Find Your Ideal Co-founder With These 10 Steps
Opening a business is incredibly difficult work. That is why two heads are better than one. However, if you have an idea or a dream and want assistance in this practice, you need to know where to turn and who can assist. To do this, you shouldn’t just settle for anyone though. You need to know how to find your ideal co-founder to help get the company off the ground and who to expand and work with. To best do this, here are 10 steps you can use in order to improve your ability to open a new business.
Create a Job Description
Before you go out and start looking for anyone to join with you on your business venture, you need to create the perfect “job description” for the person you want. After all, you want to find someone who is able to open up a business with and fill all of your needs. Now, the common problem many people start out with is to look towards their spouse, best friend or a family member. This generally is a very bad idea. Plenty of relationships have ended because of disagreements in the business. You want someone that is not connected to you in this way. Instead, you really need to look at your own skills and write out someone who can complement your business skills and make up for the weaknesses that you have.
Now, you need to network. Do not go out and blatantly say you are looking for very specific elements, but instead you want to just network as you would for investors while keeping an eye on other individuals who are interested in this sort of practice. It is amazing what you can find while networking for something else. It is possible to kill two birds with one stone regarding this.
Online Business Matchmaking Websites
This does not mean go out to a dating website and assume you are going to find a business partner. Instead, there are websites that are designed to bring people together who want to open a business but are looking for a business partner. There are websites including StartupAgents, CoFoundersLab and others that allow you to bridge the gap and to find other people who are also looking to start up a business. This is a great way to start and it can take you to likeminded individuals. However, you should never settle for one particular individual simply because you haven’t found the ideal candidate that meets the needs you wrote out in the first step. This is just going to run into problems later down the line. Never settle when it comes to your business.
Often times a local business community, university or community college host entrepreneur activities. This is a great way to mingle with other individuals in order to see what they are looking for. You might find your next employee, intern or a professional who you can open the business with.
Sharing the same background can bring similar talking points, but it does not expose you to other potential demographics. That is why you need to think globally and look towards partners who have different kinds of experience. Whether they come from the city and you from the suburbs or one comes from India and you are from Cleveland, there is something that both you and your potential partner can bring to the table while attracting more individuals to your business.
Chances are you have worked with other professionals who might work out very well. Many associates want to eventually move up the job ladder and open their own business. Through work experience you know you can work with these individuals, so some of these people might prove to be the perfect fit for your company.
Sure, moving can be tough, but you want to relocate to the right geographical area. Perhaps you need a location with a larger tech center or you want something with a better fashion industry. Perhaps you just need a larger college student base. Keep this in mind as it can make or break you company.
Naturally, while you don’t want to start up a business with your best friend, having some chemistry is good for getting along on the job. Looking for common hobbies or sports interests is a good idea to get acquainted before offering up half of your company.
You want to define major milestones with your potential partner. Sit down with these individuals and discuss what sort of milestones should be set and what goals are important.
Negotiate Early Roles
First, you need to negotiate and document the roles of each individual in order to make sure each one of you is pulling weight and also knows what to expect in the future.