The 5 People You Should Talk to Before You Launch Your Business

The 5 People You Should Talk to Before You Launch Your Business

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Motivational speaker Jim Rohn says that you are an average of the five people that you spend the most time with. Now, while Jim was referring to personal relations, I believe the same holds true for business relations as well. Which is why I want to highlight the five key people that I believe you should be spending the most time with (outside of your customers, partners and employees), as you launch, grow, develop and sustain your new business enterprise.

Your 5 Essential Advisers

I believe there are five key people that you want to have in your circle as you build your business going forward, and they include the following (needless to say, the quality of the people inhabiting these roles is crucial):

  • A CPA/Accountant
  • A Business Attorney
  • A Business Banker
  • A Mentor
  • A Business Consultant

1. Accountants

Perhaps one of the most important business relationships you will have is that of your relationship with your CPA/accountant. Your accountant will be there to help you properly start and incorporate your business in a way that aligns with growth plans and limited liability provisions, as well as getting you the best form of tax benefits. Your accountant will also assist with managing payroll, bookkeeping, filing taxes on time, reducing your tax buren, providing financial statements and providing general consulting on business management/strategy aspects.

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2. Business Attorneys

Your business attorney, similar to your accountant, will be there to help you properly start and incorporate your business in a way that aligns with growth plans and limited liability provisions.

Your attorney will also be there to help you properly insure your business, structure your business in terms of asset protection, comply with various regulations, comply with licensing laws and help protect any intellectual property you might have.

In addition, your business attorney will be by your side for various legal cases you find yourself involved in either as a plaintiff, a defendant or if you find yourself filing bankruptcy down the road.

3. Business Bankers

Business bankers are going to assist with all of the following:

 

Having a strong relationship with a bank or credit union, with a dedicated business banker, is key to launching your business enterprise going forward. Without banking services such as regular commercial checking/savings accounts and access to commercial financing options, it would be hard to grow, develop and sustain your business. A business banker can help you monitor and build your business credit scores, and guide you to the right loans for your type of business. There are 44+ different kinds of business financing, which makes the market extra complex and difficult to navigate without some expert guidance. (You can check your business credit scores for free on Nav to see where you stand.)

4. Business Consultants

As your business develops, you are going to have to rely on the expertise of business consultants to assist with the understanding of various products/services that would be essential to your business. Some of these consultants include but are not limited to:

  • IT consultants who assist with your company’s IT infrastructure
  • Marketing consultants who help increase your market visibility
  • Risk management consultants who assist with various forms of risk mitigation
  • Financial services consultants who help establish various forms of merchant services

5. Business Mentors

Your business mentor is usually someone that has been there and done that, in terms of operating in the same or similar industry/space that you currently operate in. They can be an adviser or inspirational role model to you as you launch your business and go through the initial growing pains of taking market share, as well as, becoming profitable.

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About the Author — John Tucker has over ten years of professional experience in Commercial Finance and Business Development. Tucker is also an M.B.A. graduate and holder of three bachelor's degrees in Accounting, Business Management, and Journalism. To connect with John Tucker, feel free to send him a connection invite via LinkedIn at: www.linkedin.com/in/johntucker99

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  • John, I agree with your 5 essential business advisors. I understand that depending on the situation, one advisor might be needed ahead of another. But, if the situation allows, I recommend that a business consultant move to the top of list. It is the role of the business consultant to know what an entrepreneur might not know they don’t know. Therefore, that business advisor can prepare the entrepreneur to become better prepared to seek and use the advice of the other business advisors. The Small Business Development Centers across the nation employ business advisors. Those business advisors are trained and educated to provide advice and to share resources that grow sustainable businesses. They get to do amazing things at no cost to their client in the SBDC program because the program is for economic development funded primarily by the Small Business Administration. America’s SBDC http://americassbdc.org/home/find-your-sbdc/ can help locate the nearest SBDC.

    • Cle,

      Yes, I completely agree with your assertion on the importance of business consultants! This list here is in no particular order, this is a general starting list of essential advisors that a business owner would want in their corner, as they venture out on their entrepreneurial pursuits. But sure, beginning with a sit-down discussion with various business consultants (as you mentioned) is definitely a great place to start.