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50 Startup Secrets

As a small business owner you will need to team up with advisors who are willing and able to help. At a minimum, an attorney and an accountant will usually be needed throughout the life of the business. Here are a couple of tips in finding the right person or firm for you and your new business.

20. Think ahead - What do you hope your company will look like in 10 years? The attorney you choose is important, especially if you plan to go public or seek venture capital. Get one who has experience in dealing with venture capital firms." Most law firms post attorney bios on their websites that list the cases they've worked on. Legal search engine Martindale-Hubbell offers a searchable database that grades attorneys on their expertise, knowledge and ethics. Your local chapter of entrepreneurial organizations like the Entrepreneurs' Organization or the Young Presidents' Organization might be helpful, too. "Even if you're not a member, it's a good place to find people you can talk to."

21. Accouting help - Meeting with a CPA to set up the financial backbone of your company is time and money well spent."One of the keys to being successful is to first know how you're going to track the financial status of your business. Financial software packages such as QuickBooks can be useful for the first few years after you've set up basic financial controls.there are also freelance bookkeepers for hire, but look for someone able to converse knowledgeably with infrequent, but necessary, advisors like CPAs.

22. Combine Services - There are professional service firms that bundle their services as an advantage to their customers. Consider if the firm you have in mind offers this benefit? Will it let you pick and choose which services you want to use, and will something simple--like calling with a quick question--trigger a charge? Inquire whether they'll provide a short list of services for a flat fee instead of billing by the hour, particularly for common tasks such as drawing up incorporation papers and employment agreements. You can definitely negotiate with lawyers. There are many legal websites that handle the basics of business incorporation, but remember, you could get what you pay for.

23. Narrow them down. When hiring a financial professional, ask which industry and what size company he or she prefers to work with, because it will indicate how much time and effort will be put into your account throughout the year. "Maybe the [professional] likes to work with manufacturing, and you're [a service business]. They're very different," Hunt says. Another tip: Ask for a written, one-page document about what the advisor will do for your company. Says Hunt, "As a business owner, you should be managing from this document and making sure you're getting what you're paying for."

24. Build a relationship. Don't fall off the radar after working with an attorney, an accountant or a banker. Meet with these outside professionals every so often to learn about their new offers and to tell them how your business is changing. "You should have a meeting with an attorney over lunch about every six months," Cox says. "If the attorney isn't willing or wants to bill you for the time, then that might not be the right attorney. "Remember, your attorney has a fiduciary responsibility to you," Cox adds. "It is truly a partnership. You want someone who's on your team and is concerned about your company, not concerned about getting the next dollar." The same goes for your accountant.

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Information for Small Business 2008