I was looking for a space for a studio when the city coordinator informed me that another personal trainer was looking to do the same thing. I was wondering if anyone has had experienced partnering up with another personal trainer on a studio (splitting rent, etc)? Or my other thought was to see if they would want to work under my business name since I am LLC already.
Any thoughts or experience would be appreciated. Thanks!
The other thing I guess I would contribute here is to have a thorough contract and to establish the business relationship over and above any friendship between the parties. Although it wasn’t a personal training business, I did go into business with 3 of my friends right out of college. Our personalities were very different, and we didn’t have clear contracts about who was responsible for what, whose investment counted for what, etc. It was a nightmare. Thank heavens all I lost was my initial investment of about $10,000 (which in the early 90’s was more than half my annual salary). It could have been much worse.
Secure your assets.
Know your business partner on a business level.