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elishafoster@hotmail.co.uk elishafoster@hotmail.co.uk is offline
Newbie
Join Date: Aug 2012
Posts: 1
Please some advice is in need!

Hi people, i hope this message finds you well. I have quite a large dilemma on my hands i opened a business with a family member over a year ago, its more like a rookie business, nothing was planned correctly finances weren't planned its a mess basically. She saw my potential in photography and wanted to capitalize as we were both unemployed at the time. she invested in materials and we eventually found premises. We set up a studio. With great potential as the work and customer service had people coming back however finance problems meant weve been trading over a year no profits and my partner has no dedication to the original idea just to get money in anyhow to pay the rent. This causes tension. I went and got a 30 hour a week job and am lacking in care for any of it because of the diversion and where its taken me. I have my own photography dreams and its more along the lines of mentoring and providing a creative service rather than just commercial selling. I dont know which way to turn as i gave up working for over a year to open this studio financially it put me in a bad way so have to tread lightly now but i dont want to become disoriented from my goals and my loves.
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Dave4N Dave4N is offline
Newbie
Join Date: Jul 2012
Location: 4NHQ, Taunton
Posts: 6
Need some inspiration?

http://www.bradburton.biz/

get yourself a copy of one of those books man,

they rock


Dave
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tomstables's Avatar tomstables tomstables is offline
Starting Out
Join Date: Jul 2012
Location: Preston
Posts: 24
Well, it seems like you know what you need to do (take the business on by yourself) but there are barriers stopping you (the awkwardness of a business break-up, family disruption).

What you need to do is decide, absolutely what do to. With that in mind, you need an exit strategy, so before approaching said family member, have an idea of how you can take it forward. Do you pay them off? Do you set up a new business from scratch? Whatever you decision, there are going to be some horrible and awkward conversations. I've been there - it's rubbish, but you need clear delineation of what is business and what is personal. Perhaps if you talk in numbers, bottom line, projections and business plans - and avoid personal sleights, it might help?

Hope it all works out whichever way it pans out
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Scott-Copywriter Scott-Copywriter is offline
Starting Out
Join Date: Sep 2009
Posts: 12
Everyone takes a risk in business, including your family member. However, that aside, you do have a responsibility to not just leave him/her in the lurch if they've invested money and time into your business.

Perhaps the finances weren't planned originally, but can they be planned now? Have you sat down and really worked out every avenue to see if you can turn it around and make it a profitable business?

I don't know how old you are, but there should still be plenty of time to focus on your dreams and ambitions. Having a successful photography business, even if it's just for a few years, will certainly give you experience which helps towards that, so I wouldn't give up on it just yet if it can be saved.
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allianceonellc allianceonellc is offline
Newbie
Join Date: May 2013
Posts: 5
Business aims are long-term goals, and objectives are the steps you will take to achieve the goal. A primary aim for all business organizations is to add value and in the private sector this involves making a profit.
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