Among the decisions you need to consider when you’re starting out is whether you should include a partner and/or hire an employee. Up until now, you’ve probably been working with others as somebody’s employee. Now you need to think about the pros and cons or working solo. It may or may not be right for you.
Reasons you may want to consider taking on a partner or hiring an employee:
- You’re starting a business where you don’t have a much experience. You have a fantastic design idea but you don’t know anything about production.
- You know you’re not good at one of the functions your business will need on a fulltime basis. For example, you know you’re not good at sales and marketing.
- You know you aren’t going to have frequent interaction with other people in your business, and you’re too gregarious to work alone all day.
- Your business will require you to be away at times during business hours. Perhaps you’re opening an antique store, and you will need to go on buying trips.
Reasons you may want to go it alone:
- You have a strong focus and are confident you have good decision-making abilities.
- You’re starting a home-based business so you can be around your small children, and there isn’t room for anybody but you.
- The functions that you prefer not to handle directly (such as bookkeeping or IT services) are ones that can readily be outsourced.
- You have an independent streak and know you work best alone.
Think about your own work style and the work environments you have most enjoyed. Factor in the abilities you have and the skills your business will need. If the choice isn’t clear cut, you can start out alone, and bring in a partner or employee if you recogize that it would be beneficial to you and your business.