VYNES APPAREL LEARNING CENTER

PROS

The Upside

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COLLABORATION

Ideas can be bounced off of one another, allowing efficient and effective brain storming and problem solving

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LOW COST TO START

Start up costs are low in comparison to a corporation or LLC.  Partners are also able to split the costs among one another.

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MORE BORROWING POWER

A partnership is more attractive to investors in comparison to a sole proprietorship

More opportunities to be backed by investors

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LESS REGULATION

Like sole proprietorship, there is limited regulation involved to get started and stay compliant

It's still easy to change your business structure if the partnership doesn't work out in the future.

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CONS

The Downside

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LIABILITY

Like sole proprietors, there is unlimited liability for debts and lawsuits

You are jointly and severally liable, meaning all partners together as well as each person individually is liable for damages or expenses if one is facing a lawsuit, all are facing a lawsuit: together and/or separately.

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FRICTION

Differences in opinion or ideas can cause friction among partners.

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BUSINESS BREAK-DOWN

If one member of the partnership leaves, you may have to disband the business or change your business structure

Your team is your foundation and plays a significant role in the success of your business. 

 

Regardless of how talented the members are, if the mission and goals of each member is different, the conflict will cause issues when it comes to company practices and procedures.

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When building your team, look for the following traits:

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DO THEY UNDERSTAND THE MISSION?

• The team needs to know the goals of the business and needs to understand the direction of the business.  Understanding the road map is important in understanding how to get there.  If one of the partners has a different set of goals in mind, they may not be the best choice.

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DO THEY LISTEN?

• With more than one mind making decisions, it's important that each team member is able to listen when a member has an idea or a direction that they feel would be a good suggestion. 

• If egos get in the way, this inhibits the brain storming experience and can cause large disruptions in business practices in the future.

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ARE THEY ABLE TO FOLLOW DIRECTIONS?

• Brainstorming is important, but even more important is implementation.  As the saying goes, "talk is cheap", so actions speak much louder than words. 

• It's impossible to set goals and achieve them if no one follows through with their set tasks or assignments.

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DO YOU GET ALONG?

• It takes more than expertise to have a team that works well together, it also takes some level of chemistry. 

• You're team will spend a lot of time together, so being able to get along with each other will help create a peaceful and productive working environment.

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IS EACH MEMBER VALUED?

• You may feel that a team member is valued, but if another member doesn't show the same level of respect, this can cause a level of resentment from the person that feels undervalued. 

• If a team member feels undervalued, they will inevitably leave the team for lack of appreciation.  If vindictive enough, that same member may decide to take trade secrets to start they'e own endeavor.

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BE A REALIST

• Don't under or over estimate the skill set of your team members.  If you recognize that a team member is really good at something, take note of it.  And on the other hand, if you have a member that slacks off, take note of this too. 

• Regardless of whether the team is a group of friends or people that have just met via networking, don't make assumptions.  Pay attention to the contributions, ideas and achievements of each member to decide on whether to keep your current team, create a new team or become a solopreneur.

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