The day a person decides to start a business can be a momentous one. Many will quit jobs, cash in savings, take risks and put themselves in a position to be the captain of their destiny. It’s a huge undertaking and carries many risks and rewards beyond the prospect of supporting yourself financially and without management looming over you.
In addition to the entrepreneur, however, are a host of people who they’ll rely on for all sorts of support. Some provide emotional help for dealing with the stresses and strains of being a small business owner. Others will offer professional guidance or services. Much like a suspension bridge, missing any one of those links can cause a lot of difficulties. Knowing who you need around you to get the best out of your business journey.
Speak to my lawyer
In reality, legal trouble is something you’ll want to avoid whatever size or stage your business is in. They’re not incredibly business-friendly, taking a lot of time and resources to see through a full legal process. SMBs are driven by consistent cash flow, unlike large corporations. Even before you get started, a lawyer can help you figure out what sort of business you’ll want to register as and the taxes you’ll pay. If you’re a sole trader – say a skilled professional working on hazardous sites – operating somewhere in the UK, you’re at risk of accidents. Knowing personal injury solicitors in Ireland, Wales or England is critical, due to the complex, detail-oriented nature of personal injury claims. Make sure you’ve got a lawyer who understands your regional base of operations, the laws you’ll need to abide by and the administration you’ll need to carry out to stay compliant.
Counting on someone
Your accountant is going to have a deep knowledge of your business and what will be necessary to stay both financially sustainable and also on the right side of the taxman. Accountants are typically trusted advisory bodies as much as professionals; they’ll be able to help you plan future projects and expenditures, for example buying new equipment or hiring new employees.
Money can come and go for small businesses. Many external factors can have an impact on demand and can result in cash flow being difficult to guarantee. What’s more, business loans can be the only way for many owners to get started affording things like premises and initial materials. It’s good to look for an institution that’s business-friendly; as to whether you need loans or not, a checking account is the minimum any SMB needs to pay and be paid.
Family and friends are perhaps the most important of all. You’re going to face many challenges as a new business and will have to call upon a lot of different people for support. Whether it’s figuring out your next steps to sell your product, or simply needing to vent after a long week, it all helps you on your way. Because building a business, like so many worthwhile things, can’t always be done alone.