Starting out on your own as a ‘solopreneur’ may have been the exciting challenge you were looking for but that thrill can become overwhelming quickly.

As your business grows, as do your responsibilities. Mounting pressure makes you extremely vulnerable to burnout. And as you run the business alone, if you were to suffer, your company would too.

The trouble with a lot of sole proprietors is that they don’t know how to – or simply don’t want to – ask for help. How do you know if a business partner is the right option for you?

You have no time to think about the future

When you first started trading, you’ll have had ambitions for what you wanted your company to become. But with the daily grind of chasing invoices and dealing with employee conflicts taking up a lot of your valuable time, that means that there’s very little chance for you to conduct further long-term planning.

As a big picture person, this can leave you feeling unfulfilled running your company. Bringing a business partner on board will reduce your day-to-day responsibilities. This could give you the opportunity to focus on improving the running of your business and how to exploit growth opportunities.

You want invested, skilled professionals

Staff turnover is inevitable in any company but, when your business relies on certain people’s essential skills, losing them could be catastrophic to your short-term viability whilst you seek a replacement.

This was the case of Cody Shuldt, the CEO of small digital marketing company Spartan Digital.  After running his business alone for six years, Shuldt noticed many web design firms were closing down, and those that survived were the companies offering SEO services.

After unsuccessfully attempting to learn SEO himself, and failing at outsourcing the service to India, he began looking for an alternative option.

Desperate to give his business a competitive edge, he considered taking on an SEO professional. But, he understood from his experience in the industry that SEO employees were hard to retain.

However, if that vital person were to hold a stake in the business, they would be much more likely to stick around. “The only way I would be able to keep an SEO guy under my belt is that I would have to give up a percentage of the company to motivate him to stay,” says Shuldt.

Partnering with an SEO specialist that he knew from school, Shuldt was able to set Spartan Digital on a new path. “Now we have very handsome monthly retainers coming to the business, and ongoing business to keep us afloat while at the same time allowing us to grow and market ourselves further,” he said.

“Partnering up was the best thing I’ve ever done.”

Bring double the passion to drive your business

Of course, giving up a percentage of your company is no easy decision. Whilst you will gain a highly skilled professional to share responsibilities, it does mean handing over some control.

This is known as ‘dilution of ownership’ and it is often the most daunting part of bringing on a business partner for many entrepreneurs. This is an extremely important factor to consider and, if you’re not willing to share any of the decision-making, a partner may not be the right option for you.

However, there are many other business owners who relish this change; shared ownership can mean double the passion, vision and accountability for your company.

Business partners can provide a breath of fresh air. Bringing different perspectives and ideas to the table, problems you’ve been too close to for so long can be easily solved by a new set of eyes.

Business partners are personally, professionally, and financially invested in a company so having one will bring higher levels of motivation and dedication too.

Is now the right time to bring on a business partner?

Although your company could benefit greatly from another business partner, it’s certainly not a decision to take lightly.

Sharing leadership can be difficult, especially when it was just you who built the business up from the ground from day one. Some people suggest retaining the majority of the decision-making power yourself and sharing other responsibilities with your new partner.

Possibly the most important piece of advice we can give you – don’t rush into a business partnership. “Marry in haste, repent at leisure” applies to this situation too, especially if your longer-term goals diverge greatly.

If your business and its processes are still developing, and you’re not yet financially stable enough to pay a second executive salary, finding skilled employees may be the better way to grow your company and reduce the workload on you for the time being.

It may not be for everyone, but if you are thinking of bringing on a business partner, speak to your Burton Beavan accountant today on 01606 333 900 or email hello@burtonbeavan.co.uk.