2018-01-31 00:00:00 Starting a Business English Surround yourself with a team of experts when you set out to start a business in a field you're not familiar with. Industry experts can... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/02/team-experts-discuss-business-startup.jpg https://quickbooks.intuit.com/ca/resources/starting-business/hire-industry-experts-start-business/ Have the Money to Start a Business but Lack Industry Expertise? Hire a Team of Experts

Have the Money to Start a Business but Lack Industry Expertise? Hire a Team of Experts

1 min read

If you have the financial resources to start a small business, you’re in a special position that sets you on a fast track to success. But you still have a long way to go, especially if you lack expertise in your chosen industry. You can mitigate this lack of knowledge by surrounding yourself with a team of experts.

Start with an honest assessment of what knowledge and skills you bring to your new business, then look for people who fill in your personal gaps in expertise. You may need to bring in an expert in your particular marketplace or field, and it’s great to have a well-connected team member who can introduce you to other major players in your industry. If you’re moving into a tech industry, surround yourself with tech gurus who understand the ins and outs. In some high-profile industries, such as entertainment or the restaurant business, you may benefit by bringing an industry celebrity on board to add legitimacy and draw attention to your business.

Don’t be fooled by the thought that because you’re a consumer of a certain industry’s output, you understand that industry. For example, being a frequent traveler doesn’t necessarily prepare you to launch a travel services company. Hire the expert guidance that you need, and approach your new venture with an air of humility and an openness to learning.

Hiring experts, whether full-time or as short-term consultants, gives you an advantage as you try to get up to speed in your new industry. Your team of experts can also create a training program to prepare the rest of your staff for the new venture. The combination of your financial resources and the wise guidance of your team of experts sets you on the path to a healthy small business launch.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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