Over the past several years the spirit of entrepreneurism has become popularized and mainstream. Social media has put a spotlight on business owners, from the small to the corporate. Owning a business has come “cool” for the younger generation. Tech companies like Shopify, Etsy, Upwork, and Google have cut out much of the “middle men” and agencies, allowing small business owners to thrive.
Starting your own business however is not simple. Starting your own business and brand takes not only a great idea, meticulous planning, and hard work in executing your business vision. You also need to have these three vital people by your side to help guide you on the right path to business growth.
The Mentor: Your mentor will be your most important asset. From the commencement of your business idea, to setting up the actual business model. You need a mentor who themselves have started businesses. You need a mentor who will share with you the experience with successful decisions, and their mistakes. Your mentor can share with you the important lessons they have learned in the world of entrepreneurship. These lessons are vital, and can mean the difference between your business successfully growing, or your unforeseen mistakes ruining any chance of success.
Mentors are individuals who have experience in similar fields as yours, and have extensive experience in the industry. Trusted figure, who you can bounce ideas off of, and will have no filter. You need a mentor who will be honest with you. Sometimes brutally honest.
Networking is a key component in the growth of a business. Your mentor will be an essential networking connection for you. He or she will take you to the necessary meetings, gatherings. They will introduce you to other business owner and businesses that your new business will need to have relationships with.
A new business venture will have many difficult and stressful moments. Your mentor will be a key figure in keeping you calm, and explaining to you why it is important for you (the business owner) to stay antifragile.
The Attorney: New Business owners often underestimate the legal exposure they and their business poses. It is important to have a trusted and experienced Attorney on your side from the start of your Business. Business owners must understand the State and Federal Compliance requirements for their businesses. If a company specializes in lets say Advertising and Marketing. Your Attorney will guide you to the required compliance laws for this industry. The same with any other business field or industry. It is important you respect and follow the required laws. Your attorney is essential in helping you understand these laws, and adhering to them. This can and will save you lots of headaches and fines later on. Although the next member of your company (Accountant) will also assist with this, your Attorney can also help you decide between the correct corporation type (C, S, LLC). Your Attorney will also draft your company’s employee handbooks and Procedures and Practices handbooks. Labor Laws are very complicated and can potentially cost you tens or hundreds of Thousands of Dollars. You need to have an Attorney guide you in this very important element of your business. Having an Attorney is vital to building your business with the correct foundation. A strong legal foundation that when tested in the future by (angry terminated employees, Local or State or Federal regulators, or competing companies), will stand strong and allow your business to flourish. The better your Attorney, the less stress and anxiety you will deal with down the line.
The Accountant: One of the first meetings you should have before you have started your company, should be with the Accountant you plan to have on your side. Accountants, also known as CPAs are statistically focused meticulous professionals. They love equations, finance, and math. Your focus needs to be on your business, your employees, your products, and most importantly your clients. Thus the less time you spend on math, payroll, and taxes the better. Your Accountant can relieve you of this burden. They will guide you in deciding what type of Corporation suits your business best. They will also prepare you personally for the role as business owner. The more money you earn, the more taxes you pay. Not just to Uncle Sam, but also to your state. As well as other local taxes depending on what type of business you are starting. Thus it is essential to decide a viable tax plan with your Accountant. It is best to work with an Accountant that will provide not only corporate and annual tax preparation, but also weekly or monthly payroll services. This way all of your business and personal tax and payroll needs are covered under one roof. We don’t recommend you use the services of a Paychex or ADP. Most accountants will provide this service for a fee that will be less than the big corporate payroll services.
The IT Professional: As you start your business and get it off the ground, the importance of a wise and experienced IT Professional will become clear to you. IT professionals will play a key role in the daily business operations. For dependable technology in your company, increased productivity amongst employees, and smooth functionality, your business requires a bright IT mind to set up and maintain the IT systems. IT professionals will provide your company with the most up to date hardware and software. They will provide your business with virus protection. Establish high security to your data by performing constant backups. They will set up the firewalls to protect your systems from hackers and other business disasters. A fast thinking IT professional will also help you avoid various technical problems in your computer system at the startup of your business. In technology, problems will arise. Having a trusted and experienced IT professional is key in resolving these problems before they compound to bigger problems later on. Establishing an early relationship with this IT professional will ensure long term growth for your business.
This Article was provided by Benjamin Borazzi. Business owner for over 12 years. Benjamin has assisted many young business owners in establishing their own brands, and growing their businesses with the strategies shared on this site.