September 8, 2016

5 professionals you need when starting a business


Have you thought about starting a business but have little to no idea on where and how to start? Perhaps you need to talk to those who were once in your shoes.

There's no doubt that managing a business can take a dozen or a village of manpower to operate. In the past, one person’s dedication and persistence is not enough to run a business.

These days however, you can run a small business on your own (solopreneur). If you aim to be a photographer, a writer or a graphic designer, there’s really no need to hire other people unless otherwise completely necessary. It entirely varies on your business, your chosen industry and your business status.


If you’re just warming up and still on the planning stages, meet with these five professionals to help you build your business plan and execute it smoothly.

Your mentor

Think about the potential customers later and seek the help of someone who’s been in your position before and know well enough the ups and downs your ideal business. Seek someone who knows how to build and grow a business.

Seek the help of a mentor. This person was once where you are now and have passed all the ups and downs along the way, and they sure know how to handle their business like a pro—and they’ll guide you how. Not only will they teach you what challenges to expect and how to handle it when it comes, but they’ll also serve as your light and inspiration. They’ll help steer you in the right path and provide insight to your strengths and weaknesses.

Lawyer

“What do I need lawyers for?” You might think at first. Well, the answer is—you need them bigtime.

Starting and running a business comes with more than a handful of legality concerns from complicated language, legal jargons and details in the contract to licenses and permits. And no, Google isn’t a lawyer so don’t even think about it.

A quick review of what lawyers can help you with in your business:

      Curating and reviewing contracts
      Discuss permits, licensing and regulation concerns
      Counsel you in strategies to protect your property (e.g. trademark)
      Advise you to protect your business from any unforeseen litigation, tax conundrums and other legal burdens

In addition, your lawyer is there to help you understand what you’re agreeing to, what your customers should agree to once they sign the contract, and beyond this matter. So yes, seeking a lawyer to help you with your business isn’t an option, it’s a must.

Accountant or tax professional

Unless you’re a numbers person and are well-versed with account receivables, quarterly taxes, expenses, tax requirements and other fees, and the likes, you could skip meeting with this person. But if you find yourself exhaling a confused and exhausted sigh at the end of reviewing your accounts, you should definitely invite a tax professional or accountant to save your life (and potential business).

An accountant is just as important as a lawyer. Before hopping in the business train, you should consult an account first. Otherwise, you might get surprised with the amount of tax on your shoulder and other financial mishaps along the way.

This person will help you check the numbers in general: help you analyze financial statements for long-term business solutions, help you setup your financial record system, minimize your tax burden and maximize profit, and the works.

Web developer

In this day and age, you need to get your business online if you’re serious about it and want to reach more of your target audience. People these days go online to look for products and services they need. Establishing an online presence and website creates legitimacy and credibility. Let them find you without breaking a sweat.

Web devs also come in handy in terms of maintaining your web page and fixing any bugs and issues a visitor may encounter on the site.

Marketers

Chances are, you have hundreds of other competitions and you’re like a needle in a haystack. To attract potential customers, establish your business and stand out among the others, and increase brand identity, you need to know how to effectively sell and promote your product and services.

You’ll need a marketer or salesperson on board to help you plan and execute the right strategy. No matter how great of a product or service you have, if you don’t focus on sales and marketing as much, your business plan might fail.

A lot of business plans don’t work out due to lack of (insider) knowledge, guidance and counseling. You can’t do everything alone so it’s important to consult with the best people and guide you towards success. Even the best people in the industry seek help from the pros, and so should you.


About Chie Suarez

Chie is a daytime writer for Depreciator - Tax Depreciation Schedule, a company dedicated completely to Tax Depreciation Schedules that aids the Australian property market.

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