Generally, starting a business is one thing while keeping it operational yet profitable is another. To give you an idea, about 50% of small businesses close within 5 years of operation, mainly due to financial challenges, as reported by Forbes Media. While it is possible to grow a successful business that stands the test of times, the types of experts you hire when starting your business matter a great deal. This is because despite the skills you may have, you need help from professionals to handle certain aspects of your business. With this in mind, here are five experts your new business needs.
Insurance Broker
Regardless of the safety measures in place, your business is still at risk of property damage, employee injuries, lawsuits, and liability claims resulting from unforeseen perils. Examples of business risks include, among others, cyberattacks, natural catastrophes, fires, and stiff competition, which often interrupt business operations. One of the strategies you can use to protect your business against these risks is to purchase the right business insurance. This is where an insurance broker comes in handy. Specially, a good insurance broker can help you find the right business insurance coverage that fits both your needs and budget. We recommend you speak to Mark from https://www.publicliabilityaustralia.com.au/ as he has a great system for working out the right cover for your business.
Accountant
As mentioned earlier, lack of finances is among the leading causes of business failure in the US. To ensure your business does not suffer the same fate, you should prudently manage your financial resources right from the start. One way to achieve this goal is to have an accountant who can keep accurate records of transactions and other financial details as well as interpret them correctly, allowing you to keep abreast of your finances. Accurate business records would make it easier for your business to meet its financial obligations, and file accurate tax returns. In some cases, an accountant can also play the role of a finance manager, negating the need to hire a separate finance manager, at least until your business is ready for a separate finance manager.
Attorney
Depending on the type of business you’re starting, you may or may not need to engage and retain an attorney. For instance, if you are opening a sole proprietorship, you may not necessarily need the services of a business lawyer, even during the registration process. On the other hand, a limited liability company or a partnership may need to engage and retain a business attorney. However, irrespective of the business you operate, you’ll likely need the services of a business attorney at some point to handle the legal aspects associated with running a business such as contracts, employee injury, liability claims, discrimination, defamation, and copyright infringement. For this reason, you should keep a business lawyer handy.
Real Estate Broker
The location of your business can mean the difference between the success and failure of your fledgling business. However, finding a prime location for your business can be a challenge, especially in a new area. Moreover, the commercial leasing process can be long and tedious, especially if you lack the necessary experience. Thankfully, a professional real estate broker can do the hard work for you, saving your both time and money. Specifically, a professional can help you find the right location for your business, negotiate the lease on your behalf, as well as plan for any required buildouts and upgrades. Additionally, a professional can help you avoid common contract pitfalls.
Product Manager
According to the U.S. Consumer Product Safety Commission (CPSC), more than 29 million injuries and 21,400 deaths in the US result from defective products. This shows just how dangerous a product can be if not manufactured under the required standards. To prevent such in your business, you should hire an expert product manager to oversee the whole product development process, from design to packaging. Additionally, the product manager will research what the consumers need and work towards satisfying them. In turn, this will help your business thrive amid competition and grow to the next level. For a new business with zero customers, a high-quality product or service is essential to help you gain traction in the market, and that’s where a product manager comes in handy.
Conclusion
For your new business to run smoothly, it needs these five experts. An insurance broker, for instance, will help you find the right commercial insurance coverage for your businesses. On the other hand, a real estate broker will not only help you find a good location for your business, but also negotiate the lease on your behalf and plan upgrades, if required.
