Being your own boss/partnership

[Menagerie]

Hi,

Does anyone have experience of setting up and running their own business successfully or going into partnership with others? (Rather than working solo as a freelancer.) Apology in advance, this is a longish post and I'd love some advice from anyone who has done what I'm thinking of.

I've been working freelance for a few years, teaching, mentoring and training in my field. It was part time while the children were in primary, but as they get older I want to increase the work. Before Christmas I was offered some great consultancy work that takes me in a new direction, but the contract kept not materialising. I got bored waiting, so I've started to do small amounts of similar work on my own, via word of mouth. It's going well and I decided recently to set up my own business doing this line of work rather than waiting forever for this company to hire me as they promised to.

Today I was offered the chance of buying into a family business, offering what I do as an additional range of services that fits well with what they already do. I thought this was a brilliant idea but DP is less sure.

Disadvantages:
working with my close family and risk falling out
being one of three bosses who must agree rather than my own boss
handing over some of my earnings to the business which has bigger overheads than I would have.
I'd still be finding clients from scratch as they operate from a different part of the country.
DP says that as the work we do is not identical, there's no value in joining forces - we offer different things.
My darling family are trustworthy but not great with money nor perhaps as ambitious as I might be. Clash?

Advantages:
Working with close family - we understand how each other work and know our strengths
Our skills are different and compatible in the same field.
They have a strong track record and are established with a website I could add to rather than set all that up myself from scratch.
Some of the work is from home, so we could pass clients to each other.
As an established company with a range of skills, clients and workers, we come across as more reliable and experienced than a sole trader.
It's good for my family because they're seen to be expanding and I bring some good name clients with me. It's great for me because I'm affiliated not Anne Other touting her wares on her tod.

Not sure now what to do - set up alone or go in with my family. All my life I've worked freelance, pretty low key, via word of mouth or answering ads. This would mean touting for big business. Should I go it alone or join an existing company and add a new strand to what they do/become their London/SE branch?

Anyone who's still reading - thanks, and I'd really appreciate any advice or comments.

[Lizcat]

A partnership is more difficult than a marriage to put it bluntly. You and your parnters will all have different goals for the business.
You have to find a way to work together all you different goals to create a common objective.

Good things are you have someone to share the burden with.

I have been a 50% partner in a business for the last 5 years.

[Menagerie]

Thanks Lizcat.

Hmmm, I worked for a company set up by two close friends. As employee it looked impressive and they made a good team. They dissolved the partnership recently and now don't speak. Nothing major, just growing frustration at having different goals - just as you said - until they loathed the sight of each other. Wouldn't want that to happen with family.

Will look into being an associate. Sort of add-on but own boss.