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Author Topic: To take on a partner or not?  (Read 2053 times)

DramaticIrony

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To take on a partner or not?
« on: October 23, 2012, 08:18:02 AM »
Hi everyone, thanks for previous helpful replies to questions I've had :)

My next one is this: In my recently set-up photography studio, should I take on a friend as a business partner?

Here's the background: we're both relatively new to being paid for our photography, and the potential partner is roughly my age, has roughly the same photographic skills and experience (but is probably more experienced in some areas), and is very extroverted (in a good way). Costs are not an issue at the moment (due to low rent), and each of us would probably only be able to work part-time (due to other commitments). We both have similar photographic goals (i.e. portraiture).

Feel free to ask more specific questions about the situation and I'll try to answer them :)

Thanks in advance for your ideas.

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To take on a partner or not?
« on: October 23, 2012, 08:18:02 AM »

tron

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Re: To take on a partner or not?
« Reply #1 on: October 23, 2012, 10:25:03 AM »
Well that depends (suprise!) on how good friend of yours he/she is...

You must be 100% sure of your partner's character (OK pretty close to 100% is more realistic). On the other hand it is a part-time job so it seems you have nothing to lose to try (except your friend in the worst - and possibly unlikely-  case scenario).

Glad I ... could NOT help but I am afraid this is a decision you have to make on your own...

Drizzt321

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Re: To take on a partner or not?
« Reply #2 on: October 23, 2012, 10:53:40 AM »
Everything I've heard says you should have a very clear set of business related documents defining the majority of your business relationship. Put that stuff up front, and down the road if there are some disputes you both have something to fall back onto to say that this is how things should work. For the rent and shared equipment and the space, make sure you define exactly how things are supposed to be paid, checked out, used, put back, scheduled, etc. Of course there are exceptions and I'm sure you'll end up calling each other seeing if a last minute thing can be used or scheduled, but define as much of it as you can think of for normal, day to day business.

And most importantly, don't forget the money and finances. Make it clear that the rent, insurance, utilities, etc need to be paid, who pays how much, and keep track of that. Don't forget all of the business parts of the business. One of the reasons I'm quite hesitant to really start putting myself out there, even part time, is I'd need to build in all of the business expenses and responsibilities including taxes, marketing, etc.
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Re: To take on a partner or not?
« Reply #3 on: October 23, 2012, 11:12:44 AM »
Hi everyone, thanks for previous helpful replies to questions I've had :)

My next one is this: In my recently set-up photography studio, should I take on a friend as a business partner?

Here's the background: we're both relatively new to being paid for our photography, and the potential partner is roughly my age, has roughly the same photographic skills and experience (but is probably more experienced in some areas), and is very extroverted (in a good way). Costs are not an issue at the moment (due to low rent), and each of us would probably only be able to work part-time (due to other commitments). We both have similar photographic goals (i.e. portraiture).

Feel free to ask more specific questions about the situation and I'll try to answer them :)

Thanks in advance for your ideas.

Most people want partners when they start out because of the insecurity of the situation. It is hard to fly out oun your own, and feels better if you have someone with you. This isn't the best way normally.

Do you want to keep your friend as a friend? If so the answer in most cases will turn out to be no you shouldn't make them a partner. Buisness releationships such as partnerships tend to destroy friendships. But it is not always the case.

Next you are just starting out. There may not be enough work for both of you. There may not be enough work for one. If you were more expereinced on the buisness end such a relationship would make more sense as you would have a good idea how this relationship would work.

A better releationship would be one where  you do your thing and they do theirs. If you ever need help with a project the two of you help the other out. It is much easier to keep a friend who is lending a helping hand to you. It also fills the insecurity need so that you do not feel like you are going it alone. You have someone to fall back on if need be.

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Re: To take on a partner or not?
« Reply #4 on: October 23, 2012, 11:33:55 AM »
Hi everyone, thanks for previous helpful replies to questions I've had :)

My next one is this: In my recently set-up photography studio, should I take on a friend as a business partner?

Here's the background: we're both relatively new to being paid for our photography, and the potential partner is roughly my age, has roughly the same photographic skills and experience (but is probably more experienced in some areas), and is very extroverted (in a good way). Costs are not an issue at the moment (due to low rent), and each of us would probably only be able to work part-time (due to other commitments). We both have similar photographic goals (i.e. portraiture).

Feel free to ask more specific questions about the situation and I'll try to answer them :)

Thanks in advance for your ideas.

Whatever you agree to, Make sure its in writing. That's first hand advise.

distant.star

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Re: To take on a partner or not?
« Reply #5 on: October 23, 2012, 01:27:18 PM »

.
My best guess, given what you've posted is that you see your friend bringing sales strength to the deal. He can be the front man, deal closer, etc.

Nothing wrong with that; people have different talents. The obvious question is, what do you bring to the deal? If he's at least as good a picture maker as you, and he can bring in the business, two years from now, what's he need you for?

Like others have already said here, make sure you both know what you're getting into right from the start.
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Re: To take on a partner or not?
« Reply #6 on: October 25, 2012, 03:22:47 AM »

.
My best guess, given what you've posted is that you see your friend bringing sales strength to the deal. He can be the front man, deal closer, etc.

Nothing wrong with that; people have different talents. The obvious question is, what do you bring to the deal? If he's at least as good a picture maker as you, and he can bring in the business, two years from now, what's he need you for?

Like others have already said here, make sure you both know what you're getting into right from the start.

Very good advice  :)
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Re: To take on a partner or not?
« Reply #6 on: October 25, 2012, 03:22:47 AM »

Skulker

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Re: To take on a partner or not?
« Reply #7 on: October 26, 2012, 11:49:56 AM »
Is it a good idea for your prospective partner?

Can you keep up with them?

Partnerships are two way deals. You need to think about them as well.
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Re: To take on a partner or not?
« Reply #7 on: October 26, 2012, 11:49:56 AM »