Archives September 2022

Thinking of starting a new business can be very easy, but the rest of the path can be difficult.

Just like how an architect creates a blueprint before building a house, a business plan is a tool to build a foundation and develop a structure for the future of your business. 

Business plans are integral for success – they can help secure funding, project financial growth, and flesh out operational details. Creating an organized and effective business plan requires a deep understanding of business management and expertise in the relevant industries.

A business plan gives you a means for capturing your entrepreneurial vision in writing. It enables you to fine-tune your aspirations and recognize where there are gaps or inconsistencies in what you want to accomplish. 

Another important way in which business plans can provide tangible help is by aligning everyone in an organization with the vision and strategy going forward.

A business plan helps you better understand your competition, the market you’re entering, and customer trends and preferences.

Expert opinions and numerous studies show that business plans improve corporate satisfaction, are useful for angel investors and venture capitalists, and increase a company’s chances of raising capital by 2.5x.

A business plan will help you identify red flags in advance. It’s an excellent way to do a “reality check” and recognize warning signs of impending doom. With a realistic view of whether your business idea has a chance of success, you can make an informed decision about whether to move forward, cease and desist, or alter your course.

Having a business plan allows you to make better decisions because it helps prevent decision-making on the fly. It gives you strategic direction, so fewer outcomes are left to chance. Not only is a business plan important for startups, but it’s also a valuable tool for established businesses. All businesses change and grow. All industries evolve. Therefore, a business plan should be approached as a living, breathing document that needs to adapt to the circumstances at hand and its environment.

Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own!

Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning!

Mohamad Seifeddine

Many factors go into a successful startup, such as market need, financing, a viable business model, and marketing. However, finding the right team – specifically, the right co-founder or cofounders – is a crucial first step. 

Your cofounder is your business partner. They are the one you’ll be spending long hours with in the trenches, building your business from the ground up.

So, it’s critical that you choose your cofounder wisely.

But, how does one even start looking for a co-founder and is it really as simple as it sounds? Well, to start off, one has to set a skillset requirement before endeavoring on such a journey. Listed here are a few tips that might help you find a co-founder for your startup.

1- Write a “job description” for that ideal partner

The most productive way of finding a decent co-founder is for you to write a comprehensive job description for that role. The only reasonable way to do it is to look at the strengths and potential weaknesses of your business. Once you realize what you need from your co-founder and find out which particular skills that person must have, put it in the job description. Also, try and look for someone who complements your skills with theirs, in order to ensure that your cooperation is productive and that your business is flourishing.

2- What Skills do you Lack?

Ask yourself what skills you are lacking, and what you would like to see in your co-founders skillset? You have to be perfectly clear on what skills will be needed for the success of the startup, and what is it that you are looking for. Take a look at your management team, and see what skills they are lacking; by identifying the necessary roles in your management team, you will figure out the real number of co-founders you need for your business. Each business member has its own roles and responsibilities which have to be fulfilled, which is why you are looking for someone with a decent skillset to fill those shoes.

3- Where to Look for a Co-founder?

There are many places where one could go searching for a co-founder. It all starts with the network of people you know; if someone can vouch for a particular person that is a great place to start. Another thing you can do is look at online “matchmaking” sites for business partners. Your last option should be an open job posting.

4- Take Your Time

Finding the right co-founder is a lengthy process, so take your time and do not rush it. Trying to speed up the process can only bring about bad results, which is something you might want to avoid. Get some time and look for the perfect candidate, spread the word on business forums and sites and monitor people’s reactions. If you have more than one person applying for the job (which is usually the case), test their skillsets and try and find the one that best complements yours. If none of them fits you right, just keep looking and in time, a perfect candidate will appear.

5- Avoid Family and Good Friends

Sooner or later, all startup founders (or at least the majority of them) consider reaching out to a member of family or a really good friend to be their co-founder. On one hand, it makes sense. You know this person. You know their good and bad traits. You trust them. Trust us, taking on a member of the family or a good friend as a co-founder is a huge mistake.

6- Be Diverse

In today’s world, most of the startups are being founded by college students who are 20 to 30 years old. Normally this creates a lot of space for different people with the same ideas. When hiring, you should be as diverse as possible, for extraordinary ideas are born out of diverse backgrounds and extraordinary experiences.

7- Research

Once you go through these steps, choosing a co-founder will be much easier. You will know what to look for in a person, and his skillset will determine whether he is the right fit for your business or not. Remember, take it slowly this just might dictate the future of your business. Do your research and start searching.