Surround yourself with a corps of advisors.
When getting your business off the ground, don't go it
alone. Consult the experts in virtually all critical areas of your
business, especially financial advisors who can help gauge start-up
costs, says Kathy Jones-Price, a senior financial advisor for
American Express Financial Advisors Inc. in Salt Lake City.
"It's worth the effort to build a tight corps of advisors
who have experience with small business," she says.
These advisors should include a CPA, an attorney and a few
entrepreneurs with backgrounds in all aspects of the start-up
experience.
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A financial advisor offers tips for both saving and making
money. For example: "No matter how limited their working
capital and reserves, [entrepreneurs] should maintain both a
checking and an interest-generating market account," says
Jones-Price.
It's a commonly used tactic of midsized and large companies.
"It may not translate into enormous amounts in the early
years," Jones-Price explains, "but if you keep sweeping
money into a money market account, one day you'll have a
substantial nest egg that can be used to build your
business."
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