Starting A Business? 4 People Who Should Be On Your Speed Dial
Starting a small business is a big undertaking that few new owners are fully prepared for. And, while most spend countless hours working on the products or services they will offer and cultivating clients, few people take the time to build a network of people to help them be successful.
So, if you're embarking on this challenge, what support system should you have on your speed dial? Here are 4 key people.
Lawyer. While it's easier than ever to set up a business in many states, it still pays to develop a relationship with a good business lawyer right from the start. You can benefit from his or her services on many fronts, such as writing contracts, purchasing real estate, copyrighting material, and working with partners.
Accountant. Unless you have a background in finance, you may find that handling the money matters of your business is not your favorite task. It's a skill that needs developed, so be sure you work with a professional. An accountant usually works for you only as needed and can help answer questions and make financial decisions as they come up. You may want to couple an accountant's technical expertise with a bookkeeper for the day-to-day book work.
Business Consultant. A good business consultant isn't something that many people think of first, but it can be vital to developing a plan that will ensure growth and profit. Look for a consultant with experience in your industry or a related field. Ideally, they would also have experience as a business owner so they know the challenges you face. A consultant can help you formulate a workable business plan, see where you can reduce inefficiencies, understand how to properly price products, and help you decide when it's time to expand (or not). Firms like Profit-Ability LLC are a good place to start.
Insurance Agent. Having the right insurance coverage becomes even more important as your business and client base grow. However, it can be hard to know what the difference between the "right" coverage and either too much or too little. As your business changes, you may also find yourself needing different coverage (such as when you add employees or services). Knowing who to call will ensure you get what you need when you need it.
Setting up a proper network that you can call on when you need it is one key to being a successful entrepreneur. It will reduce your stress and help you make the best decisions for your growing business.