Meeting (5)

Often, when I suggest the notion of having a team to prospective new businesses, the owners recoil at first with the following objections:

I can’t afford a team – I’m not even sure I can afford to survive yet!

I’m doing this alone – nobody else understands my vision like I do!

It’s important that I do everything in the business, so that I understand how it all works

Whilst the above objections might seem perfectly reasonable, they are unfortunately indicative of a business that might encounter difficulties later. I cannot recommend strongly enough the value of a team to support you, made up of professional advisors and other experts. Surprisingly, this will not cost you as much as you first perceive, and will ensure that you can learn along the way from people who have either been there and done it themselves, or from those who advise start-ups like yourself every day.

Which professional advisors should you bring into your team?

The professional advisors that you will need to identify for your business would almost certainly include:

  • Accountant
  • Legal Advisor
  • Banker
It might be that the nature of your business requires another type of professional advisor – for example, someone to help you with compliance.

By Carl Reader, author of The Start Up Guide and The Franchise Handbook