Who Should You Talk To When You're Thinking About Starting A Business?
In addition to being an exciting venture, starting a business can also be risky and, without proper planning, can lead to potentially avoidable issues down the road. It's imperative to surround yourself with a solid support system and know the important people to speak to when you are thinking about starting your journey as a business owner.
First, talk to a tax professional. A tax attorney may be able to render more substantive advice on tax matters, you should consult with a tax professional, such as a CPA, who will be able to look at your finances and advise you on whether your desired business is a viable option. Also, depending on the type of business you are thinking about starting, there may be a tax professional who specializes in that particular field. For instance, there are tax professionals who specialize in franchise tax matters.
Second, find a good financial institution. It is almost always the case that starting a business requires some type of capital up front and, more often than not, those necessary expenses will cost more than a business owner is able to contribute out of pocket.
For instance, in securing a commercial lease, there may be significant additional expenses in order for the business to begin operations. i.e., construction, equipment, products, etc. As such, many entrepreneurs will have to secure financial assistance before officially starting their business.
It is important to do your research on which institution may fit your situation best. For example, some financial institutions have a reputation for helping start-ups, whereas others may deny your application.
Connections in Your Field
Third, seek out other businesses and professionals in your field. Regardless of the type of business you wish to open, it is important to seek out others with a similar existing business, or businesses/organizations that cater to your type of business, to determine the success of that type of business, especially those within your desired geographic location.
This is a critical step prior to purchasing a franchise because you will learn more about the franchisor and/or nature of the business from those who already have experience in operating a business in that particular field.
If you are considering a brick-and-mortar location for your businesses, choosing the right location and seeking advice going into that decision is imperative. Finding the right real estate brokerage and advisory team for your retail business is key.
Build a solid foundation with a business attorney. To protect yourself and your business, seek out an attorney who practices in the area of business law. A business law attorney can advise on many specific issues that a general practice attorney may not be familiar with.
For instance, an attorney with experience in business law will be able to advise you on the most appropriate entity structure depending on the goals for your business. Further, due to their experience in helping businesses, a business law attorney likely has significant connections with other professionals that they can direct you to.
As you form your business you may take on a partner, need a capital investment from an outside party, negotiate a lease, take on employees, or protect your rights with a franchisor. A business attorney can guide you through all these steps and make sure your business starts on a firm footing.
Here are some of the partners and resources we recommend and work with:
Business and Franchise Bookkeeping - Top 2 Bottom Business Solutions, Kyle Keis
Retail Real Estate Brokerage and Advisory Firm - Pedal Retail Advisors, Patty Dowdy
Business Banking - First Citizens Bank, Pam Decker
SBA Lending - Customers Bank, Robert Wardell
HR Consulting - Tara McAlister, Insperity
DYE CULIK PC is a business and franchise law firm in Charlotte, NC. Our business attorneys work with you to protect you and your business. We love working with new businesses to make sure you have a solid foundation to build on. Contact us and mention this blog for a complimentary consultation.