After the excitement wears off, now Carefully consider these options.
If you have thought about starting a business, there is a chance are you have contemplated doing it solo or with a friend and are weighing out the advantages and disadvantages of doing so. Here is a list of pros and cons to help with your decision.
1.Understand Your Personality Type
It important to understand your personality, and this goes way beyond being an introvert or extrovert; however, really understanding the type of person you are, for instance, you can explore this through the Myers Briggs 16 personalities test, which provides an in-depth conclusion of what personality type you are from your relationships/friendships behavior to parenting and strengths and weakness. This will enable you to learn what your weaknesses are and work with a friend who can compliment you in your weaker areas. This could be beneficial or contradictory as you can learn how beneficial it will be to be a solopreneur. I have a personality trait called INFJ. This has enabled me to understand further my career paths and my different types of relationships and pursue my creativity.
2. The benefits of bringing your skills together
Having someone you can bounce ideas and workload is a bonus. You and your friend will have different expertise and skills you can bring to the table, which will compliment your business in areas where you need help. For instance, your friend could be creative, and you can be better within Finances.
3. Sharing Responsibility
It can be daunting if you're starting a business. You'reYou're trying to raise funds and learn each other's management skills for the new team you are acquiring or learning more about yourself through networking for clients and industry knowledge and trends. Working with your friend can ease the process of workload that requires starting a new business, especially.
4. Stronger Force In The Market
Having a company with multiple co-founders ensures the company is always one step ahead because being a sole owner, you may listen to yourself rather than sharing the business ideas with someone. As a result, you may be left behind your industry trends. Working with your friend, the business's discussion is always spoken about as you both have your respected networks and attributes to bring.
5. Be prepared To Risk Your Friendship
As you are now business partners, be mindful that the friendship may change as your focal point may shift your business to a new layer to the relationship you already have. Ask yourself, despite having great friends and both having attributes you can bring to the business, can you share the business with your friend? More importantly, your friend's characteristics, including her flaws and yours, can be managed to co-work in a business?
6. Are you able to do this alone?
Importantly what are the reasons why you're willing to work with your friend? Write down all the attributes your friend is bringing to the partnership and ask whether you're capable of alone?
7. Do not feel disheartened if you and your friend do not have the answers.
Do not feel pressured if you're you're both inadequate to fulfilling a role in a business. The majority of business owners hire people who are qualified in a particular role. Your business should have a team of people you can trust to get the job done.
8.Give Credits Where it is due
This factor is not something many people consider in the early days as they are just excited to share this new chapter with someone they get along with. However, if one of you has a stronger experience/ understanding of an area of the business that is pivotal for success, you may feel the second-best in the business. Accept that if that may be the case and be humble about it and look at what could not achieve without this partnership and the potential that awaits in the future.If you are naturally a leader and want the respect validation of their hard work, this is crucial if you take a step down when potentially needed.
9. There is no such thing as 50/50
Following on from the above, yes, you may split the risk, expenses, and profits, but one person will naturally give more to the business. You are not an identical equal to your friend, so your will results will show this.
Life predicaments may come in the way too, and one may need to step up for a longer period than expected potentially too.
10. Don't Be Shy By Having An Contractual Agreement Set On Everything
You may have found it easy to avoid confrontation and uncomfortable talks and easily avoid them when you were just friends, but as business partners, all stakes are in the open, and transparency is key; communication about the back and front end of the business should be expressed in written format. It is also best to get this out of the way at the early stage, too, and as the business grows, you can review it and update it if needed.
See The Positives It Will Bring
The above may be alarming but see the benefits of how, as business partners, you could create a brand, niche, and different perspective. The options are limitless. It's like having your miniature board team. Alone we cannot always make the best decisions.
If self-motivation is your weakness, knowing that you are also impacting someone else future if you are a procrastinator or are not giving 100% effort alone should boost your need to get your work up to speed. You don't want to disappoint someone who trusts you in their life projects.
There is a stigma that successful businesses are built solely by one person who cannot feel success unless done so. However, many established businesses have people supporting them, whether through hiring freelancers or creating a logo to support your digital marketing presence and, most importantly, a greater work life balance to which is key to success.