Pros and Cons of Having a Co-Founder
Many people when starting their own fashion label are scared of doing it on their own or have a friend or family member who they have created an idea with. There are pro’s and con’s of having a co-founder and there are some areas you may want to consider for your business.
Pro’s
There is someone else to share the responsibility
Someone to help you stay focussed and motivated
Shared investment in the start-up stage
You have a sounding board and someone to share and test ideas with
Someone who understands when you go through the highs and lows of running your own business
Someone to share daily tasks with
Complimentary skills
Additional contacts from each founder
Con’s
You can’t agree on some things and waste time debating them
If your partner skips town you are left with the responsibility and the debts
You don’t have control and have to take joint decisions
Family and friends don’t always mix well in business
If you also live with the co-founder the business can creep into your home.
If you are going to set up business with a co-founder or your haven’t already considered these points I would recommend you review these questions first.
Are you the shared business type or do you like to be in control?
Is your co-founder a good personality match?
Do you each bring unique talents to the business?
Do you share the long term vision for the business?
Can you really communicate effectively and not get personal when things go wrong?
Do you intuitively trust this person?
Once you have asked and answered these questions then sit and write down a very clear business partnership agreement that details your individual responsibilities as well as how disagreements will be managed. You will also need to set down boundaries, parameters and what happens if one of you wants to exit the business.