You’ve spent countless hours refining your business plan, obsessing over strategy, and chatting with everyone who’s anyone in your industry. But here’s the truth: what can make or break your business often has nothing to do with your brilliant business ideas and everything to do with the boring stuff—like making sure your startup is legally sound, financial plans are secured, and properly insured. It might not be glamorous, but trust us, it’s essential to start your own business.
So before you dive into the entrepreneurial deep end, make sure these four unsung heroes are on your speed dial (or in your favorites list—because really, who actually calls anyone anymore?).
1. Insurance Agent – Keeping You (and Your Business) Healthy
We know, we know—insurance is about as exciting as watching paint dry. But trust us, you don’t want to scramble for coverage when disaster strikes. Whether it’s health insurance or business insurance (which, by the way, no one really knows what you need until you ask), having an expert on your side can save you from a mountain of stress. We were lucky enough to have a family insurance agent, and we bet you have one too.
If not, it’s time to ask around. A quick chat can guide you through the policy maze, save money, and ensure you’re covered for everything from healthcare to those “what are the odds?” moments. And remember, agents are long-term thinkers; most are happy to give you some free advice to become your partner as you grow your business. Our agent made two friends for life when he showed us how to (legally) run insurance costs through the business allowing us to pay these high expenses on a pre-tax basis.
2. Small Business Lawyer – Preparing for the (unlikely) Worst Case Scenario
While DIY legal services like LegalZoom sound tempting, nothing beats a real conversation with a lawyer who knows small business law inside and out. Trust us, that hour or two is worth its weight in gold—or at least a few hundred bucks. A lawyer will help you decide on the best business structure (LLC vs. Corporation, anyone?), identify the risks of starting a business specific to your industry, and set up ironclad contracts to protect your interests.
When you start your own business, and how we started our consulting firm, we spent a few hours creating a contract that gave us leverage when negotiating with much larger clients and made sure we got paid if the client took delivery of our services. It worked; we never litigated that contract and collected about 99% of what we billed. They also helped us on the employee side of the equation, making sure our agreements protected us if a team member left with confidential processes and information. The moral of the story? An ounce of prevention saves you from a ton of late-night panic.
3. Tax Accountant – Keeping the IRS out of your Nightmares
We’ve all gone down the rabbit hole of Googling “how to do taxes for my business,” only to drown in a sea of confusing, contradictory information. That’s where your tax pro comes in. A small business tax expert will help you navigate the maze of deductions (spoiler: it’s more than you think!) and ensure you’re not caught off guard by quarterly tax payments.
Trust us, those IRS surprises are not fun. Plus, they can double as your personal financial superhero, guiding you on everything from what expenses you can run through the business (auto, home office, late night meals were all considered a-ok by our expert) to figuring out if you can deduct nanny expenses (spoiler: you can!). We learned this the hard way—in our first year making real money, we missed quarterly taxes and ended up paying a penalty to the IRS.
4. Patent/Trademark Lawyer – Protecting the Goods
If you have a unique product, service, or process, get a patent or trademark lawyer on your team. While it might initially seem small, protecting your intellectual property is an investment in your future. You don’t need to worry about patenting everything—focus on securing your brand, product names, and any special processes that set you apart from the competition.
It’s a small price to pay for peace of mind and trust us; you don’t want to see your name or product appear in someone else’s pitch deck. Protecting the name of a software platform and the unique rating system we built made a huge difference as the product scaled.
The Bottom Line for Emergency Contacts When You Start Your Own Business:
These four experts might not be your go-to choices for a New Year’s Eve bash (though we find them quite charming and still keep them on speed dial), but they’re absolutely vital for when you start your own business and for its health and longevity.
Think of them as your safety net, financial GPS, and guardians of your sanity. Above all, don’t try to lone wolf these areas. Untimely, unintentional business mistakes in any of these areas could turn your blockbuster hit into a cautionary tale, not the blockbuster it was meant to be.
