Don`t use a partnership as an excuse to avoid decisions. Many first-staff coaches have transformed business owners who are doing their new business, are generally frightened, uncertain and nervous. Another way you can go is to hire someone on your behalf to negotiate the dissolution of the partnership. In this way, there is no emotion related to the case where you want to maintain a friendship with that person. Suppose you realized that you and your partner are not cooperating well, and that this is a burden on your relationships and fitness business. If you are entering into a personal training or fitness business partnership, you are essentially in a marriage. Are you really going to marry someone you just met at a party? That`s not true! Jane Bahneman owns the Blue Nectar yoga studio in Falls Church, Virginia, and has worked in the fitness and wellness industry for nearly two decades and speaks in public. She owns Jane Bahneman Consulting with business strategy, coaching and mentoring priorities. I will fill you in for the good, the bad and the ugly business partnerships, and how you can have success with them.
Most partnerships do not work because people enter them without understanding the person they are dealing with. One extremely important thing you need to have when you launch this project is the creation of a partnership agreement that clearly lists what each person is responsible for and what their expectations are. Make it clear what steps you need to take in your partnership agreement if you need to separate. As part of your business plan, you need to identify the type of partnership you are in. An accountant and a lawyer can look at many factors and guide you best for tax and legal purposes – but what about the boots on the ground of the daily life of the partnership? If you opt for a 50/50 partnership, who is the boss if dissenting opinions are to lead to a solid final decision? Where does rubber really fall on the street? Difficult decisions about finances, personnel, growth, expansion – even colours – will be made! Most municipal governments have some kind of financial fund used to improve the population of their city. You will see this kind of investment in art in general, where the city paid for a series of weekly concerts in the park. Local groups will come and receive a small scholarship to give a show to the local community. Well, the same fund can be used for “Get Healthy Summer Fitness Program” type of investment. Get together with your management team and write a business proposal for the city. You need to outline the benefits of a summer fitness program, costs, ROI (health benefits) and a proposed proposal for the program. When you enter into these partnerships, you have to think, “I want someone who will help me grow my business to a massive success.” If you are a fitness company, you need to think about strategic partnerships that would benefit your business.
Strategic partnerships should not be confused with business partnerships (if you and a friend open a gym together). For more information, visit Business Partnership Essentials on Amazon. The exchange is a good thing. And bartering is not dead! If you are a fitness business owner, you are generally happy to have a lawyer and accountant working for you (based on a contract).