Editorial Professionals (Writers, Editors, Publishers, Etc): When & When Not to Join Forces w/a Competing Biz

April 15, 2010

Today’s “Throwback Thursday” post was originally written on Monday, June 13, 2005.    It’s probably even more relevant today as  more and more entreprneuers are starting online publishing ventures and/or using editorial professionals to help with their online marketing.  

BONUS POST! Get tax day tips for freelance writers (and other independent contractors). You’ll also find a 1-day offer — sort of an “stimulus plan” for freelance writers, if you will.

Enjoy!
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When & When Not to Join Forces w/a Competing Biz

Today’s post addresses a question sent in by a reader concerning working with a competing business. Both published online magazines and the publisher who wrote to me was hiring editors/contributors for her e-mag.   One of the respondents (who published a similar e-mag) wanted to become an editor for her e-mag.

Specifically, she wanted to know if it would be prudent to allow this person to work for her, knowing that she had a similar business. She wrote:

I don’t know if it [allowing a competing publisher to work for me] poses a conflict of interest or if it would, in some way, be mutually beneficial. In the business world, how are situations like this handled?

I replied, “Don’t do it.”  

Unless you are going to team up and become official partners, an employee / employer arrangement is not a good idea with a like business because there are way too many candidates WITHOUT competing interests that you could hire. So, why put yourself in a position to have to worry about a person’s motives?

An affiliate-type/bartering situation would be more in order, rather than an employee/employer relationship. And still, go into this type of arrangement ONLY after you know some basics about the other person’s business.

You MUST, MUST, MUST always know some of the numbers when you are considering going into any type of arrangement with a competitor/like business. Otherwise, you are taking a much bigger gamble because some arrangements just don’t work out, no matter how much they might make sense at face value (ie, the Time Warner/AOL merger — colossal failure).  

When you have a really good idea, many are going to want to ride your coattails. SO, the more successful you get, the more offers will come your way. This being said, how do you evaluate when to join forces with a like business?

The way any major decision is made: weigh the pros and cons and seek outside advice/counsel from experts (be sure to seek advice from experts with business backgrounds; not just your accountant, lawyer, best friend, etc.).

Finally, do a gut check. So many small business owners are afraid to follow their gut. Don’t be; it rarely leads you wrong.

Tip: Write down the pros and cons of any major decision you have to make — that way you can actually see it. Seeing things in black and white brings a clarity that no other method does.   Worse case scenario, you pass up a good opportunity and miss out on what “could have” been a wonderful opportunity. However, you can always revisit your decision later if you feel like you’ve made a mistake.

Remember, good opportunities come along every day. Just because it seems like a good idea does not mean that it’s a good idea — for you – right – now.

Best,
Yuwanda
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