Xavier Media®

As we all know, the world of business is littered with once friendly partnerships which suddenly descend into chaos and fallout when the big bucks start to roll in, but are you better off working alone or with a business partner?

While there is no right or wrong answer, we hereby list a few of points for you to consider :-

Working Alone

Pros

You are your own boss! In essence, what you say goes and you have full control over the direction of your business.

You keep the profit.  While this is a very important part of any business, it needs to be balanced against what you can gain in the future from bringing in assistance.

Cons

Hard work! If you run a one person business then the likelihood is that much of the work will fall down to you – even if you employ staff for some areas of the business.  People who work on their own tend to do too much and are not keen to give any kind of control away.

Nobody to bounce ideas off.  There are always times when we may know the answer to a question or problem, but we night just need that confirmation from someone else – a seal of approval so to speak.

Working With A Partner

Pros

Discussions.  When there are two people involved in the business it allows each to bring their own particular strengths to the table, giving a different angle on many situations.  This can prove vital and may prompt questions which may normally have been missed.

Spreading the work load.  While even a business which has two affective owners will see each taking on more than their fair share, it is a whole lot better than working alone to impossible deadlines and a work load which keeps growing and growing.

Cons

Arguments! Even the best business partnerships have their fair share of arguments but it is how you handle these heated debates which will dictate the success of our business.   

Loss of lifetime friendships.  Working with a friend of family member is not a good idea, and can ruin what might have been a lifelong friendship.

These are just a few of the points which you need to consider when going into business, whether this is by yourself or with a partner.  While many of the downsides to working alone or with a colleague can be reduced by bringing in skilled advisers on an adhoc basis, there is still much to consider even if you go down this route. 

However the bottom line is that you need to spread the workload, take advice where required and listen to what is going on around you.  While business and pleasure do not often mix, there are cases where it can work so long as everyone knows the ground rules!

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