Sharing the workload reduces the risk of everything overwhelming you.
Why having a business partner is a good idea
With a business partner, you have the following benefits:
- You can double work output
- You can discuss ideas with each other
- Chances are that you will be able to raise more funds
- You will be going on the same journey and can share emotions
- Your distinctive skills may be a good blend
But you should think twice
On the other hand there are also reasons for not having a partner:
- Any profits will be split
- There may arise unproductive arguments
- When setting up the business you need to be careful and strict about any legal documents and contracts
- If the business fails, your relationship may be ruined
When a business partner is suitable or not
It all boils down to whether your business needs a partner. This arrangement can be an incredible boost, especially if you need to raise capital. So, if you are determined to solve a large-scale societal problem or fill a gap in the market, you could use an additional co-founder. Such businesses are usually less personal and require more work.
However, if your business is motivated more by a desire to turn passion into profit, maybe you are better off without a business partner. Such businesses are smaller and based on personal interest. The workload is usually manageable even for only one person. This is the conclusion of an article on the business2community.com website.
-jk-