Do You Need a Co-Founder for Your Startup?

Do You Need a Co-Founder for Your Startup?

One of the first decisions, and most vital to the success of your business, is whether to team up with another person in your venture. Starting the business yourself and building it alone has some appeal, but a co-founder can help with some of the pitfalls in starting a business.

First, you’ll need to consider what type of co-founder will help your business be the most successful. There are a variety of co-founders and team members you should be adding. These players are essential to a successful operation. While some should be co-founders, others can be essential team members and employees that you bring on board as the business progresses.

The visionary is usually the one with the idea. This might be you. This person has the initial vision and inspires others on the team. The salesman is the member who is best at making deals and getting the best prices for your materials and services. The technical team member is the one who builds your website, app or processes much like an engineer would. There’s an option for one more co-founder type, which is the team builder. This person ensures you have the right people in the right roles. It’s more intuitive than a human resource manager since they’re dealing with high-level executives in the beginning stages of the business.

Once you figure out the team member you’re lacking, you’ll be able to decide what kind of co-founder you’d like to bring into the beginning parts of your business. This person will pick up the slack for your lack of knowledge and will also share the burdens when things go wrong. It’s inevitable that things will go very wrong in the beginning too.

Stress Distribution

You’ll be able to spread the stress to another person, so you won’t have the entire burden yourself. You won’t bring it home with you either. You can leave it at the office with your co-founder, not bring it home to your spouse or significant other.

Help from the Beginning

If you don’t have help from the beginning, it doesn’t matter when you bring the other person in, they won’t understand the intricacies and history of the business like a co-founder would. A co-founder will be there from the beginning while another person will be in the dark about the details.

Advisers are not Co-Founders

When you have an adviser, they are not as invested in the success of the business as you are. They are not involved in the daily operations either. They provide advice as you need it, but they can’t take the place of a partner.

Split Expenses

There will come a time when you might have to dip into your own pocket for money. Even if you had capital, investors or fundraising, there could be a time that you need to split the expenses with a partner. The co-founder might be the one who has the money when you don’t too.

Perspective and Troubleshooting

The problems will be rolling in when you’re starting a business. Instead of trying to figure out a solution on your own, you’ll be able to bounce ideas off each other. If your co-founder has a differing opinion, it’ll provide you with even more ideas to work with to find the solution.

Investors Dislike Risk

When you’re a solo business owner, investors are worried about the risk of having one owner or founder. They wonder what will happen to their investment if the founder has an accident or disappears. With two people, they are less likely to worry about that kind of problem. They’ll have other concerns and worries that you can quickly alleviate between you and your co-founder.

The Startup Struggle

It’s easy to come up with an idea and get incredibly excited about the future success. The implementation of ideas is where many new business owners fail. They don’t realize how difficult it will be to build the business day by day without help. A co-founder can shoulder some of that daily grind until your new idea is flying.

Once you decide that you’d like to have a co-founder for your business, you will have to figure out how many you want. There’s no right answer to the question of how many co-founders. It’s based on your business, your skills and what others bring to the table.

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SMBReviews is committed to providing small and mid-sized business owners with the information and resources they need to select the best service or product for their company.

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