How Do I Find a Business Partner?

[emzeegee]

Hello Everyone!

I decided it was high time I jumped in on the forum discussions!

For 18 months now my business (a custom cake/cupcake company) has been growing by leaps and bounds. I love it, but the time has come to move to bigger premises, advertise more, and basically move it to the next level. The problem is that right now, it's ME who is doing it all - baking, decorating, the financial paperwork, running the website - you name it, I do it. I have a part time employee who helps with the baking/decorating but not with anything else. I'm starting to feel overwhelmed by all of it, and feeling like it's time to work ON the business and not IN it all the time.

I'm not all that keen on working with friends (who may not have the skills or experience required). How does one go about finding a business partner? Not so much a financial backer, more someone willing to be an equal partner in the business - who can take on some of the tasks, who can probably invest a bit, etc.

Ideas all welcome...

Thanks!

Michelle

[KoB]

Why have someone in your business to reap some of your profits? From what you wrote, it sounds like you need another pair of hands more than a business partner. Outsource your financials to an accountant/bookkeeper or an admin person to do the financials AND run the "office". Just reading the job ad on Seek or mycareer will give you an idea of what some businesses expect their admin person to do nowadays - a jack of all trades.

Unless it's someone who can for example open up or expand your market (say export) for you, have lots of contacts and they want to be partnered in your business then a partnership may be called for.

Some links on partnership on this forum that may be helpful:
Partnership Agreement?

Partnerships

There is another thread that I can't find where the partnership has gone sour which is worth a read too.

Good luck! :)

KoB
www.mygoodolddog.com

[Numberz]

Hi, I agree - having a business partner is a very different proposition to getting assistance, whether by employing or outsourcing.

Unless you have a particular need, such as an expanded business opportunity or perhaps an investor, there are better ways to grow your business without diluting your interest and return. A mentor or coach may be a great help to you but outsourcing to an expert, what you don't want to do or isn't the most efficient use of your time, may be the way to go.

All the best
Bruce

[Burgo]

You dont NEED a business partner just someone to help.
What about a Virtual Assistant, website, marketing, admin chores etc
Add more staff to help with the day to day stiuff and you start to build the business

[FS Concierge]

Hi all,
If you're interested in the thread about a partnership gone sour that KoB was referring to, you can read it here:

Good Business Bad Partnership

Good luck finding the solution that's right for you Michelle - a few of us were just saying yesterday what a happy business cupcake baking must be, so I hope you find a way to run it that makes you happy again!

[CashflowAddiction.com]

You don't need a partner :)
Get a part time book keeper then...
You need someone to bake for you. There are plenty of chef's who need extra income and can work afternoons before they start their main job... until you need them full time.
Expect to pay them $20-25/hour (ok ones) so look at your cashflow.
If you want someone cheaper - advertise in the local tafe's but you'll need to do quality control more diligently. You might find someone for $15/hour.
It takes a lot of looking to find someone with your needed skills and a personality match... don't forget you have to work with them :) Took me 7 chefs and 8 months to find one without an ego and who followed directions... he's awesome and you can't have him ;)

Your profit is in marketing yourself and expanding your sales but no-one can show the passion that you have for what your doing :)
There are places that hire out commercial kitchens on an hourly basis (don't forget prep and clean time in your figures :))

If you have any specific questions, I'm more than happy to help.

Cheers,
Ross.

[peppie]

Michelle, Please,,,, DON'T DO IT,,,,, now, calm down and breath deeply.

Sorry, if that seems a bit strong ,but I would advise to be very very very careful before you even consider the possibility of sharing your business with someone else. If you have any sort of clear idea of what your business should be and what direction it should go then be assured that someone else will have a different idea. It may not happen at first but it will.

If you want to be in control then keep control and don't give someone else the chance to change that. But, you can still work WITH others. Find people you can bounce ideas off (and here is a good place for one) and places to get support. Employ someone on a share basis maybe, but a partnership, not really a good idea. It can too easily go very sour.

I worked with one of my brothers for a number of years in someone elses business and eventually we bought that business in an equal share partnership. We thought it would work well because we got along well and had worked together here well already. It lasted 6 years and by the end of about 4 years it should have been obvious it wasn't going to work. My brother was dying when we closed that business and for various reasons I was painted as the bad guy, when I was trying my darnedest to save the bacon.

Unless you can be absolutely sure it will work,,,,,,,.

[kathiemt]

I agree. You hear so many bad stories about this type of arrangement. If you didn't have someone at the beginning building the idea, then not sure it's a good idea to take someone one now.

What you need is support to help you run your business but you retain control.

The suggestion to get a Virtual Assistant is a great one and depending on what you need, you may need more than one. Just like in a corporate office where they have bookkeepers managing that part, admin staff managing their part, web managers doing their bit and graphics artists managing their part. The VA industry is the same with wide and varied skills and you only pay for the hours worked - nothing else. I expect that's what you truly need - to be able to outsource the parts that are keeping you from doing what you do best and what really earns the money.

[emzeegee]

I never expected that many of you to say "don't do it!!" I'm really surprised but then maybe shouldn't be since we're all solo-preneurs and therefore used to doing it all on our own.

Because the business is only very young (and hence not paying me much at all), I was/am loathe to outsource too much, mostly due to fear of cost. On the other hand, if I had my time free to grow the business (because I'd be free of admin) then I'd grow enough to justify the expenditure!

I've sent some feelers out about business anyway and not surprisingly am finding very few who are interested, AND I find myself feeling even more proprietary than usual.

For those curious, I already operate out of commercial premises, and I have a part-time pastry chef. I was thinking partner (rather than employee) because I want (ideally) someone who can meet with potential clients *and* (for example) help formulate a new marketing plan. I really need to think hard about what things I could outsource in order to free my time up for plan-making!

Thanks, everyone, for your comments. I'll be coming back to this thread I'm sure!

Michelle (who, it should be said, loves her job! :) )

[emzeegee]

Jayne,

For the record being a cupcake baker IS a happy business..which is actually one of the MAJOR reasons I enjoy it. After all, who isn't happy to get a cake or cupcakes? :) Everyone is always happy to see me!

Michelle