Hiring a professional business consultant to help guide your startup may be one of the most important decisions you make. Let’s talk about why you need that experienced mentor.
You just founded a brand-new startup company. Adrenaline is pumping, and the door for growth and opportunity is held wide open. You and your team couldn’t be more excited about the days ahead, but this is a new experience for you. Even if you have taken part in a startup before, every beginning always feels like a fresh start.
At this point, a business consultant who has experience partnering with startups can be worth their weight in gold . They can provide advice and share their professional expertise with you to help your startup go from nothing to incredible success. And even if you’re not looking to become the next Tesla, a consultant can still push your company in the right direction and get things moving much faster than if you wing it on your own.
First, a Few Startup Stats
To really emphasize why your startup needs a professional consultant or mentor, take a look at these statistics. We pulled them from this 2021 article by TechJury.
- Approximately 90% of all new startups will fail.
- About 1/3 of small US-based businesses started with less than $5,000 of capital.
- Approximately 20% of startups will fail within their first year.
How a Business Consultant Will Save You Time and Money
Your consultant is a seasoned business professional who comes to the table with a wealth of knowledge and insight from years of working with other business owners. They have the experience, skill, network, and know-how to help you properly execute your business plan.
Clear Management Direction
Right from the jump, a business consultant will start steering your business in a clear direction. They will save you time and money by helping form a sound strategy and plan for action. A mentor will help you navigate the world of analytics, finances, operations, and all the critical steps that are involved in being a business owner.
Reduce Errors
Almost all startups are built by trial and error. The problem with this is that it wastes time, energy, and precious money. Not to say your startup will never experience trial and error – because it will. However, a business mentor will reduce the guesswork. By showing you the best steps to take initially, you’ll quickly learn what NOT to do and what to start doing ASAP.
Unbiased Team Member
Unbiased feedback is critical. A fresh face, such as a business consultant, provides an outside perspective and infuses new ideas to your existing team. It’s easy for teams to get stuck in a box, so having someone who can provide external feedback is critical for long-term success.
Funding Opportunities
This is a home-hitting bonus. By working with a business consultant who knows the ins-and-outs of startup investing, you’ll likely have access to funding opportunities. Your mentor can point out all the ways to gain more capital. It’s likely they have connections to investors, venture capitalists, angel investors, or at least resources to share.
Market Analysis
Market analysis is a must to make strategic decisions and grow your business. A seasoned business consultant will have a game plan for conducting market research to ensure your business model is sustainable within your niche. This data is precious because it can forewarn issues in the future to guard against business losses.
Handle All Your Startup Finances
It is never too early to find a dedicated CPA consultant for your startup business. John Freeman CPA offers both Income Tax Preparation and Business Tax Management services for businesses of all account sizes. Call 319-396-5660 for a free consultation.