A partner and I have a social media group that has about 15k members and growing and is a very active community. People post things to sell, local news, pictures, and have discussions. We’re not sure how we should go about monetizing this. We’re thinking driving the traffic from there to a website where we can advertise for businesses and have an area where people can post in a forum. We’d also think we could promote particular events, special deals and even sponsor local events ourselves. We’d also have some type of newsletter.
I’m helping him with the tech stuff, he’s had the community, and would be driving most of the business/customers/revenue, while I’d handle the tech stuff, and after the initial setup, I dont think I’d have much work. He mentioned a 25% split of profits with him getting 75% of the profits. Do you think that’s fair?
Any thoughts on how we should handle this and take advantage of the community we’ve built? What do you think I should ask for regarding the split? I don’t have to much leverage as he could always use a different tech or outsource most of the work, although I don’t think he has the money to spend. I just want it to be fair when it’s all said and done.