Many people have a goal of owning a business. When making plans to launch a new venture or expand an existing one, there’s the question of whether to go it alone or find a partner who will also be committed to the success of the venture. Having a business partner does come with some advantages, but there are also potential drawbacks to consider. Here are a few examples to keep in mind as you evaluate your options.
Pro: Tapping Into The Knowledge and Expertise of Your Partner
You’re an accomplished individual with a lot of experience and expertise to bring to the table. Even with all that you have to offer, do you have all the skills and experience needed to address every facet of the business? If the answer is no, you do need someone who can provide what you cannot.
One approach is to find a business partner who excels in areas outside the scope of your expertise. Alone, each of you can only go so far. Together, you could be a force to be reckoned with. Combining your strengths increases the potential for building a company that is stable and capable of taking advantage of growth opportunities.
Con: Tension When The Two of You Don’t Agree
Along with accomplishment comes quite a bit of self-confidence. That’s fine until the two partners find themselves unable to agree on some crucial element of the operation. It can be something as simple as how to set pricing for goods and services, whether or not to take on a client who has a reputation for being difficult, or even where to base the corporate office.
If you are the sole business owner, there is no need to consult with a partner on how you structure the company or what type of clients to accept. Flying solo may be difficult at times, but being able to make decisions faster and without any debate could make it easier to take advantage of windows of opportunity that are only open for so long.
Pro: Sharing The Workload
Operating a business means working long hours. This is especially true during the launch and the first few years of operation. It’s easy to experience physical and mental fatigue when you’re putting in 80 hours a week to ensure your company is strong and competitive.
Instead of trying to do it all alone, having a business partner means there’s someone to share all those essential tasks. Maybe you work on them together so they can be accomplished in less time. Perhaps you divide up the different pending projects and then come back together to confirm what’s finished and what will be tackled next. With either approach, both of you are likely to get a reasonable amount of rest and be refreshed enough to approach each new day with a lot of enthusiasm.
Con: Taking Up The Slack
The right business partner makes running the company less complicated. One who never seems to take projects seriously or procrastinates most of the time will often leave you cramming more activities into an already crowded schedule. When this is the case, are you really accomplishing anything by having a partner? Unless the individual is contributing something of value, you would be better off taking care of the business by yourself.
Only you can weigh the benefits and the possible drawbacks of having a business partner. Look closely at your operation and what it would take to make it a success. If you truly believe that it’s possible and more practical to function without a partner, do so. Should you think that a partner would be good for you and in the best interests of the business, find the right one. In the long run, the proper choice will serve you and the business for years to come.