We were all taught to share in kindergarten—an easy concept with toys—but what about when it comes to your studio? Sharing your business’ space can be a great way to save on costs such as rent, water and marketing. As long as your partner—whether a yoga teacher or a gymnastics coach—has a similar idea of what it takes to operate a successful studio, it may pay off tremendously. Here are a couple things to keep in mind before splitting your location with another business:

* Sit down with your partner and go through every piece of the lease to make sure that you are both protected. Also know exactly how the time will be split between you at the studio.

* Discuss and spell out issues such as who is liable for rent if one person defaults, staff costs, office space, storage space, and the use of equipment and supplies.

* Evaluate the personality of your potential partner: Talking candidly about expectations and ideas can help both of you see if the combination is a match. Try talking about issues that may come up, such as how each of you might handle a difficult parent or someone who did not pay for a class, to see if you are on the same page.

* Have a solid picture of the atmosphere that you hope to create in the studio, and discuss your thoughts. It is much easier to deal with these issues on the front end of a business relationship than later on.

Based on “Is Sharing Your Studio Right For You?” by Catherine Tully