In my last post, I began this series by identifying the first step in starting a business. Though I will never claim to be an expert in anything because there is always more to learn, going through this process myself within the last year has given me some incredible insight. What I wish to share with you today is how the people I consulted generated my success. Even if you will be operating as a sole proprietorship, that does not mean that you cannot have a CIO, CFO, CBO, etc. Filling these roles in whatever way you can is incredibly important for your success.
CFO: Your Accountant
I have only worked with one accountant my entire life because I am lucky enough to be related to one. That might make me biased, and it especially limits my knowledge of exactly what their roles should be in starting a business. However, I was lucky enough to have an accountant that had fairly recently started their own business and has a wealth of knowledge to share regarding start-ups. She took the time to write a fairly lengthy email regarding all the things that I needed to do to get started. She is more than just a numbers-cruncher, she is a consultant.
From talking with others, I have found that many accountants are like this. They have a wealth of knowledge that will guide you in the right direction. Even if your accountant only crunches numbers for you, they can do it better than you can (unless you’re an accountant yourself), and it is the first role you should seek to fulfill.
CIO: A Tech Guru
It is no secret that technology can introduce a higher level of efficiency into your business. Though I myself am rather technically inclined, I still needed to consult someone on numerous occasions regarding technical matters: software, hardware, online tools, DNS, etc. Unless the business you are starting is a IT consulting firm, your time is better spent on other business matters (like finding customers). They can save you time from doing all the research and implementation yourself, and they will also save you a ginormous headache!
CBO: Reputation Manager
Chief Branding Officer, Reputation Manager, Chief Marketing Officer, Design Firm–regardless of the title that comes with it, you need someone to ensure that you are correctly representing yourself, your business, and your values. From Day 1 this is incredibly important, because the opinion of one person can quickly spread to the opinion of hundreds. And, since 90% of consumer decisions are based on the opinion of someone they know (Nielsen 2009), you cannot afford to be misrepresenting yourself.
Legal Consultation
With a new story of a lawsuit in the papers every day, I think it goes without saying that you should consult a lawyer at the earliest stage possible. Regardless of how much risk you think that there will be, there are the few people out there just waiting to jump on the chance to make some quick cash off of an unsuspecting business. Bad things happen to good people, and a lawyer can minimize the threat of bad things happening to you.
Insurance Agent
Another key player in your team of business consultants will be your insurance agent. This is another form of protection that is incredibly important to have when starting a business. Someone could slip and fall in your office and take you to court. Even if you don’t have an office, there could be a dispute over the work you performed or the product you offer. Protecting yourself and being proactive regarding any possible situation is incredibly important.
Next Up
The next post in this series will be regarding the other people that you know, the people that can help send business your way.