Setting up a business can be one of the most stressful things you can do in life. Going from working for someone else or being responsible for one area of a business, to being the person responsible for the whole business can be extremely challenging. This isn’t to say it’s not possible. However, collaboration is vitally important when starting a business.
To look more into the importance of collaboration, we spoke with Tania Zahoor Rashid, one of the three founders of Aesthetics Lab, an award-winning cosmetic clinic in London. Along with her business partners and Aesthetics Lab co-founders Marsha Starcevic and Kristina Hutchins, Tania has first-hand knowledge of how important it is to collaborate when starting a business.
One of the most important areas where collaboration can help when setting up a business is filling skill or knowledge gaps. “Every business requires different skill sets. Having three partners with different skill sets and backgrounds definitely helped when setting up Aesthetics Lab,” Tania said. By setting up a business with other people, you have different points of view and experiences to draw on, which can be extremely helpful.
Another area which may be overlooked with this is also the financial benefits that come with collaboration. As Tania pointed out, “It also helps with minimizing the costs — if a certain skill set is already present within the founders of a business, you do not have to hire someone else or outsource.” Tania went on to say that “financially, it can also be quite expensive to set up a business on your own, with partners sharing costs of setting up the burden is diluted.” Given the financial challenges which businesses face, being able to save money during the initial set-up stage can be extremely beneficial.
Who you set up your business with is important to consider. For some, it may be friends or family who share their idea and passion. For others, it could be business contacts they have met over the years. Whoever it is, it’s important to work out how the relationship is going to function. Depending on what needs to be done, some businesses may delegate responsibility to certain founders while others like to work on things collectively. At Aesthetics Lab, Tania explained that “we tend to work together on most things and value teamwork greatly. However, the beauty of having partners is indeed that certain tasks can be done by partners with relevant skill sets and then reviewed and improved upon by the rest.” When collaborating on a business project, defining this aspect of a business relationship is important.
Even if you are setting up a business on your own, there will be elements of collaboration present throughout your journey. Networking is an excellent example of this. Building contacts within your industry can help your business grow, and during the early stages of setting up your business, this is particularly useful. When working with business partners, you may be able to rely on them for existing contacts. But if this is not the case, don’t worry. “Many industries provide ample opportunity for networking through various conferences both in the country, outside and online,” Tania pointed out. “These provide a great source of new contacts as well as providing information on various innovations in the industry.” Making use of these events to build contacts and collaborate is important whether you have existing contacts or not.
While most of the areas covered above focus on the practical and business nature of collaboration, it’s vital to not forget the emotional support which can come from building your business with partners. “As a business owner, it can be quite daunting at times, and you need that support. Especially in times like now with the uncertainty businesses are facing.” Tania said. As with anything else in life, having people to share the good moments with can also make your business successes more enjoyable. Tania told us that “it is nice to share the excitement of success with your co-founders, as they understand it like no one else being part of the same business.”
Nobody can say that simply by collaborating with people that your business is going to be a success. However, there are distinct advantages to collaborating when starting a business, so if you are thinking about setting out on your own business journey, you should take the time to consider how you could work with others to help you succeed.
