A year ago a friend who is 60 and a career salesman was unemployed. He's also the type that doesn't like bosses. I took him on as a partner. I'm still the business owner so there is no legal contract. That's because I still am way in debt to are supplier, but that is shrinking. For those that don't know, I'm still way in debt because I lost my career in the 98 dot com crash and still have a lot although I've cut that in half in the last year. It would not be to his advantage to become a legal partner and take on that debt. Still I consider him and treat him as a partner. I just bumped his salary so he is being paid what he is worth. If I have a slow month he is willing to cut his pay for that month, understanding our debt situation.
I think having my partner has increased my profits by about 70%. Coming from a different industry, but also a technical industry he has provided new ideas that have definitely increased profits. It's a year into this and we still get along professionally and personally. We know each others skills and faults. One of the things that makes this work is he brings a lot of money into the company and is good at accounting sort of stuff at which I suck. I know a good deal about web design and marketing of which he has no knowledge. If he were to leave I would take a big hit in company income and he couldn't duplicate what we are doing because of the web stuff on his own.
So now this year. Another friend has had a rough time financially and in personal life. He's working a retail job where he had been a network security expert for a major newspaper. Having been through this sort of thing when I lost my career (going from a 100k plus salary to $15 per hour) I can really identify with him. Knowing that he can do programming, knows databases (very professional knowledge in these areas), and can easily set up a word press site (again, not a designer or developer), I can really use him. He could put together a website for me that I could send to my web developer to perfect. Again, this is a perfect marriage so to speak. If all goes well, I can work him up to a salary that he is used to. If it doesn't work out, I am helping him out of a time of crisis.
So this is how my business is growing. I thought some of you might be interested.
I think having my partner has increased my profits by about 70%. Coming from a different industry, but also a technical industry he has provided new ideas that have definitely increased profits. It's a year into this and we still get along professionally and personally. We know each others skills and faults. One of the things that makes this work is he brings a lot of money into the company and is good at accounting sort of stuff at which I suck. I know a good deal about web design and marketing of which he has no knowledge. If he were to leave I would take a big hit in company income and he couldn't duplicate what we are doing because of the web stuff on his own.
So now this year. Another friend has had a rough time financially and in personal life. He's working a retail job where he had been a network security expert for a major newspaper. Having been through this sort of thing when I lost my career (going from a 100k plus salary to $15 per hour) I can really identify with him. Knowing that he can do programming, knows databases (very professional knowledge in these areas), and can easily set up a word press site (again, not a designer or developer), I can really use him. He could put together a website for me that I could send to my web developer to perfect. Again, this is a perfect marriage so to speak. If all goes well, I can work him up to a salary that he is used to. If it doesn't work out, I am helping him out of a time of crisis.
So this is how my business is growing. I thought some of you might be interested.
via Small-Business-Forum.net http://www.small-business-forum.net/managing-your-business/10597-growing-business.html
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