You can totally get started on your own, but you can’t make it alone. One of the smartest moves you can make early on is to build a professional support team. Just like athletes have coaches and trainers, entrepreneurs need advisors and experts to help guide the way.
Your first two teammates (not employees, but key advisors!) should be a small business accountant and a lawyer.
I’m speaking from experience here. I never thought I would be able to afford legal help and I didn’t want to spend on an accountant. But I can’t begin to tell you how valuable both have been in the evolution of my businesses. So here’s some actionable ways to think through what you can do for yourself and what you should work with accountants and attorney’s on.
Why Community-Based, Trusted Professionals Matter
When building your entrepreneurial dream, relationships are everything. That includes the relationships you have with your professional advisors. Having a trusted accountant and lawyer in your local or professional community isn’t just about convenience—it’s about trust, accessibility, and shared understanding.
- A community-based advisor understands the local market, regulations, and resources.
- They’re more likely to have referrals to other professionals (bankers, consultants, etc.).
- They’re easier to meet in person, build rapport with, and trust over time.
💬 “Your network is your net worth.” – Porter Gale, former VP of Marketing at Virgin America
Small Business Accountant: Your Financial Foundation 🧾
A small business accountant is so much more than a tax preparer. Think of them as your financial co-pilot, especially in the early stages.
1. Tax Planning & Preparation
It’s not just about what you owe, but how to plan proactively. A great accountant helps you:
- Avoid tax-time surprises
- Maximize deductions relevant to your industry
- Determine quarterly tax obligations
- Stay compliant with state, federal, and local tax rules
According to the National Small Business Association, 1 in 3 small businesses spends more than 40 hours per year on federal tax compliance alone. An accountant can reduce that time dramatically—and reduce costly errors.
2. Business Structure Advice
Your choice of entity—LLC, S Corp, Sole Proprietor, or Corporation—has a big impact on how much you pay in taxes and how you're protected legally.
- An LLC might offer flexibility, but an S Corp can offer salary and dividend benefits that reduce self-employment taxes.
- Your accountant can project your income and help determine the most tax-efficient structure, now and for the future.
3. Operations & Cash Flow Management
Good accountants also support operations by:
- Setting up bookkeeping systems (e.g., QuickBooks or Xero)
- Helping you interpret financial reports
- Advising on budgeting and growth forecasting
Legal Support: What Really Needs a Lawyer’s Help
Not everything requires a lawyer. But some things absolutely do—and ignoring them can cost you way more later on.
1. Prioritize Legal Help for These Critical Areas
- Contracts: Whether it’s client service agreements, leases, or vendor terms— generic templates can only get you so far. So consider a lawyer for critical business relationships.
- Partnership Agreements: If you’re starting with a partner, a lawyer should draft or review your agreement to prevent misunderstandings down the road.
- Trademarking & IP Protection: If your business name, logo, or content is core to your brand, legal guidance in how to best protect it is really important.
- Employee or Contractor Agreements: Especially in healthcare and service-based businesses (like private practices), understanding compliance is a must and a lawyer can help.
- Business Structure Changes: Starting as an LLC is great (and is what most people do) but if you decide it may be helpful to be in a different structure later, using a lawyer to navigate that is a must.
2. How to Prioritize What You Outsource
You don’t need to put a lawyer on retainer right away (unless your business is complex), but you do need one you trust and can call as needed.
Here’s how to prioritize:
- Start with partnership and co-founder agreements
- Add trademark and IP support as your brand grows.
- Scale to employee-related contracts and compliance as you hire.
Building Your Professional Team
1. Start With Referrals
- Ask other entrepreneurs, especially in your niche, who they use and trust.
- Check local small business groups, networking events, and professional Facebook or LinkedIn groups.
2. Interview Like You’re Hiring
- Ask about their experience with small businesses in your industry.
- Ask what services they offer, how they bill, and how they communicate (email, phone, Zoom?).
- Trust your gut: You want someone who listens, explains things clearly, and supports your long-term goals.
3. Keep in Touch Regularly
This isn’t “set it and forget it” support. Check in quarterly or during key transitions (launching a product, hiring staff, opening a second location). The more they know, the better they can help you!
Final Thoughts
Your ability to succeed exponentially increases when you have a team of great advisors. Your accountant and lawyer aren’t just technical experts—they’re your early-stage risk-reducers, strategic advisors, and growth partners.
The sooner you get connected, the better equipped you’ll be to grow smart—and sleep well at night .