i am wanting to open a pet retail/bakery. i have knowledge about retail but not so much on the bakery end, other than i know what is good for them and what not.
i am currently in the process of writing the business plan and i know what i am doing there.
i was wondering what are the major pros/cons of going in with a partner. should i do that or learn everything myself? if i do go with a partner, who should i go with? what qualities/characteristics/skill level should i go with?
thanks ya'll.
2007-10-29 09:22:44 · 4 answers · asked by ashleybredesen 2 in Business & Finance ➔ Small Business
ok to clarify for some of you: i am wanting to make treats for pets.
2007-10-29 11:21:21 · update #1
If you don't have a partner already in mind I would go with a sole proprietorship so you keep full control over the business. But this also makes you fully liable. You could also look into a Limited Liability Corporation to keep your personal assets safe from the business. This will also allow you to take on someone else as a partner in an incorporated way. This can mean that you are still the President and CEO and they can be VP of Operations (baking of goods).
2007-10-29 09:46:02 · answer #1 · answered by jayman154 1 · 0⤊ 0⤋
If you are going to open this with someone then you have to understand that it cannot be a 50/50 relationship. Someone has to have the last say with making decisions. If you can accept this and can find someone who is knowledgeable in what you are trying to do then go for it. Having a partner can help with expenses but be aware that they can also become a liability if they do not practice good business skills. If you find the right person then it can be a plus. If you are not willing to take the risk on someone and are always second guessing them then you should go with a sole proprietorship.
2007-10-29 16:27:03 · answer #2 · answered by chad f 3 · 0⤊ 0⤋
Although similar questions have been asked and answered on this website, I am more concerned about your choice of occupation; why in the world would you want to bake pets? Besides, Isn't that illegal, if not immoral??? ;)
2007-10-29 16:40:42 · answer #3 · answered by skaizun 6 · 0⤊ 0⤋
Please check with your local SCORE office to get some excellent, free advice. If there's no local SCORE office, they also have a site: score.org
Good luck.
2007-10-29 16:28:10 · answer #4 · answered by kearneyconsulting 6 · 0⤊ 0⤋