4 Reasons Solopreneurs Always Have a Partner in Crime

Last Updated on May 26, 2019 by Jessica Adams

The path to success can be a lonely one, especially when you’re launching your very own business! But there are just some people wouldn’t have it any other way. They enjoy being on their own, love being in charge and not having to answer to anyone. Avoiding the inevitable office politics is a nice bonus as well! Let’s face it, to not have to deal with whatever rumors are swirling around the water-cooler in a given day would be enough to dive into a ‘solo’ biz venture for most people! Yep, I’m definitely a Solopreneur. But, I don’t know if you’ve noticed, Solopreneurs always have a partner in crime.

Why would a ‘solo act’ in life, ever need a ‘partner in crime’? Because ultimately, the benefit of having more than one like mind, almost always outweigh the negative. This is true for life in general and absolutely, in business. Here are 4 reasons that Solopreneurs always have a partner in crime.

4 Reasons Solopreneurs Always

Have a Partner in Crime

Liability

We could start this post off with a shout out to camaraderie and teamwork. Sure, they are both good reasons to have a partner by your side. Ultimately though, there’s no point stronger made, than the liability factor. Limited liability is one of the main advantages of becoming an LLC vs a sole proprietorship. A sole proprietorship is generally less costly when compared to an LLC, which is the (unfortunate) main reason that most freelancer-turned-entrepreneurs go with that choice. Unfortunately, this decision actually leaves the owner vulnerable. Any lawsuits made against your business is literally, just that. YOUR BUSINESS. You become fully responsible as an individual because that’s how you’re seen even as a business, when you register as a sole proprietorship. With a law firm like Dickson-Frohlich working for you, the odds of your losing everything is pretty low. They’d start by pointing you in a different direction, then walk you through how to avoid litigious action altogether. Either way, they’ll cover your ass. You can become an LLC as an individual but it’s more common when at least TWO people go into business together. And there’s reason #1 why having a partner-in-crime is a good thing to have 😉

Cash Flow

There are some definite pros and cons to having an incredible sidekick. Whether they’re extremely active in the day-to-day of your business or they’re more of a silent partner is all up to you (and them). One of the safest and helpful reasons to have that ‘partner’ is when it comes to cash flow. With someone else around to make sure that you’re business stays afloat and that you’re as ‘liquid’ as you like, is a very good thing. Then again, when you have an official business partner present, they also want to know what is going on with any of their investments. So you have to create some reports on how your company’s new marketing plan next quarter, will effect your partner’s ROI. That’s nothing compared to what not having them around looks like, when your business needs cash. If having a partner helps to keep your company out of the red, it’s time to start picking out wedding China.

Objectiveness

Imagine you’re at home and a fantastic idea runs through your head. Once it’s down on paper, you just have to tell someone! So you blab to your hubby or the kids. “Great,” they say. “What an amazing plan!” By validating your work, it feels as if it’s already a no-brainer. And then it hits you. Of course, these people are invested in your life and don’t want to point out the flaws. As nice as this attitude is, it’s dangerous from a business point of view. A partner, someone who has some skin in the game and who is equal, won’t have any qualms. They’ll either love it, like it or hate it. Regardless, their opinion lacks bias. Not to mention, a partner would actually know what it is you’re talking about…

You Fill Each Other’s Skills Gaps

Steve Jobs gets the credit for turning Apple into a billion-dollar company. But the truth is, he lacked the skills that the majority of CEOs in the industry definitely had. It was Wozniak who came up with the code which revolutionized their product. Thus, the brand was born. Everyone, even a genius, has gaps in their skill set. The great news is that a partner in crime – in this case, Wozniak – can handle one area so that the ‘face’ of the company – Jobs – can continue to do what he does best. His trait is equally, if not more invaluable than Wozniak’s. In fact, neither Wozniak’s code or Jobs’ CEO style would have made it on its own.

What do you think – do you need a partner in crime, sidekick, a Biz BFF for your small biz or can you go it alone?

Jessica Rose Adams