Could a business partner be the key to your startup’s success?

Starting up

10 July 2017

Two thirds of aspiring entrepreneurs cite ‘independence’ or ‘self-reliance’ as their goal in starting up, according to a survey of UK residents by AXA Business Insurance. But co-founding your business with a partner can significantly increase your odds of success.

We spoke to entrepreneur Ryan Tym, founder and director of branding agency Lantern, about his startup journey. What he wishes he’d known at the beginning he told us, were the benefits of co-founding his business with a partner.

“If I could do it all over again I would probably set up with a second person. Doing it on your own is great – there’s a lot of freedom around that - but at the same time every decision has to be made by you, and sometimes you need a sounding board.”

Workload benefits

Sharing a business means sharing the workload. “It’s great when there’s family and friends to rely on, but sometimes I feel like I’m relying on them a little bit too much,” Ryan says. “It would be great to have somebody else that also feels the pressures and those challenges on a day-to-day basis.”

Financial advantage

Having two founders rather than one can significantly increase your likelihood of raising investment, whether that be through loans or a government scheme. Not forgetting that the more partners there are, the more money each will have to inject into the business.

Shared pool of skills

For Ryan, having another half “involved in the financial side of things in what she does… has been really helpful.” But not all early-stage entrepreneurs are lucky enough to be in such a situation. A co-founder that compliments your skills – can make for a powerful start to your business.