Types of Startup Advisors
by Abdul Aziz Mondal Starting a Business Published on: 30 January 2021 Last Updated on: 11 February 2023
Building a business from the ground up is a difficult feat and a constant learning experience. Even when the business idea is unique, the competition can make turning the startup successful a struggle. Startups are also held back by limited resources.
Startup advisors can make a big difference in the trajectory of your venture. They can bring their extensive expertise and help you overcome any business challenges. Startup advisors might work with multiple startups at a time. You can hire advisors for specific aspects of your business who will help you right from the start to the stage of scaling up your business.
Here are some types of startup advisors you can hire.
1. Strategy Advisors
Strategy advisors help formulate the business strategy. Planning workflows, action plans, and projections come under the responsibility of strategic advisors. Strategy is one of the key components of running a business. Strategy advisors usually work closely with the founders, CEO, or COO. Since business strategy is a broad area, these advisors work with the bigger picture in mind. You should hire a strategy advisor if you need someone to validate concepts, optimize processes and allocate resources.
2. Marketing Advisors
Marketing advisors can profile your customers and identify your venture’s unique selling points. They can help you with both digital and traditional marketing initiatives. They will build your startup’s brand and messaging to attract the right talent and customers. Since they are experienced, marketing advisors will know the industry you’re in and optimize to the appropriate channels and partnerships. They can also create long-term and short-term marketing plans that can scale your business.
3. Financial Advisors
Financial advisors cover the accounting and investments fields. They will review your business model, look at any past performances, and then provide you with risk assessment and resource allocation advice. Along with the business, financial advisors can also help with personal finances such as salaries, company expenses, and more.
4. Tax Advisors
Tax advisors like Charles Ghadban Accounting are experts in tax legislation and can help you with filing taxes and also in identifying any tax exemptions or advantages you can avail. Hiring a tax consultant right at the beginning of your startup journey will ensure that the venture runs smoothly as the advisors will take care of all the tax forms and deal with the tax authorities on your behalf. They can also help you foresee any potential tax issues and come up with a solution.
5. Legal Advisors
Legal advisors help startups know and understand the laws applicable to the company. They usually work on negotiating contracts, ensuring compliance, managing legal conflicts, settling any disputes, and more. Legal advisors are especially beneficial to startups that can’t afford to hire full-time lawyers or a legal team.
These are just a few of the key startup advisors you can consider hiring. There are also IT, recruitment, sales, management, operations, and other advisors. Some advisors might have expertise in more than one area. Startup advisors are people who have been through the startup journey so their partnership can be beneficial in the long run.
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