Many aspiring business owners faced with the current economic climate are questioning whether it would be smart to find a partner. Would it be better to go it alone or partner up with someone? Ultimately, there is no definitive answer to this question, with the choice boiling down to individual circumstances. However, some pros and cons come along with partnering up, which can make it easier to decide if it is the right choice for you.
The Allure of Going Solo: Independence and Control
If you are a person who prefers to work alone, then a partner might not be the best idea when starting a business. On its own, a start-up can be extremely stressful and will require much effort from all parties involved. And if you cannot guarantee there will be zero conflict and a good amount of coordination between you and your partner, this might not be the best idea. Furthermore, when working alone, you have all the deciding power when it comes to aspects such as your vision for the business, strategy development, and decision-making.
Solo ventures also allow for flexibility and agility where that might not have been the case in a partnership. And for many who go this route, the appeal lies in the fact that as a sole business owner, you have complete control over every tool and service and can shape your business from the ground up. For example, as a solo entrepreneur, you can choose any company-wide software, which can include data integration tools or CRM software. When it’s time to scale up the business, you can also choose whether to acquire another company with the help of merger specialists such as InfinityMerge or if you want to hire more resources internally and upscale that way.
This decision can be based on personal requirements and alignment with business goals, with no need to compromise for a second party.
The Challenges of Flying Solo: The Weight of Responsibility
On the other hand, the cons of running a business by yourself lie in the immense pressure and near-impossible workload that comes with such an endeavour. For one, there is a very large possibility of burnout as you would be managing all aspects of the business by yourself. In comparison, having a partner would mean splitting the workload and sharing responsibilities, which, in turn, can make the workload more manageable.
Furthermore, going it solo means you lack diverse perspectives, which can be especially helpful in difficult situations or when needing to approach a problem from a different angle. Additionally, a partner can help identify blind spots or any discrepancies you make or might have missed, proving a great benefit. Finally, a partner can alleviate the financial burden you would be placing on yourself by starting a business as a solo entrepreneur. So, instead of having to fund everything on your own, a partner can chip in and take over some of this weight.
The Power of Partnership: Shared Resources and Expertise
To build on the point of splitting financial burdens, other added benefits come with sharing financial resources with a partner. This includes increasing business capital as a partner might bring in their own resources, which can alleviate costs in other areas, including operations or personnel. Furthermore, this can reduce the chances of your business having a debt-heavy launch since you and a partner were able to pool resources.
This is especially helpful when your potential partner has a skill set and experience in a field that complements your own. For example, if you are looking to start a tech company in the healthcare sector, having a partner with experience in this industry would be perfect. And when it comes to gaining a customer base, leveraging your partner’s network can significantly help boost your business standing and presence.
The Pitfalls of Partnership: Conflicts and Compromises
While a partner can help with motivation and encouragement, you might not always see eye to eye. This can come in the form of conflict regarding daily operations, financial management, and a difference in strategies. In addition, there is always the potential for an uneven split of the workload or one partner doing more but receiving the same cut of profit. On that note, profit is now split amongst both parties instead of you being able to keep the full amount to yourself. Therefore, it is important to conduct due diligence on the person you are considering partnering up with. Or just educating yourself on what having a partner in a start-up entails.
