There are a lot of businesses out there in the world. Some of these are run by partners, friends and even former colleagues who collaborate together to do something good in the world. We are, by nature, sociable humans. We like to have company when we are going through big phases in life, and when we enter the working world, we get to know people, build contacts and eventually decide whether we want to strike out on our own and start our own businesses. The question is whether or not you choose to go it solo or whether you want to join forces with someone else.

Whether it’s a good idea to go solo is really going to depend on whether or not you have the right drive for it. You also should decide what you would need to outsource, considering you are only one person and can’t do it all. Hiring someone else to do certain tasks that you’re unable to do is a smart move for your business should you choose to run it on your own. There are pros and cons to going solo, of course. You’d need to be able to be okay with working alone because it can be dreadfully lonely, which can be enough to push you into partnership! You’d have to look into your options with places like umbrellacompany.net to know that your company finances are well-managed. Going solo has some benefits to it, and we’ve listed these for you below:

Pros:

• Going it alone has the simplest structure for an organisation.
• You get to make all the decisions without butting heads with anyone else about them.
• Every failure and success are down to you and the choices that you make.
• The profit and growth of a company is solely your success.

Cons:

• It’s a lonely venture.
• You don’t have anyone close to bounce ideas off; sometimes two heads are better than one.
• You have to shut down every time you want a break.

As with going solo, partnering up with a like-minded individual, friend or former colleague also has its merits. It’s important to understand the pros and cons of partnering up as much as it is important to understand the pros and cons of going it alone.

Pros:

• Your success can be double with someone else by your side helping you to make the decisions.
• The extra help with the start up cash can be a weight off your shoulders as you’re not financing it alone.
• Extra people on board means more talent that you won’t have to pay out for.

Cons:

• Conflicted opinions can raise issues that you weren’t sure were even there.
• You need to decide how you will structure yourselves as a partnership.
• It could be far more complicated to have an exit strategy if you want to be able to get out of the contract you draw up early.

No matter what you do, make this decision carefully. There’s no use in bringing on a partner if it would be detrimental to your business.