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Partnership - what % profit split

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  • Partnership - what % profit split

    Hi everyone,

    Im looking at going into buisness with a friend of mine who's an artist - he will produce the artwork and i will market it and do all the business type things.

    I've got lots of ideas and think this could be pretty successfull (fingers crossed) - and at the moment he is doing very little in terms of sales so it should be a win win for both of us.

    The only thing im not sure about is how to split the profits. I would like a straight 50/50 and believe that is fair to both of us, but just thought id ask for any other opinions before i propose that figure.

    Thoughts anyone?

    All the best

    Steve
    www.nilasbeads.co.uk

  • #2
    I guess if your artist friend takes out the cost of his/her time and materials prior to splitting 50/50 then it might work. If you expected a straight 50/50 from selling price I wouldn't think your offer would be so attractive.
    www.littlebead.blogspot.com
    www.twitter.com/littlebead

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    • #3
      I think a straight 50/50 split seems fair on the surface, you friend will have time / materials cost involved in producing the work, but you will also incur time / marketing costs as well.

      The other option is to each take out your actual (i.e. receipted costs / materials / advertising / stall / brochure costs) from the selling price, and then split the profit 50/50 which will cover your time and a little extra. That way if one of you incurs more cost than the other your costs will still be covered.

      Claire
      Website; www.midshiresmakers.co.uk
      Facebook Pages: www.facebook.com/weedoncraftmarket
      www.facebook.com/craftshoppingexperience

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      • #4
        keep greed out of it if u wana both make it

        see what you are both happy with and work on that

        i think u know what i mean
        sand art supplies

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        • #5
          Yes - ill try and avoid greed !

          Thanks for the replies everyone, ill see if the project gets off the ground or not!

          All the best

          Steve
          www.nilasbeads.co.uk

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          • #6
            I'm sure you've thought of it already but do get it all put down in writing .... friendship can often be ruined by going into business together!
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