Did you know that many entrepreneurs develop panic disorders after launching their company? Even entrepreneurs are successfully growing their business feel the stress of cash flow issues and the pressure of responsibility for being in charge of a business.
As an entrepreneur myself, I found having a great support system in place is vital to make it through stress and doubt.
I would love to put your accountant first on this list, but really, if your spouse or close family members are not supportive of your new venture, the natural doubt you will feel as a new business owner will be fueled by the doubt of those around you.
Your spouse, of course, will be the most likely to feel the financial consequences and share your stress during your drive to start a new business. You might want to consider sharing your business plan with them and get them on board with the plan and timeline.
Other family members will want to offer their opinions too. We all have those buttons that our mother can hit within five minutes of a casual conversation, because we care about the opinions of those closest to us.
When I launched my business, I had a couple of other CPA’s I could call for help, but most of them were from prior jobs, and therefore had similar experience to me.
Luckily, through networking groups, I had met a couple of CPA’s also serving small businesses. These were super valuable contacts during my first busy season on my own. I recommend networking with other people in your line of business to cultivate relationships where you can pick up the phone can ask a question.
Every business has to file a tax return, so you may as well make your first professional hire an accountant. Find an accountant who works with businesses similar to yours, so that even if your question or issue is not something they can address themselves, they can recommend you to other professionals that also serve businesses like yours.
For example, some accountants specialize in supporting clients in service industries. If your business involves manufacturing or e-commerce, you will want to seek an accountant with experience in these industries.
Do you need an accountant? Schedule a free consultation with us to discuss your business needs.
Attorneys are expensive, so it can be hard to spring for hiring one. However, working with an attorney to set up your business and contracts up front can save you many headaches down the line when business is booming. Setting up your customer contracts right from the start is important to ensure that you are not exposing your business to unnecessary risks.
An attorney can help advise you on the best way to protect your assets, and help you set up your business structure. If you hire any employees, you’ll want to check with your attorney on your employment agreements and obligations.
When I launched my business, I was full of information from business books on finding a niche, building a network, and serving clients.
I’m the kind of person that likes to talk things through with other people, so I turned to my family and friends to discuss all these ideas and decisions about what direction to take my business in.
My family and friends, while supportive, have never started their own business before. It turns out that in these conversations, they just had no opinions to offer.
I then met a great business coach through a local networking group. I was so excited to find someone who could actually help me address the skills I needed to build, like how to actually sell my business to contacts. My coach helped with far more than I expected, from helping me clarify my business focus to guiding me through setting a work schedule that would allow me to get my client work done, and spend time on necessary marketing.
While being self-employed often means working as a one-person business, that does not mean you shouldn’t have a support system of professionals around you to help you to grow your business.