ASCP Skin Deep

MARCH | APRIL 2015

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Create your free business website! www.ascpskincare.com 11 Things to consider when starting a practice with a friend by Denise R. Fuller tarting a business with a friend can be a fun and profitable venture. However, entering into an agreement without setting a few boundaries first can ruin not just the business, but also the friendship. Planning and communication will help you keep everything running smoothly as you grow your business together. Can you imagine if the movie characters Thelma and Louise met at an esthetic school and decided to start a practice together? What a ride! Sadly, many partnerships do crash and burn. Partnerships can be breeding grounds for conflict. They often fail because of lack of communication, poor choices, and even envy. As a consequence, the partners' dreams, goals, and values are lost. When partnerships are formed between friends, relatives, or people who have previously worked together, the existing personal relationships must be coupled with the professionalism and intense involvement required to run a business. Indeed, the dissolution of a business partnership can be just as emotional as a divorce. So how can you plan for a happy business marriage? Share a Vision The secret of success is hard work, so you and your business partner must have the same work ethic. If partners don't have the same vision, beware. Before entering into an agreement, sit down and have an open and honest conversation about the goals and structure of the partnership. Is everyone going to share in the hard work? Is one of the partners "silent," providing financial backing but not involved in the day-to-day work of the business, and what are that partner's expectations? For instance, if building or renovating is required, who is going to do the labor? Will there be enough funds to hire a contractor? Who will monitor the work? Sit down and have an open and honest conversation about the goals and structure of the partnership. S

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