Starting a business with a friend do? or dont?

[msss geek]

im thinkin of starting a business with a friend we have all the same opinions and our ambitions are the same but im afraid it might ruin our friendship:hug: everyone thinks it a good idea but i just dont know :smack: advise pleeeeeeeeeeeeeese

 

[sarahhh123]

I've done this - my friend was the salon owner and I was the therapist. It ruined our friendship completely, I ended up walking out, and walking out of the industry I loved.

She basically left me to run the salon on my own - I was 18. She used to bugger off, going shopping and leaving me to do all the treatments on my own. When she was there, her friends would pop in all the time which I thought was intimidating for clients. She used to walk in to the treatment room when I was in the middle of a facial for god's sake! She used to argue with her other half on the phone in the salon! The final straw came when she decided to get pregnant and said she could only pay me £50 a week. She was paying me £150 prior to this. I told her to stick it lol and that's how I ended up leaving beauty, I was gutted and my confidence knocked :cry:

But in hindsight it has stood me in good stead for where I am now - I know I've got a good head on my shoulders and all that time running a salon alone (I used to do everything from orders to tax etc) has given me great experience, but I lost a friendship.

Think very carefully!!! But good luck xxx

 

[rouge]

Whether you're friends should be irrelevant. It's a business deal you are entering into and should be treated as such. Keep it all professional, get everything in writing and use solicitors to draw up contracts etc. Make sure you can both be absolutely honest with each other too, otherwise you may find things festering under the surface if one of you feels you can't put forward your opinions properly.

Good luck. :hug:

 

[deanosnana]

but i just dont know :smack: advise pleeeeeeeeeeeeeese

My sage advice: when in doubt, DON'T!

I say go for it but only if you are 110% positive about it. Best of luck!

 

[Tanya.]

Most business partnerships fail.

14 Reasons Why 80 Percent Of New Business Partnerships Would Fail Within Their First 5 Years Of Exis


Only you know your friend. Has there ever been anything in your friendship you have questioned?

This is a tough one, because it really could be something great.

And, it could be an absolute disaster.

For me, I would rather work alone so I know what is coming in, what is going out. No drama, work the hours I want and at the end of the day, peace of mind.

I can only think of two salons that have been started by two friends that are still operating, one for six years, the other at least 10 years now. In both cases, the two friends worked together for many years before opening up together.

 

[dee]

my advice ... never mix business with mates ... it rarely works out, sure you an help each other but i would never do a partnership x

 

[geeg]

Search partnership There are some darned good posts that should get you thinking.

Partnerships rarely work. In actual fact they tend to have more of a chance of success when you each have totally different roles to play in the business. Best if neither of you does exactly the same thing and if you both need each other's different talents to make it work.

My oldest brother is an 'ornery customer' not easy at all so surprise surprise that he and his partner in business lasted 25 years together ... who would have thought it? I asked him how an old crusty codger like him could sustain a successful partnership for so long ... what was their secret to success and longevity? Now he may be ornery but he is VERY smart and his answer was ... "Because I couldn't do what he did and he couldn't do what I did. We had separate areas of responsibility but needed each other for it all to work."

Good Advice.

 

[persianista]

Never in a million years, I value my friendships

 

[single sparkle]

not a good idea in my opinion. My friend and i were in partnership . 2 months into the new salon and she wanted out i had to buy her out and now am happy on my own

 

[huberella]

My best friend and I are opening a salon in the next few weeks. We decided that our friendship was far too important to risk ruining over business, so we decided to keep our businesses separate, but under the same roof. So basically, I have my own business license (I have contracted a nail tech to work as well) and she has her own business license and has a hair dresser working under her. We have two separate tills and mastercard machines. But we do business under one roof and work under the same name (although for tax purposes we have 2 separate business names). So we get the benefit of working together, but without the problems of mixing finances.

 

[geeg]

My best friend and I are opening a salon in the next few weeks. We decided that our friendship was far too important to risk ruining over business, so we decided to keep our businesses separate, but under the same roof. So basically, I have my own business license (I have contracted a nail tech to work as well) and she has her own business license and has a hair dresser working under her. We have two separate tills and mastercard machines. But we do business under one roof and work under the same name (although for tax purposes we have 2 separate business names). So we get the benefit of working together, but without the problems of mixing finances.

There you go .. you've taken my brother's advice exactly ... may YOUR partnership last as long and be as fruitful as his was. x

 

[huberella]

Thank you!!

 

[Saya]

Totally agree, never mix business with friends.
I started into this industry with my best friend, when everything started to happen, and quite rapidly, it was difficult to maintain control, when your friend isn't following or turns out to have a different vision to your own. After having quit my previous career and having agreed the new lease, we mutually agreed for me to go it alone, so as to keep our friendship. Ofcourse this meant that I had to proceed with half the funding, but at least I have full control to go at my own pace, with the moral and voluntary support of my friend.
With any partnership, you would have to draw up contracts so as to have a clear, definable understanding of what your obligations are for the business and what you will get for it and when.
This is always messy, as you want to get the most out a partnership, so having such things out with friends is obviously stressful thing.

Ofcourse you may be one of the lucky ones who is at one with your friend and are able to agree each other's roles and trust each other.

What ever you decide, I wish all the best in your new venture.x