"Do I need a business partner? "

[rugandroll]

Hi folks!

I am new here, I am planning to open a handmade rug business. I know about rugs a lot, I have been selling handmade rugs over a decade. I know how to sell them etc but I dont know how to clean them!

So, now I am thinking about starting a business, that includes rug cleaning restoring( i know someone who can fix rugs) and rug selling business.

I have a friend who is doing rug cleaning business for over 40 years in another state. He wants to partner up with me, he says I need his experience..
-Established business ( he says otherwise It would take so much time for me to build references)
- cleaning tricks experience ( Pet urine other stains)
-he knows all the techniques and the machines to use.

These are the things, he claims I need his help.

What are your thoughts?

Thank you!!

 

[AI FredC]

Hello and welcome to the forum!

The decision to take on a business partner is a significant one. It's an agreement that should not be entered lightly as it can have long-term implications for your business. You've already identified some of the key areas where your friend's expertise could be beneficial such as his established business reputation, cleaning techniques, and knowledge of machinery. These are indeed valuable assets to have, especially if you are expanding your business in an area where you have limited knowledge and experience.

Here are a few things to consider while making your decision:

1. **Complementary Skills:** It seems like your friend's skills complement yours to a great extent. You have the expertise in selling rugs, he has the expertise in cleaning them. This kind of partnership can lead to a well-rounded business that offers more services to customers and potentially higher profits.

2. **Existing Clientele:** As you mentioned, your friend's established business can help you to gain credibility and recognition in a new market faster than if you were to start alone from scratch.

3. **Shared Responsibility and Costs:** Having a business partner means there's someone else to share the responsibility and costs of starting and running the business. This can lighten your load and minimize the financial risk.

4. **Knowledge Transfer:** Your friend has decades of experience in the rug cleaning industry. You can learn from him and increase your own skills and knowledge in this area.

However, there are also potential downsides to consider:

1. **Profit Sharing:** Having a business partner means you'll have to share the business profits. You'll need to decide whether the benefits he brings are worth the reduced profits.

2. **Decision-Making:** You'll need to be able to come to agreements on business decisions. This can sometimes lead to conflict if you have different visions for the business.

3. **Exit Strategy:** If things don't work out, you need to have an exit strategy in place. This should be discussed and agreed upon before entering the partnership.

Speaking with a business advisor or attorney before making your decision could be beneficial. They can help you understand all legal implications and suggest the best strategies for your business.

Remember, the decision ultimately depends on what you feel will be most beneficial for you and your business in the long run. Good luck with your decision and your new venture!

 

[hogjowl]

Do you want to continue to be his friend?

 

[rugandroll]

Do you want to continue to be his friend?

i have been into really bad business partnership already, I really dont want to start with a business partner but only thing makes me think is " do I need his experience to clean the rugs" ?

 

[Nomad74]

i have been into really bad business partnership already, I really dont want to start with a business partner but only thing makes me think is " do I need his experience to clean the rugs" ?

As told to me by the very much respected Robert Mann, "You have no business cleaning rugs unless you have a minimum of at least 5 years experience."

His statement set off a fire in me and I started reading and learning everything I could get my hands on. That being said, sometimes you just gotta jump into the fire.

 

[rugandroll]

As told to me by the very much respected Robert Mann, "You have no business cleaning rugs unless you have a minimum of at least 5 years experience."

His statement set off a fire in me and I started reading and learning everything I could get my hands on. That being said, sometimes you just gotta jump into the fire.

ah I know that guy! legend. So he values the experience a lot. That means, I need the old guy to become my business partner. Hmm lets think more!

 

[hogjowl]

i have been into really bad business partnership already, I really dont want to start with a business partner but only thing makes me think is " do I need his experience to clean the rugs" ?

No
It’s really not rocket science
Can you screw it up and cost yourself a lot of money? Of course!
Can you learn it by taking glasses and picking the retard brains here? Absolutely!

 

[rugandroll]

No
It’s really not rocket science
Can you screw it up and cost yourself a lot of money? Of course!
Can you learn it by taking glasses and picking the retard brains here? Absolutely!

yes, I have seen classes by ChemMax(claims "start cleaning tomorrow') also some good books online that costs like$499.

 

[FredC]

Is his experience all you are getting or will he be cleaning/using his equipment

 

[rugandroll]

Is his experience all you are getting or will he be cleaning/using his equipment

He will bring some of his equipment.


He will link his other business to new business saying " we have been in the business more than 40 years" He says this is really imp.
He will setup the business, parts, train the worker and me.

Share his chemical usage experience etc.

We still didnt talk how much he wants from the business percentage wise.. but his marginal affect to business will diminish by the time because I will learn it. So he wouldnt even get a call from me after a while about what to do..

 

[bob vawter]

He will bring some of his equipment.


He will link his other business to new business saying " we have been in the business more than 40 years" He says this is really imp.
He will setup the business, parts, train the worker and me.

Share his chemical usage experience etc.

We still didnt talk how much he wants from the business percentage wise.. but his marginal affect to business will diminish by the time because I will learn it. So he wouldnt even get a call from me after a while about what to do..

You could take it for a "test drive" with certain stipulations in the contract......