Thinking about starting your own business can be exciting, but it comes with so many questions. One of them is should you run your business alone? Now while this may seem counterintuitive, there are many benefits to both sides. The most recent Census data shows over 20 million single-person businesses in The United States. Running a business alone isn’t for everyone. You have to prepare and know what it takes.
1. How Well Can I Manage My Time?
One idea that is most appealing to entrepreneurs is being in charge of their own schedule. They define what task gets done first and what can be put off till later. They define what days they take off and for how long. At some point, you have to ask yourself, how good are you really at managing your time? Do you know how to keep yourself in a productive mindset? Do you know how to prioritize tasks?
Additionally, you have to remember running a person show can become challenging to handle when you are the one responsible for getting everything done. How will you manage it? Do you do well under pressure? Many people fail to consider these questions until it is too late. They find themselves overworked and stressed, leading them to give up.
2. Where Are My Areas of Expertise?
One person can only do so much. There are plenty of resources out there to teach you to do just about anything. Should you learn how to meet all of your business’s needs on your own, or should you learn to seek another’s expertise? Ever heard the expression, “A jack of all trades is a master of none, but often better than a master of one.” So, let’s dissect that a bit.
While knowing many things can make you a master at none of them, knowing more than one thing can be beneficial. There has to be a balance. Don’t overwhelm yourself if you don’t have to. It’s good to know and be good at many things but is it really what’s best for your business?
3. How Well Can I Evaluate My Own Ideas and Plans?
When it comes to building a business, many can get a little over their heads with ideas. Sometimes, people tend to think all their ideas are great when they may not be and end up finding out when it’s way too late. It can be a good idea to have someone to run your ideas by or have someone that will give you new ideas. Feedback is one of the key points in marketing and can become crucial to the business. Having a partner to run ideas and projects over with is always helpful.
Disagreements can be one of the main reasons people don’t like to bring others into their business. There will be times when seeing eye to eye will be difficult, and coming to an agreement will seem impossible. Ask yourself, “Am I someone that can handle a disagreement?” Does your partner have these skills as well? Take these things into consideration.
4. How Much Can I Investment?
The capital you put into becoming a business owner can sometimes be overwhelming. There are many expenses to consider, from licensing to finding merchandise and maybe even finding a location. When you have a business partner, they can share that responsibility with you. Having someone else invest capital into a business can take some pressure off you and make the situation more bearable.
While this is a good option, consider that you will have to split it with your partner once you begin making a profit. Ensure that this is something you are comfortable with and that everything is set up properly to avoid financial and other disputes.
5. Can I Handle 100% of the Pressure?
When running a business, there are many pieces to manage like getting started, looking for good vendors, buying products, financing, marketing, and managing a website. It can become a lot for one person to handle, and you might end up thoroughly disliking your business at some point. No one does well when they are stressed and overworked, especially at the beginning of a business when there may not be a lot of money coming in, and you haven’t put yourself on the payroll.
Delegating work to others makes things easier and removes some of the pressure you feel. Whether you have a business partner or hire a freelancer, it’s crucial to have a balance in your business. If the boss is too tired, things aren’t working at the maximum potential that they could be.
It’s Up To You
I know I’ve given you a lot to think about, but these are make-it-or-break-it factors in many start-ups. One study found that 20% of businesses fail their first year, which may very well be because of one of the five points I shared here. Make sure you take a good look at your business plan beforehand to decide what route will be best for you and your business’s success. You can do it on your own, bring in a partner or do it on your own and delegate tasks to freelancers. Your time, energy, and focus are what will determine the success of your business.