So far in our “Run your own business series” we talked about the process of setting-up your own company. Now we will address the different ways in which you can work together with others or alone.

Some freelancers and entrepreneurs do it all on their own while others choose to partner up on this journey. Even those who start as solo entrepreneurs may encounter phases along the way in which they need to share some of their work with others. For consultants and others in similar industries, it is common to either formally join forces, or join/create a network of some sort. Let's take a look at different forms of working together to help you find the one which suits you.

Collaborating with others can make things easier

For some, a joint venture is a natural step in building a business. Your partner(s) can be anyone from colleagues who pursue the same idea, friends who want to work together, or someone who shares your vision. In a joint venture you unite your forces, have joint responsibilities, and run your business together.

Running a business together with others offers you a unique type of energy and inspiration. When you work with others, decision making is done differently. You can brainstorm to get new ideas and perspectives and bring freshness in your operations. Many times business partners work complementarily by filling in each other’s knowledge and skills gaps. Similarly, you can help each other free up time by sharing the administrative tasks or share the costs of technical equipment or other investments.

Going solo

For some, entrepreneurship and freelance is a way of attaining freedom, make their own decisions and carry responsibility on their own shoulders. For others, the same solo business is the only option. They might not have anyone who shares their vision, or are located in an area where no one else endeavors to pursue the type of business they do.

Regardless of the reason, if as a sole owner you find yourself overwhelmed by work you can choose to hire employees or freelancers. Remember that being the sole owner does not equal being the sole worker.

Making a decisions

Which sort of company would you rather have?

Two powerful question you can ask yourself are:

Do I want to share any part of my business with anyone else?
What part is it I want to share - the ownership or the everyday work?

Imagine how a working day will look like

Picture all scenarios in your mind: how would it look and feel like to share the ownership but not the daily tasks? How about sharing the daily tasks but not the ownership? How about neither the ownership nor the tasks? And lastly, how about sharing both?

To some people spending the days at work in solitude, doing your own thing and making your own decisions sounds like a dream come through. To others it sounds like a nightmare.
A workday alone in the office, without colleagues to chat or bounce ideas off each other can feel dispiriting to many new entrepreneurs and freelancers. The inspiration dies, the ideas fade and the everyday problems grow in our minds to unreasonable proportions. If you are a people-person you probably need a team around you. But this does not mean that you have to run your business with someone.

Sharing the daily work life, but not the ownership

What you are looking for if you recognize yourself in this is an everyday situation where you have people around you and a context where you can talk about what you do and get input from others. You can achieve this by having employees, or by working in a location where other business owners, entrepreneurs, and freelancers work. Examples of the latter include hotel offices, hubs, entrepreneur cafes or joining a digital workspace community.

Sharing the ownership

Joint ownership entails a collaboration on a whole different level. First, it is about agreeing on and sharing investments. You build something together by sharing risks, decisions, successes, and setbacks. As co-owners, you become really close to one another. Your joint efforts and your communication skills will be the foundation of your company. Many people compare it to a marriage: it is legally binding and you go together through both good and bad as entrepreneurs.

Many entrepreneurs call their company "their baby." How do you want to raise yours? Joint parenting with someone or shared custody?

In the next episode we will dive deeper into the co-ownership scenarios to prepare you for a joint-entrepreneurship journey.