If you want to build a business from the ground up, and don’t know where to begin, start by visualizing 3 columns. These marble pillars, if skillfully carved from of good material, can support an empire and stand the test of time. They are based in these three disciplines:
STRATEGIC: I won’t tell you how to make a business plan in this blog. But I will tell you it’s the first thing you need to work on. There’s plenty of information and professionals out there that can help. The plan should not be detailed but not rigid. It will change as you learn more about market conditions, the people you meet, and the nuts of bolts of operating a business.
FINANCIAL: This part can be dry and laborious. It’s also absolutely critical. After you have some strategy in place you need the advice of a CPA. The Tax Code is changing constantly and being reinterpreted. The CPA will help you decide which corporate entity is best for your business, and how you might operate to survive and thrive.
LEGAL: Having a lawyer is a big advantage to any start-up regardless of size. Legal counsel becomes more critical with the complexity and expense of the startup project. Your attorney can form the legal entity, whether it’s an LLC, Partnership, S Corp, or C Corp. He or she can also prepare a form contracts for reoccurring use or agreements specific to certain situations. As you develop your procedures and practices a lawyer will mitigate risk. They may also be useful for application of permits, licenses, trademarks, patents, and so on.
Sometimes the same person can wear several hats and may be able to help develop two or even all three pillars. For example, some lawyers are also CPAs. Most start-ups, however, will use a team of these three professionals. That’s why its important to carefully pick your team members in consideration of not only professional ability, but their ability to work with others.
Lead Attorney & Owner