Photo by Rawpixel
Why do we need a support group of associates when starting a business? Because whether we like to admit it or not, we all need help at one point or another in all areas of our lives and starting a business is no exception. Although you might fear the prospect of sparing business income to fund other business connections, you will tend to find attracting the right associates will actually help you make more money, by saving you time and energy attempting to complete tasks beyond your expertise. Furthermore, the right associates can help you to develop an entrepreneurial mindset, fill knowledge and experience gaps that you can’t, and could even help you avoid or even save you from some of life’s quicksand events to prevent your business from sinking.
Below is a pool of 3 associates that will benefit and could upgrade the startup of your business. Each Accompanied with an explanation of what each associate does, how they impact your business and where you can expect to find them.
Mentor
Rather than attempting to make all of your business decisions alone, wouldn’t it be better to soak up the advice and experience of a person that’s been in your shoes and already marched the journey you’re embarking on during making their own similar company? A mentor could be the trustworthy accomplice your business is missing to provide you with honest feedback on your business issues and ideas. Finding someone with business wisdom and valuable advice, could provide you with powerful leverage in decision making for your company. Business mentors can also help to stretch your comfort zone and unveil business options and solutions you may have not thought or heard of before, while also preventing you from making costly mistakes.
When choosing a mentor, however, you should never make the assumption that an older mentor will be more useful than a younger person, as this isn’t always the case. For example, if you are running a technology company, you may find millennial entrepreneurs have their fingers on the pulse of the current industry more so, than retired persons who may not be as involved with technological advancements.
A mentor is one of the most essential and valuable business associates an entrepreneur starting up a new business could benefit from having , although it’s widely familiar for this resource to remain untapped by plenty of startups. This could be due to the assumption that mentors with vast knowledge and experience are expected to have a hefty price tag attached for their dedicated time and expertise. Because of this new business owners may prefer to struggle alone in attempt to keep their costs low and in turn choose the burden of making every mistake possible which eventually consumes more of their time and resources.
Alas, if only there were an organization of volunteer mentors within the US that you could source online. Well, much to most entrepreneurs surprise there is, it’s referred to as score.org. According to score, entrepreneurs in receipt of at least 3 or more hours of mentoring report an increase in growth and higher revenues, a discovery worth investing time in finding a mentor for. With an array of mentors available online for your viewing, you are sure to find someone who can assist you in your start-up business.
Advocate
Picture by Rawpixel
While many business owners will find themselves scouring the internet and their contact list for a lawyer in their hour of need, it’s a much smarter idea to source and create connections with an advocate that can help prevent business issues, opposed to just reacting to new ones. By hiring a lawyer to handle your business affairs and steer you in the direction of ethical business practices, you can avoid future unnecessary events that could startle and hinder your business growth. A few areas you may wish to consult your lawyer for advice over are;
Protecting business intel – creating NDA agreements to prevent employees who leave your company sharing business secrets with other competitors.
Business contracts – specifying investors share in the business and what would happen in the event your partner in business leaves the company.
Protecting employees – seeking advice for injuries experienced in the workplace and understanding what the businesses and employees rights are.
Also the benefits of having a lawyer for your business shall also extend in helping you in other scenarios, such as accidents that could prevent you from continuing your business affairs. For instance, incidents on the road such as injuries from semi truck accidents are more common than you might think. Any occurrence rendering you incapable of working on your business, losing cash flow and your current quality of life, is a situation your lawyer will come in handy for.
Investor
There are various different types of investors that could help support your business with lump sums of capital. If you are desperate to begin your business venture, but have little to no money available, finding an investor who is searching for an opportunity to expand their business portfolio could be a viable option.
An angel investor, for example, will provide you with funding, as well as business guidance throughout your business startup to help you succeed. This advice is likened to that offered by a mentor, thus an Angel investor combines two associates in one. However, if you’ve already sourced help from a mentor to assist you in your business startup, you can still accept their help and advice alongside that of an angel investor. In fact, the more expertise and knowledge you have to give your startup a boost in the right direction the better.
You can source investors at networking events, through family and friends or explore the extensive online realm of possibilities, such as startups.co and funded.com. This enables you to present your business idea in front of a pool of people who have the money sitting and waiting to help your business grow. However, before approaching an investor, you must establish a business plan, proposal and the benefits of such to an investor. Being unprepared and lacking knowledge on simple things such as, when you will begin to make a profit, and how much capital you need, will make you look like an untrustworthy investment opportunity to potential investors.
Building long lasting connections in business can help you in a variety of ways during your startup journey to maximize efficiency, develop practices in line with the law and raise capital to launch your business. Although the above contacts are purely for business purposes, another person that will also be a vital for helping you to succeed is a trustworthy friend or family member. Although they won’t play a role in helping you to make and conduct business decisions or help you to sharpen your business skills, they can provide an objective opinion and offer you compassionate support when tackling hurdles of difficulty during your startup business adventure.