When to consider involving partners in your sole proprietorship business.

[TOZZIBLINKZ]

It is already known by each and everyone of us that a sole proprietorship business is considered to be a business Enterprise that is owned , runned , controlled , manage , and facilitated by only one individual who is known as the business sole proprietor , and only he is entitled to access the business books of accounts , and just as he enjoys any profits that comes from the business he also is entitled to bear the business losses all by himself . Majority of individuals today tends to establish their own business idea all by themselves in the sense that they run and control everything that happens within and around it . Some of these individuals as time goes on , their business ideas turns out to be as expected and planned , in the sense that they make expected business profits and income .

The business tends to accumulate large amount of customers in one day , and the sole proprietor may not be able to access or attend to all this customers faster and easily , and even though he attempt to attend to all the customers , he will be easily stressed , worn out , tired , and depressed . So in a situation like this , it is advisable to start employing someone who could serve as a business partner to you , so as to help you in some business errands , activities , and chores . it is advisable to employ partners as your business productivity increases .

 

[btaliat]

Everybody wishes to be a sole proprietorship. No one even wants to share business with anybody for one reason or the other but majorly for privacy sake. But most time, we always find ourselves involving people to our business making it a partnership business from sole proprietorship.

The major reason why people always see reasons to involve second party to their businesses is because of lack of enough capital. No doubt that business will require large cspital to be expanded. And when the money is not forthcoming and the business is stagnant or even retrogress, one may be forced to ask another person to join him in running the business.

Most time, the reason why people involve partner in their business is if the owner of business sees that he's incapable of running the business. This may be due to old age, health wise or even when the person wants to relocate. This may warrant the business owner to seek another partner hands in running the business to avoid death of the business.

Another reason may because there is much customers to be handled by only person just as the poster mentioned rightly. When a business expands to some extent, there may be need to involve more hands to satisfy the customers demands.

 

[Kendy]

On a personal level, I prefer running a business on my own because there are many challenges that comes with operating or partnering with someone. There are cases where a business owner might decide it it time to go into partnership and some situations is always due to lack of capital and experience. There are some business owners that due to inadequate finances, they opt for partnership with someone in order to reduce the costs which would have been borne by one individual. At times, they go opting for investors who would also have a portion in their businesses.


For me, the state which I will consider partnering with anyone will be when my business has grown to a stage which I'll be needing Ambassadors and influencers and apart from that, I do not think I would ever engage in partnership business because the few I have gone into, it always ending in a deadlock and my capital is not always being realised. Anyways, they are still some people who are trustworthy and can share in the same vision and objectives of a business. The bone of contention is always when the both parties refuse to heed to the vision that had already been established and this brings about unproductivity in the business.