4 Professionals to Meet With When Starting a Small Business
Dan Levenson February 06, 2018
If you’ve got big plans for starting a small business, you’ve probably already done your fair share of research and have a general idea of what steps will be needed to get that ball rolling.
Still, researching on Google can only take you so far when it comes to understanding all the intricacies of starting a business, which is why it’s also a good idea to meet with a few key professionals along the way. These experts will be able to provide you everything from guidance and legal assistance to financing and much more.
A Small Business Accountant
An accountant who specializes in working with small businesses can help you out in a number of useful ways as you prepare to launch your company.
For starters, an accountant will be able to review your business plan and specific calculations to make sure your numbers all check out. As you move toward the launch of your business, an accountant can also help you determine which business structure will be best for your needs (while potentially minimizing your tax burden in the process).
If you’re feeling a little lost when it comes to recording and reporting your company’s financial information, an attorney will also be able to help you set up a record system and even provide you with some guidance for analyzing financial reports to make sound business decisions.
An Experienced Insurance Agent
Any business, regardless of how small, will need to have some minimum levels of insurance coverage to protect you (and your assets) in the event of physical loss or other unforeseen circumstances, such as a business lawsuit. And because business insurance can quickly become complicated, having help from a trusted insurance agent who specializes in small business coverage can make all the difference.
Specifically, an insurance agent will be able to assess your business plan and structure to determine exactly what type of coverage you need, whether it be liability protection, property coverage, workers’ compensation, or any combination thereof. An agent can also help you figure out how much coverage you need based on your company size, assets, and other important factors.
A Small Business Attorney
A business lawyer/attorney can be extremely helpful not just as you prepare to launch your business, but long after you’ve been in business as well. Early on, a small business attorney can help you better understand any licensing, regulation, or other legal obstacles you may face as well as write and review contracts to ensure they’re in your company’s best interests.
And of course, in the event that your business ever needs legal representation, your small business attorney will already know the ins and outs of your company and can be there to assist you.
Read more: How To Find An Attorney For Your Business
A Reputable Banker/Investor
Unless you’ve already got your funding already sorted out, you’ll also want to begin meeting with some local bankers, investors, or other potential sources of financing for your small business launch.
This is one situation where it doesn’t hurt to meet with a few different possibilities, as it’s unlikely that all of the potential sources of financing with which you meet will approve your requests. And even if they do, it’s good to have options, as one bank may offer you a better interest rate on a business loan than another financial institution.
No matter how confident you may be feeling in your plans for starting a small business, it’s always a good idea to meet with these professionals for added expertise, guidance, and peace of mind.
Looking for help with determining your business insurance coverage needs? Be sure to contact us today!