They say that it takes a village to raise a baby, and that’s definitely true. Between sleepless nights and endless nappy changes, it really is best to have a reliable team onboard.
But starting a business is different. Isn’t it? After all, while your business idea might feel like your baby, it’s not a literal life in your hands. And, it’s your idea, likely in your area of expertise. If you can’t handle it alone, then should you even be embarking on this challenge?
The simple answer is yes. Because a business might not cry every few hours, but like a baby, it will most certainly keep you awake at night for those first few years. It needs almost as much attention as a baby, too. For that reason, you could undeniably benefit from building a village to help you start your first business. But, who exactly should you ask to move in there?
# 1 – A Business Advisor
Business advisors are effectively what they say on the tin – individuals who will advise you in all of the nitty-gritty business stuff that you might not understand. This will include things like realistic business plans, growth trajectories, and beyond.
A business advisor will also help you to develop an early budget and understand the rate of growth you’ll need to make a real go of your business. This will save you from many of those sleepless nights we mentioned, and will also make sure that, in the long run, your business advisor will more than pay for themselves.
# 2 – An Accountant
Speaking of professionals paying for themselves, no business village is complete without an accountant.
Even if you think you have a firm grasp on numbers, you would be surprised how many financial balls your business requires you to juggle. As well as considering things like your basic outgoings and profit margins, you’ll need to think about various areas of budgeting, including employment, marketing, investment, and so on. And, if you drop even one of those balls, your business could unravel faster than a knitted sweater.
A qualified accountant with experience in new business growth can take those balls right off your hands. And, good news – they’ll know how to juggle them a whole lot better than you do! Within no time at all, your accountant will help you to understand everything from how much tax you should be paying, to what salaries you can realistically offer your team, and even what stock you can afford. All of which can end up being make-or-break considerations for your budding business.
# 3 – A Legal Team
Starting a business is fraught with legal considerations, and these are things that you’re unlikely to know before you get started. Yet, many legalities, like your need to complete a federal ID number application and register your business, are things that you need to do as soon as you begin operations.
After all, a successful business simply can’t afford to have any legal skeletons in its closet. And, the best way to avoid that is to get a strong legal team behind you from day one. Again, this is a cost to consider, but a reliable legal team will help you avoid things like tax fines, legal fees, and even lawsuits in the future.
A legal team becomes especially vital when you embark on employment. These professionals will be able to advise you on the correct procedures, paperwork, and payment processes. They’ll also let you know about all of your legal responsibilities as an employer, making it way less likely that you’ll have to deal with disgruntled employees who may come back to bite your business.
# 4 – An Emotional Support Network
Just as any new parent needs their friends, anyone building a business should keep an emotional support network. This can be easier said than done when you’re so busy, but your mental well-being and emotional state makes this a goal well worth making time for.
Something as simple as regularly going out for a meal or drinks with people unconnected to your big ideas can refresh and rejuvenate you. While you’ll ideally want to avoid talking shop during these meetups, the fresh perspective these individuals offer may also help you to work through niggly business problems, or just feel generally less overwhelmed by what you’re putting yourself through!
Takeaway
Your business could be something beautiful, but only if you allow these crucial figures to help you build your business village from the ground up!
Written by Contributing Author
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