Boutique Business Partnership can be hugely profitable for yourself and for your partner but there are certain challenges, which you must be aware of. So that you could make the most of your business and partnership.
You have to manage so many things in a boutique business, at the same time you need to keep in mind that you do not cross paths and break the rules of a good partnership.
Most people start a boutique business with friends, family, relatives, colleagues with a sincere intention that their friendship will be the foundation of their business partnership. They do not want to imagine that one day their well intention business partnership may turn to ugly fights.
I am warning you about these things, because similar problems are prevalent in fashion and sewing business partnerships as well. Thus, it's a good practice to get a partnership deed registered before you even inaugurate your boutique business.
That would ensure a profitable, successful long lasting, boutique business as well as minimize boutique disasters.
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Boutique Business Partnership : a Win-Win Business
Two thinking heads are always better to refine the ideas, and get to understand the core of any hindrances, which could arise in the course of business.
There are ample benefits of getting to be together to run a show and form a brand in the long run.
Before starting a partnership in any field, it’s important that we define the Why and How of our boundaries.
For that purpose we may consider some of the benefits which we can achieve by taking care of small considerations and good communication at all times.
Four Reasons for boutique Business Partnership
Joint responsibility :-
There is always a shoulder you can lean on in times of despair.
There is somebody to take over the responsibility and decisions in your absence at time.
You can rely on your partner and share the details for discussion and introspection for the common goal of achieving the targets.
More resources :-
You benefit from the shared resources which could be premises, skilled as well unskilled manpower or workers, time, fixed as well working capital – furniture,fixtures and many more things related to your business.
More credibility :-
In case of partnership, you achieve your goal of winning the trust of customers easily as people tend to rely on a joint venture more than an individualistic effort.
You cover each others’ weakness :-
You can build a good reputation as a business by shared values and bring in your individual strengths to cover up the weakness of your partner.
This way, you benefit from the strengths and mitigate the harms of negatives.
Six Tips to Achieve a Profitable Boutique Business Partnership
Partnership with like-minded business person or a person who can compliment your skill-sets with his/her; is a boon for business.
It helps to grow your business in terms of shared money, skills, time, resources, responsibilities and don't forget shared profits and losses too!
How do you ensure that you reach a win-win partnership with your boutique business associate?
These are some of the tips -
Get most out of your USP
Each one of us have our unique selling proposition, that means you have some positive qualities and some not so favorable traits, likewise your partner is also having some pros and cons.
In a partnership, you can concentrate more on your core competency area and get more out of each individual to benefit the business, rather than focusing too much on negative traits.
Shared dreams and aspirations
It’s obvious that two individuals can not be carbon copies and it’s not even needed, when you wish to share your business plans with the other person.
Each one of us have different dreams and aspirations but it’s important that both the partners have at least a common goal. This shared objective will keep them going together for a long time. Having said that, the importance of choosing the right business partner can not be denied.
Sharing and respecting each others’ values and trust
Values and trust are not mere words. It takes years to build them and each individual is very much attached to their core values. It’s important that each partner is honest and transparent in every dealing that he/she does.
Well defined work areas
While working, nobody wants to be interfered and bossed around by others. Comradeship is important as well as well define work areas and respect for the space and privacy of working territory of each other.
There could be discussions and brainstorming on refined ways of working but it should not be head hammering.
Balancing the relationship
We find the most common business partnerships around us are between friends, sisters, brothers or spouses.
It’s important that we don’t mix business with personal grudges and differences. It’s easier said than done but until and unless this maturity level is achieved in doing business together, no business can go a long way.
Each partner puts in equal or defined share of funds and resources in the business and expect returns on that,too.
It’s better that in good times itself,a partnership deed is executed mutually to avoid any conflicts in future and money should not be the sole reason of getting separate ways in a bitter manner later on.
It seems convenient to start a boutique business as an owner of your empire, when you have all resources - money, management, land, time, intelligence, manpower, strategic planning, contacts and networking etc.
When you are the sole decision maker, it is faster to do business, but it may or may not be easier alone.
At the same time, there is huge cost involved and at times you feel the need to have a like-minded business associate, who could share the resources and ease the challenges of running a boutique business.
Above all, you have to be careful that you have a cordial, beneficial partnership, and you do not become a victim of common boutique challenges.
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