Partnerships?!

[glossygirl89]

Just interested in what people think of partners in business?!

I'm thinking of setting up with my sister as we are both qualified in Hair and Beauty and thought it could be a good business opportunity...Have people had good/bad experiences etc?

 

[number1kitty]

in principle its a nice idea. You share half the workload, half the responsibility and get full enjoyment out of it, however as the saying goes you should never work with friends or family. One of you could take the mick out of the other or simply you may not share the same vision and than it will become a strain more than an enjoyment.

Its worth sitting down with each other and designing a proper business plan and draw up job roles for each of you so you both know what is to be expected prior to starting and evens out the work load. Set out mini contracts - even fun ones to say what hours you will each put in, what holidays your entitled too and what the profit split will be.

You also need to decide who has rights to take what out of the bank. What if your sister saw a nice £500 pair of scissors and bought them on the same day you needed to place a stock order for wax?

Do you both share the same design ideas? Do you both work as hard? Do you more importantly trust each other?

It can work really well if your both close. If you argue a lot or rarely agree or see eye to eye it may not be worth the agro.

Either way definetly lay down rules before you buy or sign up to anything.

Kate

 

[single sparkle]

This is a really difficult one. I had a partner when i started out last year and i ended up buying her out after just 2 1/2 months. We were not on the same wave lenght at all. She wanted to work part time :irked: continuosly. Anyway it's worked out well in the end and the salon is still open.

It might be different for you as its a family member but you need to sit down and write out what you expect of the business and of each other.
Also if you have a difference of opinion in the salon will you be able to leave it there or will it follow you home if so......?

Best of luck - let us know what you decide

 

[glossygirl89]

I think a contract sounds like a good idea!! Just so we would know where we both stand.

Me and my sister are very close BUT i do feel like I'm being more enthusiastic about the whole thing than her but whether thats because she's just being more cautious than me...I don't know?!

Its just interesting to see what other people have experienced!!

 

[Mrs Geek]

Just interested in what people think of partners in business?!

I'm thinking of setting up with my sister as we are both qualified in Hair and Beauty and thought it could be a good business opportunity...Have people had good/bad experiences etc?

My answer would be simply - BE CAREFUL... solicitors spend more time dissolving them than making them. I do however believe that nothing is stronger than the family bond but go in with your eyes open and make sure it is truly a 'partnership'... one that you both know excxatly what roles you will both play.

HTH's and this is from someone who TRULY knows!:idea:

 

[geeg]

http://www.salongeek.com/nail-geek/24858-anyone-parnership.html

a little search brought this up.

 

[adelekeegan1]

I was in partnership with my Sister and loved every minute of it.

We are exceptionally close and it worked really well. We are very different people and didn't agree on anything really, but we had a shared passion for design and complementary skills. If we violently disagreed, one or other of us would back down and harmony was resumed

 

[geeg]

the main thing that destroys most partnerships in the end is this .........

THERE IS ALWAYS ONE PERSON WHO THINKS THEY ARE DOING MUCH MORE THAN THE OTHER ONE.

Then the , "I should be getting much more than she is!!" kind of thoughts start.

Already you have expressed reservations about how you feel you may be more committed than your sister .... ANY RESERVATIONS at all will come back to haunt you later. If you think these reservations will go away or that you can deal with them .... trust me, it will end in tears.

 

[persianista]

personally I would never entertain a partnership as all the ones I have seen have ended either in tears or in the courts. I haven't however got a sister, and the idea of having someone I could trust totally in my business would be very appealing.

 

[tigi]

I have a business partner, she is also my friend. Sometimes we could cheerfully strangle each other BUT we have split the decision making straight down the line. For example, I am in charge of all things to do with make up , she gel nails. etc etc. this way, we have our own niche in the business.

it is hard sometimes, I wont lie to you but we rely on each other and as themonths have gone by we are finding our own stride. I know when she really wants something and her the same.

It about compromise in essence, you will have to agree to some things you wont want to. If you dont think you can do that then, my love, dont do it.

The best way that we have got around the one person doing more than the other is, when i have a client and she doesnt, she cleans and vice versa.

We are two very different personalities, she is outspoken and I am not and this can be hard sometimes but i wouldnt change it for anything, she is my ying and i am her yang!

 

[leonnib]

i wouldnt go into partnership with family personally.

it can bring you closer together or break up your relationship

 

[number1kitty]

i wouldnt go into partnership with family personally.

it can bring you closer together or break up your relationship

All my family have their own businesses and I have 8 brothers & sisters and I would NEVER go into business with them. I fall out with one or two of them now but we kiss and make up a day later if I worked with them I think I would be on murder charges.

I had a friend work with me on a business and we had the same vision. However the business was all mine. We were really close then one day she stabbed me in the back. That was it for me, I trust no one now which is why I don't really want to own a salon again. Once bitten, twice shy!

I do however run a business with my partner and it causes no end of arguments as I have been self employed nearly all my life and he has worked for people so a lot of this is new to him.

Theres pros & cons for everything in life. Which is why you need to trust someone 100% and make sure you both have clear instructions of your job roles and responsibilities. Incorporate a method of coming to agreements when one of you dosnt agree as well as promises to not hold grievences for too long if you upset each other.

Don't be put off by peoples bad experiences or convinced to go ahead because of good experiences. You have to ask yourself if it feels right, and the answer will already be there.

Kate