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If you are planning to turn your dream into a reality by starting a new business, the prospect of being your own boss can be an exciting one. However, given that 20% of new businesses fail within the first two years, it is important to do what you can to stay the course.
As an aspiring entrepreneur, one of the best ways to give your business the greatest chance of success is by working with a team of experts who can help you set up your business as well as offer you continuous support throughout your venture. In this article, we will discuss some of the experts you should consult when starting your new business.
Having the expertise of an experienced lawyer such as business lawyer Mississauga can make all the difference to your success. Choosing the right legal structure for your business is one of the first decisions you will make as a new business owner, and one which will impact many of your future dealings and obligations such as personal liability, filing requirements and level of taxation.
Working with a lawyer to structure your business can help you understand the various options that are available from sole proprietorships, partnerships, limited liability companies (LLCs) and corporations. It is advisable to consult with a lawyer beforehand as it can be difficult to change the legal structure of a business once it has been registered. A business lawyer can assist you in many other areas, including:
- Creating a business plan
- Drafting contracts and legal documents
- Business licenses
- Intellectual property matters
- Financing and raising capital
An accountant can help you with many of the practicalities around your fledgling business. Much of the stress that comes with a new business is the financial uncertainty. From payroll matters and business plans to budgeting and tax advice, this trusted advisor can support you in filling out the right forms and meeting necessary deadlines.
An accountant can also act as a valuable sounding board when it comes to advice on expenditure and funding your new business helping to ease your concerns and offer you valuable peace of mind.
As your business grows, having an accountant by your side can help you make wise decisions regarding expansion such as hiring new staff or buying new equipment. An accountant can also help you raise capital for your business by preparing funding proposals for potential investors.
Having an expert who can evaluate the financial state of your business as well as identify strategies to help it perform better is essential to your success.
Working with a business coach can guide you on your path, helping you to get clear on your vision and long-term goals as well as give you the encouragement and motivation to stay focused and on track. This is particularly invaluable during challenging or tough times.
In addition to a track record of success in this area, a business coach will have a network of industry contacts whom they can connect you with and can benefit your business. They can also share their own wealth of experience and insights as well as resources to help you on your path to business success.
Working with these experts can help you to achieve success in your new business.
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