How should I add a collaborator to a side project?
I have a side project that doesn't generate a ton of revenue and someone wants to work on it together with me. The product is already live and generating some small amount of revenue. What's the way to bring them on? Split it? Give small portions of equity? Just pay them?
I do have some concern that I could face a lot more operational overhead if we split the business since it's just a side project.
I'm generally of the mindset of paying people and if you feel like you get on after a certain amount of time then start talking other things. Obviously it can be tricky if the revenue being made isn't enough to pay them, but partnering up too early can be really stressful if things don't work out.
It really depends on your specific case, and how much the success of the project is based on their input.
If you share equity, especially close to half (ie, partners) they'll probably be a lot more inclined to work.
Profit sharing is a bit of a difficult one and depends on what they are doing. For example, someone helping out with development will be contributing work to your project, but you might not see the rewards until further down the track.
Re; Operational overhead I definitely agree. You have a ton of knowledge that seems obvious to you which needs to be transferred, and it can be hard to keep consistent unless you are well very aligned with your partner.