You have a great idea and you want to turn it into a business — but do you have a plan? The business environment is somewhat volatile right now, so it’s important to go in to the process with your eyes wide open and your feet firmly on solid ground. The choices you make now, good or bad, will have a lasting impact on your future.
You don’t have to go through the process of starting your company alone. Even if you’re a one-person show right now, there are professionals who can help you make smart decisions.
Who should you consider adding to your “team” when you’re starting a business? Consider the following:
- An accountant: You may need help deciding how to budget for your business, learning how to manage your taxes, writing financial proposals and obtaining financing. An accountant can also help you set up your payroll and keep track of your cash flow — leaving you free to manage what matters.
- An attorney: It’s much easier to get your business started when you have the right structure, and an attorney can help you understand your options. They can also help you develop contracts for suppliers and vendors, protect your intellectual property rights, and understand what to do when you encounter anything from people who won’t pay their bills or threaten to sue.
- An insurance agent: When you’re in business, you need to manage your risks. The right insurance agent can help you find affordable coverage for your building, your operation, your company vehicles and more.
Going in to business for yourself is exciting, but don’t be afraid to slow down for a moment and look around for the help you need. Once things get rolling, you’ll be glad you did.