Starting a business? You need a team of advisors: tips for success.
Author | Costabilo, Frank P., Jr. |
You did it. You decided to venture out on your own. It's a big decision, but the right one for you.
So now what?
Many small-business owners, particularly in their formative years, wind up starting their business right on the kitchen table. Driven more by the practical need for money to cover basic living expenses rather than sound business strategy, many of these newfound entrepreneurs trudge forward doing what they know works rather than being analytical and/or strategic. It is certainly possible to get away with this for a while, but at some point your business will stumble across growth obstacles without a trusted team of advisors backing you up.
As a businessperson, I would argue you need the advice and guidance of the following four professions: 1) accountant 2) banker 3) insurance agent 4) lawyer. It's your job to seek these people out and build meaningful relationships with them that will secure your business interests.
Your accountant should have 10 to 20 years experience and an impressive resume that demonstrates significant experience representing small businesses. The guy that does your personal taxes every year is not always the best candidate for this position. Business tax law is complex and changes annually. Do not make the mistake of trying to be your own accountant.
Your banker is the guy who is going to give you the credit you need to get through tight cash flow situations. You will need to purchase (and eventually replace) capital equipment, hire employees and purchase inventory. Some people have a rich uncle to do this for them, but most do not. Building a healthy relationship with a banker makes the act of borrowing money much easier for most people. The best time to look for money is when you don't need it.
Your insurance agent will help protect your business from the multiple catastrophes of burglary, fire, flood and data loss in most cases. Finding someone you can trust to give you the best coverage at the fairest price is not easy. Make sure you can speak directly with the principal...
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