Fewer resources
“Everyone knows it’s easier when you have two sources of income, and this is no different when starting up a business,” Davis says.
“It has been challenging using only the leftovers from my own salary to fund my venture. I had to be really careful with my spending [and] try to break up payments into instalments.”
In addition to having less money, Wardell says sole traders are more pressed for time because, unlike co-founders, they can’t be in two places at once.
“This is especially important when you’re raising capital – that’s basically a full-time job in itself. And if you’re raising capital, who is focusing on building the business?” he says.
Sole founders also have a smaller network of contacts and fewer skills to draw on.
Melbourne mum Nikki Horovitz, who founded lifestyle brand Tonic with fellow mumpreneur Toni Joel, believes two heads are always better than one.
“We have very different strengths. She’s the salesperson and I’m the product developer… I don’t know if I would have got this far without Toni,” Horovitz says.
More responsibility
“You’ve got to share the money but when times are tough, there are two of you to share the burden,” Horovitz says.
“Also, when I had my second child, knowing I wasn’t the only one in the business, and not everything was falling on my shoulders, was comforting.”
Less sharing
“It can be a bit lonely at times when you’re on your own. Sometimes it’s nice to be able to bounce ideas off people,” Davis admits.
Horovitz says the sharing of ideas – and values – is one of the best aspects of being in business.
“Having someone else who felt the same way you did – wanting the same things out of the business, so sharing the same values – [was an advantage],” she says.
“And also the fun aspect – we travel at least once a year and we have a lot of fun when we do it.”
