Looking for a Business Co-founder: What You Need to Know

Starting a business is no easy feat. During the process, you may ask yourself whether you have the capability and skills to bring your ideas to life. 

To help in this effort, you need someone by your side who already understands the business. Often, one excellent solution is to work with a co-founder that complements your skill.

Why You Need to Find an Ideal Co-founder

Going solo has its benefits. Aside from having complete control over the business operations, you also get to decide how much profits go to your bank account. But, working with someone who shares the same passion ensures you have a profitable business to control. 

It's more than just sharing the burden. Running a company takes a lot of determination and support to meet goals. The compatibility and characteristics of a co-founder are huge factors in the success or failure of a business. That's why finding a responsible and reliable co-founder is vital to help you execute strategies and responsibilities. 

Although having a co-founder does not ensure business success, they can support crucial operations. Having a co-founder helps when you are looking for investors. 

A co-founder is critical in challenging your business by helping you shape your idea and developing a more solid foundation. Plus, they are also ideal for funding your business. Those who genuinely believe in the business goals will be more than willing to invest their own money. On top of making your business look trustworthy among investors, co-founders also bring their resources to the table. 

How to Find the Right Business Co-founder

It's easy to get overwhelmed and lost when managing a business. While you can ask for advice from mentors, their commitment and passion are not the same as a partner. Here's how you can find the right co-founder:

Know What Your Business Needs

The first order of business is knowing the qualities you're looking for in a partner. Start by pinpointing the strengths and weaknesses of your business and what you can put on the table. 

For example, you may be knowledgeable in developing the product, but you don't have the skills to market it. You may want to look for a co-founder to fill that role. 

Don't be afraid to look for a co-founder with contrasting and complementary skills. Remember, their skills should compensate for the abilities that you or others in your team may lack. 

You may want to connect with astute entrepreneurs and seasoned investors when listing your qualifications. They can guide you on what knowledge and expertise you should be looking for. 

Maximize Networking Opportunities

When looking for co-founders, maximize every opportunity. Attend popular networking events and conferences to meet new people. Use connections to introduce you to people in the business community. You may also tap alumni associations or student organizations to help you find the perfect match. 

Maximize your reach by joining entrepreneur groups on LinkedIn, Facebook, and Twitter. It also helps to join several online forum sites that cater to startups and budding entrepreneurs. Some sites where you can find like-minded professionals include CoFoundersLab, Founder2be, and FounderDating, to name a few.

Go Global

Don't limit yourself by looking for your future co-founder within your area. Go global. Explore other areas as well. 

Don't be afraid to partner with someone who may be halfway around the world and live in different geography. It will be a waste if you find the perfect co-founder only for you to reject them because they are overseas. 

There are various ways in which they can become an international founder. doola, a company that helps incorporate US businesses from anywhere in the world, can help your potential partner set up an account. 

Go out of your comfort zone. Meet people from varied backgrounds and cultures, and they may help bring a new kind of energy to invigorate your business. 

Talk to Friends and Family

Sometimes, you do not have to look too far when seeking a co-founder. You can tap a friend or family member who is interested in being a part of the business.

But, naming someone you know as a business partner can have disadvantages. You must ensure that your relationship can handle the pressure of working together to grow a company.

If you do not have a friend who wants to do business with you, get the word out that you are seeking a co-founder. Ask people you know if they can help.

Seal the Deal

Once you have found the ideal business partner, make sure to draft a comprehensive co-founder agreement. 

You have to understand that your relationship will not always go smoothly. There will be misunderstandings and conflicts that can have an impact on your business relationship. Never rely on verbal agreements alone and get everything on paper.

The agreement should also discuss your exit strategy. Not only does it help protect your business interests, but it also ensures you maintain a relationship with your co-founder.