Use Licensed Professionals

If you want to build a solid foundation for your business and operate it successfully, every business owner needs three “advisors” on their “team”: the best accountant, the best lawyer, and the best financial advisor you can find.

In the same way that you wouldn’t just go to “anybody” to perform a spinal fusion, for example. Instead, you’d go to the best surgeon you could find- you’d likely also ensure that person wasn’t just a spinal surgeon, but a neurosurgeon. A specialist. There are certain things you shouldn’t skimp on.

The tax, legal, and financial side of your business are your business’ core; and only when those areas are working properly can you move on to other, admittedly more enjoyable aspects of your business.

If you are an “educator” or an “influencer”, and you choose to monetize these areas of business, proceed with caution. You may have valuable insight to share, and there’s nothing wrong with that- but it should remain as education. Education is general; it’s typically brief, and typically followed up with advice to seek out a licensed professional. It’s never the end-all, be-all of what the business owner must know regarding the subject. 

Educators, crossing into the realm of advice is a direct opening of your business into a liability. Unlicensed advice given without proper licensing isn’t just a question of integrity, but when relied upon, can easily cross over into the realm of serious lawsuits. This typically happens in the fields of law, finance, accounting, and medicine. And if that advice causes damages, not even the best disclaimers will protect you.

If you’re a business owner, it’s fine to start with education; but when you decide it’s time to make your business official, it’s time to use professionals who have earned and maintained good standing with their governing licensing body to equip you.

   Find more thoughts on the subject from a licensed financial advisor here.

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