Navigating the Solo vs. Partnered Side Hustle Debate
Starting a side hustle is often a solo venture, particularly among those who are just getting started. But as your business grows, you might find yourself wondering, do you need a business partner? This article delves into the pros and cons of partnering and offers guidance on when and how to bring in a partner for your side hustle.
Understand the First Rule: Keep It Lean
The first rule in business is to keep your team lean and under control. The fewer people you have to manage, the less you need to worry about conflicts and different visions. Just as military officers don't share command, it's often a good idea to have one person in charge of the business.
When Partnerships Make Sense
Despite the benefits of keeping things lean, there are situations where a business partner can be invaluable. Many entrepreneurs choose to join forces with a partner once their business starts to gain traction. A partner can bring expertise that you don't possess, such as technical skills or business acumen. However, it's important to ensure that both parties share the same vision and goals. Misalignments in vision or expectations can lead to disputes and detrimental outcomes.
Deciding on a Technical Resource
For non-technical founders, the involvement of a technical partner is crucial. You have three main options: hiring a technical team, partnering with a developer, or outsourcing development work.
Hiring a Technical Expert
If you're familiar with the hiring process, you can certainly go this route. However, non-technical founders often struggle to discern the quality of a developer's work. The challenge here is finding someone who not only has the technical skills but also the business acumen to make strategic decisions.
Partnering with a Developer
Partnering with a developer can be a highly effective strategy, especially if you've worked with them before and trust their skills. A partner with a strong business mind can complement your technical skills and help steer the business in the right direction. However, one potential drawback is that your partner may only work on the project during their spare time, leading to slower progress. Additionally, if the developer is co-owning the product, it could result in equity matters becoming contentious.
Outsourcing Development
Outsourcing development work to a developer in a developing country is often the most cost-effective solution. For example, in the wake of South Africa's currency crash, a U.S. developer could find themselves paying as much as 16 times less for a native English-speaking developer from South Africa. This can significantly reduce costs while still providing top-notch service.
Managing Risks and Aligning Goals
No matter which route you choose, it's important to clearly articulate your goals and ensure that any partners share the same vision. Outsourcing can be particularly risky if you don't have a partner with proven payments experience or business acumen. Outsourcing to create a Minimum Viable Product (MVP) can be wise, but hiring a full team as soon as possible can help ensure the long-term success of your venture.
Conclusion
Deciding whether to start a side hustle solo or with a partner depends on your goals, resources, and the skills you bring to the table. While a partner can bring valuable expertise and strategic insights, it's crucial to align your goals and share the same vision. Whether you choose to hire, partner, or outsource, make sure you have a clear plan and thoroughly vet any potential partners to ensure the success of your side hustle.