Business Advice please!

Ludimay

Hey all, I'm looking for a bit of advice & peoples opinions. I currently own my own beauty salon but have recently joined in with another hair dresser to form a 'beauty emporium'. We won't be forming a legal partnership but will run our businesses separately. As I said before I'm just looking for some advice, both in the business & practical sense. I hope im posting this in the right forum.

Peterdalkey

I think you may elicit some response if you pose some specific questions as to what you wish to know or have advice on.

cheers

Peter

robertdoyle

Do you know the person you are joining with? As Peter says, ask what you want to know and we will try to help.

Ludimay

I've only recently met her, a few friends of mine know or know of her & all have lovely things to say. She's really relaxed & I'm a little more energetic ( a nice way of saying bossy!) I suppose I just wanted to know if anyone had any experiences with running a business along side another yet not being a 'partnership'. Pros & Cons to it, Eg I met her last night and we were going through the ESB bill, I use about 2wax pots & have 2 lights in my rooms, she'll be using an electric shower,hairdryers,heaters,tongs etc....I've no idea how to go about dividing bills up! The phone line is easy, 50/50!

Duckjob

If you look at both your energy bills and her energy bills say for last 3-6 months, you should be able to come up with a split that you're both happy with, no ?

cashy7

if your running as two separate businesses as such, you really need to mark things out from the start with regards bills - make sure and get EVERYTHING written down and signed so there is no ifs or buts when it come to paying the bills.

sounds like she has a bigger operation than you - is she taking up more floor space?? then maybe she should be paying a bigger chunk of the rent and rates - work out the floor space each of you are using and divide the bills in the same ratio.

I'd also advise two tills if ye are going to be separate, which would then lead to two visa machines as you want to keep all monies in the right accounts - sounds like it could get very messy if ye dont map things out very clearly at the start.

Friends may say she is "wonderful" and "great" and im sure she prob is but things can change very fast when it comes to money....

beazee

Who is to occupy the reception when she's working late?
Are you OK leaving all your stuff there and heading home when she's two more clients to do?
Do you take responsibility for her belongings while she's off?
How do you divide reception and the waiting room?

No matter how wonderful and great the other party is to your friends you'll start to get know each other from the other side, a least pleasant one. Have everything in writing. Even the silly stuff like coffee, sugar and milk. Otherwise you letting things escalate.

lakill Farm

Hi, you need to do up a partnership agreement.

Something simple will suffice.

PM sent

Ludimay

Thanks Everyone. We're having another meeting tomorrow so i hope to go through all that. Thanks Iakill Farm, my best friend is also my account, very handy!! She's gonna look after everything for me.