Business partner

[so-solar]

Evening all!

Right, after 12 years working for others i have now decided that it is time to have a go at running a small business myself!

I have sub-contracted for the last 5 years so i know the ups and downs of being self emloyed.

Anyway, I have thought about this for over 18 months now and it has become very clear that is would be a big mistake to team up with a friend as a business partner.

I am asking for some advice on how to find a good business partner to work alongside and become a reputable plumbing and heating firm!

Any ideas?

 

[migoplumber]

what exactly are you looking for in your partner? money or input?

 

[so-solar]

what do you mean by input? I would say i am in a very good position to move forward as i have a decent van, full set of tools,gas safe registration,public liability,experience and a little bit of capital. It is going to cost money i.e advertising etc. I am really looking for somebody in the same position wanting the same things! 2 heads are far better than 1. I am happy to go 50/50 either way!

 

[newbie1]

i know friends can be a thorny issue but you will prob end up being mates with your new partner anyway
2 heads are allways better than one and your more likely to do a good job
i would say you are in a very good position just need to find someone and hammer out the details
re stock purchase/ accounting/and all those little things that will crop up

 

[justlead1]

Hi. £1 divided by 2 = 50p. Why take a partner? just employ someone with all the attributes you need. If they don not come up to speed try another. Its a lot easier offering someone a share at a latter date, than dissolving a partnership made in haste. Good Luck

 

[willing2learn]

Hi. £1 divided by 2 = 50p. Why take a partner? just employ someone with all the attributes you need. If they don not come up to speed try another. Its a lot easier offering someone a share at a latter date, than dissolving a partnership made in haste. Good Luck

Completely agree with that. Sounds like you don't even need a partner anyway to be honest.

 

[so-solar]

Cheers for the advice lads,

1. employing somebody has its own problems and this is what i am trying to avoid at the moment, I am really looking for somebody that is enthusiastic and wants to be successful. I feel that making a partnership with another qualified experienced plumber will be the best move right now! ok, at the minute work is slow but the forecast is good. It makes sense to bring somebody in to my business venture as long as they are wanting the same things as me!

I have some good contacts and have work lined up. I feel that if there was 2 of us pushing for work then we would be able to grow alot quicker!

why does it sound like i dont need a partner?

 

[willing2learn]

why does it sound like i dont need a partner?

Because you already have everything there in place to start your own business. Just remember a lot of plumbing jobs only one person can work on, in an airing cupboard for example. All the other guy can really do is stand there with his thumb up his ar5e!

 

[so-solar]

I would expect my partner to be looking for work or quoting jobs! there are alot of things to do whilst running a business and for it to be successful you must put your customers first, therefore i believe that a partner is an excellent asset when starting out. I hear it day in day out, others moaning they have no time for this or that, I want to create a successful business and planning is the key! It is not all about hands on! you make money with your head not your hands! I have a small amount of business knowledge and my first step in the right direction is to be on time everytime which is difficult if you have a mountain of paperwork and quotes to do! I think a partnership shares the load and allows you to move forward

 

[willing2learn]

Agree with most of that. In fact. I'm in the process of starting my own plumbing business. I'm lucky in the fact that my wife is an accountant. So she can take care of all the figures

I would expect my partner to be looking for work or quoting jobs! there are alot of things to do whilst running a business and for it to be successful you must put your customers first, therefore i believe that a partner is an excellent asset when starting out. I hear it day in day out, others moaning they have no time for this or that, I want to create a successful business and planning is the key! It is not all about hands on! you make money with your head not your hands! I have a small amount of business knowledge and my first step in the right direction is to be on time everytime which is difficult if you have a mountain of paperwork and quotes to do! I think a partnership shares the load and allows you to move forward

 

[peteheat]

Hi,

There are many different types of parnerships they all can succeed or fail for various reasons.

Some I have seen were the tradesman and the salesman, tradesman and quantity surveyor, two or more chancers with good management skills who employ the tradesmen, salesmen and quantity surveoyers they need.

One successful partnership was formed at the counter of a plumbing suppliers between two tradesmen who started out sharing skills when one or the other had a job too big for one man.

Another very successful one was three salesmen who teamed up and employed the skills they needed very often sub contracting the work.

Perhaps it might be a good start to strike out on your own for a while so you can recognise the skills you would need in a partner, that way you know what you bring to the party and what you need as opposed to what you think you want.

Best of luck in your business.

 

[ocentric]

yes - it's very important to make sure that both skill sets complement each other, otherwise you'll be at loggerheads. Whoever you go in to partnership with, make sure your have a shareholders agreement so if the relationship goes sour....

 

[stevetheplumber]

you realy are better employing someone looking back now i can see partners are a mistake

 

[Puddle]

I have been on both sides of the fence
Had partners and employees
In Brief I think

Partners are ok short term, you start off with the same aims and ambitions, but life does not take a straight course and to find two people who can sail the same route over a long period of time, while each facing there diversities, is very difficult, even with the best intentions
Employing someone good, can be very expensive, especially in this game and hard to get a good return, unless you really are lucky and get a really good person, few and far between in this trade as there are so many self employed people
It’s well known that the big gas firms could not afford to employ gas fitters if they did the job correctly i.e. carrying out gas checks correctly, servicing correctly ect (well they could but the charges would become very uncompetitive)
I can see your need but maybe would look at bringing someone or some people in on a self employed, bonus /profit share system or commission basis, maybe working part time on certain issues
You should keep control of the business and sail in the direction that suits you, but expect relationship turn over as you and colleges evolve, as they surly will and to try to sail against the flow never works out and you end up ship wrecked
I wish you well in your decision

 

[so-solar]

Great input people! The good news is...... I have just secured a maintenance contract with a well known letting agency and i a have decided to sail alone, and when needed i will call up on 'recommended' reliable sub contract plumbers when i need them! watch this space

 

[crafty]

how about this, make your own partner.

there are loads an loads and loads of people (like me) looking to get into the plumbing industry.

most are finding work experience very difficult, offer someone a trainee position, pay them not a lot (i'm now looking for voluntary plumbing work to gain experience), watch them grow and progress, then if you get on well offer them either a well paid job or shares in the business. if it don't work out, get another guy in.

it doesn't mean you have to have a 16 yr old, there must be loads of guys like me (mature, ex chippy) who know hand tools and just need to apply the engineering knowledge learnt at college one day a week.

some may bring skills like plastering or being good at tileing which would be an enormous advantage.

good luck with it what ever.

 

[justlead1]

Hi So-Solar. I wish to share some of my business frustrations, that my help you on your journey. I have been in the game for a life time.spending on advertising of all sorts. Private clients and subbing and working from home. Some years ago i purchased a shop/workshop. The difference it made was unbelievable. Reduced marketing bill to almost zero, Client contact between 8 and 5 O'clock. Client confidence massive and will pay more for your service. Shop display dictates the type of work you want and it's local. Things like boiler changes, servicing, things that increase the HIPS scores on houses, solar panels, insulation etc. Plus a good admin/sales person come cheap compared to a plumber. It don't take long for it to start working and now with shops to rent at 10 a penny, its a good time to go for it. Good Luck

 

[Blackcatgas]

My 2 ps worth, Ive worked on my own, in a pair, a pair with an aprentice etc etc etc. What Ive realised is that there is many pros and cons to working on your own/with somone. But overall you are better working on your own, eg a first fix on a new build will take you 3 days on your own, mathematics dictate that if there was 2 of you it would take 1 and a half days. The reality is it would take you 1 and 3/4 to 2 days when theres 2 of you, thats just how it works. However it is nice somtimes to have 2 of you to solve problems, carry stuff upstairs, get hold of the end of pipe your trying to thread through the other side of the wall, take the wieght of a annoying customer, cheer you up when your down, take the **** out of each other all day, talk to at break time, carry you when your hung over etc etc, you will make more money by your self though, but you already know that dont you!.