Many people who start a business do so with a partner. This might be a friend, family member, or acquaintance. The type of person you start a business with can greatly affect how your business actually turns out. For instance, if things get difficult in business, or you disagree on things, you could end up damaging a friendship. It is possible to start a business alone, but of course that comes with its own set of pros and cons. Read on to find out what they are:
Pro: You Get To Call The Shots
One of the biggest pros of starting a business alone is that you get to call the shots. If you’re a control freak, this will really appeal to you. You won’t need to compromise or argue about the best thing to do, because you get to decide. Of course this could also be a downside if you’re not a very decisive person! You get to choose everything, from your business premises to how you let customers pay. Want to introduce a Paypal credit card reader? No problem! Want to have a singing and dancing robot as your company mascot? Go for it!
Con: You Don’t Have Anybody To Bounce Ideas Off
Having somebody to bounce your ideas off is one of the best things about having a business partner. You get a different perspective from your own and you can ensure that only your best ideas and offerings get brought to life.
Pro: No Need To Worry About Different Ideas Or Views For The Future
All businesses need a view for the future. If you have a business partner, there’s a chance that you’re going to have different ideas or views for the future when it comes to your business. It’s so important you can align your views for the business in a way you’re both happy with, or problems can ensue later on down the line.
Con: Nobody To Share The Risk With
There’s always going to be a risk when starting any kind of business. No matter how good you think your idea is and how much of an amazing entrepreneur you are, you’re going to be taking some kind of risk. When you have a business partner, you both share the risk. This can make the whole thing much less scary.
Pro: More Spontaneity
If you’re in business alone, you can likely afford to be a bit more spontaneous. If you have a great idea or a whim, you can just run with it instead of having to run it past anybody and make sure they’re OK with it. In some cases, having a business partner means it takes longer to make decisions.
Con: No Outside Perspective/Skills Different From Your Own
It’s usually pretty good to get an outside perspective on things, and even have somebody on board with different skills and experience to your own. It gives your business a better chance of success.
So, will you go into business alone or find a partner?