Do you want to start up a business but have no idea how to do it? Are you scared about the prospect of starting a business and don’t know how to start? When you start up a business you need to get the right team of consultants in place to help you set the business up correctly. The exact consultants that you need will depend on the type of business that you are starting. As a guide, these consultants should be an accountant, a lawyer, a mortgage broker if you are borrowing money, an insurance broker and a business mentor or coach. If you are unsure where to start a good point is a lawyer or accountant.
While starting a business may seem like a lot of fun it can be a lonely journey. You don’t know what you don’t know. Each of these consultants brings something different to the table, you need to listen to all of their advice. If they disagree on any point then you should ask them to talk and sort out their issues. Don’t let egos get in the way of the right advice. A common example is the structure for your start-up business. Your lawyer will have ideas on what needs to be done to minimise your liability while your accountant wants to set you up in a structure that will have the best tax position. Both are right you have to determine which scenario is best for you so that you can sleep at night.
Having a team that you can trust is critical and we all need to work with people that we can trust. You need to interview the consultants, and if you are unsure about your ability to work with that consultant you should interview multiple consultants until you are satisfied that you have the correct consultants for you. This is very important because you need to trust the consultants to follow their advice but also feel comfortable asking questions so that you can clarify any issues of which you are not aware.
Many people do not like the idea of having a business mentor or coach in their business. I believe that the truly great and successful businesses always have a coach or mentor behind the scenes. This does not have to be a formal relationship. If you know someone who has been there before, who you can pick up the phone to and discuss issues that you are facing then you talk to that person. Whenever I meet with other business owners to discuss issues in my business I am always surprised how issues with cashflow, staff and so on transcend all business types. I am yet to see a unique problem to one type of business or business owner.
While you may think that the advice from these consultants is costly, not getting the right advice will cost you a lot more in the future. I believe that success leaves clues, all of the successful business owners that I have worked with have always taken advice. They do not take advice blindly but they recognise that they do not know what they do not know and have sought advice from their trusted advisors and set themselves up for success.
Jeremy Streten, author of the “The Business Legal Lifecycle”