find another. And if they can't find Italian at all, they can look for affordable food that people have heard of (no edible bird's nest, I'm afraid.)
In a typical delegation something is missing. "Get Italian food for everyone," or "I don't know, something affordable."
We can all work on this.
2. Write your processes down
The disclaimer here is this is a main part of what we do at my firm: process documentation and process engineering.
But the facts are I am not with a hammer looking at everything as a nail, and nearly all businesses don't have their processes written down.
This leads to lack of consistency, that time- and energy-wasting question loop, and results we don't want.
SOPs are living documents to be revisited every quarter or every half-year. They provide guardrails for people to operate inside, and they result in speed.
Some people complain SOPs kill creativity. This is an incorrect assumption. You build the creativity into the process steps, and there it is. The fact of the matter is they usually think process mapping is mind mapping...and it's not. BTW I shot a quick video about that:
3. Get a Chief of Staff
I'm going to share some of my "secret sauce" now because maybe six people are reading this so who cares. The one I want to get the info is reading and that's what matters to me.
As I began investigating the question of, "How do large organizations work?" (and I'm familiar with multinationals up to say around 5000 people, but I wanted examples of hundreds of thousands or even larger) I ran into the concept of Chief of Staff. This is the person who takes the strategic directives and translates them into tactical orders.
For an army, the Chief of Staff takes the direction of "Reduce Paris" and turns it into "Move the Fourth Army up this road, and the Eighth Army up this other road. Have the kitchen and logistics units advance 24 hours ahead to set up resupply bases along the way," etc.
The German Army of 1914 came up. Yeah, that's the secret sauce. And nobody reading with the exception of one of you will do anything about it because you don't get it. That's fine. It was a huge organization with institutional memory, a fantastic training program, and a thing called the great general staff.
How was it organized? What was the relationship between the Chief of Staff and the general in charge? You can learn a ton about organization and speed from their example. I recommend the 2-part book series "Chief of Staff" (surprise, I know, right?) that vignettes leaders plus has a great opening chapter on the founding and organization of the role.
4. Delegate In Order
There is a "correct order" to what tasks you delegate, and I discovered this in my search a year and a half ago. As soon as I saw this video I shared it with my co-founder...we both enthusiastically agreed with it and knew precisely what step we were on at the moment--and what was coming up next.
It helped so much: https://www.salestactics.org/evan
I hope you found this useful and if you want to dig into more about operational excellence we should speak.
Your franchisor isn't helping out, huh?
What kind of feedback have you gotten from them? Do they have a dedicated franchise success executive? Or a franchisee council to draw experience from?
Your long term strategy is to raise the guest check average for each visit, and increase the frequency of those visits.
Along the way you can look into:
-lowering your cost of customer acquisition
-lowering your cost of fulfillment (food, overhead, labor--I guarantee there's waste now)
-lowering the average time to process an order (eg. in the drivethru, how long from arrival, through ordering, to departure with food? Most strugglers are terrible on this stat).
However, you can only cut so far. Expansion is a far better goal.
What you bought was a system with expectations and controls. Your pricing and costs should be known. If you don't know them, you won't know if you're profitable, and that's something requiring immediate correction if so.
Are you looking at what competitors are doing...or what the top franchisees in your area are doing? Chick-fil-A in my area is doing some awesome things with the drivethru...how they staff it, process orders, increase flow through rate. And there are McDonald's in my area that I know are A listers...those that are mediocre B-level performers...and C-types that have poor standards enforcement, lousy culture, and missing processes. Who's the A-lister near you? I sometimes work with a B who is burning to become an A, and that's fun because I know they'll do the work.
Have you proven your concept?
If you have, then here's the place to go (not mine...a wonderful source from a guy with an organization that tracks all kinds of startups): https://www.linkedin.com/pulse/venture-debt-report-which-firm-offers-best-deal-saas-ceos-latka/
Agreed on having prepared your example stories beforehand and rehearsed telling them a couple times.
Make sure these are referred to on your resume as bullet point examples underneath main points, so you don't have to remember them and can easily refer to your documentation to prompt what to say.
This is how you Stand Out, which is a critical factor in selling (and you are in a sales process in the interview whether you want to be or not.)
If you have large quantities of batch size, look into statistical process control.
If they're smaller batches, the answer seems pretty straightforward (to me, at least):
1. Map out the production process step by step. Operations, inspections, decision points etc.
2. Install a final inspection at the end of the process to accept/reject the product.
3. Look at returns and final inspections to determine the causes of failure. You should see the 80/20 Rule in effect: about 80% of the defects will be from 20% of the sources of problems.
4. Fix those 20% of the sources and clear up most of your issues. Adjust your process flowchart to match the new method. Ensure people are following the new method.
Eventually you should have an inspection done at the end of each step / beginning of the next to ensure the product does not move on unless it is correct.
I'm an operations management guy so feel free to book a call if you wish to dig into specifics.