Let’s face it, starting a business is not easy. It’s a common misconception that you are all set once you turn your business idea into a reality. But most business entrepreneurs don’t tell you that you will undergo a very arduous process. The process includes planning, gathering information, researching, and ensuring that your business idea is viable.
These stages are part of the time- and energy-consuming business quest. And for a small business entrepreneur with limited experience, you will need all the help you can get before getting started and past these stages.
And to help you, Flexilabs carve out seven people you should talk to to get well-researched business advice.
Why does Talking to People Matter Before Starting Your Business?
As mentioned earlier, starting a business is challenging. Even before officially launching or opening your business, there are aspects that you must take care of. Aspects like budgeting, applying for a bank loan, or recruiting people. And suppose you are not well exposed or experienced to these aspects. In that case, it’s a good idea to talk to a family member or other experts before jumping right into it.
Asking for business advice and taking advantage of their expertise can save you time and effort. Moreover, it would put your mind at ease as you are sure that you can avoid any dangers of failure.
7 People You Need to Talk to Before Starting Your Business
1. Spouse
Starting a business is hard. It’s essential to have someone you trust by your side to give you feedback and support. Your spouse or family would be someone who would help you start a business.
A spouse can be invaluable for feedback and support when starting a business. They can help you get past those moments of self-doubt, provide insight into the market, and offer a different perspective on what it takes to succeed in the business world.
2. Lawyer
You should consult a lawyer for business advice before starting a business. The most important reason is that you must know if your business idea is legal. You need to know what you are getting into. For example, you might not realize that you can’t sell certain goods in some areas or that there are restrictions on how your company can operate.
Likewise, a lawyer can help you with these things, such as drafting contracts and advising on intellectual property rights.
3. Business Mentor
When starting a business, it is crucial to know the list of things needed to start a business. And where best to learn this is through business mentors.
Talking to mentors and experienced business owners can help you improve your business. They can give you access to industry knowledge, understand the competitive landscape, learn how to deal with challenges, and avoid common startup mistakes.
You can find a mentor through various startup incubator programs, former professors, or even former colleagues and friends.
4. Accountant
When starting a business, you will need some accounting advice, including how to handle taxes, the best ways to budget and learn different expenses that you will need to consider. They will also be able to tell you about any potential problems that may arise in the future and how much money it will cost for you to fix them. The accountant can also help guide you through setting up your company, which can be long and tedious if not done right.
And as your business grows, they can also be your trusted advisor and employee regarding business advice. They can help you with your financial decisions, statements, cash flow, or identifying any opportunities to help you expand revenue.
5. Banker / Financer
Not all entrepreneurs have a savings account that they can use to pump up their business. Some need to obtain some financing through a loan or credit. And the best place to get this is through banks.
Likewise, suppose you have a business idea and are looking for financial backing. In that case,
A bank will be able to provide you with business advice and options for financing your business. Bankers can help you find the best type of loan or line of credit that will suit your needs and goals. They can also provide other services like accounting, payroll, and other financial services that may be necessary for your business.
6. Possible Business Partners
When starting a business, finding the right business partner is essential. A business partner can bring many opportunities to your business, such as assets, skills, perspective, customers, and expansion. They can also help you finance part of your business and save you from financial trouble. According to Failory, about 16% of startups fail due to financial problems.
However, finding a potential business partner is a lot of work, and it will take a lot of effort to start a business with someone. You want to ensure that you are on the same page, have similar goals, and agree on how you will run your business.
Assessing their personality and communication style is essential when looking for the right partner. You can try asking them the following questions.
- Do they have similar values as you?
- What are their strengths when it comes to decision-making?
- How do they handle stressful situations?
- What are their weaknesses?
7. Potential Customers
Likewise, talking to potential customers before starting a business is an excellent way to get feedback on your idea and see if it is something people want. It also helps you identify potential problems with your company and fix them before they become an issue.
An excellent way to do this is by doing market research. It will tell you what the market needs, what people are willing to pay for, and how much competition there is in the market.
Ready To Start Your Business?
To summarize, the most brilliant way to start a business is by getting as much information as possible. And the best way to do this is by talking to these seven people. Likewise, try to reach out to these influential decision makers and build a network. Learn from their mistakes and avoid challenges on your business journey.
And if you are looking to build a network, join the Flexilabs startup incubator program. Contact Flexilabs now!