Send in the nerds! I mean experts.
Opening a business is fun and takes guts. You gotta work long hours (usually) and take some chances. You will need to give more effort than you thought. Trust me, I’ve been there. But you also need some help. There are several experts you might want to consult before and during the start of a business. Here are just a few of them:
Your own personal taxes can be difficult to navigate, and adding your business taxes on top of it can be an undue burden, especially when you’re just trying to get a business off the ground. Businesses in heavily regulated industries, like alcohol and tobacco, will also have a number of excise taxes to consider. While there are many accounting apps these days that might help streamline the process, you may find it much easier and less stressful in the long run to invest in a living, breathing human that can sit down and explain the numbers to you. Getting an accountant will allow you to take all the time and energy away from stressing about the tax return and pour it into the day-to-day running of your business. Not only can an accountant make sure your tax returns are sent in correctly, but they can look at cash flow, employee compensation, and margins for growth.
Most small businesses will need a bank loan or a line of credit to get off the ground, as well as a business checking account. It’s best to find a bank and a banker with whom you feel comfortable. Many bankers will have firsthand experience with small businesses, and will likely be able to provide guidance to you as you move forward month by month. A strong, healthy relationship with your bank can only help your business. Be upfront with what you can and can’t do. If business isn’t going well, hiding your financial struggles won’t help to solve them. A good banker will appreciate your honesty,
No list is complete without mentioning how we get paid! There are many reasons you might need a lawyer for your startup. If you’re forming a corporation or an LLC, you might need help with the State paperwork. If you need specialized, carefully-worded contracts, you’ll want someone trained to read, write, and enforce them. If you plan to deal in heavily regulated industries, it’s a good idea to have someone familiar with the laws concerning them. There are also considerations for hiring employees, such as non-compete agreements. There are a number of ways to protect yourself that you might not even consider, but a lawyer versed in small business litigation can often point out red flags. It’s important to deal with a lawyer that you can trust, and one that appreciates that your small business is your livelihood.
We didn’t just add “Entrepreneurs” so we can have a pithy acronym (though, it is pithy, isn’t it?). In the world of social media, it’s never been easier to get firsthand accounts of peoples’ experiences. For whatever business issues you might have, there’s a good chance that there’s already someone who has stood in your shoes. Your local area is most likely going to have a Chamber of Commerce or some other kind of business organization. These are great resources for you to mine.
All of these experts can help provide peace of mind, something that can often be hard to find when setting up a new business. Accountants, Bankers, Lawyers, and other Entrepreneurs are all good experts to have in your corner.
As always, please feel free to contact us for more help in starting your business.