Business ownership is challenging, and it even gets more challenging when you realize that there are many things to navigate before successfully setting up your business. Entrepreneurship is very challenging, trust me.
There is so much that goes into setting up a business, and most of it is rightfully covered in many articles and books. However, what is often left out is just which people you need before getting down to business.
In this article, we look at five professionals you need as you go through your entrepreneurial journey.
A lawyer
The biggest mistake you can make as an entrepreneur is to believe that you only need a lawyer when something bad happens.
However, hiring an attorney needs to be something that you do to prevent these bad things from happening in the first place. A legal professional will ensure you do not fall into many legal pitfalls present when you are operating a business. You don’t want to violate a law and spend more on lawsuits.
Furthermore, a lawyer will be critical in helping write contracts and protecting your Intellectual Property (IP).
A mentor
A mentor is a critical pillar in any sector, and entrepreneurship is no different.
Find a mentor who is in a similar field to you and knows a lot about the industry. They should also be someone who shares similar values, dreams and aspirations as you.
This mentor will often be more experienced in the field and thus, will act as your guiding light as you begin your journey. This is because they know how the business works and with whom you need to network to get ahead.
An accountant
Unless you are an accountant and an entrepreneur, you probably will best be advised to get one.
Accountants will advise on the best business structure to follow for maximum rewards, help you in managing cash flow, and help you navigate tax law.
While they can be expensive, it would be more expensive in the long run not to have one. Remember, there are different types of accountant, accounting software, and bookkeeping systems to look at and use. If you use a huge amount of leases, for example, you might be looking into ASC 842 lease accounting and how ASC 842 as a guideline might impact the way you do business. This applies as a lessor and lessee. The country changes how lease accounting is applied, so it depends where you are but under GAAP it’s usually consistent.
A digital marketer
A few years back, this post would only be filled with ‘marketer’. But in the modern era, a strong online presence can do wonders for a business. True, you still need to retain traditional marketing methods, but a digital marketer can help your business grow online.
The marketer will make social media marketing campaigns, by creating engaging content that will attract customers to your business.
A cheerleader
This can be overlooked, but entrepreneurship is draining. Thus, having someone rooting for you during those times when you struggle is critical.
A cheerleader can be a spouse, friend, parent or sibling. It could even be your mentor.
The belief these people have in you will hold you steady as you navigate your business obstacles. And the best thing – they will often be free!
Having the right people in your corner will do wonders in helping you overcome obstacles in your entrepreneurship journey.
Check out more articles.
