Most people in the business field can confidently say that they want to start their own business. The real question is whether you should go at it alone or with a partner. One person that comes to mind in this scenario is Shane Bangerter. Mr. Bangerter was a mentor of mine and he has recently transitioned from a partnership to running his own business. Check out his new business at www.blawpa.com. Mr. Bangerter has been in business for 20+ years. He started out with a solid partnership and had a great deal of success in the legal field, being a lawyer and all. As of recently, he’s transitioned to his own solo venture and he’ll be the first to tell you that they are definitely different business structures. We’ll go through a list of reasons as to why the two options are different and which one will fit your scenario the best.
Self-employed, if you weren’t sure, means you’re running your own show. You call all the shots and you are the lead man in charge. Of course, the direct definition of self-employed means you do not have any employees. I think when most people start out, their employees are rather minimal, if not any. When I refer to self-employed, I also mean sole-proprietorship. I know it’s not the correct terms to use as synonyms, but the main gist of this article is to show the differences between partnerships and not. So please go along with me on this.
Pros of Self-Employed/Sole-Proprietorships
Running the show on your own will take a lot of energy for you because you will be the one to account for everything that happens to your company. You can, of course, ask for advice, but at the end of the day, you as the solo business owner, call all the shots and are responsible for every single thing that goes on in your business. For some people, this can be overwhelming and at times, terrifying. Business, in general, can be terrifying, but you’ll have the main burden on your shoulders when things go wrong or customers aren’t satisfied. I actually love this type of responsibility. It gives me a sense of purpose and keeps me humbled because I am in charge of something that is utterly bigger than myself.
If you are up for handling the challenges of running a business on your own, then maybe you’re ready to reap all the rewards. Being the only go-to guy in your business, has its upsides. You’ll be able to grow your business and receive all the accolades and monetary gains of your business when your business successful. Additionally, you’ll be able to take your business in whatever direction you please.
Pros of Partnerships
I would say that one of the most important things about partnerships is: who are you partnering up with? You need to find someone that you can surely trust and that compliments you extremely well. Is there an area you lack in, like sales? Then your business partner needs the best salesman ever. You want someone who’s qualities can outshine those areas you aren’t good any. Now, if you’ve found this great partner, make sure to have everything in writing and laid out clearly so that there are no issues beforehand.
The greatest thing about a partnership is being able to lessen the burden off of you, especially in those areas that you need improvement. If you are the technical person and you’re having issues connecting with some of your clients, then your partner can step in. Since they have amazing people skills, you can let them manage clients and employees, while you take care of the numbers for the business and go full force on the marketing on the backend. As problems arise in your business, you’ll be able to bounce ideas of your partner and make a rational decision based off all your experiences.
Whether you want to partner up with someone or feel like going at it alone, the most important thing is to know who you are. If you understand who you are, you can better understand what business structure best suits you and your business.
Need help finding out what business to start? He’s a great video that breaks down some ideas really well.