There are so many business decisions to make when you’re in the process of setting up a company. The early days of a business are an endless list of to-do lists, hurried notes, and running around hoping that you haven’t forgotten too many important things.
For the most part, businesses tend to begin as sole trader endeavors; one person and their ideas, trying to make a go of it. This can work; it can ensure the business is created exactly as you imagine it to be, and when you succeed, then it’s all down to your hard work.
Sometimes, though, launching a business can feel like a lot of work for one person to try. So then comes the question of whether or not a business partner might be able to assist. Given this is a dilemma that thousands of business owners find themselves considering, it’s worth running through the pros and cons of a business partner – so you can make the best-informed decision for yourself.
PRO: Someone To Share The Workload
From the applications for a business bank account through to the creation of a business plan, there’s no doubt that getting a business off the ground requires an awful lot of work. If you’re trying to go solo to do this, then you’re likely going to lose an awful lot of your personal time to doing all the necessities.
If that’s not a sacrifice you want to make — and why should you, given the importance of a good work-life balance? – then a business partner can help to lighten the load. This can mean you dedicate your time and resources in the right areas, rather than constantly struggling to keep up with all the boxes you need to tick.
CON: A Future Legal Tangle
When you’re launching your business, it’s somewhat inevitable that you will predominantly focus on the immediate future rather than anything too distant. However, if you go into business with another person from the start, then it could lead to difficulties later on.
What’s going to happen if one of you wants to sell the business? What if you have an argument and can’t agree on the business future? What if you realize your methods are not compatible with one another? While there is always help for these questions via the likes of The Amazon Accountants to help split a partnership and mediation services that can resolve disputes, you have to be sure you’re going to be able to take such steps should the need arise. This is especially complicated if you’re going into business with a friend or family member; you could be about to make that relationship very strained. Are you ready for that?
PRO: Different Ideas and Perspectives
When you’re going into business for yourself, it’s all too possible for you to become insular. A business partner can offer vital different perspectives, which can change the course of your business for the better.
Ultimately, the decision is up to you – there are more ‘pros’ than ‘cons’, and even the cons can be mediated. If you feel you could use the help or perspective, then perhaps a business partner might be the right choice for you.