Galvin and Associates

Seven Key People You Need to Launch a New Business



Whenever someone comes to me to ask for advice about starting a new business, I have a standard answer. Launching a new business is a team sport. Whether you are starting a simple sole proprietorship or a formal corporation, you will need the support of seven key people. These can be friends who offer their help for free or professionals you pay for these services.

Lawyer: Should you set up a DBA (doing business as), LLC (limited liability corporation), or file with the state as an S Corporation? Do you need to develop a standard contract or a formal letter of agreement?

Accountant: Can your new company reimburse you for health insurance? Will you need any help filing taxes? Do you need to charge state sales tax? Will you do your own bookkeeping?

Banker: Will you have a separate checking and savings account for your business? Will you need a business loan for cash flow? Will you need financing for equipment acquisition?

Insurance: Do you have adequate health, life, and disability insurance? Will you need additional liability insurance for your business?

Consultant: What will be your business model? What is your launch strategy? How will you find new customers or clients? How can you mitigate risk?

IT Provider: Who will advise you on hardware and software purchases? Do you need a network? How will protect your data? Who will you call for computer support?

Designer: Do you need a logo? Do you need any other assistance with graphics? Who will help you develop your website? (Notice I didn’t ask whether or not you needed a website.)

Even though we are currently in tough economic conditions, there has never been a better time for individuals to launch a new business. You can set up a website for under $100. You can build your tribe using email and other social media tools for almost nothing.

Besides that, it’s fun! I launched Tenth Power Publishing last year. We’ve got three titles out now and three more being released this month. If you are curious, you can take a look at I’m having a blast helping people get their book in print.

If you could launch a new venture this year or next, what business or ministry would you want to start? How many of these key people do you already have in place?

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