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Not sure if you should bring on a partner in your new franchise? There are some advantages and disadvantages to both flying solo and having a partner to help you run your franchise. Here is a quick rundown of the pros and cons for each to help you make an informed decision:
Flying Solo: Plenty of Control...But No Support
Pros:
Running a franchise by yourself gives you total control over everything from finances to income distribution, taxes, and more. It gives you the independence and freedom to make all the choices.
Cons:
The downside of being a sole franchise owner is that you’re more likely to make mistakes (two heads are better than one). The hours are long and you will probably have to dedicate at least the first several months to being consumed with getting the business off the ground.
The pressure is solely on you, and you will have limited financial backup in case you have unforeseen expenses. Along with that, things like vacation time (who needs that, right?) and actually taking time away from the business may be a challenge to take without someone to have your back while you’re away.
Having a Partner: Working Together...But Compromise Required
Pros:
When you have a partner, the two of you can form a team where each person can utilize their different strengths. With the built-in team, you’re not alone and you have somebody with whom you can discuss your ideas.
Having a partner can allow you to have one person who is more of a big-picture thinker and is superb at growing a business and another that is great at running a business, taking care of accounting, and making sure the bills get paid on time. In this case, having a partner gives you a lot more flexibility and versatility as a business.
Having a partner allows you to split not only the jobs but also the cost of starting a franchise. It allows you to divide the responsibilities and when one person has to take time off, the other one can take over. In situations where one business owner has family responsibilities, this can be a good option for them.
Cons:
Of course, if you have a partner, one downside is you have to share everything, so when the company does great you have to share the profits with your partner. There is also a potential for disagreements and if both people are not on board, that can be a real problem.
Communication is critical. When you are solo, you make the decisions by yourself so you don’t worry about the communication with the other person and whether or not they agree.
Before you pick a partner you need to think about their personality. Will you be able to get along with this other person? After a period of time are they going to drive you crazy? Are they likely to become hostile and crazy when they get stressed out and not be able to pull their own weight?
Whether or not you should bring on a partner in your franchise is an important decision. Make sure you fully review your choices before making a decision.
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.