Why Do Business Partnerships Fail Reason Why Most People Get Destroyed In Business Nikhil Sai

In this video, we will talk about partnerships and why most of them fail and how I have failed over a dozen partnerships in my own experience in the past 3 years of doing business. So in case if you don't know who I am, my name is Nikhil Sai. I run Funneling Media, 19-year-old broke dropout turned millionaire in 2 years running an agency, by the way, and sharing everything I've learned to help you make your first and next million dollars. So consider subscribing. Let's talk about this. I'm not talking about partnerships where you're building a business together as partners. I'm talking about like JV partnerships. You know, when you are like, hey, if I do this, you do that type of accountability partnerships, which are more or less like mom and pop, you know, on-board type of partnerships which you create in a business. They don't really last. Like I have been on dozens of them and I'll give you an example. What do I mean by that? You know, like, hey, you know, instead of I pay you, you do the work first as I get results. I'll pay you after I get results, stuff like this. I'll tell you, say this every time, doesn't work out. So coming back, why doesn't work out? I actually was so stressed in every partnership. I was getting disappointed. I was like, oh my goodness, why should I do so much work in the hope that somebody else will reward me in the future and then it doesn't work out? You will get stressed, right? Like you're giving an input but you're not getting the output because of some human variable. And yes, that is the reality. Human variable is a problem here. When you are actually having so many things in your life and your business and your emotions and your to-do list and your priorities and somebody else has the same thing, you both come and you're like, oh, we have an idea, let's do this partnership. Like when I was getting into partnership, like I was sometimes getting into so many things that I couldn't focus on the partnership I gave option to. Most of the times when I was getting into partnerships, the people who I was trying to partner up with, they had so many things going on which I didn't know because it's an online partnership, right? Like, you know, you don't know what's exactly going in their life. And just a few days after, you know, these guys get vanished and out of the blue they come back in, you know, few weeks and months and then they try to resume the partnership and And this loop goes on and on and on. The problem with this though is, you know, when you're getting into a partnership, it's more of an accountability. Like, hey, most of the times when I get into partnership, it's like, hey, leverage me. I have the team, I have the expertise, I have the results. Let's work together kind of situation because they have a great opportunity in front of me. This is most of the times early in my career. But then, you know, the guys take us for granted and they don't show up or they don't do the work we want them to do and all of that stuff. It usually happens because of human variables or their dog dies, they're out of the city, they're traveling. This happened in many, many, many situations. Like, there was an agent and I was helping him, you know, sell real estate. You know, we helped him set up the ads, all of this stuff, and he was getting leads, but he was not dialing them. I was like, dude, like, I can only make money if you actually get these appointments. So can you do that? And he was like taking us for granted because he didn't pay. So he's not paying attention to it because it's like, ah, whatever, doesn't matter to me kind of situation. And that's real. This is something like a human trait, I can say. And when you see that multiple times, you just need to avoid hanging out with those people whatsoever. If it's your teammates, your potential clients, no matter who that person is, if you see a common trait where they say they do something, they promise you, but they don't do Don't try to associate yourself with them. You know, there is no point of arguing. It's just partway, simple as that. So I waited enough, you know, it didn't work out. Same goes with the agency guy. Like, you know, you partnered up with, like, I'm referring them some business, they promised to refer some business back to me. Wasn't happening. I was just pushing all of my clients hard on their offer and because I believed in their deliverables. So not only the clients I was referring to are unhappy because of that XYZ deliverable, because it's a new variant for my clients. My clients were very happy with our stuff, but not very much with them because of the deliverables. And then they were not giving me any clients. I was like, okay, this is how it goes. Then doesn't work out, right? So then we actually worked with another closer. Like, you know, he was like, yeah, yeah, yeah, we will do this and that, this and that. Pay me XYZ thousand dollars upfront. You know, then I will do closing for you. And I was like, okay. I was young. So I had this internal mindset that if I close, you know, people are buying, then if there is an American, you know, who is in US closing my potential US clients, they would have more trust. That was like my misconception back then because I have so much insecurities because I was thinking that I was losing sales because I was young and I don't speak English very well and all of that stuff, which was to an extent a little bit real, but not very much. It wasn't the biggest reason why people are not buying from me, but my closing rate was very high, very, very high back then. But I thought I was still losing more sales. Same thing didn't work out. You know, different coaching programs. Like I actually was on a coaching program and I was actually coaching somebody as well, two different ways. But again, these guys are askholes. They ask so many questions, but it ends up nowhere. Then action talkers, like these guys They talk too much, they don't do any stuff. And this is again a problem. Same happened with e-commerce business, you know, hey, you know, that'd be funnels and that conversion optimization, we get you sales first, then this and that doesn't go anywhere. They don't even take, you know, the assets. They don't even— we didn't even finish the project like most of the time because these guys take us for granted. And I think there is few ways I would take most of the blame from my end because that's how I am. I'm more of like pointing to myself guy because I know like everything is the way it is. Like the only thing you can control is yourself. So I'm like, okay, what I could have done better is question here. First thing is expectations and accountability. When you are creating a partnership with anybody, doesn't matter who you are, have a documented way of communication where you set expectations and accountability, preferably Zoom call along with a Google document, nothing like it. Just set expectations like, hey, if, if this, then that kind of situations, and set up accountability like when are you going to show up, what times we'll communicate, what is a non-negotiable for us, what we can actually make an excuse on. Get clear on that. And the second thing is create a plan of action. But most of the times you talk to somebody and you're like, ah yeah, this is a new partnership, I'm going to make so much money, you get excited and then doesn't go anywhere. Instead of that, just create a plan of action when you actually really want to go in. Create a plan of action, create a to-do list, like exact stuff what needs to be done to actually get this partnership up and running. Then the third thing is check up on execution. Set up separate milestones of timeline and just make sure to constantly communicate and check where you guys are overall at an execution standpoint. Then always have a clear to-do list so that you both can dump ideas and, you know, kind of get it going overall. And be clear— this is biggest one, by Be very clear on the payments and any negotiations needs to be done upfront. And this is non-negotiable. Like, you will see people changing like this because I have had situations where we get results and we agreed on a different incentive structure and suddenly it changes because of XYZ reason. So don't do that mistake. Cost me so much. So always have clear expectation on payments and non-negotiables and have an exit plan. No business partnerships are going to last forever. Most of the times when you're making a partnership, you will think, yeah, this is my for-life business partner and I'm going to make so much money till I I die. Not the reality. Most business partnerships break in the first 90 to 180 days, 3 to 6 months. Have an exit plan and also get clear on the exit plan upfront. You can tell to them upfront like, hey, you know, most of the business plan we're talking about, great if it goes amazing, nothing like it, we'll be forever friends, great, it will work out. If it doesn't, here is a plan for us to move forward with and have an exit plan. And then make sure to plan for a clear breakup when something goes wrong. Try to understand like, because People do like they do cold feet sometimes. There's so many things which can happen. Have a clear control on your assets and your IP and your stuff so that they don't take advantage of you. Have a very clear breakup plan so you can take your stuff and pack up and move away instead of them letting take it, them taking advantage of you. Then have all of these processes which I mentioned now in a documented form, like in a documented format and sign contracts, agreements, even if it's as simple as a Google Doc and Zoom call along with a contract. Do it. Don't take it for granted. The words won't last, contracts do. So sign it. And these were the few things which I would highly suggest. So I hope this makes a lot of sense. Hope all the checklist and tasks which I mentioned give some information, and hope— I hope to save you from that bad partnership. And I hope you— I hope this video can help you to build a great partnership which will serve you well. So this is my learning of doing so many partnerships in my business career, and I, I'm still learning. I'm not very pro when it comes to partnerships still, but I try to make the least amount of them as possible so that I can stay focused on few things like at this point of time, otherwise you would just go nuts. So that's pretty much it, guys. I hope this video serves you. Again, if you like it, please subscribe and like the content. If you have any suggestions, please make sure to comment. If you would like to make me, you know, some new videos, please make sure to comment what you want me to make videos on. And consider sharing this to somebody who make a lot of partnerships or need to, need help understanding how partnerships can work for them. And yeah, keep sharing and much love. This is me, Nigil Sai. Bye for now. Peace.