Running a company alone can be incredibly challenging. While it does give you ultimate freedom over business decisions, it can restrict your freedom in so many other ways.
Taking on a business partner can help you gain some of that freedom in other areas of your life.
Freeing up your finances
If you are the sole person investing in the company, then there may come a time when you need to make a hard choice. Do you spend the money you have set aside on your business or use it for something else you need or want? For example a family holiday, or another promising business idea. A business partner could allow you to split the cost of any future business investments (as well as bring in an initial cash investment), leaving more of your own money free for other things.
Freeing up your time
Let’s say you opened a small store. Someone needs to open it in the morning, attend during the day, receive deliveries, deal with admin and close the shop at the end of each day. Doing it all alone will leave you little time for other things, such as family or exercise. While you could take on employees to cover certain things, a business partner could cover duties you might not entrust to an employee.
Enabling you to expand into new markets
You can look for new markets yourself, but a business partner could have access to markets you can not. Their contacts or experience could bring valuable new sales opportunities.
There is, of course, a price for taking on a business partner and in some aspects it will mean you have less freedom, as decisions need to be taken jointly. However, many people find the benefits far outweigh the downsides. If you do wish to become partners with someone, be sure to take legal guidance to document your relationship, as things do not always work out as hoped.