If you have a business partner there are several things to consider especially with a restaurant startup. Restaurant startups are hard to start for multiple different reasons that I have covered in previous post but even harder if you have a restaurant partner.
How you too work will have a big impact on if you are going to make it as partners or not. How someone is raised can have a big part on how someone is going to work. Do they only want to put in an 8 hour day and go home to their family? If your partner wants to put in an 8 hour day and you want to put in a 16 hour day it will be fine at first. After awhile this will tare your partnership apart. Not only will you get sick of it but your team members that you have worked hard to get to be your team members will see it as well and will start to resent your partner that works half ass.
Do you get along?
Getting a long with your restaurant partner in a restaurant startup is vital to a restaurant startups survival. You are going to spend more time with your partner than you do your family. This is the truth. If you can’t stand each other it is going to make for friction in the work place and friction is even worst when you can’t get rid of the bad apple. Can you imagine a bad apple that rots the rest of the bunch.
Business Partners Life Plan
When it comes to your restaurant partner in your restaurant startup one thing you should look at is their life plan or goals. If you commit to something make it so there is a way out. Just as when you startup a restaurant you need to have the end in mind that is the same with a business partner. You don’t know where they want their life to go. If your business partner in your restaurant startup wants their life to go in a completely different direction than yours this will cause a problem. If your restaurant startup is started with a business partner make it so there is a time limit so you can revisit the partnership in 5 years.
Does your restaurant partner have money to back the restaurant up?
Does your business partner of your restaurant startup have money to put in or is it all on your? If it is all on you, you need to make sure you are a majority stock holder in the company. Once this has been decided you need to stick to it though.
If you own a restaurant you should never have a partner. If you do have a business partner it should never be a 50 / 50 partnership, because there will never be enough money to split, not for many years.
If you can do it yourself do it. The things you don’t know read a book, take a class, get a life or business coach.
The best way to succeed is to have a plan. Invest in a business plan. Do all the research you possibly can before you open. Spend a few months getting ready than go for it. Chase your dream down. If its your first year you will need to go full steam ahead, and don’t hold back.
If you have a business partner in your restaurant startup make it so one has more power than the other. One needs to be the majority holder, there are too many small decisions to make in a restaurant work to have to talk them all over with your business partner.
If you end up having a restaurant partner make sure you have a business partnership contract that lays everything out.
*results may vary