Having a business partner(s) is a good idea especially if you don’t have enough capital. This will avoid you to take a business loan from the “Sharks”. Also, they may be able to provide you valuable information that may help the business to grow. However, it is not easy to find the right one. Most of the possible business partners are either family members, relatives, friends, and sometimes just an officemate.
Given that you found the “right one”. This situation will likely be a newlywed couple who are in a honeymoon stage. Both parties feel like they are secured if they are working together, like having a brainstorm, conceptualizing the business, planning the business growth and sometimes thinking to hire a person who will run the business once it is generating a buttload of money. That is the ideal process of a startup business, which is not bad at all.
The next step is to implement all the agreed items from the open-ended business meetings. At this stage, both parties are still excited and very optimistic about the expected results. Part of the business plan is to hire Professional House Cleaners and identify the areas that will be served. It has been agreed that the house cleaning service business will cover the following areas:
Aliso Viejo, Anaheim, Brea, Buena Park, Costa Mesa, Cypress, Dana Point, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Palma, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, Los Alamitos, Mission Viejo, Newport Beach, Orange, Placentia, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Santa Ana, Seal Beach, Stanton, Tustin, Villa Park, Westminster, Yorba Linda
The Opening Day
After several months of almost sleepless nights, nerve-racking moments and pocket emptiness. The business partners will finally open the business. Most of the agreed items from the business plan were implemented according to the plan. As expected, only a handful clients booked the cleaning service which is not bad.
Nightmare is in the process
As time goes by, friction is developing. Arguments about the expenses, loss of income, and marketing strategy are on the table. One of the business members wants to relocate the business office outside Orange County due to the rental cost, but the other one wanted to stay due to the strategic location and good for marketing.
Lessons learned
If you have enough capital, experience in running a small business, and assistance from someone who knows how to run a specific business, PLEASE AVOID having a business partner(s). Most of the time, this will break your good relationship with your friends and relatives.
Your thoughts?
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