How a non-tech solo-founder can leverage fractional CxOs
With micro SaaS and alike digital businesses booming, we are seeing more and more solo-founders running their little empires from their laptops and on their own. Some cos a co-founder match hasn’t happened so far, and some by choice – enjoying the flexibility and independence to the max. Some are developers that keep popping up new apps and then exiting when it becomes too administrative, and some are non-tech but their entrepreneurial spirit lets them take even a tech product far. Let’s see which options are out there for them and why working with fractional chief officers is among the most interesting ones.
Which are your options as a non-tech solo founder?
As a non-tech solo founder starting a tech startup, your options look more or less like this:
- Finding a tech co-founder – obvious, common but often too good to be true (imagine aligning on so many levels with a person in order to share the vision, execute on daily basis, stick together when it’s time to bootstrap and cut down on eating out and be there for each other for better and worse – plus this person knows how to code). That said, there are platforms for matching co-founders that are pretty efficient at getting you to one-on-ones with potential game-changing people.
- Leveling up your tech skills – possible, yet time consuming and you’d probably end up pushing your timeline for like a lot. That said, with more and more no/low-code options, it’s getting rather feasible as well.
- Contracting an agency on turnkey basis – costly and kinda black-boxie, but there is a reasonable chance you’d get a desired product and within your desired timeline.
- Joining a startup studio – your business might not be so much yours anymore, but there is a very good chance it will be running. As this concept is booming, you might be able to find just the right flavor of freedom for yourself.
- Working with fractional CxOs and freelancers – it will still cost you, but you can pay as you go and keep all the control.
Why choose fractional CxOs?
Fractional CxOs, a.k.a interim executives, are experienced professionals who provide on-demand strategy, leadership and mentoring to startups and small businesses. Why go with this option?
- Fractionals come at a fraction of a cost
- While their expertise is specific (which is great), the nature of fractional arrangements means working on many projects simultaneously and over the course of a few years, thus their experience is wide
- The flexibility of the arrangements is amazing: part-time, one-off, on-demand, productized service package etc
- You can improve your decision-making by taking into the account views of various experts coming from different background
- Fractional experts can help improve the results of more junior team members by providing the strategy, guidance, mentoring – thus your investment into the rest of the team pays off more
- You can bounce off your ideas over a virtual coffee and make up for those lonely decision making processes as a solo-founder
- Accountability can be a game changer too! Like a personal trainer in a gym, your fractional can help keep you on track with your ToDo list as you don’t want to show up at your weekly call without the homework…
- Fresh set of eyes, objective view, ratio over emotions. While the passion of a founder is an incredible driving force, sometimes it’s good to take into the account a view of somebody who is not so deeply invested that it can get overwhelming, lead to self-criticism or losing the touch with the reality
How to work with fractional CxOs?
You can maximize on your arrangement with a CxO by paying attention to certain points:
- Professionals are very niched specialized nowadays so just saying that you need a CPO might not be enough, as their focus might be product discovery, product development, go-to-market strategy, growth etc. The same goes for other CxOs
- Vibe-check – two people with same professional expertise will always convey their knowledge in two different ways – make sure it’s the way that resonates with you
- Give them substantial input: where do you wanna be in X months, what’s stopping you from getting there, from which A to which B you need help with etc
- Answer all their questions: it will help them understand you, your business and your journey better; more often than not, if will help you with the same points (by systemizing your thoughts in order to answer you might get additional clarity yourself)
- As most of your interaction will be within consulting type of calls, ask for summaries and followups, so that you can go back to the most valuable bits
- Make sure the arrangement is clear in terms of the goals, deliverables, type of communication
- Give feedback: even with tons of experience, each time an expert is working with a new founder, it’s a new journey for them as well – make sure they know how you feel about the progress and the activities you do together to achieve the set goals
While functional CxOs are an excellent option for all startups (or even big companies when going through certain transitions), a solo-founder of a tech startup without tech background might find it particularly useful.