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1. Why create a company with several people?
Starting out alone is simple, but it can be interesting to be accompanied by other people to properly develop your business. Create with several people presents numerous advantages in the management of a project. Namely:
The sharing of skills
Finding partners allows you to take your project to the next stage by providing:
- from an external perspective;
- new skills;
- new know-how;
- of financial resources.
It's best to choose people who have skills that complement your own. In fact, broadening the range of skills available in the company gives you the opportunity to develop it further and not need to use outsiders. This can save time and money, especially when starting a business.
Are you a technology expert? Why not turn to people with skills in communication, accounting, or product development, for example.
The reduction in the workload
Running a business alone can be effective, but difficult on a daily basis. Being alone at the head, you must manage the activity itself (product launch, service delivery, etc.) and its deployment (communication, advertising, etc.), but also all administrative tasks, including accounting.
Being able to divide tasks between several partners will make you more efficient and avoid overwork.
The sharing responsibilities and tasks can be done according to the affinities of each. In this way, you will all be focused on your favorite missions.
Risk sharing
A company composed of several partners allows pool financial and operational risks.
You will make all the decisions between partners and will share the risks in case of difficulties. In addition, it is always easier to find a solution with several people.
Gain credibility
Sometimes being alone is enough to run a business, but it's not very reassuring for your partners.
In fact, the presence of one or more additional partners tends to strengthen the credibility of your business, especially for banks and business partners.
The plurality of partners is understood as a sign of stability and solidity. It is always easier to convince banking institutions with several people.
In addition, each new partner in the company will make a contribution (funds, goods or work) to improve its image.
However, not everything is rosy. You should also take into consideration that opening your business to associates can present some disadvantages such as:
- the impossibility of making a decision alone and quickly;
- have to take into account the opinion of the other partners;
- face the risk of internal conflict that can block society.
Good to know: You may need to change the legal form of your business to bring in a new partner.
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2. How do you choose a new partner?
You need to find the right partner for Establishing a lasting and fruitful relationship over the long term when looking for a partner. Many criteria must be met by the persons under consideration, including:
- have skills, experience or know-how useful to the company: the partner must bring added value, i.e. skills or experience that are complementary to yours and compatible with your project;
- sharing a common vision with you: having the same values and the same business vision is essential in the long term;
- have a good feeling: a point not to be overlooked because you will be required to work together.
By joining forces, you will be required to hold general meetings. Did you know you could do them online? Axiocap Suggests you toorganize your general meetings in a completely dematerialized manner thanks:
- to email invitations;
- digital attendance sheets and minutes;
- to electronic voting and signing.
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3. How do I find associates?
As we have seen, the search for an associate (or several) should not be done lightly since a bad association can have serious consequences for your company (lack of involvement, blocked collective decision-making, etc.). Follow these steps to put the best chance on your side.
Set your needs and expectations
How many associates are you looking for? What is the profile of your ideal partner? Do you need an available partner for the business or an investor? Ask yourself all these questions before starting your procedures.
A large number of partners offers a diversity of skills, more financial resources and a better distribution of responsibilities. However, the more numerous you are, the more complicated it can be to agree to find consensus when making strategic decisions. A minority can quickly block the situation.
Then, what position do you want to give to this or these new partners? An investor position or a place at your side? How many shares or shares attribute to him?
To note: An investment will bring funds, but will not take care of the management of the business. It will only intervene in decisions that are important for its development.
Finally, determine the skills and experience expected of potential associates.
In addition, remember that for a successful collaboration, you will have to being on the same page, that is, having the same values, goals and expectations.
Search for potential associates
That's it, you are ready to start looking for your future partners.
Start with mobilize your personal and professional network. Think about the people you know who could have valuable skills or experiences for the business. Anyone? Ask friends and family for recommendations.
Attention: Partnering with a loved one: good or bad idea? Neither one nor the other. The advantage is that you are not going off into the unknown because you already know each other. On the other hand, working with a loved one can be complicated to define boundaries, to manage potential conflicts and to talk about finances.
Did this step do nothing? You can then use specialized platforms in the search for associates : MeetPro, Biznessful, Partner, Partner, Co-Founder, Associate... There are many. They bring together entrepreneurs and investors who want to join entrepreneurial projects.
You also have the option of participating in entrepreneurial clubs or meetings dedicated to the search for partners. Numerous networks of entrepreneurs organize these events. They may concern the world of entrepreneurship or a particular sector.
Good to know: Chambers of Commerce also offer workshops and meetups.
Accelerators and incubators also connect entrepreneurs to develop each other's projects.
Exchange with the selected people
When someone is interested in your project and meets your expectations, check their references and your compatibility.
Discuss your values and goals. Ask him for his vision and his availability. Talk transparently about the strategies you are considering, how your business is operating, and your expectations.
Effective communication will help avoid misunderstandings and create a good foundation for working effectively and confidently with your new partner.
Conclude a partners' agreement
The conclusion of a Associate agreement is often an overlooked step when it can save your business in case of difficulties.
This makes it possible to prevent conflicts by clarifying roles, the distribution of powers, and participation in the share capital and the distribution of losses. These clauses also establish the procedures to be followed in the event of a conflict between partners (exit clause, arbitration clause, etc.).
In conclusion, the search for a partner is not easy and determines the future success of your business. Start by identifying your needs and expectations to build the profile of your ideal partner. Then, mobilize your network and join platforms and/or events dedicated to finding associates. You will thus be able to find the person or persons necessary for the development of your business.
Are you tired of time-consuming legal procedures? Axiocap has implemented their dematerialization! Management of shares and shares, maintenance of legal registers, organization of general meetings... Everything can be done in a few clicks online!
