The 3 Types of Advisers Small Business Owners Need

Building a small business is difficult on your own. Time and money constraints aside, most small business owners don’t have all of the knowledge they need to start a small business. So, how do know what you don’t know and who should you turn to for advice?

three advisers small business owners need

There are 3 types of advisers that every small business owner needs – whether you’re just getting started or are well-established.

Legal Adviser

Owning a small business comes with a lot of rules and regulations and every small business owner needs a legal adviser. Industry-nonspecific, forming and running your company is complex and comes with a multitude of potential liability and legal issues. For example:

Will you form an LLC or a Corporation? What’s the difference? If you incorporate, will you do so in the state where you do business or in another state, like Delaware, where tax laws are more business-friendly? Should you trademark your business name? 

These are nonindustry-specific questions that you should be asking yourself. Industry-specific questions are even more complex. For example:

What food service regulations do I need to adhere to for my restaurant, bakery, or bar? What kind of reporting do I need to do for my certified instructors at my fitness center or martial arts studio? Do I need liability insurance for my cleaning service business or moving company in case someone gets injured or something gets broken or stolen on the job?

The legal issues that entrepreneurs and small business owners face are very specific and require the knowledge of an expert. Need help finding a lawyer? Check out Legal Hero, AVVO, or your state Bar Association to get connected with an attorney in your area. Take the time to do it right the first time and consult an attorney about your business.

Financial Adviser

Opening and sustaining a small business is a financial decision that must be taken seriously. Your business and your family are vulnerable to great reward, but also great risk. Basic financial knowledge will get you started, but the best option to keep your finances in check, is to meet with a financial adviser.

Working with a financial adviser, you can get the skills and the knowledge you need to ensure that you and your family can benefit from the growth of your business. Get the answers to questions like:

What are the tax implications for my type of business? What are my financing options if I want to expand my business? If I go into debt for a business loan, will my spouse’s credit score be affected? Should I sell business when I want to retire or reserve equity for income? How much capital will I need in order to retire?

Related: Marketing Without a Budget in 2015

According to OPEN by American Express, six out of ten small business owners have not consulted with a financial adviser¹ – are you one of them? Find a financial adviser through resources like the Financial Planning Association or the National Association of Personal Financial Advisers. As a small business owners, you’ve put your heart and soul into your business – protect it financially.

Marketing Adviser

Having a legal and a financial adviser is essential for protecting your business, but in order to make your business succeed, you need another kind of adviser – a marketing adviser. Small business marketing isn’t always easy and a marketing adviser or coach and put you on the right track to business success. A marketing advisor can answer questions like:

Do I need a website? What is marketing strategy? How do I get my new business on the first page of a Google Search? How can I market my business on Facebook? Will one bad Yelp review hurt my business? Can I market my business without a budget?

Small businesses are unique and need marketing that will show results for your individual business. A marketing adviser or coach can help you develop a customized marketing plan, answer specific questions, and provide insight about what has worked for businesses like yours in the past.

ThriveHive offers marketing coaching as part of our all-in-one marketing platform. Learn more about how a marketing coach can make a difference in your business success.

Your business is an investment in your life and your future. Whether you’re just starting out or have been in business for years, invest the time into doing it right with these advisers and save yourself time and money later. 

 

¹ Source: OPEN, How a Small Business Owner Should Interview a Financial Adviser

4 Responses to “The 3 Types of Advisers Small Business Owners Need”

  1. I would definitely recommend that you add CPA to the list – make it 4 advisers a business owner must have on their team. A CPA can bring so much to the table the other three advisers cannot such as tax advice, business management advice and business plan creation. We also set up payroll and accounting systems and teach business owners how to run those systems. These are so crucial to effectively running any business.

    Reply
    • Emily Weisberg

      Thanks Jennifer, this is a great point! We will definitely write another post on this topic!

      Reply

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