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Starting a business is not easy, especially when you are on your own, and to be successful there are three people that you need by your side as you work towards building your business.
A mentor is an amazing asset for an entrepreneur to have.
A mentor is someone who is in a similar field as you and knows a lot about the industry. They are a person you know well and can trust. Find a mentor who has been where you are and someone who had similar dreams and aspirations that you have. Since they have already accomplished the dream, they can help you along the way. There are only so many books, podcasts and other media that you can consume; however, a mentor has years of tangible, relatable experience that can be tapped into.
Mentors know how business works, and whom to connect with to get ahead. Networking helps create a name for yourself and makes it easier to build professional relationships that may come in handy later for more opportunities. Mentors are great for providing support when things get tough. They know how to ride out the ups and downs of business. Starting a business can be stressful — but less so when you have someone in your corner cheering you on.
Related: 4 Benefits of Finding a Mentor
Accountants are laser-focused, by the book, meticulous people that will keep your financials under control. One major advantage to hiring an accountant is the amount of time it will save you. Instead of focusing on what is being spent and where it is being spent, you have more availability to focus on other aspects of the business. Accountants can be your bookkeepers; they can monitor all financial records to ensure taxes are being filed correctly and prevent audits for the company. Accountants are also beneficial when keeping track of the budget and creating financial plans for optimum profit. Accountants will keep all your money in the right place and alert you if something is wrong. With all the new technology we have, it is easy for accountants to monitor finances effectively and efficiently. Without an accountant, it is very easy for a new business to lose track of its finances and spiral out of control.
Related: Why Accounting Skills Are Indispensable for Entrepreneurs
Hiring a lawyer should be a priority when starting a business. They can help you with everything from drawing up contracts to protecting intellectual property and preventing lawsuits. Your lawyer can help you find a business structure that not only fits your company’s needs but also is both financially fair and legal.
All businesses require some sort of contract to be drawn up, whether it is with vendors, customers or employees. A lawyer can assist in drawing up a contract that fits with the business’s needs and requirements in a legal structure. Having a lawyer can also help create patents, copyright designs, trademark logos and patenting secrets, preventing competitors from having access to them. Lawyers ensure that every action within the company is legal and follows standard policies to prevent lawsuits and negative attention from the public.
Mentors, accountants and lawyers all bring special qualifications and experience that are essential to make your company a success. Make sure all three are in your corner.
Related: Ask a Startup Lawyer: How Should You Manage Co-Founder Equity?