Who should you speak to before starting a business?
If you’re considering starting a business, you may already have plenty of ideas. Perhaps you have everything planned out already, and you’ve even written a business plan. Or maybe you’ve only just started your thinking on the matter, and you’re not really sure whether or not starting a business is the right thing to do.
Either way, before you start it’s a good idea to talk with a variety of different people. Each one will give you a different viewpoint on the situation, and each one could be very useful if you do decide to go ahead and start working for yourself. Read on to find out who the top people to speak to are, and why.
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Your partner or spouse
Of course, this idea isn’t going to be necessary for everyone, but if you have a partner or spouse, and you are both responsible for bringing an income into the family home, it’s only fair to discuss your new business venture with them. If it is going to mean you’ll be making less money (or none at all) or you need to use your joint savings to start things up, having a discussion with them is crucial. Not only will it mean you can determine the viability of the business, but it will help you get a good perspective on things.
If, after talking things through, you realize you can’t quit your current job or you don’t have enough money to start your business, you have some options. You might start a side hustle that becomes a full-time career over time, or you could see a bank or investor about a start-up loan. Talk every option through and work out what is best for your family, and for you.
Lawyers
There are lots of legal pitfalls that can become highly problematic in business, and being aware of them, and how to deal with them, might prove useful. Even starting a business can involve plenty of legalities, so having a conversation with a lawyer will be useful, and you may even need to engage one fully to help with your paperwork and permits.
Later on, you might also need some more specific lawyers on board. If you’re running logistics, you might not need to engage a skilled truck accident lawyer today, but you could need one in the future. The same is true of a copyright lawyer, or a health and safety expert. Knowing who you might need in the future is just as important as knowing who to speak with now.
An accountant
The financial side of your business might be the most important, but it’s also the most complicated, especially when you add in all the tax implications. You can do the work yourself, but it will definitely take you longer than a skilled accountant, and it will take you away from the day to day running of the business, potentially curtailing your productivity.
If you can speak to an account before you even start, you’ll have a better idea of what’s involved, and how much money you might need to get through the first few months or years of running your business.
