Forming your own startup goes beyond you just having an innovative idea and the desire to build your own business. In order for a startup to be successful you need to have the organisational, financial and business skills to be able to make a clear plan and put that into action. Whilst the process can be very rewarding, the enormity of the task and responsibility involved is one that cannot be taken on lightly and this when the value of having a co-Foundr comes into the equation. Though it is possible to form a company on your own, realistically most startups are successful when they are created with both a Foundr and co-Foundr. It is easy to think that you will be able to manage all of the tasks required on your own, however having a partner to help you plan, delegate tasks and to offer an alternate perspective is invaluable.
Here are 5 of the main benefits that a co-Foundr can offer you as the Foundr:
Forming your own startup is not an easy task, it goes much further than an idea alone. It is for this reason that having someone else to help you carry out the initial planning and launching is something that as a Foundr you should heavily consider. It is very easy to get wrapped up in your own genius idea and to forget about core elements of a business, by having a co-Foundr you have someone to make sure that all essential tasks are being carried out and to remind you of certain areas that you may have neglected in your initial planning. A business isn’t easy to create and doing it alone can create undue stress and struggle. This can result in you deciding to not go ahead with your idea or may mean that despite your concept being ingenious that it fails because of poor planning.
Problem solving is an element that is intrinsically linked to the startup process and is inevitable. If you are creating a company on your own the issue is that you have no one to problem solve with, which often means that you cannot find a solution. This is when a co-Foundr comes in as they are that person to bounce ideas off and to offer you the answer to challenges that you cannot solve yourself. Problem solving is a two way street and so you need to have another to help you overcome these difficulties. Moreover, when you create your own startup it is easy to be so close to the idea, that you cannot see the problems that are right in front of you. A co-Foundr is there to both support you and to offer constructive criticism that involves seeing problems that you may have not seen yourself. A varied perspective and having a fresh set of eyes to help you assess problems and potential danger areas will only strengthen your startup and help it be successful.
Everyone has strengths and weaknesses, a Foundr is no exception to this rule. Whilst you may be skilled when it comes to creating new ideas and organising others, you may be lacking in financial knowledge. This is where finding and having a co-Foundr with complementary skills is crucial. A startup is only as successful as the planning and knowledge that it was founded on and so having another person that has skills in areas that you do not and vice a versa means that you are creating a company that is strong in all areas from the beginning. It also means that you have two sets of expertise working to make sure that your business is launched with the best chances of success.
It goes without saying that networking is essential when it comes to launching your own company. A co-Foundr provides you with another network beyond your own which is beneficial both in finding financial backing as well as offering you two groups to first advertise your business to. Ultimately, regardless of what your business idea is, in order for it to be successful you need it to be popular amongst its target market. A co-Founder allows you to start with another group of people to advertise your business to, and from there they will then network to their own networks and so the amount of people talking about your startup from the beginning is doubled.
Whilst you may think that starting a business on your own will be fine because you have advisors, it’s important to recognise that advisors are just advisors. What this means is that whilst they can offer some support, they are not invested in the company to the same extent as you are and realistically they are not going to be available at all times of day. A co-Foundr is like a life partner, they want the startup to be prosperous and so they will invest as much time, effort and work as you, to ensure that you are giving your “child” the best chance of success. The support system that a co-Foundr offers you is irreplaceable. They will know your company just as well as you do and so be able to help you confront any challenges along the way. Essentially, a co-Foundr becomes your other half and means that even if you are having an off day, there is someone else to pick up the load with as much dedication as you would have approached the task with.
Forming your own startup is a difficult and stressful process, having a co-Foundr to help make the task more manageable is invaluable and something that as a Foundr you should seriously consider. They will make your life a whole lot easier and offer your company a much better chance of being successful. Now all you have to do is find the person that will be your partner, and this is where FinderFoundr is here to assist, by matching you with people who have the skills and personality traits that match your business needs.