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Starting A Business Alone or With a Partner?


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#1 Business Circuit

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Posted 16 November 2011 - 12:38 PM

One of the biggest and most important decisions you will make when you start a business is whether to do it by yourself or to join forces with a partner. The repercussions of the decision are something you will have to live with for the life of you business (most of the time).

We certainly have opinions on which way is best, but we would love to hear what your views are and what choices you have made.
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#2 BusyJane

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Posted 16 November 2011 - 04:10 PM

I started out with a partner, but we decided to break off and go our seperate ways quite early on. For me it was the best decision as we both had very different views about the direction we wanted to go in.
Thanks, Jane

#3 John84

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Posted 16 November 2011 - 04:15 PM

For me it always had to be me on my own. I don't think i would work well with another person trying to jointly steer my business.
Cheers,

John

#4 DaveBradburn

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Posted 18 November 2011 - 08:14 AM

Started on my own and never really considered an alternative. There are times when I'd have liked someone else there to help with particular tasks or decisions, but there's no reason that they have to be a co-owner.
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#5 Matt

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Posted 18 November 2011 - 01:59 PM

For me it was always going to be a solo operation. If i need someone else's involvement, i'd rather pay them a fee to do what i need instead of giving them part of my business.

#6 MvM

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Posted 29 November 2011 - 05:29 PM

I always start by myself I have never thought about having a partner or starting a partnership.

If the opputunity ever arose I would consider it but it's not really something thats ever crossed my mind.
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#7 purplesummer

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Posted 08 April 2012 - 11:23 AM

I would agree with what most people have said - doing it alone was the best for me. I don't think anyone else would have wanted to go at the (fairly slow) pace of growing the business that is best for me.

#8 Maverick

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Posted 22 July 2012 - 02:38 PM

Depends what industry you are in. I know from experience if you are starting a digital start-up in particular its very favourable to have a technical partner to compliment your business/ marketing skills or vice versa. This is increasingly important if you are looking to raise seed or further stage investment where 'the strength of the team' is an important criteria for investors. If its a team of 1 and you get hit by a bus - the business is also dead.

#9 SmallBusinessGrowthExpert

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Posted 30 July 2012 - 09:30 AM

Working with Family Survival Guide

Traditional family businesses were often handed down from generation to generation but more commonly now families choose to work together running a small business.

This may be something they decide to jointly do together as a partnership or one or more members work in a supporting capacity such as administration, finance or customer relationship management in the business.

There’s a fine line of where the family relationship ends and the business one begins and this can sometimes cause problems and ultimately affect the growth of the business, not to mention cause personal angst.

Think very carefully before entering into either a partnership or working relationship with family members, be it parent, spouse, sibling or even grown up children. It requires both discipline and emotional distance to ensure both relationships are protected.

One of the best ways is to clearly define roles and responsibilities in the business, as you’d expect with any business. You’d hope your boss wouldn’t jot down your job description on the back of a shopping receipt at the kitchen table. Nor would an employee disrespect the opportunity by rolling in when they liked with a stinking attitude. So many family businesses treat their working day as an extension of their home life but to thrive long term this must not be permitted.

As seen quite often on TV programs such as Channel 5’s The Hotel Inspector, where Alex Polizzi often advocates the need for a definite line between family and business relationships, one cannot affect the other for a moment.

So, if you’re already working with your family or considering it in the future then here are some practical tips you might find helpful:

*Roles and Responsibilities
Create a description or what each person is responsible for and how this will be reviewed on a regular basis.

*Leave it at the Door
As you begin work, leave your personal life until later, unless it’s absolutely relevant to the day, such as organising an out of hours appointment or something else. Too many businesses miss crucial opportunities for sales and growth due to niggling and disagreements getting in the way of trading. Likewise, when the working day ends, step through the door of your home as a family member. Yes, it’s ok to chat through your day as long as it doesn’t turn into a business meeting or worse a heated discussion!

*Avoid Pecking Order
With roles and responsibilities clearly defined, family hierarchy can be prevented. This is where the family role supersedes the business one and either undermines or greatly affects the situation. With a Mum and Daughter, the Mum will need to be very aware of not slipping into the protecting, nurturing role. With siblings, the elder must still respect and listen to the younger especially when being held accountable for responsibilities within the business.

*Business Free Zone
At least one day a week, agree to have a business free zone where you get together and enjoy a meal and socialise as a family. No ‘shop talk’ whatsoever! It can be hard, and you’ll all need to be strict to make it work. You could even have a ‘talkingshop jar’, a bit a like a swear jar so anyone mentioning business has to put a £1 in. It makes it fun and is one of the quickest ways to keep the day strictly family only.

I personally think working with family is an incredible experience, especially if you already have a great relationship and synergise together. But it still takes constant attention and discipline to protect your business and your family ties.
Annette Du Bois
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'Big Profit Thinking To Stop Your Small Business Sinking'
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#10 brian944

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Posted 06 September 2012 - 11:08 AM

I always feel good to do business on my own. I like independence. I'm making money through internet.
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#11 tonyfxiwbk

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#13 astralgirl

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Posted 04 November 2013 - 11:17 AM

As a small business owner, I would love to join forces with a person from another part of the country. As mine is a logo and graphic designing business is always better to expand but yes with some terms and conditions.
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#17 SPGifts

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Posted 23 January 2014 - 05:06 PM

I have started on my own , but have worked with a partner in a previous business and ended up seperating in the end. It takes trust and being prepared to give and take on your ideas and plans for the business, as you dont always see eye to eye on every aspect of the business decisions




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