You have this great idea and you can not contain your excitement, so who do you share it with?
Starting a business alone can be quite isolating. How do we both know this? Well, before we became The Planned Duo we both had separate businesses that we have now merged into one.
So what is the right the direction to take? To be honest it all depends on you!
Here is what we found to be the main differences between operating as a sole business owner and now as a partnership.
Choosing your business structure is one the first steps that sets the foundation for how you will move forward effectively. Based on our experience and having the ability to compare both we have outlined the pros and cons for each structure to assist your decision!
- You make all the decisions
- Everything you make is yours
- Easy to set up
- Can be isolating
- You have to do everything, even if you don’t want to
- No one else to keep you motivated but you
- Supporting each other
- Sharing your workload
- Ability to focus on your individual strengths
- Potential conflict if you don’t agree
- Everything is 50/50 no matter what
- Difficulty if both parties are not equally invested
No structure is better than the other, however ultimately it comes down to who you are and what you are wanting to achieve in within the business.
For us, we absolutely love being a duo as it drives us to be the best versions of ourselves and to show up for each other so that we can keep creating our vision for all of you!
If you are in two minds of what structure is best for you and your business we would love to hear from you! Send an email to firstname.lastname@example.org and we will be in touch.