Business partnerships can be a magical relationship between two or more like-minded individuals who are ready to pull their resources and create something unique, long-lasting, and best of all: profitable. They are also time-intensive, risky, laborious, and can be inherently unstable given the changing nature of the industry, the world in general, and individuals themselves. I have personally had numerous partnerships in several different industries, and looking back on all of them, I have learned a few things.
What do you think of partnerships in a small fitness studio setting? I recently had a My Mad Methods Magazine reader ask me that question. Here is what I said:
For the love of God, be careful who you partner with! If you ask any lawyer, they'll say that business partnerships make you more liable than marriages do (I'm... not sure I'd go that far, but they are very dangerous if they don't work out). With that said, I agree that having partnerships with a new business are extremely important to your success. Here are my top 5 tips for fitness partnerships:
Tip 1) Get it in Writing!
Go online and find a sample partnership contracts that outlines how it will work. Be sure to include all areas that involve money! You might also want to create a section that involves basic "responsibilities" like how many hours are being worked every week, who is paying for marketing materials, how do you split and pay for the rent, etc. Also, detail how a split up would work (can you both work in the same city again?).
Tip 2) Consolidate Your Branding!
While each person you work with may want to be their own business, online branding and networking for clients will be way more effective if you're all promoting the same name. Come up with something you all agree on and get to work!
Tip 3) Exam Your Training Principles & Methodologies!
You've seen it before: you're training a client when you look over and see another trainer yelling at their 80 year old client to round their back more on a 300lb deadlift. Can you live with that without making a comment? Make sure your partners believe in the same stuff that you do!
Tip 4) Share Your Goals!
Where do you and your partners see yourselves in five years (or even one year for that matter)? Differing levels of commitment and vision will eventually breakdown the whole business if they aren't discussed at the front end.
Tip 5) Talk, Talk, Talk!
Every aspect of a partnership deals with communication and trust. Be open and honest with what you want and what you expect. If you feel yourself (or your potential partner) holding back information for any reason, you might want to rethink going into business together. Hope this helps! Overall, I'd say you might not have a choice when it comes to finding partners. The economy is rough and you need to blast out of the gate if you're thinking about opening a studio. Good luck! What do you think?
Contributor Information:
Mark de Grasse is the owner of MyMadMethods.com, My Mad Methods Magazine, and My Mad Methods Productions. In addition to being a certified trainer specializing in kettlebells and bodyweight training, Mark is also the chief editor and designer of both the website, magazine, and My Mad Methods Productions DVDs. Find out more.
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