5 People to Talk to Before You Launch Your Business
Are you mulling over ideas for a new business? Maybe you’ve been tempted by an entrepreneur lifestyle for a while now, and you’ve recently decided that you’re ready to give it a go. Whatever your situation, there are many things that you’ll need to do before you can successfully launch your company.
For instance, you’ll need to get a bank loan that you can afford to pay back in the months ahead, write a business plan, and even look for investors. On top of all that, there are certain people that you’ll have to speak to, as well. Here are some of the most crucial conversations that you’ll need to have before you start your company.
1. Your Partner
We’re not talking about your business partner here – although a conversation with them is a good idea too. One of the first people you’ll need to speak to when you’re ready to launch a new venture is your spouse. Some people get so caught up in the excitement of starting a company that they forget how important it is to sit down and manage their marriage first.
Remember that starting a company can be a time-consuming and emotional process. Knowing that your spouse is ready for the long hours and confusion is a great source of tranquility when the going gets tough.
2. Your Bank
Let’s face it; most people can’t afford to launch a business without a little financial help. If you’re going to need some capital to get you started, then you need to speak to your bank about the kind of loans that you’re eligible for. In some cases, you may find that your bank bases the interest rate for your loan off your credit history. This means that if you have a bad background in your credit report, you could struggle to get a great deal.
On the plus side, a bank will be able to give you some insights into what you can do to improve your credit score. You’ll also be able to spend some time comparing options online to see whether you can get something better elsewhere. Whatever you do, don’t rush into any loans you decide to get.
3. A Lawyer
Starting a company isn’t just a creative process, it’s a legal activity too – that means you’re going to need a lawyer to help you jump through the relevant hoops. A lawyer will be able to talk you through the steps that you need to take when you’re launching an Incorporated business or an LLC. They’ll also give you an insight into the differences between each available business structure.
Sometimes, lawyers are also useful for helping you to build essential company relationships. For instance, if you get an investment from someone who wants to own a portion of your company, your lawyer will ensure that the right paperwork is in order.
4. An Accountant
Most business owners will benefit from some advice from an accounting professional. There’s a lot of information that you’ll need to keep track of for tax purposes, and your accountant can guide you through it. Additionally, some accountants will also be able to show you areas where you can save money on taxes and other essential expenses every year. Experienced accountants can even review your business plan for you and let you know whether you have what it takes to generate a profit.
Choose an accountant that can help with everything from reviewing your books each month, to establishing payroll for your employees. They may even have specific tools you can use to track what’s coming into your business and what’s going out without endless pieces of paper or spreadsheets.
5. A Trusted Mentor
Finally, when you’re new to life as an entrepreneur, it helps to get advice from someone who’s gone through it all before. A business mentor is someone who can answer all of the questions you might have about things like hiring, building brand presence, and even marketing your company. If you don’t already have a mentor, you can consider going online and reaching out to some of the business leaders you respect on LinkedIn.
There are plenty of people out there who are happy to share their thoughts with other budding entrepreneurs. Alternatively, you can try using the web for help when you’re feeling uncertain, by tracking down great articles and videos from thought leaders who don’t have time to work with people on a one-to-one mentoring basis.
