Working with consultants to start your business

Learn how consultants can help you with your business's finances, marketing, and more.

Melinda Emerson, known to many as SmallBizLady, is one of America's leading small business experts and is a paid contributor for Wells Fargo.

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Published: November 23, 2015
Updated: January 13, 2017

Transcript

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ED LAWLER:

Hi. I'm Ed Lawler for the Wells Fargo Business Insight Series. Today I'm speaking with Melinda Emerson, the SmallBizlady and author of Become Your Own Boss in 12 Months. Melinda will share her advice on working with consultants when starting your own business. Thank you for joining me, Melinda.

MELINDA EMERSON:

Glad to be here, Ed.

LAWLER:

When someone is just starting a business should he or she consider working with consultants?

EMERSON:

Absolutely, yes. Working with consultants can help you with everything from selling to maintaining your financial records to really developing an effective marketing plan. Having a team in place can guide you during the beginning stages of growing your business.

LAWLER:

What types of consultants should a new business owner consider working with when he or she is just starting out?

EMERSON:

You should consider hiring a financial expert such as a certified public accountant, an attorney, a marketing expert, and a small business coach.

Your accountant can advise you about tax requirements or exemptions that you could qualify for, as well as how to keep detailed financial records that can help you streamline the bookkeeping process, especially when tax time approaches.

An attorney can help you determine the legal protections you might need. An attorney can also help you decide what legal entity is best for your business. You will also want an attorney to prepare your contract template and review any contract anyone asks you to sign.

A marketing expert can provide advice for you on how to create a tailored marketing plan that fits your business goal, as well as help you build your business brand online with your social media presence.

Finally, a small business coach can help you clarify your business's purpose, create an actual plan to launch your business, and keep you on track with what you want to achieve. A coach can also identify alternative ways for you to accomplish your goals and help you take your business to the next level. Typically you should work with a coach over a six-month timeframe on a specific issue in your business.

LAWLER:

This is great advice for someone just starting a small business. Thank you for sharing your insight with us, Melinda.

EMERSON:

Happy to be here, Ed.

LAWLER:

And thank you for joining us for this segment of the Business Insight Series. To learn more about how Wells Fargo Business Banking can help you visit wellsfargo.com/biz. In the meantime, we wish you continued success.

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