No one builds a successful business entirely by themselves.
Trying to do so is a recipe for burnout — you will need help. In today’s complex world, it’s impossible to be an expert about everything, especially about subjects as complicated as taxes, intellectual property laws, and HR legal issues.
Seven people you want on your team, providing professional guidance.
- CPA: Consult with an accountant who understands small business taxes and can provide advice on important tax-related issues.
- Attorney: You will need legal help to set up your business structure, protect your intellectual property, and review contracts.
- HR: Keep yourself out of trouble by knowing what the law requires of you in terms of employee culture. You may not be ready for employees yet, but you want to set the stage for growth.
- Benefits administration and payroll: Even as a one-person business you will need insurance. Health, life, and property are a few ways you need to be insured. Likewise, a payroll expert can help you make sure you are paying contractors on time and according to tax laws.
- Mentor: Having someone who knows the ropes and can guide you through and around difficulties is invaluable. Consider your mentor a key part of your team.
- Estate and succession planning: Your new business is an asset. Knowing how to structure key elements from the start can make it much less complicated and expensive if and when the time comes to dissolve or sell your business.
- Banker: You will need a separate bank account for your business and perhaps a line of credit. Your banker can help you find the best accounts and lending options to meet your needs.
You don’t have to hire all of these experts, but you do need to get their expertise. Are there professionals from your old job that you can have coffee with and ask questions? Many professionals publish articles and sometimes even books that you can reference.
Sandra is an author, entrepreneur, and business strategist. Drawing from 30 years of business building experience, she teaches new and aspiring entrepreneurs how to achieve sustainable success.