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People seem to confuse collaboration with strategic partnerships

One of the mistakes, I see many people make online is confusing the term collaboration with strategic partnerships.

There is a huge difference when it comes to content creation.

If we’re collaborating, then it must only be for fun with a possible positive outcome of increased viewership for both parties. There can be zero monetary expectations.

We may want to do this to promote someone that we like or maybe even to get to know a person better.

Strategic partnerships are when money becomes involved. If we’re trying to make money together then we are no longer collaborating, we’re doing a venture.

Meaning everyone needs to be clear on a few things.

  1. Individual responsibilities
  2. Accountability of those duties
  3. Time frames to accomplish those tasks
  4. Who is responsible for what area?
  5. What are the expectations of the others? Be clear and not vague!
  6. Who is taking in the revenues?
  7. How are they being split?
  8. When are those dollars being distributed?
  9. What if there is a misunderstanding within the agreement or a refund request on the cash side? How is that handled?
  10. Last but not least – what is the duration of the strategic partnership? When does it start? When does it end?

Now, the next trick is to put the answers to those ten questions into an agreement form. A formal contract isn’t necessary all of the time. Just creating a precise deal memo can help, quite a bit.

Here are a few interesting things to remember.

  1. If the person does not want to put the agreement in writing, then how can we trust them? The answer is we can’t and just asking to do this process will weed out people with hidden agendas.
  2. Things will change, and the agreements can be revised or extended
  3. If it doesn’t look like it will work on paper – it isn’t magically going to materialize in the real world.

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