Going solo or with a partner is another question that always arises when talking about starting a micro business. Each of it has its benefits and drawback, but something is a drawback only when it’s not a good chioce. I hope that this discussion will help you and that you will join it in the comments section with questions or thoughts.
Who can be your partner? It’s easy to go out with your friends and come up with a small business idea. I bet it happens often, even if it remains a silly story most of the times. But, if it does happen and you do take it seriously, you have to make sure you have the same goal. Doing it with your friends might mean that some will have entrepreneurial spirit and others will taggle along. In some cases, that is okay, everyone brings something to the table and as long as you all do the amount of work you are supposed to, as long as you do what is expected and help move your business in the direction of your mutual goal, you can make it work. That means sharing your vision or sharing nothing. Everyone needs to understand the objectives and that work needs to be done. That’s why it’s important to keep your friendship and business separate because, if you don’t, your business will fail or your friendship will suffer.
Running a micro business with a partner, being that a friend or not, requires setting clear roles for everyone. You need to know who and how is decided that a certain task or project is done. You need to work on communication in the team; if something is not working or if someone is having trouble doing some part of their assignement, the whole team needs to know about it and work through it together. Also, everything needs to be explained so that everyone can understand it. There is a certain work dynamic you need to install, too. Let other people do what they know best to move a project forward.
Being a team, having a partner, means having other strenghts and knowledge apart from yours. The best case scenario would be if your partner could fill in your weaknesses and imperfections. That brings us to an important question. Can you let someone do that? Can you let somebody else do the work without you having to revise everything? It the answer is no, you should go solo.
There is no reason why you can’t make it going solo. You don’t need a partner to succeed or to make millions. It’s all about what feels right. Your business strategy is what needs to be played smartly. You can even encounter a situation where you came up with an idea with someone, but that someone isn’t the entrepreneurial type. This is when you will want to make an agreement with him; he would help you mature the idea and you would do the work. If it succeeds, you would pay him for the idea and you would carry on with the business. If it fails, it fails. That’s better then you doing all the work and having a partner that collects 50 percent every month for nothing.
If you run a business yourself, that brings up the question of vacations, too. What happens then? Do you put it in vacation mode, take it with you or hire some freelancers to handle communication and supervise? Do you even have a business that allows you something like that? If you don’t have employees, a partner is a good choice in this case, but it shouldn’t be the only reason.
When staring up a small business with a partner you need to get a structure in place beforehand. Organize it in a way that it works for both of you; what you want to think about is: “Do you think the same way?”, “Do you agree?”, “Can you compromise?”, and have in mind that you need to make all decisions together. Figure that out before you venture.
Depending on the circumstances and the business, is it easier to get the word out alone or with a partner? If you are starting a private medical practice, maybe a partner would be a good choice because you could bring in more clients, old and new ones. That brings us to the financial factor. Think about how long will it take you to become profitable and can you, with the business you are about to open, earn the money you want. Put it on paper. Can you do it alone or not? Do you need a new idea? Similar goes for startup capital. Having a partner means more startup capital, but don’t fall into this trap. Having more money doesn’t necessarily mean you can do more or better.
And, in the end, leave both sides an out in partnerships without destroying the business. You never know when you, or your partner, decides to leave the business to do something else or for any other reason. Life goes on, people set new goals and try new things. That’s just the way it is, so make it easy.
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