A yoga business partner is either a recipe for disaster or a key to your success. 9 out of 10 business relationships usually end due to difference in opinion, financial struggles or unequal workloads. However, sometimes your business partner can compliment you completely.
Having a partner is great as you have someone to bounce ideas off of, delegate the endless amount of work so you are not the only one doing everything and take the load of financially with a lot of upfront costs associated with opening a new business. Sometimes fear comes into play in opening a new yoga business and a business partner can help you feel more optimistic, give you strength where you need it and perhaps you would only open with another person by your side. On the flip side having someone that you always need to discuss every major decision, takes time and you may lose opportunities in the marketplace by just taking too long. Normally what ends up happening is that either you have differences in opinions about the future of the business. For example one person wants to expand while the other one wants to stay local. Or the other person just wants out due to being tired, overworked or illness. You can be successful and buy the other partner out so if that helps you start the business fantastic!
Below are some points to watch out for when starting a new business relationship:
Recipe for Disaster
- Best friends or romantic relationship
- You have the same skill set. Both new yoga teachers with no business knowledge.
- One partner is over dominating. Best if it is 50/50 relationship and partnership
- Difference of opinion of what the future of the business will look like.
- Financial contributions are not equal at the beginning of opening the business.
- One yoga business associate feels they are being taken advantage of, or perhaps their efforts are not being rewarded.
Key to Success
- You and your yoga business partner have different qualities that can be used to make a successful business such as financial and marketing background. With the other great at customer service, PR, social media and teaching yoga. Any combination that is different can work.
- The same ideas of where you want to take the business into the future.
- Great communication skills
- Both able to solve problems quickly and effectively without any bad feelings being attached to the solutions.
- Financially only able to open with a business partner. Both putting in the same upfront contribution into the business.
There is no guarantee that your yoga business partner will work but at least you tried and you might be that 10% that make it through and become super successful.