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Solo VS Partnership: What’s The Best Way To Do Business Part 1
Benefits of Going Solo

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When it comes to starting a business, there is always the big question whether to start it as a solo business or to join up with partners. Although it's no secret that a single-founder company tends to fail more (in fact, it is one of the top reasons for business failures), it does have its benefits.

On the other hand, building a business together with a partner will also have its own share of problems. The conflict between partners is also one of the top reasons for business failures, not to mention having two or more leaders can sometimes lead to confusion of the employees.

In this first part of the article, we will discuss the benefits of going single-founder, and how it will affect your business. While in the second part, we'll focus on benefits of building a business with partners. By the end of both articles, you can compare the pros and cons, and decide what's the best option for your business.

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Without further ado, here are some of the benefits of going single-founder:

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1. Increased Productivity

Contrary to popular belief, working on your own can increase your overall productivity. You can make all the decision without the needs to make discussions, voting, and meetings, which can sometimes be a distraction.

However, this also means that if you make any mistake, the effect won't be mitigated by other people, and can have a major impact on the company.

You can simply hire employees to increase the company's productivity and efficiency without giving away your decision-making power.

2. Flexibility

When you have a partner (or more), you will need to compromise your schedule with him (them) for discussions and meetings. Combined with the huge time investment necessary in the early stages of a business, this can hurt your work-life balance and energy in the process.

The flexibility will also extend to things other than time, such as creativity and business decisions, which can benefit the business in a lot of aspects.

3. Vision

Going solo means you have a clear control of your vision, mission, and goals, and sometimes that's the most important thing any business can have.

Communicating visions with others can be a very daunting task, as no two minds operate the same. If you already have a clear vision and have figured out the plans necessary to make your vision works, maybe going solo is the best option.

Bottom Line

Going single-founder, when you can manage yourself right, can have a lot of benefits to the business both short and long-term. However, the main cons of going solo are that you won't be able to share the risks with anyone, and all responsibility will solely be on your hands.

In the next part of the article, we will discuss the benefits of having a partner and also potential problems you'll face. So which one will be better for your business? Going solo or look for a partner? We'll let you be the judge.