I just signed a business contract and i'm getting cold feet.

[crying1986]

Hey,

I am going into business with 3 other people.

We are all successfully running our own companies as individuals.

We decided to build a studio and operate under one name as a single entity.

With all our gear, the new rooms, our client base, and our cash assets it seems like something very special could happen.

We just started construction and I am feeling pretty freaked out about it all...i'm not sure why.

I guess this isn't much of a question. Has anyone been in a similar situation as this?

[Wiguan]

Moving from comfortable position to where you have to act, become agressive and taking the risk, of course you would feel that way.

[firby]

But. Your mother could _really_ use that space for her sewing, so perhaps you could find your own space.

kidding.

Suck It and See(tm) What else were you gonna do with your life ?

[newdigitaluser]

Originally Posted by crying1986

Hey,

I am going into business with 3 other people.

We are all successfully running our own companies as individuals.

We decided to build a studio and operate under one name as a single entity.

With all our gear, the new rooms, our client base, and our cash assets it seems like something very special could happen.

We just started construction and I am feeling pretty freaked out about it all...i'm not sure why.

I guess this isn't much of a question. Has anyone been in a similar situation as this?

normal

and if you all didnt do it
get ***everything*** in writing
done by a lawyer

there will be disagreements in the future
each of you needs to be protected
from the other two screwing them over

[rockyoreilly]

I went into business like this four years ago with two others.
I've so far learned the following about working with others like this:
maybe some of it will be relevant/useful for you:

Communicate loads.
Talk about every eventuality, discuss roles & expectations.
Agree on weekly/bi-weekly/monthly meetings.
Have at least 2 names on bank business etc.
Have a written list of equipment/who owns what / what happens if someone leaves etc.
A start of session / end of session procedure list to be followed. (will stop you getting annoyed when you can't find any mic clips/are swimming through old coffee cups)
Security/ health & safety procedures.
If you don't have a partnership agreement, get one.
Get an accountant.


Try an minimize all out-goings and financial risk and be patient,
build things up at a comfortable pace.

Make sure there is a studio manager role being carried out.
Keeping on top of accounts and returning cold-calls can easily
be forgotten when sessions are keeping you busy.

When it's viable, hire a dedicated studio manager!

I've had the greatest time, we've been able to grow from a modest studio set up to three suites with lots of nice gear, a great client list and loads of unbelievable experiences.

Good luck!

[crying1986]

Originally Posted by rockyoreilly

I went into business like this four years ago with two others.
I've so far learned the following about working with others like this:
maybe some of it will be relevant/useful for you:

Communicate loads.
Talk about every eventuality, discuss roles & expectations.
Agree on weekly/bi-weekly/monthly meetings.
Have at least 2 names on bank business etc.
Have a written list of equipment/who owns what / what happens if someone leaves etc.
A start of session / end of session procedure list to be followed. (will stop you getting annoyed when you can't find any mic clips/are swimming through old coffee cups)
Security/ health & safety procedures.
If you don't have a partnership agreement, get one.
Get an accountant.


Try an minimize all out-goings and financial risk and be patient,
build things up at a comfortable pace.

Make sure there is a studio manager role being carried out.
Keeping on top of accounts and returning cold-calls can easily
be forgotten when sessions are keeping you busy.

When it's viable, hire a dedicated studio manager!

I've had the greatest time, we've been able to grow from a modest studio set up to three suites with lots of nice gear, a great client list and loads of unbelievable experiences.

Good luck!

Thanks man,

I have literally done every single thing you just listed. I am feeling a lot better now btw. Construction begins Monday...