5 People You Should Talk to Before Starting a Business
Entrepreneurs are born with inquisitive minds. All great businesses ventures start with a bold idea; a solution to a problem no one else has dreamt up, or a better way to tackle it. It’s likely an idea that has been rattling around in the back of your mind for some time.
But when the time comes to turn that idea into reality, there are a few key people you’ll want to consult with before sharing your passion project with the world.
Here are five key people any potential business owner should consult with before starting a business:
1. Your Spouse
Let’s get one thing straight: Being a small business owner is no easy feat. A business will cost your family a lot of time and money, and we don’t just mean in the beginning stages. It’s not just a commitment you’re making—it’s a commitment your family is making.
When approaching your spouse about your entrepreneurial plans, be sure to discuss the reality of the time commitment being a small business owner demands. The expectations of your spouse, children, and dependents need to be addressed.
But financial concerns are equally as important. Create an open dialogue about the financial cost to your family’s bottom line and draft potential budgets to see how much starting a business may impact your life.
2. A Financial Planner
If you’re coming from the corporate world, becoming a small business owner is a major lifestyle change when it comes to your investments. Give a goodbye kiss to perks like matched RRSP contributions and say hello to spending out of pocket in order to grow your portfolio.
A financial planner will help you understand how your portfolio will change, and look at your investments to balance that risk. Most importantly, this will be the person who helps you move around your money to make it available to your business.
3. A Lawyer
Becoming a small business owner is much more than a professional decision—it will impact your entire life. By becoming a proprietor, you are responsible for your livelihood. If you become incapacitated, your business does too.
A lawyer will help you understand what adjustments should be made to your will and help you appoint a power of attorney, if you don’t already have one.
4. An Accountant
A lot of new business owners assume that an accountant is only needed during tax season, but there is a lot more that goes into small business accounting. We are here to ensure you have good cash flow, help you with bookkeeping, and even forecast your success.
By partnering with an accountant throughout the year—as opposed to just reviewing your finances in hindsight—we can help you take advantage of opportunities as they arise.
5. A Business Coach
When it comes time to launch, a business coach will become your biggest ally. Not only will a coach help you draft an investment-worthy business plan, they will help you identify your core values, align your operations to support your goals, and help you create an actionable plan to grow.
Lucky for you, Blue Sky Accounting and Management is a one-stop-shop for accounting and business coaching. Our team is made up of York Region’s most talented small business accountants and tax experts and business coaches with incredible entrepreneurial experience.
As entrepreneurs ourselves, we know the value of speaking to an experienced small business owner before jumping into your own venture.
We don’t charge to chat—reach out today and let’s start the conversation.