Wanting to start a pet supply store in our town where is in high demand. A friend wants in on it too... I have been grooming at home for over a year and want more customers... This means a store in front would be a great money maker as grooming would bring in the people. In other words I have the ticket she wants to take it to the next level. (birds, fish, hamsters)
I think starting off slowly and growing is better, no? Should I partner with her and get a huge loan?
2006-06-06 14:04:07 · 5 answers · asked by marieis1234 1 in Business & Finance ➔ Small Business
I've been in business for about 14 years now and would never consider a family member as a partner. Reason being, is that family members tend to think that they can slack off more, get preferential treatment, paid more, etc. You get the picture. Also, if you've never owned a business before I would suggest starting out small and getting familiar with the running the business part first. The easy part is the actual grooming of the animals. Also, when in business always consider the liabilities that exist with any business. In your case, what would happen if someones pet got hurt, sick, lost etc. while in your possession? Who do you think would be liable? Start small get familiar with what your doing and always, always cover your butt.
2006-06-06 15:16:40 · answer #1 · answered by Henry G 1 · 1⤊ 0⤋
Before you take a big step such as this, make sure that your companion is ok with your career move. Make sure that communication is on point between yourself and your business partner if you decide to make this move. I don't think anyone can make up your mind for you. You must have some sort of trust within this potential partner. The only advice I can give is make sure that you prioritize, be disciplined,set all selfishness aside,and make sure that your customers are always satisfied. Depending on your locale and prior business reputation, you could be on your way to having a booming establishment.
2006-06-06 21:18:47 · answer #2 · answered by Timmy 2 · 0⤊ 0⤋
I'd be careful about the loan part of it, make sure your partner has a stake in this, too. Communication is extremely important.
There's nothing wrong with having a business partner, it's a HUGE stress relief, actually. Make sure you can trust them, that they're serious, and you're on the same page.
Good luck!
2006-06-06 21:13:09 · answer #3 · answered by Roadpizza 4 · 0⤊ 0⤋
Well, insomuch as you husband will be on the hook for a failed business he should have a say in things. However, it's probably a good idea to have a business partner who isn't your spous - too much togetherness! Just be sure to put everything in writing.
2006-06-06 21:08:41 · answer #4 · answered by Joseph 5 · 0⤊ 0⤋
Only you can answer that. If you are not comfortable with starting big, then do not do it. There is nothing wrong with staring small and building on this. That is what I am doing, and am very happy I did so.
2006-06-06 21:11:34 · answer #5 · answered by Tahavath 5 · 0⤊ 0⤋