By: Bahiya Lawrence-Guest Writer
Starting your own business can be an exciting and rewarding venture for a new entrepreneur, but it can also mean headaches and financial losses along the way. The most successful entrepreneurs can attest to the challenges faced in the beginning, middle, and still on-going ones as their business continues to grow. Starting your own business goes beyond an idea and your hustle, it often includes the help of professionals such as an attorney, accountant, and social media professional, just to name a few.
Utilizing an attorney for instance, can guide a new entrepreneur in the right direction of classifying their business as a partnership, corporation, or limited liability corporation. This is important because each business type is different with distinct tax implications. Also, utilizing an attorney can help protect your businesses intellectual property, especially if the business operates solely on their unique product or its name recognition. In that instance, obtaining a patent and/or trademark are key, but can also be a complex task which can be made easy with an attorney’s assistance.
While it is important for a new business to keep start-up costs down, there can be risks with cutting corners. For instance, that boiler plate language “one-size fits all” found in on-line forms may not be the right fit for your business. Whether the forms are for an employment application or employment contract, remember that each state has its own requirements for businesses to follow. An attorney can also help interpret ambiguous language in vendor agreements or a lease agreement for commercial property where your business will operate, and also explain if you can run your business out of your home.
An accountant can be helpful in navigating the finances of a new and growing business, particularly when handling aspects like business tax obligations, employee wages, and auditing. You may not need an accountant on the payroll but certainly don’t underestimate the value they bring to a business. Accountants can also help with setting up the right bank account and maintain business financial records. While some of those at-home accounting software programs may be cost effective in the beginning, they may not necessarily be the best option for your business.
The Social Media Professional-
A social media professional brings tremendous value to a new and growing business. Social media, whether it be Twitter, Facebook, Instagram, you name it, almost everyone uses it, and some people use it to determine the next trend. Using a social media professional can bring the viewers and likes to your business, and that can help bring foot traffic to your website or in the front door
***DISCLAIMER: THIS ARTICLE IS FOR INFORMATIVE PURPOSES ONLY & IS NOT LEGAL ADVICE*****