Your million dollar business idea is probably brewing for a while now. By now, you must have given it some real thought and you’re ready to turn that amazing idea into reality.
When you are in the business planning stage, gathering information and doing your research are a must so that you can, without the shadow of a doubt, determine if your business idea is viable. When you are still in the research phase of your business you will need to talk to a few key people before actually moving forward to the big steps such as asking for a bank loan or finding an office space:
1. Maybe the most important person you should talk about your new business is your wife or husband. For many, it may sound like a no-brainer but some up-and-coming entrepreneurs tend to get so involved with their business that they forget to have a serious conversation about the way in which starting a new business could affect not only the relationship, but also the finances and the family time.
2. Starting a business means you have to jump through a few legal hoops. That is why you should a talk to a lawyer if you’re not sure what type of business you plan on starting. The lawyer can offer you valuable advice or help you with the necessary paperwork to ensure that your business is in accordance with the goals and limits of liability. Moreover, lawyers can define business relationships. At one point in time you borrowed money from one of your peers and you offered in exchange equity in your business. Or maybe you want to start a company with some partners – whatever the case; you’ll want to have your bases covered to minimize the risk of future disputes.
3. Accountants can be extremely valuable assets when you’re starting a business. Accountants are extremely important as they not only handle your taxes but also help reviewing your business plan. Also, they may assist you in determining if your business will be profitable and what is needed in order to turn in a profit.
4. A mentor or a business coach is also a great way to get the best business advice out there. This will go a long way, regardless of the fact that you’re opening your first business or your tenth one. It is recommended that you find someone that has been through thick and thin and has been both on the winning and the losing side. In an ideal world, this person would offer you his or her valuable advice in the years to come not only when you’re trying to start up your company.
5. The present economic context dictates that entrepreneurs are able to gather funds through bank loan. Should you be in this category, call your banker friend; everybody has one; that person will help you through the application process. And if you don’t have a friend that is a banker, talk to your mentor or coach and ask him or her to recommend someone. The more information you have, the easier it will be to start a business. Talk to these five people and you’ll have a solid base to start your business.