Start at the Very Beginning: Five People Every New Businessperson Needs in Their Corner

When it comes to starting a new business or venture, the scope of the project can be daunting. The enthusiasm that energized you into taking this leap can evaporate in the drudgery of details. So, how do you stay on track and make your new venture successful? Hire people that are smarter than you, and free yourself up to do what you do best! Sounds over-simplified, and your first reaction may be that you have no money to do the hiring- but I am not talking about adding personnel to your payroll, I am talking about building the support network that will enable you to succeed:

Every business needs a core of supporters in these five areas; these people will form your informal board of advisors:

Business Consultant - Mentor
Find someone who has done what you would like to do, and go to them for advice. Ask questions, avoid stumbling blocks. They do not necessarily need to be in the same industry at all, and many business organizations offer mentoring services for free. Find them, use them, and after you have achieved the success that right now you are only dreaming of, go back and volunteer to mentor someone else on their journey.

Insurance Agent
Your company needs insurance. This is not a luxury, but a necessity. And you need an insurer who wants to do more than just write a policy and shove you out the door. You need an insurance agent who wants to get to know your business, who understands your needs, and will check in with you and be with you as your business grows to make sure your policy continues to give you the best coverage. There are great agents out there, take the time to find one!

Banker/Financial Advisor
Are you undercapitalized? How much money should you ask for? Should you go to a bank or seek private investors? Do you need a business plan? What kind of plan do you need? A good financial advisor is worth a lot more than their weight in gold. Start developing a relationship with a good banker or financial advisor before you need the funds. Too many small businesses collapse because they grow too fast and do not have the capital to keep up, by developing these relationships early you will be in a much better position to get the funding you need when it is critical.

Accountant
Turbo tax is great software, but it cannot think. A good accountant will not only keep your books up to date and squeaky clean, they will make sure that you are taking advantage of all available tax benefits, and can assist your legal counsel in making sure you set up the best type of business entity for your venture.

Lawyer
Who your legal counsel is doesn't matter, until it does. Too many people now are using web sites to set up corporations without the benefit of counsel from a legal professional. Would you do better with a C-Corp, S-Corp, or LLC? Should you go with a sole proprietorship? Should your invention/idea/system/product be trademarked/copyrighted/patented? Do you have a non-disclosure/non-compete/confidentiality agreement written up? Do you need one? Are all parties in your venture protected legally? A gentleman’s handshake agreement works fabulously, right up until someone gets offended, or interprets a scenario differently. Lay a proper legal groundwork for your business, give it a solid foundation with good legal council from a person you can trust, and you will have a solid place to build a successful enterprise.

There are other professionals that you will need to contact as you continue to build your business, but these five make up the core of any successful enterprise, and serve as an unofficial board of advisors. These professionals are vital players in the success of your business, so take a little time to find the right people, who believe in you and your enterprise, and want to see you succeed.