New research carried out by Get Me My Mortgage has revealed that 46% of the largest privately-owned companies in the UK were started by individuals. This goes against the common business myth that to become successful you need to have a co-founder or a partner for your start up.
In the UK there are over 1000 searches each month from users looking online for information about co-founders. The increase in start up mentality in the UK along with media and TV shows has led want to be entrepreneurs to think that they need to have a co-founder or partner before they can start their dream business. This really isn’t the case and as long as you have a good idea and plan you are more than capable of starting a business and becoming successful just like some of the largest private companies in the UK!
Why do people look for a co-founder?
Many business owners will look for a partner at the start of their business if they are looking for funding to help the business grow or require a skill to grow the business that they don’t possess. Start ups, especially those started with little money will not have the cash flow to bring on the talent that they need for a salary so they may make up for this by offering equity within the company or bringing on a co-founder that is willing to invest in the business. This will depend upon the industry that the start up is in but is very common within the tech industry where advanced development may be needed to bring an entrepreneur’s idea to life.
Other industries tend to be started single entrepreneurs or even family members deciding to go into business together. Get Me My Mortgages research also revealed that over 5% of the largest private companies were started by family members. Again, this goes against another common myth that you should never start a business with a family member.
Why people shouldn’t advice against working with family.
A very common saying ‘don’t mix business with family’ is given as advice for people who are thinking about starting a business. Some say this because starting a business is a stressful time and working with a family member that is not pulling their weight can put a serious strain on their personal relationship.
Even though people say don’t start business with family members there are some very successful businesses that were started by family members one of the best examples of this is Specsavers. This British company was started in a husband and wife’s spare room and has grown into one of the largest businesses in the United Kingdom.
If you are thinking of starting your own business and worried that you don’t have a co-founder there is no need to worry. If you have a good idea and work hard to achieve your goals, then you can do it alone just like many of other successful solo entrepreneurs in the UK.