Creating your businesses is, for many, a leap of faith into the unknown. While there is no guarantee of success at the time you start, it is by no means a sign that your enterprise is doomed to fail.
Most entrepreneurs who have turned their business idea into a success agree that they couldn’t have made it happen without the support and the guidance of experts who are knowledgeable in the matters of a business launch. Indeed, if your launch is affected by costly mistakes – either on a strategic, legal or financial side – it’s fair to say that you will struggle to keep your business afloat. That’s precisely why you can’t launch by yourself. Even if you’re planning to build a one-person company, you need to surround yourself with the people who know best to guide you through the troubled waters of the business world.
You need a strategist
Your business needs a direction, and with it, it requires an itinerary to reach that direction. Imagine getting behind the steering wheel with no idea of where you want to go and even less of how to get there. That’s the same principle when you launch a business. You need to know what your company should achieve – aka your vision – and you need to figure out the best route to get there – that’s your strategy. A professional strategist can provide you with an actionable plan to build up momentum and create a successful enterprise.
You need a legal advisor
Ultimately, when you’re starting a small business, you’re ultimately creating a legal entity that will exist on the market. You have legal duties to fulfill, which are summarized in business contracts, from your terms and conditions to your employment contracts. Failure to work with a legal advisor – or through a legal package – at this stage can put your company at risk. Imagine exposing yourself to legal pursuits because your employment contracts are discriminatory or failed to be legally binding. It’s not the kind of publicity you want from Day One.
You need an accountant
Your company is a separate entity, and consequently, you will have to fill corporate taxes aside from your individual tax return. You’ll find it easier to get these sorted through a professional accountant who can guide you through tax planning, investment decisions, and business budget. Additionally, you will also need to separate your personal and company accounts to keep a clean profile from the perspective of credit companies and business capitals.
What happens if you go through without them?
Can you launch a business without collaborating with these three experts? The truth is that you can launch your business alone. However, you are less likely to commit costly faux pas if you surround yourself with qualified advisors. The harsh reality of small businesses is that 20% fail during the first year, 34% during the second and 50% during the third. Many experience issues that relate to their budget, their market strategy, their cash flow, and their team acquisition, aka accountancy, strategy and legal matters are the primary weaknesses.
Protecting your business from failure is a challenging task, especially when you’re still in the launch process. However, your best bet is to design a foolproof launch plan with the best experts you can find.
