Starting a Small Business in Oakland County

Professional Resources

Advisor: Accountant

Type of assistance: Can set up a pattern of bookkeeping that is easy for the owner to follow daily and for the accountant to work with at tax time. Helps set up systems for the control of cash and handling of funds and can suggest simple equipment like cash registers, multiple copy sales and other forms.

How to find it: Bankers and lawyers often know accountants who are willing to work with small businesses. Accountants are listed in the Yellow Pages. The entrepreneur should confer with several accountants and check their expertise and references before deciding. Fees are often based on hourly rates and vary with the complexity and extent of the service. Fees should be negotiated in advance.

Advisor: Attorney

Type of assistance: Can help in choosing a form of business; drawing up partnership and incorporating agreements; making sure papers are filed with city, county and state governments; interpreting contracts and leases; arbitrating disputes within the business and for the business against others; and in consulting when the business owner is unsure of legal rights and obligations. Proactive legal planning.

How to find it: Attorneys may be located through friends, other business owners, suppliers, consultants, trade associations or through listings in the Yellow Pages. In most counties, local bar association referral services can arrange for a business person in need of legal counsel to meet with a practicing attorney in the area. The initial consultation implies no further obligation.

Advisor: Banker

Type of Assistance: Can set up the business' checking and savings accounts, provide loans and other financial guidance. In addition, some banks offer computerized accounting services, investment and trust management services, pension and profit-sharing plans and credit card merchant memberships.

How to find it: A banker might be contacted where the business owner has a personal bank account or near the business location for convenience. The business owner should choose a bank that offers a full range of services that the business will need as it grows. It is important to establish a continuing relationship with the banker and to keep the banker informed of the progress of the business.

Advisor: Insurance Agent

Type of assistance: Will evaluate insurance needs and organize packages to cover specific types of businesses. May be either an independent (dealing with several insurance companies) or a direct writer (employed by and writing policies for one company). Fire, theft and liability coverage, worker's compensation, surety bonds and fidelity bonds may all be needed.

How to find it: The business operator should talk with several agents, compare the coverage and costs of the insurance they offer and select the program best suited to the company's needs--comprehensively and economically. Agents require complete data on business operations and must be continuously apprised of changes affecting insurance coverage. Agents and brokers are listed in the Yellow Pages.

Advisor: Management Consultant

Type of assistance: The business operator should talk with several agents, compare the coverage and costs of the insurance they offer and select the program best suited to the company's needs--comprehensively and economically. Agents require complete data on business operations and must be continuously apprised of changes affecting insurance coverage. Agents and brokers are listed in the Yellow Pages.

How to find it: Consultants are listed in the Yellow Pages and can be found by talking to friends and others in the business. (Consultants generally charge on an hourly, daily or weekly basis--or on a monthly "retainer.") In addition, the Small Business Administration has its own SCORE (Service Corps of Retired Executives) volunteers who counsel business owners free of charge.