The Three Professionals Every Personal Concierge Needs To Hire
Starting your own personal concierge business means you consider yourself a master of getting all kinds of things done quickly and efficiently. There’s nothing you can’t handle, right? Well, you should rethink that. From experience, I can tell you there are a few aspects of business ownership that should always be handled by a professionally-trained and licensed expert:
1) Attorney
A Google search and the internet make it easy to file the paperwork needed to form an LLC or request an EIN from the federal government. You can probably even find an example of a privacy policy you could modify and post on your company’s website. But, how do you know an LLC is the proper organizational structure for your new company? Maybe you should form a sole proprietorship or a general partnership. Do you belong in a subclass? And what about that privacy policy you cobbled together from various examples? No matter how carefully crafted, are you sure it protects your company if one of your employees divulges something embarrassing about your best client and it gets back to him at the gym they both frequent?
In today’s litigious, regulation-centric world it’s imperative to meet with an attorney when you’re first forming your company. Start your company right from day one. A single meeting with an attorney can head off a legal dispute that could land you in court.
Schedule an annual audit with your attorney to protect your company against any potential problems that might crop up as your business grows. Running a one-person shop is far simpler than having a couple of part-time employees on the payroll and fifty or sixty clients.
Look for an attorney who sees the big picture and encourages you with his/her advice rather than one who only focuses on the downside and risk management.
2) Insurance broker
Of course you need insurance to protect your company from various types of liability. But what kinds? How much? Make your life easier and hand navigation of this road over to an insurance broker. Some coverages you’ll need will be required by law, some may be required by your bank, a particular type of coverage may be required due to a specific service your company is providing, and there are coverages you’ll choose simply because you’re a smart business person.
An insurance broker works for you—not the insurance company. Based on your needs and requirements, the broker will search a number of providers to find the best fit for you at the most competitive price. They’ll present you with options from multiple companies and line them up side-by-side so you can see the advantages and disadvantages of each of them.
Why waste valuable time (equating to money) shopping around for insurance, making phone call after phone call to insurance companies when you could sit down with a broker, explain your needs once and let them go to work for you?
Here’s a chart of basic insurance coverage you should consider.
| General Liability | Covers third party claims for bodily injury or property damage arising out of your business operations. |
| Property | Covers direct loss to your assets – including equipment, furniture and fixtures, computer hardware and software – as a result of fire |
| Workers’ Compensation | |
| Non-Owned and Hired Automobile Liability | Covers your company from claims alleging bodily injury or property damage arising from an employee’s use of a rental vehicle or employee’s personal vehicle on business. |
| Umbrella Liability | Provides employees with medical, life and disability benefits |
3) Accountant
When you start your company you’ll be hit with a lot of accounting decisions. Will your fiscal year start in January or another month? Will you be using a cash or accrual method of accounting? What financial records do you need to keep to accurately record your sales and purchases?
If you meet with an accountant in the early stages you’ll save time and effort in the long run. Think of setting your bookkeeping up properly as building a strong foundation for your business. If you wait (like I did), you’ll spend endless hours re-building your books to accurately reflect what happened in the past.
Do it right from day one and your year-end financial reporting will be a breeze.
A good accountant will also make sure you’re paying the right amount of taxes at the right time, that you’re filing W2s, 1099s, and other state and federal forms properly.
If starting your concierge business is all new to you, one of the best things an accountant can do is teach you how to read, understand, and analyze your monthly financial statements.
To your success!
Kathryn