In this episode of Business Brain, hosts Dave and Shannon discuss the common occurrence of people asking for advice on their business ideas. They discuss how success and failure are both parts of running one’s own business and how to handle these requests for advice. Along with their discussion, they also share sponsored content from Thinkific Plus and Factor Meals.

• 00:00:00 Business Brain – The Entrepreneurs’ Podcast #437 for Wednesday, April 5th, 2023
• 00:01:13 Will you make my business successful?
• 00:05:26 SPONSOR: Factor, America’s #1 Ready-To-Eat Meal Kit, can help you fuel up fast with ready-to-eat meals delivered straight to your door. Head to FACTORMEALS.com/brain50 and use code brain50 to get 50% off your first box.
• 00:06:53 SPONSOR: Thinkific Plus is a powerful training platform that lets you create materials to educate your customers so they stay being customers. Get one month of Thinkific Plus FREE at Thinkific.com/BusinessBrain today.
• 00:08:30 How can we be successful together?
  • [YourName] The Advisor, the business.
  • Equity
  • Hourly Rate
  • Monthly Retainer
• 00:17:25 BB 437 Outtro
  • feedback@businessbrain.show
  • If your email is featured in an episode, you’re entered to win a MacBook Air in 2023

This AI-generated article may provide additional and helpful information about the topics in this episode.

Charge for expertise/advice.

When it comes to offering advice or expertise, it is important to make sure that you are compensated for your time. Whether it’s through equity, an hourly rate, or a monthly retainer, it’s important to make sure that you are getting compensated for your services. This can help to ensure that you are not taken advantage of and that you are getting a fair rate for your services.

It’s also important to be clear about what you can offer and what you expect from the person you are offering advice to. This can help to ensure that there is mutual respect and understanding between both parties. This can help to ensure that there are no misunderstandings or miscommunications that could lead to a lawsuit or other legal issues.

Finally, it’s important to remember that your time is valuable and that you should be compensated for your services. Whether it’s through equity, an hourly rate, or a monthly retainer, it’s important to make sure that you are getting compensated for your services. This can help to ensure that you are not taken advantage of and that you are getting a fair rate for your services.

Get compensated with equity.

Equity is an interesting option for compensation, as it can be far more valuable than a short-term payment. Equity can be a great way to ensure that you are getting a share of the profits from the business you are helping to advise. This can be especially beneficial if you are helping to launch a business, as you can benefit from the success of the business. However, it is important to be aware of the risks associated with equity, as it is not guaranteed.

When it comes to equity, it is important to make sure that you are getting a fair deal. It is also important to be aware of the different options available to you. For example, some people may opt for a percentage of each sale, while others may opt for equity. It is important to make sure that you are getting a fair deal and that the terms are clear.

It is also important to remember that there is no one-size-fits-all solution when it comes to compensation. Different businesses may have different needs and different ways of compensating advisors. It is important to make sure that you are getting a fair deal and that you are comfortable with the terms of the agreement.

At the end of the day, it is important to make sure that you are getting compensated for your services. Equity can be a great way to make sure that you are getting a share of the profits from the business you are helping to advise. However, it is important to be aware of the risks associated with equity and to make sure that you are getting a fair deal.

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