Dreaming of launching your own business? The question is, should you go it alone, or find a partner to share the journey? Having a business partner can be incredibly rewarding, but it also comes with its own set of obstacles. Before making that decision, it’s important to weigh the pros and cons of starting a business with a partner to determine if it’s the right choice for you.

Pros of Starting a Business with a Partner

1. Shared Responsibility and Workload– One of the biggest positives of having a business partner is the ability to share the responsibility and workload with someone else. Entrepreneurship often demands long hours and hard work. With a partner, you can divide these tasks, increasing efficiency. This can lead to a better work-life balance, with both partners contributing their strengths to different aspects of the business, such as marketing, finances, or product development.
2. Complementary Skills and Expertise– Imagine you’re a marketing whiz, but struggle with financial planning. A partner with a strong accounting background could be invaluable. By finding someone who complements your skillset, you can leverage each other’s strengths and fill in the gaps that would be harder to cover alone. This is a great advantage that would improve your business’s overall productivity and chance of success.
3. Financial Support– Starting a business requires capital, and bringing a partner in means you can pool resources and share the burden. This can help secure a larger initial investment, reduce personal financial risk, and make it easier to cover operational costs in the early stages. Financial support from a partner can also provide more flexibility when it comes to managing cash flow and tackling unexpected expenses. 
4. Emotional and motivational Support– Entrepreneurship can be an emotional rollercoaster. There will be highs, but also challenging moments of doubt and uncertainty. A business partner can offer valuable emotional and motivational support. Whether they help you stay focused, push you through tough times, or break you out of that creative rut, a partner will always understand exactly what you’re going through. With someone else there to share the journey, the experience can feel less isolating, and you can celebrate each success together.

Cons of Starting a Business with a Partner

1. Potential for Conflict– One of the biggest risks of having a business partner is the potential for conflict. Disagreements over decisions, work styles, or business strategies can strain the partnership and, in the worst cases, lead to the dissolution of the business. Even if the partners are friends or family, professional disagreements can test the relationship and make it difficult to keep the business running smoothly.
2. Shared Decision-Making– When you have a partner, you can’t make decisions alone. While sharing decision-making can be beneficial, it can also slow down the process, especially when the partners have different opinions. Reaching a consensus might take more time and effort, or in some cases, it might lead to indecision and delays that impact the business’s growth.
3. Unequal Contribution– In some partnerships, one partner may contribute more in terms of time, effort, or finances than the other. This imbalance can lead to resentment and frustration over time, especially if both partners feel that the other is not pulling their weight. It’s important to clearly define roles and expectations from the beginning to avoid misunderstandings later.
4. Profit Sharing– Having a partner means the business’s success must be divided between the contributing parties. If you’re used to keeping all the profits from sole ownership, you might feel frustrated by having to split the reward for your hard work. Profit sharing can sometimes lead to tension, but again it is important to define cuts early on and remember that the business exists because of everyone involved.

Finding Your Ideal Partner

Starting a business with a partner is a big decision that requires a lot of thought. Before choosing how you want your business to be run, think about the future, your own skillset, and what it will take to get the business off the ground.

The most important thing to look for when finding the perfect partner for your business is someone like-minded who has a complementary skillset to yours. Finding your missing piece might seem like an impossible feat, but it can be made easier through local networking events.

Eager to find your entrepreneurial match? Drexel University and the Close School offer a wealth of opportunities. Begin your search at signature events like Startup Fest and Future Fest, where you’ll connect with ambitious peers. But don’t overlook everyday settings! Engage actively in in-class partner projects, attend focused networking sessions like Lunch & Learns, and seize any chance to build connections. Your ideal business partner, possessing the skills you need, might be closer than you think.