Build a Team

When learning a new language, you hire a tutor or attend classes, pick up an audio language program, and some reference materials to help. Starting a new business is no different. You’ll go further with a team of advisors.

Seek help in any area outside your field of expertise, including:

  • business management
  • human resources
  • training
  • negotiation
  • insurance
  • real estate
  • accounting
  • interior design, and
  • legal matters

Someone is out there who has learned from the mistake you are about to make. Learning from experience can be the difference between success and failure.

Be sure to get expert guidance for:

Legal advice. Engage a qualified and licensed attorney to assist you in matters relating to the formation of your business, protecting your brand, significant commitments like leasing property or equipment, and any conflict that creates a potential liability for you and your business interests.

Refrain from guessing about legal issues.

Failure to prepare or defend yourself legally is a credible threat to your livelihood. Pick an attorney focused on the area of practice directly related to your concern. For example, attorneys defending a slip and fall injury lawsuit will differ from those reviewing your lease. Find one you trust; they will likely refer you to other specialists.

Accounting. One must look only as far as the collapse of Bernie Madoff, Enron, MCI WorldCom, and others to understand the importance of accounting in modern business. Accounting by Generally Accepted Accounting Principles (GAAP) will report the actual value of your business and keep you out of jail. More practically, it helps you to know how much your business might be worth.

Fun Accounting Fact: Despite years of criminal notoriety, a conviction on the charge of tax evasion put mobster Al Capone in Federal prison.

A skilled accountant can tell you:

  • the best way to make use of your income and expenses
  • take advantage of tax breaks, and
  • plan strategies for long-term goals.

Insurance. Work with a business insurance advisor to determine what types of coverage apply to you and your business. The argument, “I’ll bet you $500 that our business burns to the ground this year,” seems unappealing. If it happens, however, you’ll want insurance. An insurance policy has the potential to become the best investment you’ve ever made.

Be aware of the culture of litigation in America. Like it or not, opening the front door makes you responsible for customers’ irresponsible behavior. Your employees, too.

Your coffee advisors are more than your best allies in business. They are your only allies.