Starting a small business is overwhelming, exciting, and rewarding, but it also has pitfalls. There are no one-recipe fits all because every business has its own unique characteristics, goals, and challenges. However, there are some basic things that every small business needs to succeed: A lawyer, an accountant, a banker, an insurance agent, and a coach. Here’s how these 5 friends can propel your small business to success, one step at a time.
A lawyer is an essential element to protect your small business from legal complications and help you comply with government regulations. A lawyer can draft contracts, protect your intellectual property, and represent you in court in case of litigation. They can also help you set up your business as a legal entity, such as an LLC, S corporation, or C corporation, and guide you through tax issues. A lawyer can prevent you from making costly legal mistakes and ensure your business is protected from legal threats.
An accountant is vital to keep your business's finances organized and in good shape. Accountants can help you manage your business's financial records, including invoicing, bookkeeping, tax preparation, and payroll. An accountant can also help you understand the financial health of your business by providing you with cash flow statements, balance sheets, income statements, and other financial reports. They can help you make informed financial decisions and avoid tax errors that can cost your business.
A banker can help you manage your business's cash flow and provide you with funding, including loans, lines of credit, and credit cards. They can also help you set up business accounts, including checking, savings, and merchant services, to manage your cash efficiently. A banker can also offer advice on investments and provide financial education to help you grow your business.
Your Insurance Agent:
An insurance agent can help you protect your business from unexpected losses. They can advise you on the right insurance policies for your business, including general liability, workers' compensation, professional liability, product liability, property, and casualty insurance. An insurance agent can also help you navigate the complex insurance landscape and ensure you have enough coverage to protect your business.
A coach can help you grow your business and overcome obstacles. A coach can provide you with business advice, accountability, strategic planning, goal setting, and motivation. They can help you identify the areas that need improvement, understand your target market, develop marketing strategies, and expand your business. A coach can also help you balance your work and personal life and prevent burnout.
Starting a small business is a long journey, and having the right team can make all the difference. A lawyer, an accountant, a banker, an insurance agent, and a coach can provide you with the essential tools and resources to navigate your small business and succeed. So, if you're starting a small business, make sure you gather the right team of friends to help you along the way. They can help you avoid legal problems, manage your finances, protect your business, and grow your business to new heights. Don't underestimate their value and expertise. They can be your small business's best friends.
The 5 Best Friends of every Small Business
Marty Jalove of Master Happiness is a Corporate Coach, Business Consultant, and Marketing Strategist that helps small businesses, teams, and individuals find focus, feel fulfilled, and have fun. Master Happiness stresses the importance of realistic goal setting, empowerment, and accountability in order to encourage employee and customer engagement and retention.
The secret is simple: Happy Employees attract Happy Customers and Happy Customers come back with Friends.