Any successful business begins with a great idea, however, as all successful business owners will tell you, it takes more than this to succeed in the long term. According to the U.S. Bureau of Labor Statistics (BLS), approximately 20% of new businesses fail during the first two years of their launch.

As an aspiring entrepreneur, you may be ready to introduce your product or service to the market, however, to give your business the best chance of success, it is worth investing in a small group of professionals who can advise and assist you along the way. This article will recommend some of the most important business professionals you should work with when starting your new business.

Accountant

An accountant can help you with many aspects of your business such as the filing of forms, analyzing and preparing financial reports, funding methods for your business, preparing proposals for investors, along with overseeing payroll and tax matters throughout the year.

In addition to these tasks which can help your business operate smoothly, an accountant can also offer strategic advice on how to grow your business. They can review your pricing system according to market expectations, helping you set the optimal price for your product or service and can also serve as a helpful advisor when you want to expand your business operations by advising you on financing for your business as well as matters such as hiring new staff and buying new equipment.

With an accountant on your team when you are starting a business in Hong Kong, you are better able to assess the financial state of your business and identify methods to make it perform better. Based on their expertise, you will be able to run your business in a more cost-effective and tax-efficient way and make decisions with confidence.

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Lawyer

From employment contracts to leases, non-disclosure agreements to disputes, there are many legal ramifications of starting and running a new business. Having a skilled corporate lawyer on your team can, therefore, be an invaluable asset to your business. You can learn more here.

From sole proprietorships to partnerships, corporations to cooperatives, one of the first and most important decisions you will need to make is choosing the appropriate legal structure for your business. This can be a complex decision and one which will have bearing on the way your business is taxed, your filing obligations and even your personal liability.  A corporate lawyer can help you choose the correct legal structure for your business and also assist in the following areas:


  • Raising finance
  • Creation of a business plan
  • Drafting and reviewing contracts and legal documents
  • Licencing and intellectual property matters

Business Coach

A business coach can assist you in running your business by supporting you in creating a clear vision for your business and helping you achieve your long-term goals. By providing you with feedback, tools and guidance, a business coach can motivate you to meet your targets and provide strategies and recommendations for your business’ growth and goals. Having the motivation to overcome setbacks and challenges is something every successful business owner will be familiar with.

Having a business coach by your side to motivate you through difficult times and keep you accountable can make the difference between starting a business and enjoying long term success. By working with the professionals mentioned in this article you can give your business the best chance of succeeding.

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