So you’re ready to start a business, or maybe you already did. Buffalo has a supportive environment for startups, and entrepreneurs can connect with numerous organizations to get practical advice and make valuable contacts.
Business advice
Knowledge is power, at least when it comes to success in business. The following organizations help entrepreneurs with advice and guidance:
- SCORE is the nation’s largest network of volunteer, expert business mentors. The Buffalo-Niagara area has its own chapter, which offers free mentoring, low-cost workshops, resources, templates, and tools to assist entrepreneurs in developing their business.
- The Niagara Small Business Development Center, administered by the State University of New York, provides management and technical assistance to help entrepreneurs start and grow their businesses. Director Lynn Oswald notes that the most used services include one-on-one counseling to help guide business owners and clarify their plans; tracking industry trends, stats, and competition through the SBDC’s research database; and coordinating with federal and state agencies through its statewide network.
Completing your team
Local SCORE adviser Greg Straus notes that lawyers and accountants are vital members of a startup team. If your business is web-based, a coder may also be necessary. The best way to find the right professionals for your specific team is through referrals from your network. Ask founders, investors, and advisors whom they’ve worked with in the past to get a good idea about reputation and rates. They may even be able to provide an introduction or two.
Next, seek out the advice of the local startup community by going to events and meetups. Start-Up Grind, Beakers and Beer, First Thursday, and WNY Venture Association host these kinds of events. Law firms also frequently host startup-centric events, which are advertised on platforms like Eventbrite and Meetup, and you can meet coders at coding meetups or hackathons.
- Lawyers: Lawyers can assist entrepreneurs who want to protect their intellectual property, need assistance with investor negotiations, or want advice regarding the regulations that apply to their industry. They also can assist with company formation, corporate structure, and succession planning; employment and contractor agreements; and service contracts.
- Cost: Expect to pay $150 to $350 per hour, but annual cost varies greatly based on business needs.
- Alternatives to hiring a lawyer: Consider placing a lawyer on your board, seeking out alternative legal service providers, or using an online service like LegalZoom.
- Accountants: An accountant can help you file taxes, complete government paperwork, conduct required audits, and apply for business loans.
- Cost: Routine work can be sourced for $20 to $50 per hour, and some services can cost as much as $150 to $300 per hour, but most startups will need to hire an accountant for only about 10 to 20 hours per year.
- Alternatives to hiring an accountant: Cloud-based bookkeeping and invoicing software like Quickbooks and Freshbooks, or a shared service like 1800Accountant, can help you handle simple accounting tasks yourself.
- Coders: Finding a coder with the right expertise and communication skills, who works in a compatible time zone, can help move your project forward quickly. Having a technical co-founder on staff will facilitate recruiting, hiring, and managing these valuable team members, but startups without one can turn to platforms like Upwork, Toptal, Codementor, and Gigster to outsource their technical projects to coders from all over the world. Keep in mind that using these platforms may present challenges in terms of time zones, language barriers, and team management.
- Cost: Coders typically charge $40 to $70 per hour. According to a Codementor.io research study of 5,300 coders, North America and Australia are most expensive, while the most affordable are in Pakistan, India, and Ukraine.
- Alternatives to hiring a coder: You can purchase a domain and business email, and build a landing page or Wordpress site for a few hundred dollars to get started. However, most coding tasks require the skills of an expert in this area.
The Wrap Up
In life and business, success is not only what you know, but who you know. If you want to hire the best, network with small business owners, entrepreneurs, and venture capitalists to learn who’s who in your industry and get their referrals for lawyers, accountants, and coders. Take advantage of the services offered by SCORE, SBDC, and similar organizations. Surround yourself with people who can guide you to success.