Sharing ownership of salon

[kate8kate0]

Please help,

I am thinking of opening a salon, looking for premises to rent doing all treatments from facial, body treatments, spray tan, nails, sunbed ear-piercing ..everything.

I have been renting a room in a gym which has worked well but has its limits therefore would like to open a salon.

However I have been approached from an old school friend as to whether I would like to do it with her. I trust her she would be a good partner but I want to know is it worth it financially. I know that this would mean she would be responsible for 1/2 rent and bills, / and take 1/2 earnings etc

but in todays climate (london) would it be more/less beneficial financially just doing it on my own? If the demand is high..there would be two of us..bringing in more money...any thoughts/experience please??

Katie X

 

[jes]

So everything is shared 50/50, what happens if you start to feel you are doing more work/hours or one of you wants extra days off etc... Personally I'd never go into a working partnership, there's just too great a potential for disagreements and arguments

 

[persianista]

I have never had a partner in a salon situation, and after seeing so many end acrimoiously I never would.

 

[HWilliams]

Not the greatest response eh?

That's the whole point of getting together though, go through a business plan, set some goals, targets, deadlines, save up LOL x

 

[fozzyo]

One word ... lawyers. If you seriously consider doing this you must must must, I cannot stress this enough, get lawyers involved!! Marriages are supposed to be forever, a lot aren't! And if you don't have proper contracts, ownership and legal precedents in place the whole thing will end not just in tears ... but could mean you loosing your livelyhood. Which could mean no money to pay the bills.

I know that sounds harsh, but you need to think about the worst case scenario here and make sure you are protected.

In a partnership you need to seriously talk about, and discuss what you both bring to the business. How will work and responsibilities be divided, how will accounts be managed, how will you ensure that one doesn't undermind the other with staff / clients? It's very hard. But it can be very rewarding, could be twice as hard to manage but more then twice as rewarding!

Good luck xxx

 

[Gina Ballerina]

Hi.

Just thought Id let you know what I do as it works really well.

Another girl and I work together...but seperatly.
We both have seperate business' but come under the same business name.
We pay half the rent,telephone, water, advertising etc each but we have our own accounts with suppliers.
Our treatment rooms are next to each other but we have our own clients although we help each other out and work to the same prices.
Our takings are our own, have our own pdq machines and we dont share a bank account.

We've never had any problems and have been working together for two and a half years like this.

She's like my wife!

Hope that makes sense.

Gx

 

[gregsaunders]

i work in a salon where the partnership broke apart just 5 months into business and it wasnt a nice thing for anyone, the one point i would stress is get everything written up, contracts signed and get lawyers in to ensure everything is documented, no one likes to think that a partnership will turn sour, but if it does atleased you both know where you will stand