Has your spa or massage practice reached a point where you feel you can’t take it any further going down the path you currently are on? You may want to open a second operation in another part of town, although that can involve significant costs that might require seeking outside funding. Maybe adding new services such as skin care treatments to your massage practice or sports massage to your spa services is the answer. In that case, you or staff may need training or hire professionals with the expertise you seek.
Another option would be to bring on a partner. That individual or organization might provide you with a second facility and additional services. Even if your partner has similar skills but brings better operational or marketing strengths to the table, the business can grow. You also may be tired of shouldering all the responsibilities of running the business and look forward to sharing responsibilities.
But there are pros and cons to partnership and you should carefully consider them before moving ahead to make sure a partner answers your needs and whoever you consider is right.
Consider the partnership pros
Shared responsibilities and division of work
Shared costs if you want to open a new facility or even expand in your current location
Complementary skills to expand your service offering
Wider circle of contacts to bring on more clients
Someone to support and motivate you
Don’t overlook the cons.
You don’t have total control so be prepared to compromise
You generally are jointly liable for the business activities and debts. You want to be sure that all decisions are made together and your partner doesn’t commit you financially to something you haven’t thought through and agreed to.
Profits are shared so be sure that each party is pulling their weight
Make the right choice
If you’ve decided that a partner is the right way for you to go, you’ll want to:
Invest time: Ask business associates and even vendors for referrals of companies they think would be a good fit for your needs. Get active in local business organizations and engage with other professionals on social media sites such as LinkedIn to identify potential candidates.
Seek shared values: Be sure you share the same values, ethics and philosophy with a potential partner. While personality and chemistry are important; they mean little if you don’t have the same values.
Share goals: Shared goals are essential to a good partnership. Both of you also have to be committed to putting the necessary effort behind the partnership to achieve success.
A good partner is worth their weight in gold. But remember don’t hurry to find one. Take your time and be sure your partner shares your drive to succeed as well as your philosophy about running a business and client service.