Help with teen entrepreneur

[howdoudo989]

I am currently looking to sell custom made t- shirts to the students at my boarding school. I plan on going into buisness with one of my friends to maximize start up available cash. I was thinking of spliting the profits 45-45, with 10% going to the designer of my shirt. Does this sound like a good buisness model? Is there any thing I should be aware of?

[Mike_K]

Get the money from your folks or a friend and skip the partnership. I had one partnership with a friend when I was in my teens and it ended badly (money-wise and friendship-wise). I've seen partnership after partnership dissolve through my last 8 years in business. If you can get the start-up capital on your own do it.

As far as a business model, this isn't really a business model. This is kind of a rough breakdown of your financials. If it was me I'd pay the t-shirt designer once for his design and purchase the rights to use that design. If he's also young, he'll most likely be open to selling outright. If he's not or if he's looking for more than you think is fair then perhaps a percentage of sales is something to consider.

Eliminating the partner and buying your design outright means you keep 100% of the profits versus 45%. That seems like a much nicer number to me!

[howdoudo989]

yeah the thing is I don't want too much risk if something goes wrong and also I want have to do all the work alone. That's a good point though cause I don't want to mess things up between us. I am kind of worried though about one of us doing more than the other in terms of work.

[NinaBug]

i am trying to start a business and i was told by business owners its a bad idea to go into a partnership with family or friends bc it never ends up good. you want to keep as much as the percentage as possible so find another way to get start up costs as possible if you want to do it alone then start it alone you dont want someone breathing down your neck all the time. I am starting mine alone.