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Many people dream of starting their own business, being their own boss and taking charge of their work life. However, while there are plenty of benefits to going it alone, becoming a solopreneur can also feel very lonely or isolating as you navigate the ups and downs of getting a business off the ground. For this reason, many aspiring business owners choose to seek out a co-founder to help them on their journey.
From giving your business more credibility to acting as a soundboard for your creative ideas, opting to enter into such a partnership may just be the perfect solution for you. Here, the business leaders of Young Entrepreneur Council explore these benefits and more as they outline 10 reasons why someone may want to find a co-founder rather than go it alone as a solopreneur.
1. You Need Someone Who Can Complement Your Skill Set
In my experience, the best combination for a thriving business is two co-founders with two completely opposite yet complementary skill sets. If you are great at strategy and vision, your co-founder needs to be stellar at operations and execution. If you are highly technical, your co-founder needs to be amazing at sales. Having co-founders with identical skills and expertise is usually not very productive unless there is a very clear division of responsibilities and roles. – Samuel Thimothy, OneIMS
2. You Want To Give Your Business More Credibility
When you’re a solopreneur, potential partners, clients and investors might wonder about the sustainability and reliability of your business. With a co-founder, you’re not just a one-person show but a solid team backed by multiple minds and skill sets. This creates an immediate impression of stability and seriousness. Having a co-founder signals to the world that your business isn’t just a fleeting idea—it’s a well-structured entity with a team invested in its success. The presence of a co-founder showcases a shared commitment, a united front and a division of responsibilities that can inspire confidence in your long-term potential. – Pratik Chaskar, Spectra
3. You Want To Mitigate Your Risk
All businesses come with inherent risks. Instead of taking on 100% of the financial risks, you can split it in half with a co-owner. Since founders pool their resources together, no one person takes a tremendous loss if something doesn’t go according to plan. As a result of this strategy, it’s easier for both parties to recover from a failed campaign or product. – Chris Christoff, MonsterInsights
4. You Need Someone To Motivate You Through Hard Times
When you start your journey as an entrepreneur, you may encounter multiple failures until you finally achieve your goal. This often leads to self-doubt and is a reason why many entrepreneurs quit midway. However, when you have someone by your side, facing obstacles and acknowledging failures becomes easier, as the other person motivates you when you are having doubts and vice versa. Sometimes, all you need is a little push and a few words of motivation from someone you trust to overcome any challenge. Hence, a co-founder is a trusted companion you may want to consider onboarding on your journey to becoming a successful entrepreneur. – Stephanie Wells, Formidable Forms
5. You Feel You’d Benefit From Someone To Brainstorm With
You may want to find a co-founder instead of going at it alone if you need someone to collaborate and hash out ideas with. A co-founder can provide constructive feedback, challenge your assumptions and help you refine your business model and plans for the future. I suggest looking for a co-founder with experience in the industry and strengths and weaknesses that vary from your own so you can watch each other’s backs. – Daman Jeet Singh, FunnelKit
6. You Need An Extra Pair Of Hands To Tackle Problems
It’s best to have an extra pair of hands when you strive to build a business from the ground up. That’s the reason why you may want to find a co-founder. Starting a business requires you to wear multiple hats from the get-go and perform a variety of tasks or operations by yourself. So, it’d be better to have someone by your side whose goals and passions align with yours. Joining hands with like-minded individuals when starting a business may give you access to additional resources, bandwidth and investment, making it a bit easier for you to get started. – Jared Atchison, WPForms
7. You Want To Share This Journey With Someone Else Who Understands
Opting for a co-founder over solo entrepreneurship provides more than just skill diversity or an expanded network of contacts. The emotional connection and shared passion for the business can fuel motivation and perseverance as you both embark on a journey driven by a common vision. Entrepreneurship can be a roller coaster of highs and lows, and having a co-founder means you’re not navigating these challenges alone. The shared burdens and celebrations create a strong support system, reducing the feelings of isolation and stress commonly experienced by solopreneurs. This emotional camaraderie not only bolsters mental well-being but also leads to a more sustainable work-life balance, contributing to the overall success and longevity of the business. – Thomas Smale, FE International
8. You Want To Be Able To Consider Other Perspectives
One reason why someone may want to find a co-founder rather than go it alone as a solopreneur is that it helps them have a diverse perspective on a variety of matters related to their business. Having a co-founder gives you the opportunity to work with someone with a different background and a different area of expertise. This exposes you to a new group of innovative ideas, making decision making a lot easier. – Thomas Griffin, OptinMonster
9. You Need Someone To Hold You Accountable
It’s best to start a business with a co-founder because it helps cultivate accountability. No matter how disciplined you are, it’s always best to have someone by your side to hold you accountable for your actions and the decisions you make down the road. Having a co-founder is like having a trusted companion who is invested in starting a business at the same level as you are. So, you can both give each other genuine feedback on the ideas, validate the set goals and foster accountability in the workplace. This prevents you from going off track along the way and increases the likelihood of you achieving success. – Chris Klosowski, Easy Digital Downloads
10. You Want To Feel Less Stressed
Building a company can feel lonely, but when you have another partner or two there with you whom you can share the obstacles with, I find the experience to be much easier. It doesn’t feel like you have to solve every problem on your own. I’ve started several companies now and have had at least two other co-founders for each. While we have different areas of responsibility and expertise, we are able to lean on one another for support and provide other perspectives. – Nanxi Liu, Blaze.tech