Should I go into business alone or with a partner?

It’s said that two heads are better than one.  So consider the advantages of going into business with others:

·         Two can accomplish twice as much, three even more. The more the merrier, you have more ideas, more heads to discuss and make decisions.

·         You will not need to be at the business at all times. You will have someone to share the load.  You will be able to take a vacation and have sick time.

·         You will have a highly motivated co-worker, not just an employee who is only concerned about earning a paycheck.

·         Partners with complementary skills are advantageous.

·         Partners can contribute capital and share the risk.

Some of the arguments against having a partner are:

·         You will have to share the rewards and the recognition if the business is successful.

·         You will not have total control over the business.

·         A partner with poor judgment can be a disaster.

·         You run the risk of a falling out and perhaps the necessity of one partner buying the other out.

When choosing a partner consider whether you have similar work habits and similar objectives for running the business.  Consider whether your strong points are similar or complementary.  Different skills allow you to spread the workload and provide better coverage for problems. 

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