I have the opportunity to go into a established business that is expanding into the bakery business. They have a very busy popcorn business that sells the occasional slice of cake. She is interested in my coming to the bakery and making specialty cakes and pastries. I will not be an employee but more like a partner,I believe,. Anyway, I'll be able to service my own clients as well as get more cilents for her. I'm scheduled to talk to her tomorrow and just need to know what you all think.
P.S. I've been praying for an opportunity like this for years. I need this so that I can take my business and talent to the next level and to be finally Legit.
I dont have any advice (since I am a hobby caker) but I just wanted to wish you good luck!
If this is your dream I encourage you to proceed full speed ahead! So many folks hunger for a job that is their passion and it seldom happens for them. It sounds like this could be a total win/win opportunity.
There will likely be cloudy days and bumps in the road, but learn from them- they'll be invaluable tools in helping you master your talent and hone your skills and business sense, and will ultimately shape you into the best you can be... Very best wishes!
I saw a familiar quote recently that someone here was using as their signature and it really applies to you and your situation: "Do what you love and you'll never work a day in your life!". How fitting...
I think you should do a lot of praying and thinking on it. Sit down with a sheet of paper and write out all the pros and cons. Write out a list of questions that you want to ask. It sounds like you still have uncertainties. Are you a partner or not? Are you recieving all profits from you creations, or do you pay her a portion of sales as a commission? Get all the answers ahead of time. Don't be surprised later by unanswered questions. Get your agreement in writing! This is a must. Noone can really advise you what to do, but if you do go into business with someone else do it with your eyes open. Not just because you followed your heart into something you've always wanted to do. Good Luck!
This sounds like it could be a great opportunity for you! You need to definitely clarify some things, but sit down and talk with her, and see how you feel after that. You may need to have some type of agreement in writing before you proceed. GOOD LUCK!!!
contract... in writing, signed and notarized. NO ORAL AGREEMENTS--- please. Let us all learn that one lesson.
Congrats and good luck... sounds like it could be a win/win.
A written agreement is a must, but please make sure it includes an exit plan. At some point you will part ways. Have in writing now, how that will occur.
"partnership" is a pretty detailed and involved arrangement. how much investing will you be doing to buy-in to the business to become a partner? Or is this more of a "you can use my kitchen to make stuff or me and by the way make orders for yourself, too" type of deal? Partner? Independent Contractor (which has a legal definition all its own and is very scrutinized by the IRS)? Renter? Employee (also has a legal definition all its own - most people try to call someone a partner or indp contr to avoid paying payroll taxes but they still want the control of being an employer)?
Either way, a contract needs to come up. What happens if she thinks you're using too much electricity and wants to charge more for it? Who is responsible for the cost of the A/C going out? How will you balance her demands on your time vs. time to make your own orders, which is part of the deal?
Thank you all for your good wishes and your wisdom ! As I knew you would, you've given me some very important and valid things to think about. Thank you all sooooooo much. I'll keep you in the loop and let you know what happens.
Contract but other than that congrats!