Starting a new business is a daunting prospect, especially in today’s economy. Although we now have the advantage of cutting edge technology and countless opportunities for growth, competition has never been more fierce. As such, it is essential that you proceed with the support of industry experts, in order to increase your chances of success.
Working with a business startup advisor can ensure that you’re putting your best foot forward in the initial stages of your endeavours. After all, you only get one chance to launch your business and make a good first impression.
Whether you need support with financial aspects of entrepreneurship, or if you need a networking leg-up to boost brand awareness, a specialist advisor can help to get things moving in the right direction.
Read on to find out more about how to find the right startup advisor for your specific industry requirements.
The Role of a Business Startup Advisor
When working on your startup, you may wish to recruit the support of a business specialist to see you through this turbulent time. This may come in the form of a business startup advisor, where many financial and project development companies provide this specialist service in order to support new commercial ventures.
A business startup advisor is a professional who can offer their guidance and expertise in order to allow your company to establish itself, where they can support you in a number of different ways.
In particular, your startup advisor could:
- Share their industry knowledge – by offering insights into your sector and helping you to avoid common pitfalls.
- Assist with fundraising – by putting you in touch with investors and helping you to manage the financial side of your business.
- Boost your networking strategy – by sharing their contacts and introducing you to the right people within your industry.
- Scale your operations – by helping you to manage resources and advising you on how best to market your business.
Larger startups or franchising projects may seek out an advisory board to assist with their latest venture, whilst for smaller businesses, the support of a singular advisor is usually sufficient.
Who Could Benefit From Startup Support?
Startups are an essential part of the economy, where new businesses are always emerging across a variety of sectors and industries. But some startups may require more support than others, especially if their industry is particularly exclusive or if initial costs are high.
As such, some entrepreneurs who may benefit from startup support include:
Tech Startups – If you’re looking to launch a new piece of technology or promote exciting software, then you will require strong financial backing and expert support when it comes to navigating a complex market.
E-Commerce – Many people set up side businesses online through straightforward e-commerce platforms. But if you’re looking to take your startup to the next level, then you may require market research support and assistance with supply chain management.
Customer-Facing Ventures – For startups in the service industry, an advisor can assist with building client relationships and the creation of popular service packages, where strong marketing and branding will also be essential.
Creative Industries – It can be difficult for creatives to launch a profitable startup, where designers, artists and media professionals may need additional support when it comes to monetising their talents and establishing a brand.
Consultants & Freelancers – Sometimes, a startup is run by just one freelancer or specialist consultant, where this person may need support when it comes to personal branding, drawing up professional contracts, or managing their assets as they move to a full-time working model.
Franchises – Often, a successful company will want to franchise, setting up new branches at different locations. Despite their previous success, these companies may also require support with franchise agreements and localised marketing.
Finding the Right Advisor for Your Startup
In a crowded market, it can be difficult to find the right business startup advisor for your new venture. As such, it’s important to do your research and make an informed decision before taking on an extra team member.
To aid your decision making process, you may wish to consider the following points:
What Do You Need?
Assessing your needs is an important first step when it comes to finding the right startup advisor. Any additional expense to your business must be justified, and as such you should only take someone on to support you in the areas where you really need help.
For instance, you might need assistance when it comes to managing your daily finances or with tax compliance. If funding is a struggle, then you may wish to look into advisors who can help with networking and investments. Alternatively, you might need help with your marketing or with scaling your operations.
Clearly defining your needs will allow you to narrow down your search, ensuring that you’re working with an advisor who has the expertise to support you.
Industry Specialisms
The experience of one startup can vary widely from another in a different industry, where each venture will be targeting a specific market or customer base. As such, it is important to find a business advisor that understands your industry, whether you’re working in tech, financial services or in a creative setting.
Startup Experience
Additionally, it is vital that you find a business advisor that specialises in startups. Many advisors will be trained to support established businesses who are expanding or working on their image, whilst the needs of a new venture will be very different.
Look for a startup advisor who has experience working in this challenging context, where expertise in areas such as cash flow planning, rapid growth and overcoming regulatory issues will come in handy as you proceed.
Fee Transparency
Many startups will be working around tight budgets and funding restrictions as they launch, meaning that any additional costs must be managed carefully. Because of this, it is essential that you find a startup advisor who is transparent about their fees, where you should consider whether they require a fixed rate, hourly payment or a retainer.
Making these enquiries will allow you to avoid unexpected costs further down the line, where it is important to look for the kind of support that you can afford.
Local Expertise
Some startup advisory companies will work internationally, or they will be based outside of your local area. You may prefer to find an advisory professional who possesses local expertise, particularly if you need someone who understands local regulations and the marketing trends in your area.
Oasis Accountants: Business Startup Advisors You Can Depend On
We’re a chartered accountancy company based in London, offering a range of business services including startup support.
Our startup specialists can assist you with tax planning, payroll management and registration, so you can launch your latest venture with confidence. Additionally, when you work with us you’ll be allocated a dedicated client manager, who will ensure that all your needs are catered to.
So if you’re looking for an accountant for your startup, get in touch with our experienced team today.
