When first envisioning your business plan, one of the most important things to consider is whether you will venture into the world of startups on your own, or whether you will bring in a partner.
In theory, starting a solo practitioner business sounds great – after all, it means you will have complete control and decision-making authority. However, a business requires a lot of manpower, capital investment, and hard work. It can benefit you to have a co-founder to lean on.
Here are 5 reasons why it is useful to bring a co-founder on board to your new Pakistan business:
- Distribute the Stress
Starting a new business is not easy. There are so many things to consider, paperwork to look after, bookkeeping to manage, and employees to train. On top of everything else, but creating the business plan and deciding on the future of your business requires TONS of work. Having a co-founder on board will help you manage all these different tasks.
- Another Stream of Capital
New startups require capital. And for the most part, it is too risky to invest 100% of the capital from personal funds. Before you can qualify for venture capital or other forms of capital, you should be able to fund your business expenses internally. Having a partner or co-founder will bring in that much-needed steam of capital.
- Mitigate Investment Risks
Most venture capital firms and investors will prefer a partnership startup as opposed to a solo practitioner. Of course, this isn’t always the case, but in general venture capitalists will feel safer investing in a startup that has sufficient manpower and decision-makers.
- Diversification of Skills
Having a co-founder on the startup journey with you will bring another set of skills into the startup. It will also allow you to divide up tasks according to your respective skills. For example, if you are good at managing employees but struggle with bookkeeping and finances, it will help to have a partner who can manage that area.
- Second Perspective for Decision-Making
There’s a lot of big decisions that go into running a new Pakistani business. For example, expansion plans, vetting potential investors, and even deciding on the brand to create. It helps to have a co-founder who can provide a second perspective and help you make solid decisions for the success of your new startup.
Now you know the benefits of bringing a co-founder on board. But that is just the beginning. To truly make your Pakistani startup successful, it pays to have solid bookkeeping, accounting, and financial services. That’s where we come in. Contact us at Metric today to get started!