There are zillions of inspiring business stories out there that show how a single person has managed to build an empire. One can’t stop listening to these stories, as these are often irresistible and exciting.
From a listener’s point of view, they have these high hopes that they can pull off their business idea on their own. This is a dangerous perception, knowing that no one is practically a self-made man. All those business success stories happened because a team is formed and the members have trusted each other.
While no one can stop you to start your own business, it is worth considering why you should work with a partner or a supplier. You may be a confident, business-minded person. But you are far from perfect, which essentially warrants assistance and help of a like-minded individual.
Here are some of the reasons you should not do business alone.
You have funding problems
You may be thinking of bootstrapping your business, meaning you are not supposed to get loans and backing from financial institutions. But, this is not always a practical choice, as limited funds may get you nowhere (unless you have a business model that maximizes financial growth).
If you want to bootstrap while ensuring that you have a sizable fund, you may choose to work with a partner that has large funding. In short, find someone who can invest in your business — and that someone should believe in your abilities and plans. They can be venture capitalists or even angel investors.
You are not an expert
You may have the impression that as a solo businessperson, you are supposed to wear different hats. You will be the marketing guy, the operations lead, and even the finance person. If you cannot handle everything at once or you lack expertise, it is time to hire the services of a third party.
For one, if you are selling jewelry online and you are not a pro when it comes to photography, it will unwise to do things on your own. You may consider getting the help of a provider of jewelry photo editing service.
You have to broaden your network
When you do things on your own, there is a great tendency that you will stay inside your bubble. When that becomes your comfort zone, that becomes quite dangerous. What you should do is find a mentor or a partner, something that you can do by broadening your network. A wide network can do a lot of good things to your business — from leads to partnerships.
You will lack points of view
All the decision-making job will be yours. It is quite dangerous if you only have a singular line of thinking. When you have a partner or a mentor, you actually get different points of view, which are good for formulating decisions.
Doing business with a partner or a supplier is a much more practical alternative to doing business alone. This ensures that you minimize errors while maximizing opportunities. Having a team also makes success sweet and much more meaningful.