You’ve decided. You are going to start your own business. But one question has been going through your mind: will you go it alone or with a partner? Are you capable of making all the decisions solo? Do your savings allow you to embark on the adventure alone? Do you have the necessary skills to respond adequately to all aspects a business requires? All these considerations merit that you stop before moving ahead… with or without a partner.
Starting in business alone
The advantages
Deciding everything on your own. Having control of strategic decisions. Not needing endless conflicts or discussions. In short, making decisions quickly and simply. Here are some benefits of starting a business on your own. Strong personalities will undoubtedly like this, because they will carry out their project as they see fit, without having to compromise.
Starting out on your own also means being the sole owner of the capital. All income goes to the same place, without being shared. This is a definite advantage. In addition, the initial equipment investment is often lower than for two people, since it only relates to one person: you only need one computer, one cell phone, etc. Finally, given that there is only one paycheck to generate, there is less pressure.
But being alone in business also has its drawbacks and does not suit everyone.
The disadvantages
Making decisions alone also means being the only one responsible for mistakes made. This is a weight that is not always easy to take on. In addition, having no other input when making a major decision sometimes limits your vision of the situation. Without outside advice, different or contrary, it is indeed difficult to see other solutions that your own.
Going into business with a partner
The advantages
Of course, taking on partners means more capital, hence the opportunity to take on larger projects. It also means combining a variety of expertise. If one is more creative and the other a seller, everyone will benefit from this complementarity by dividing tasks to maximize efficiency.
Another benefit of having two people is that two heads are often better than one. Discussion clarifies different points of view and solves problems more easily. In addition, a partnership can also motivate one another and boost energy for moving forward. Finally, enduring hard knocks or failures will always be lighter with several people, and getting back up is often faster.
The disadvantages
However, going into business with a partner means agreeing to give up part of the capital. It is also necessary to generate a higher sales turnover to pay all parties. And, of course, you need to be ready to make concessions and to take into account the opinions of your partners.
In conclusion, whether you go into business alone or with a partner always has advantages and disadvantages. If you are more of a controlling type and have the capital, or if your project requires little funding, it is better to be alone. If your business grows, you can always go and find partners. Nothing prevents you either, if you are alone, from surrounding yourself with experts, without necessarily being partners. However, if your business requires a significant initial investment or if you do not have all the skills to take the project on, you will most likely have an interest in finding partners. Good luck!