An advisory board can be transformative for a solo founder, but only if you build it thoughtfully. Here's how to approach it.
What an Advisory Board Actually Is
An advisory board is a group of individuals who provide non-binding strategic guidance. Unlike a board of directors, advisors don't have fiduciary duties or voting power. They're there to advise, not govern.
Types of Advisors You Might Need
Consider building diversity across these dimensions:
Functional expertise
- Strategy/business model
- Finance/fundraising
- Technology/product
- Marketing/growth
- Operations/scaling
Stage experience
- Someone who's been at your current stage
- Someone who's scaled past it
- Someone in your industry
How to Structure Relationships
Advisory relationships work best when expectations are clear:
- Time commitment: 1-2 hours per month is typical
- Communication: Monthly check-ins plus ad-hoc questions
- Compensation: Some advisors work for equity (0.25-1%), others volunteer, some charge fees
- Term: 1-2 year commitments with renewal options
Common Mistakes to Avoid
- Collecting names, not value: A famous advisor who never responds is worth less than an engaged unknown
- Everyone thinks the same way: Seek advisors who will challenge your thinking, not just validate it
- Undefined expectations: Vague relationships produce vague results
- Ignoring the advice: If you ask for guidance and never follow it, advisors disengage
The AI Advisory Alternative
For solo founders who can't access traditional advisors, AI-powered tools like SoloBoard can provide similar strategic guidance at a fraction of the cost. These tools work alongside human advisors, not instead of them, filling gaps and providing 24/7 availability.
The key is getting the guidance you need, however you can access it.