We all know how hard it is to find a cofounder (especially if you're looking for a technical one).  So what if you think you might be able to go it alone? Maybe you have the technical skills to get your idea off the ground or are willing to bite the bullet and pay someone to build your idea.   It may seem like a great idea, and in some cases may work out, but I'd like to caution against not having a co-founder.  Here's why:

5 Reasons You Need a CoFounder

1) Paying someone to build it is expensive

Paying a quality development firm to build your first version of your site or your prototype can quickly get very expensive.  If you try outsourcing offshore, you then are fighting language and communication barriers and have few options of anything to do if you're unsatisfied with the results. In addition, offshoring often results in code that is not re-usable as you try to iterate with a team you do eventually build around you.   Finally, just think about how much cheaper keeping a cofounder in ramen is than paying someone to do it.

2) Incubator programs are much less likely to take you

If you're a first time entrepreneur, incubator programs can be a huge help for you. They can fill in many of the gaps in your network and skillsets as well as put you in an environment that breeds success.  But, they have an archetype they look for that is best known as teams made up of a Hacker and a Hustler.  They love the technical and business cofounder balance on a team, and with good reason.

As a startup, you should look for every advantage and all the help you can get. You should consider the rules of incubators not only as a barrier to getting in, but an indicator of what those programs have seen as keys to success; if they think you need a cofounder, they might just have some very good reasons for thinking that way.

3) Your idea is best shaped with the help of someone sharing your vision

Convincing the world of the greatness of your idea starts with getting one person on board. Yeah, it's great your mom loves the idea, but she can't help you build the business.  Finding a cofounder shows you can get someone else on board with your idea and can help share in the vision of the company.  

One of the greatest challenges as a leader of the company is conveying your vision to others.  Getting that cofounder can be the first step in being able to handle the "curse of knowledge" discussed in Made to Stick. You'll hopefully be building a great company with many employees. Having a cofounder can be a key to evolving your idea (it will change) as they share in the early process of building it. Employees can help too, but it's not the same.

4) Only a cofounder can truly keep you in check

As a solo founder, it is very easy to become a dictator. It's easy to feel like you know best because it's your idea. Employees can bring what they're seeing to the table, but their motivations are different; it's not quite the same collecting a paycheck at a startup and having raised the business from just a spark of any idea.  A cofounder can help with this because they'll be there from the beginning too and have the same level of motivation (i.e.- ownership and time invested).

They also help when you need to "check yourself before you wreck yourself," which simply means someone who is an equal to you making sure you don't do anything crazy.  We all can do silly things at times and a good cofounder will spot it and help you keep it from blowing up and causing trouble.  

5) All the little things add up...

There are a ton of little benefits to having a cofounder, which I'll hit you with in rapid fire:

• You double your network: now there's 2 (or more) of you who can now leverage your networks for help, investment and employee leads and more.
• Partner in crime: You're going to be spending a lot of time on your startup, so here's hoping your cofounder is someone you enjoy spending time with. If that's the case, they can really help with aforementioned sanity as well as just general support.
• You can take a day off: With a cofounder, you know you can be away for a day and things will still stay in order at home base. Especially in early days, this is an important confidence builder.
• Double your skills: even a know-it-all doesn't have time to do-it-all. The right cofounder will be complimentary to your skillset which will be invaluable in handling the millions of tasks you're understaffed on when you start.

There have been a lot of great posts recently on both the search for a technical and business cofounder and we have a local guide right here on Greenhorn Connect. So consider keeping the search on for a cofounder...it will be well worth it!

Why do you think it's important to have a cofounder? Or if not, why don't you need a cofounder?

Photo Credit: dawnzy58 on Flickr