se different businesses experience different levels of risk or liability. Helping you identify those risks in advance is, incidentally, another area where your team’s attorney can be extremely helpful.

So much for the “permanent” members of your Professional Support Team, skilled specialists who over time will know your business intimately. Your PST is also likely to require transient members on an as-needed basis, people or companies with particular areas of expertise your business will need only occasionally or for limited time periods. Package design, for example, or marketing help. Perhaps computer programming if your business has specialized needs.

While transient members of the Professional Support Team will come and go, the four permanent team members are there to provide the kinds of knowledge

No, it’s certainly not enthusiasm. There’s usually more than enough of that to go around. And it’s certainly not a lack of ideas. Would-be business owners can pop those out faster than fireworks exploding on the 4th of July. And by now most wannabes seem to realize the importance of a written business plan, whether using their own money or they anticipate a need to borrow, so it’s not that. The key ingredient most start-ups lack is a Professional Support Team.

I’m not talking about an emotional cheering section made up of friends and family members. Too much of that kind of blind faith has gotten more than one entrepreneur into trouble. What I strongly recommend, both to my coaching clients as well as my students, is a select group of professionals – hired before a business plan is finalized – so those pros can provided in advance whatever help the would-be owner and the start-up requires to move ahead problem-free.

What kinds of professionals? Let’s start first with what I refer to as the “permanent” members of that team. I’ll talk more about its ”transient” members a moment. But permanent team members should include at a minimum an attorney, accountant, banker and an insurance broker. I refer to them as “permanent” because the need for their skills typically exists on a regular basis throughout the life of the business.

Why an attorney? Among other things, to draft or review the various legal documents start-ups most often to require. Incorporation papers, partnership agreements, confidentiality agreements, leases, patents, copyrights, trademark registration. It’s much wiser to invest $300 to hire an attorney before getting in trouble than to spend $3,000 to get yourself out of a problem.

Typically, your attorney should be an expert on the needs of small businesses. In fact, so should your accountant. The latter should also have extensive knowledge of the latest tax laws, particularly as they relate to small businesses.

Ideally, you’ll want an accountant who also has the patience to explain the meaning of the numbers he or she will prepare for you each month. Yes, monthly financials. No start-up should wait ‘til year’s end for a financial report. By then the business may be dying without the owner ever realizing it.

Why include a banker? “Just in case,” as the saying goes. In case there’s a need to borrow money. Get to know the officers at your business bank on a first name basis, along with key staff members, even its tellers. And make sure they know you by name. If borrowing does become necessary, it’s often easier to borrow from someone with whom you’re on a first name basis than it is from a stranger.

And why the insurance broker? Chances are the insurance agent who provides your home, auto and family insurance won’t be able to provide the types of insurance coverage your business needs. Product liability insurance, for example. Perhaps an errors and omissions, business interruption or other necessary policies.

The types of insurance your business should carry will obviously depend on the type of business you’re starting. A painter of portraits, for example, will need much less insurance, as well as different types of insurance, than will a restaurant owner. That’s because different businesses experience different levels of risk or liability. Helping you identify those risks in advance is, incidentally, another area where your team’s attorney can be extremely helpful.

So much for the “permanent” members of your Professional Support Team, skilled specialists who over time will know your business intimately. Your PST is also likely to require transient members on an as-needed basis, people or companies with particular areas of expertise your business will need only occasionally or for limited time periods. Package design, for example, or marketing help. Perhaps computer programming if your business has specialized needs.

While transient members of the Professional Support Team will come and go, the four permanent team members are there to provide the kinds of knowledge

ros can provided in advance whatever help the would-be owner and the start-up requires to move ahead problem-free.

What kinds of professionals? Let’s start first with what I refer to as the “permanent” members of that team. I’ll talk more about its ”transient” members a moment. But permanent team members should include at a minimum an attorney, accountant, banker and an insurance broker. I refer to them as “permanent” because the need for their skills typically exists on a regular basis throughout the life of the business.

Why an attorney? Among other things, to draft or review the various legal documents start-ups most often to require. Incorporation papers, partnership agreements, confidentiality agreements, leases, patents, copyrights, trademark registration. It’s much wiser to invest $300 to hire an attorney before getting in trouble than to spend $3,000 to get yourself out of a problem.

Typically, your attorney should be an expert on the needs of small businesses. In fact, so should your accountant. The latter should also have extensive knowledge of the latest tax laws, particularly as they relate to small businesses.

Ideally, you’ll want an accountant who also has the patience to explain the meaning of the numbers he or she will prepare for you each month. Yes, monthly financials. No start-up should wait ‘til year’s end for a financial report. By then the business may be dying without the owner ever realizing it.

Why include a banker? “Just in case,” as the saying goes. In case there’s a need to borrow money. Get to know the officers at your business bank on a first name basis, along with key staff members, even its tellers. And make sure they know you by name. If borrowing does become necessary, it’s often easier to borrow from someone with whom you’re on a first name basis than it is from a stranger.

And why the insurance broker? Chances are the insurance agent who provides your home, auto and family insurance won’t be able to provide the types of insurance coverage your business needs. Product liability insurance, for example. Perhaps an errors and omissions, business interruption or other necessary policies.

The types of insurance your business should carry will obviously depend on the type of business you’re starting. A painter of portraits, for example, will need much less insurance, as well as different types of insurance, than will a restaurant owner. That’s because different businesses experience different levels of risk or liability. Helping you identify those risks in advance is, incidentally, another area where your team’s attorney can be extremely helpful.

So much for the “permanent” members of your Professional Support Team, skilled specialists who over time will know your business intimately. Your PST is also likely to require transient members on an as-needed basis, people or companies with particular areas of expertise your business will need only occasionally or for limited time periods. Package design, for example, or marketing help. Perhaps computer programming if your business has specialized needs.

While transient members of the Professional Support Team will come and go, the four permanent team members are there to provide the kinds of knowledge

re an attorney before getting in trouble than to spend $3,000 to get yourself out of a problem.

Typically, your attorney should be an expert on the needs of small businesses. In fact, so should your accountant. The latter should also have extensive knowledge of the latest tax laws, particularly as they relate to small businesses.

Ideally, you’ll want an accountant who also has the patience to explain the meaning of the numbers he or she will prepare for you each month. Yes, monthly financials. No start-up should wait ‘til year’s end for a financial report. By then the business may be dying without the owner ever realizing it.

Why include a banker? “Just in case,” as the saying goes. In case there’s a need to borrow money. Get to know the officers at your business bank on a first name basis, along with key staff members, even its tellers. And make sure they know you by name. If borrowing does become necessary, it’s often easier to borrow from someone with whom you’re on a first name basis than it is from a stranger.

And why the insurance broker? Chances are the insurance agent who provides your home, auto and family insurance won’t be able to provide the types of insurance coverage your business needs. Product liability insurance, for example. Perhaps an errors and omissions, business interruption or other necessary policies.

The types of insurance your business should carry will obviously depend on the type of business you’re starting. A painter of portraits, for example, will need much less insurance, as well as different types of insurance, than will a restaurant owner. That’s because different businesses experience different levels of risk or liability. Helping you identify those risks in advance is, incidentally, another area where your team’s attorney can be extremely helpful.

So much for the “permanent” members of your Professional Support Team, skilled specialists who over time will know your business intimately. Your PST is also likely to require transient members on an as-needed basis, people or companies with particular areas of expertise your business will need only occasionally or for limited time periods. Package design, for example, or marketing help. Perhaps computer programming if your business has specialized needs.

While transient members of the Professional Support Team will come and go, the four permanent team members are there to provide the kinds of knowledge

along with key staff members, even its tellers. And make sure they know you by name. If borrowing does become necessary, it’s often easier to borrow from someone with whom you’re on a first name basis than it is from a stranger.

And why the insurance broker? Chances are the insurance agent who provides your home, auto and family insurance won’t be able to provide the types of insurance coverage your business needs. Product liability insurance, for example. Perhaps an errors and omissions, business interruption or other necessary policies.

The types of insurance your business should carry will obviously depend on the type of business you’re starting. A painter of portraits, for example, will need much less insurance, as well as different types of insurance, than will a restaurant owner. That’s because different businesses experience different levels of risk or liability. Helping you identify those risks in advance is, incidentally, another area where your team’s attorney can be extremely helpful.

So much for the “permanent” members of your Professional Support Team, skilled specialists who over time will know your business intimately. Your PST is also likely to require transient members on an as-needed basis, people or companies with particular areas of expertise your business will need only occasionally or for limited time periods. Package design, for example, or marketing help. Perhaps computer programming if your business has specialized needs.

While transient members of the Professional Support Team will come and go, the four permanent team members are there to provide the kinds of knowledge

se different businesses experience different levels of risk or liability. Helping you identify those risks in advance is, incidentally, another area where your team’s attorney can be extremely helpful.

So much for the “permanent” members of your Professional Support Team, skilled specialists who over time will know your business intimately. Your PST is also likely to require transient members on an as-needed basis, people or companies with particular areas of expertise your business will need only occasionally or for limited time periods. Package design, for example, or marketing help. Perhaps computer programming if your business has specialized needs.

While transient members of the Professional Support Team will come and go, the four permanent team members are there to provide the kinds of knowledge, skills and experience without which a start-up can rarely survive, let alone prosper and grow.