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5 People You Should Talk With Before Starting a Business

Lisa Furgison

4 min. read

Updated October 25, 2023

You’re probably mulling over a business idea. It’s probably something you’ve been thinking about for a while. And you’re probably ready to turn your business idea into a reality .

As part of the planning stage, you’ll want to gather information, do research, and make sure that your business idea is viable . During this information-gathering stage, there’s a small list of people you should talk with before you move forward with bigger steps like applying for a bank loan or looking at commercial space.

To help you on your business quest, carve out time to talk with the following five people.

• 1. Your spouse

One of the first people you should talk with about this new venture is your spouse. It sounds like a no-brainer, right? But some people get so caught up in their business idea that they don’t have a real sit-down conversation about how the business could impact their relationship, finances, and free time.

“Starting a new business can be all-consuming, and the support of your spouse and family will make all the difference,” business mentor and lawyer Anne Sumpter Arney says. “It is best to know whether or not your family is ready for the commitment and time that starting a successful business will take.”

Tim Berry, founder of Palo Alto Software (makers of Bplans), has been open about his experience of bootstrapping his business and its impact on his relationship with his spouse.

“As we grew to revenues greater than $5 million in the early days, we had no outside investment, but my wife and I had three mortgages along the way and $65,000 in credit card debt at one point […] in my case, my wife was with me in all the key moments and shared the risk. If I hadn’t had her on board, I wouldn’t have done it.”

• 2. A lawyer

Starting a business involves a few legal hoops, so you’ll want to talk with a lawyer. For instance, should you start an LLC , an  S-Corp , or an Inc. ? A lawyer can give you advice and draw up the legal paperwork to make sure your business structure meets your goals and limits liability, Arney says.

A lawyer can also help you define business relationships. Maybe you borrowed money from one of your peers in exchange for equity in the business, or maybe you plan to start a company with several partners —whatever the situation, you’ll want legal documents to set boundaries and minimize future disputes, Arney says. Check out this article for advice on finding the right lawyer for your business .

• 3. An accountant and trusted advisor

When you’re just starting out, you’ll need some accounting advice. A lot of new business owners assume an accountant is just someone you call to handle taxes .

But as your business grows, they can also be  a trusted advisor —someone to help you make sense of your financial statements , cash flow, and to strategically think through opportunities and challenges. As you start bringing in more customers and doing more business, you’ll probably find yourself wondering whether it’s the right time to buy a new piece of machinery, finance expansion, or hire your first employee. An expert advisor can help you make better business decisions with confidence.

4.  A business coach or mentor

Getting a little advice from someone in the business world is also a good idea. Whether you’re opening your first business or your fifth, talking with someone who can give you independent business advice will go a long way, Arney says.

“You need someone who has been where you are and knows what there is to lose, as well as to win. Business owners need someone who knows them and their business and is independent enough to keep the vision tied to the real world,” she says.

Ideally, this person will be able to give you advice for years to come—not just as you plan your business, but also as your business grows. If you don’t already have a business coach or mentor, check out SCORE . They offer free business mentorship opportunities all around the US.

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• 5. A banker

Entrepreneurs sometimes obtain at least part of their financing through a traditional bank loan . If you plan to borrow money, you’ll want to find a trusted banker to help you through the application process . You may want to ask your business adviser to recommend a banker, or you could ask other business colleagues for a suggestion.

You’ll need to start a business checking account anyway, so start learning about what different banks and credit unions have to offer your business. Having a real relationship with a bank can be helpful if you ever want to apply for that loan or line of credit .

The smart way to start a business is with as much information as possible. By talking with these five people, Arney says you’ll start your business on solid footing.

Lisa Furgison is a multimedia journalist with a passion for writing. She holds a graduate degree in mass communications and spent eight years as a television reporter before moving into the freelance world, where she focuses mainly on content creation and social media strategies. Furgison has crisscrossed the U.S. as a reporter, but now calls Key West, Florida home. When she's not conducting interviews or typing away on her laptop, she loves to travel.

Table of Contents

• 4.  A business coach or mentor

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Start » startup, writing a business plan here’s how to do it, step by step.

At the foundation of every strong business is a solid business plan. Looking to develop a business plan for your new venture? Here’s what to include in each step.

In our Startup2021 series, we're helping aspiring entrepreneurs navigate the new business climate of the COVID-19 era. Each week, we'll share an in-depth look at one step you can to take toward launching your business in 2021.

At the foundation of every strong business is a solid business plan. A business plan outlines important information regarding a company’s operations and goals, and serves as a blueprint for how to achieve those goals. This document not only helps entrepreneurs think through and research their venture thoroughly, it also demonstrates to investors the viability of the business idea.

If you’re looking to develop a business plan for your new venture, it’s important to include all the necessary information. Here are the nine sections to include in a strong business plan, step by step.

1. Executive summary.

Your business plan should begin with an executive summary, which outlines what your company is about and why it will succeed. This section includes your mission statement, a brief description of the product or service you are offering, a summary of your plans and basic logistical details about your team.

2. Company description.

Your company description should further detail the logistics of your business, such as its registered name, address and key people involved. Here, you should also provide specific information about your product or service, including who your business serves and what problem you solve for that population.

3. Market analysis.

Conducting thorough market research can help you understand the nature of your industry, as well as how to stand out from competitors. Include a summary of your research findings in this section. Consider any trends or themes that emerge, what other successful businesses in the field are doing (or failing to do) and how your business can do better.

[Read: How to Conduct a Market Analysis ]

4. Organization and management.

This section should include your business’s legal structure — for example, whether you are incorporating as an S or C corporation, forming a partnership or operating as an LLC or sole proprietor. Provide pertinent information on your leadership team and other key employees, including each relevant individual’s percent of ownership and extent of involvement.

Describe how you will attract and retain your customer base, including what makes you stand out from competitors, and detail the actual sales process.

5. Products/services.

Your product or service is the crux of your business idea, so you’ll want to ensure you make a strong case for it being on the market. Use this section to elaborate on your product or service throughout its life cycle, including how it works, who it serves, what it costs and why it is better than the competition. If you have any pending or current intellectual property, include this information here. You can also detail any research and development for your product or service in this section.

6. Marketing and sales.

In this section, you should explain what your marketing and sales strategies are, and how you will execute them. (Note that these strategies will likely evolve over time, and you can always make adjustments as needed.) Describe how you will attract and retain your customer base, including what makes you stand out from competitors, and detail the actual sales process.

[Read: 5 KPIs to Measure Your Business’s Marketing Success ]

7. Funding request.

If you’re seeking funding, this section is critical for investors to understand the level of funding you need. Specify what type of funding you need (debt or equity) and how much, as well as how that capital will be used. You should also include information on any future financial plans, such as selling your business or paying off debts.

8. Financial projections.

The goal of your financial projections section is to show that your business is viable and worth the investment. Offer a financial forecast for the next five years, using information from current or projected income statements, balance sheets and cash flow statements to support it. Graphs and charts can be an especially helpful tool in visualizing your business’s finances.

9. Appendix.

Finally, use the appendix for any information that could not fit or did not apply to other sections of the document. Information such as employee resumes, permits, credit history and receipts are often included in this section. If you have a long appendix, consider adding a table of contents to make it easier for the reader.

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

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