There are many important steps that need to be taken prior to starting a small business. Consulting with professionals can help prevent negative legal consequences for you and your business down the line. Here are some of the most important professionals you should consult before starting your business.
Prior to starting a small business, it is important to have your finances sorted and learn about taxes, both of which an accountant can help with. An accountant will also be able to review your business plan and budget and ensure that your numbers are all correct.
Your accountant can also be a trusted advisor as your business grows. He/she may be able to help you think over opportunities that present themselves along the way.
2.Small business lawyer
Meeting with a small business lawyer may be the most important consultation before starting your business. Not only can a small business lawyer help you determine the most suitable business structure, but he/she can also help with other aspects such as drawing up contracts and taking steps to mitigate any potential risks.
As is the case with an accountant, a small business lawyer can also become a valuable advisor/member of your team as you start your business.
Taking out a loan at one point or another is very likely for most businesses. So, it is a good idea to meet with a banker to discuss lending options, your eligibility, and the application process. This will allow you to prepare any documents you may need ahead of time so that the process is as efficient as possible.
The best time to find out what investors are looking for is prior to starting your business. It is a good idea to meet with investors and see how they feel about your pitch and business plan. Any feedback can be beneficial as it can lead to changes in order to improve your business plan. Furthermore, consultation with investors prior to starting your business can lead to them investing when you actually do startup.
Working with someone experienced in your particular industry is always a smart idea. Having this individual as a mentor can help you with starting up your own business. It would be wise to pick their brain and learn about mistakes they made when starting up and how you can avoid those with your business.
If you have started a small business or are thinking about doing so and you have any questions, you can leave a comment below or get in touch to book a consultation