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You definitely shouldn't try and do all the work yourself - some of it you will need to hire other people to do. It's easy to spread yourself too thin. A partner is also useful to pool resources, knowledge, and capital. Despite all of that... I'd be weary of starting a partnership. They can so easily turn sour, and chances are if you were to partner it would be with a friend. That could become an ex-friend in future, and often does.
 

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When I started my line, Transformation Tees, I had plenty of people who wanted to become partners. I decided I would own 100% of the LLC and used these people on a consulting basis. That has worked out really well for me. Of course, you also own 100% of the liabilities and risk. I like the idea of being in total control and not officially answering to partners.
 

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Agree with all the above. But, partnerships happen, and seems to me, the best chance at a partnership is to write up a clear contract, labeling responsibilities, etc. Also have an exit plan ready should that day come. Don't leave it until feelings may be hurt and emotions running high.

If you do partner up, consider the things/problems you need to prepare for so you can avoid them. Put *everything* in writing. Good luck to you and ....
 

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Discussion Starter · #8 ·
THANKS!!!
That was sooooo helpful bcus I feel as tho I'm ready to give it my all and i would hate to work with someone who's lackin...the only thing is if i do work on my own then i will have to finance everything on my own too
 

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THANKS!!!
That was sooooo helpful bcus I feel as tho I'm ready to give it my all and i would hate to work with someone who's lackin...the only thing is if i do work on my own then i will have to finance everything on my own too
You will also be the one reaping the rewards. And don't think the cash is the only reward. I always feel good when I do something good (even if I don't make money all the time) and even better when everyone else involved feels they got something good out of the deal. Now you know why I'm a miserable failure at being a used car dealer.:rolleyes:
 

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I know this is an old post but just thought i would throw this in here. Go solo, I had a business partner and he had just as much say in how the company was ran...it sucked we where locked into a battle of which way to take it. Once I got rid of hime i went solo...but as a corporation not sole prop. Best thing I ever did.
 

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To have a partner is to loose total control of your business. Even if the partner has only a 10 percent interest in the company, they will try to control 100 percent of your decisions. You might as well go to work for someone else. Needless to say, I do not believe in partnerships, only employees.
 

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I Went solo and at this time i'm doing ok it does make the process allot slower due to the fact that i'm the only one pumping money into my vision,but the payoff is well worth it.

If you have a vision for a company it should never take a backseat to a partner this how how most brands loose there footing and become a 20 t-shirt hit wonder, and close shop.


I'm currently securing my trademark status and going live in june after 2 years.



Best of luck
 

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hey yaggin, i set up my partnership last march and since both of us work regular jobs and do our printing on the side, it works out good because both of us do certain things for the business and we both put in work together..also, we did a very specific contract laying out ownership, money/profit, etc. i would say as long as you and your partner (s) have a clear understanding of everything and you agree to the terms upfront, it should work out fine...good luck!
 
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