As an eager and driven entrepreneur, you will develop a substantial network of acquaintances and business peers. This is an inevitable occurrence in your unique field. In that wide collection of relationships, there are only five people you should get to know better than the rest when launching your business:

1. Your Partner
   
   You and your business partner already have aligned interests.  That fact is what has brought you to this point.  But do you really know your partner?  Make sure that you know the following before agreeing to go into a partnership with someone:
   
   
   1. You need to know the personal and business goals of your partner.
   2. Know their history regarding past business relationships.
   3. Know how they will react in stressful times (there will be many) and in times of prosperity.
   4. Most importantly, be absolutely certain that you trust each other. Trust is key in a partnership.  To develop trust in your partner, you need to be able to communicate openly and candidly with one another.
       
2. Your Mentor
   
   Mentors are incredibly imperative when starting a business. When you’re brave enough to take the road less traveled—the road of entrepreneurship—you need a guide. Your mentor is that wise and experienced person that will be able to give you advice when you need it the most.
   
   
   1. Know that they’ve had success in your field.
   2. Be certain that your mentor takes an invested interest in what you’re building.
   3. Ensure that your mentor believes in you and will work with you to reach success.
      
      Your mentor can play a key role in the development of your startup, be certain that you believe in this person and trust the guidance provided.
       
3. Your VC
   
   You need to get to know your venture capitalist. They believe in you and what you’re building. They’ve invested money into your idea. This person is important to your success, therefore getting to know your VC should be a priority.
   
   
   1. Know the experience they’ve had in your field. Relevancy is essential and the advice they can give you will be just as significant.
   2. Have knowledge of previous investments they have made. How did those investments pan out? Do your research.
   3. Know that you can develop a working relationship with open communication and mutual trust.
      
      Having a solid relationship with your VC can make all the difference in the success and development of your company.
       
4. Your Lawyer
   
   All entrepreneurs will need legal advice at a point in building their business.  Although you don’t need to be best friends with your attorney, you do need to be familiarized with the work they do and how they do it.
   
   
   1. As an entrepreneur, you have unique budget limitations. Know your attorney’s prices. You don’t want any surprises down the road, so know exactly what you will be spending to ensure the protection of your business.
   2. Know your attorney’s field of expertise. Be certain that your lawyer has experience with small businesses. You need the right price and the right specialization.
   3. Know that your attorney will have time for you when you need it the most. You are both in a field where time is a luxury, be sure that you have the ability to make time for each other.
      
      Once you’ve found the attorney who meets all of your needs, you can rest assured that you’re in good hands. Then you can further develop your relationship with this ever-important individual.
       
5. Your First Employees
   
   Number 5 isn’t just one person. It can be any number of people, but they are all equally important. You should get to know your first employees very, very well. Your employees are your core. They are the people who are taking the startup journey with you.
   
   
   1. Know the strengths and weaknesses of your employees. All of them. It will help you to determine the role each will play in the development of your business.
   2. Know how they handle stress. It’s an inevitable consequence of being involved in a startup. Know exactly how your team will react when things get crazy.
   3. Know that your employees can match your level of passion, dedication, tenacity and focus. The success of the business should be just as high on their lists of priorities as it is on yours. Find those employees who believe in what you’re working towards and who are willing to work hard each and every day to see it become a reality.

These five people you need to know are important when launching your business and they will continue to play a vital role in the growth of your company. Have mutual trust and solid relationships with these individuals and when hardships and challenges come your way, you can rest assured knowing they will be there to support you no matter what happens. These five people are your safety net—so choose wisely. 

You want to be a business owner, but you don't have a solid business plan or idea of your own. You're out of luck, right? Wrong. Although your head may not be in the right place, your heart might be. This is where the opportunity of being a franchisee comes into play. Nowadays, franchises come in all shapes and sizes, categories and fields. From restaurants to health clubs, a large majority of major retail brands (and those on the rise) offer franchisee opportunities. As with starting any business, there are perks & inherent risks involved in starting a franchise of your very own.

Franchising Pros:

• UFOC: The franchisor is required to disclose all fees and costs in the Uniform Franchise Offering Circular (UFOC), which they must provide prior to any purchase. The UFOC will clue you in on what these costs and fees are. The question about whether these costs are reasonable is more difficult to answer because it involves a perception of value. The secret to answering this question is to focus on the big picture of the opportunity from your perspective.

• Upfront costs: Franchising does not cost as much upfront as a unique startup business. The average initial franchise fee for a single unit is about $20,000 to $35,000. That’s the same as buying a new car, only the car can’t give you an increase on your investment. However, just like cars, this price varies greatly depending on the profile of the franchise you are interested in. Sometimes franchising fees can be as low as $10,000. On the other hand, franchises can cost up to $100,000+.

• Established brand: When becoming a franchisee, one of the biggest perks is the ability to inherit an established brand. This alone fosters immediate hype and generates a business fan base that often sets a franchise up for success within the first year. TakeMcDonald’s for example.  Even with the negative health stigma that often surrounds this fast-food chain, patrons of the popular eatery know that no matter where in the world they go, they can expect the same product from any McDonald’s chain (from the French fries to the kid’s toys).

Franchising Cons:

• Royalties or ongoing franchise fees: Franchisees usually pay an ongoing franchise fee or royalty. This fee is normally expressed as a percentage of the gross revenue of the franchised business, but can also be a fixed periodic amount such as $500 per month, regardless of revenue. These costs can quickly stack up if you don't account for them prior to opening the franchise.

• Marketing fees: Another cost that can arise when opening a franchise are marketing fees. Franchises often require participation in a common advertising or marketing fund. This fund is frequently a national program, but it can also have a regional or local market focus. This is where we often hear the term “prices and participation may vary”.  As with royalty fees, marketing fees can be a fixed contribution, but are more often a percentage of revenue in the 1 to 4 percent range. On a positive note, franchise marketing fees are often a welcome cost because they allow a franchisor to steer clear from running their own marketing campaigns (talk about a time saver!).

• Failure: This one is obvious. As with all startup businesses, entrepreneurial endeavors and franchises, there is always a chance that the venture will not succeed.  Keep in mind the idea that many entrepreneurs apply to their day-to-day lives: “If it were easy, everyone would do it!”  Even Robert F. Kennedy said, “Only those who dare to fail greatly can ever achieve greatly.”

So what can be taken away from this?  Franchises, depending on the brand, can be a worthwhile investment to build a future for yourself and others. Like any investment, you start with hopes of getting back more than you put in. Whether or not you do is up to the market.

Startups can be cool, edgy and downright techy.  But at the same time, a new startup needs to ooze with professionalism—after all, startups want to land good business too.  And the only way to do that is by being responsive, eager and of course, professional.

Is your startup practicing proper professionalism?  Be sure to check off these 7 ways to build a positive, professional business image and your startup is sure to get the reputation it deserves!

1. Nail down your logo and slogans from the get-go
   
   A startup tends to look scatter-brained if its constantly changing its logo and slogans.  Professional and consistent slogans and logos that are to-the-point can brand your business and build consumer awareness.  Once you have fully decided on a logo design and effective slogan, you must consistently incorporate the two of them into every aspect of your business—from your website to your promo items, from your letterhead to your signage.  The more your consumers see your brand, the more they will remember it!  For more information about choosing your business’s logo and slogan check out the Top 5 Characteristics of a Great Logo.  
    
2. Create a kick-butt media kit and package
   
   Incorporate important aspects of your new business into a media kit and print identity package.  This includes business cards, letter stationary, receipts, envelopes, estimate forms, presentation folders, marketing brochures, catalogs, simple fliers and account statements.  This package will also include your color scheme, logo, slogan and font style. 
    
3. Launch a professional website
   
   Every business needs a website.  In fact, your online presence is one of the most important aspects of your overall business and marketing strategy.  Take the time to carefully plan what your site will look like, how you want its features to work and how it will help you achieve your marketing objectives. 
    
4. Write consistent emails
   
   Email is one of the strongest forms of communication in the workplace today.  But because of their consistency and popularity, many startups treat them in unprofessional ways.  Be sure that you are addressing clients and customers in the professionally and that you’re taking the time to look over any typos or errors.  Other quick and easy tips?  Don’t send unsolicited emails, use your business name, avoid acronyms, keep it simple and brief, check your spam inbox, and don’t rely on email for every interaction—phones exist for a reason!
    
5. Dress for success
   
   Just because you’re a startup doesn’t mean you can roll into work in your pajamas.  The better you dress, the more productive you’ll be!  When you have an important meeting with a potential client or investor, always remember to dress to impress!  For more tips, read What Not to Wear...in the Office. 
    
6. Try out business competitions
   
   It doesn’t hurt to try!  Expose your new startup even further by entering into business plan competitions.  As Entrepreneur.com says, winning business, product and customer service awards is a fantastic way to earn credibility, attract new business and build a great business image and reputation.  Check out local newspapers, community business groups, industry associations and event calendars to get in touch with local and national business competitions.  You don’t know what can happen until you try!
    
7. Choose a professional work environment
   
   Finally, it is important to choose a work environment, office or workspace that gives your startup a professional vibe.  Be sure to check out coworking spaces, business incubators and other office spaces to give your startup a positive, motivational and professional environment.  Although working from the home is cost-effective, it may not be the best place to meet with clients or potential investors.  At the very least, book your important meetings at a rentable meeting room (many coworking spaces have them!). 

Hiring employees. Branding a company. Developing a marketing strategy. These are the exciting parts of starting up a business that everybody wants to do. But what about the hairy stuff? The stuff we try to avoid? You have to get around to it eventually, but what direction should you go?

Entrepreneurs are often stopped in their free-flowing track5 SCs when they come upon legal mistakes that they made when starting up their businesses. So how will you avoid making legal mistakes that so many others, just like you, seem to fall into? Be aware of these 5 scary legal mistakes before you find yourself in a bind!

1. Making deals without putting pen to paper.
   Casual, free-flowing, handshake deals seem great at first. But they often lead to outcomes that do not go according to plan. Be sure to put your business deals in writing every time. Without putting deals in writing, entrepreneurs and clients may not know what to expect from one another. Keep a written document for every relationship that your business enters into. This will protect you from loss of time, money and of course, potential lawsuits.
    
2. Bringing in partners without bringing in signatures.
   Because many partners tend to be long-time business colleagues, friends or even family, oftentimes, partnership agreements get lost in the mix during the chaos of starting a business. Take a look at The Social Network (movie) for example. A shaky partnership can turn sour very quickly. No matter how well you get along with your business partners, you need a legally binding agreement just in case. Sign these agreements early (just in case the relationship takes a turn for the worse in the future). Put in writing issues like who owns what, who has what power and what to do in case of buyout.
    
3. Making a partnership without the correct numbers.
   According to Entrepreneur Magazine, a 50-50 partnership usually does not work. The magazine states that "...when issues arise – like whether to bring on new investors – somebody has to be able to make an executive decision. If you deadlock on a major decision and nobody budges, the company is frozen in limbo unless one of you buys out the other." Even a 51-49 split is a better decision than 50-50.
    
4. Filing a trademark without the research.
   One way to take 18 steps backwards when starting up a business is by filing a trademark without doing heavy research beforehand. If you invest in a brand and then learn that someone else came up with it first, you could lose a lot of money. Do research with the Patent and Trademark Office, in business directors, on domain-companies and the Canadian Intellectual Property office. It's also important to look at that state level, since each has its own registry.
    
5. Choosing a business structure without knowing what you're talking about.
   Sure, LLC and Inc. may look good at the end of your business name, but do you know what the difference between the two is? It is important to do your research before you determine your business's structure. You can choose sole proprietorship, S-Corp or limited liability company—but which one is for you? Many business professionals recommend incorporation in most cases. Incorporations show customers, banks and investors that you're serious about being in business for the long haul.

They're out there—and they may be watching you. It's your competitors. and they're just as hungry for customers as you are. But what tools should you use to find them? A simple Google search won't cut it anymore. Here are 10 tips to use when researching your competitors:

1. Research Online
   This seems like a no-brainer. But like we mentioned earlier, a simple Google search won't quite cut it. It's more beneficial to use all of the online resources that are available—not just Google. Use other search sites like SpyFu (LINK- http://www.spyfu.com/), Google Trends or Google Alerts. Even better—use all three.
2. Use Social Networks
   Some of the most interesting tidbits from your competitors may be found in the social networking world. Follow your competitors on Twitter and keep an eye on what they're tweeting about. Additionally, check out your competitor's blogs, Facebook pages, LinkedIn sites, and Yelp reviews. Subscribing to your competitor's newsletters and e-mails can't hurt either.
3. Be a Reporter
   Check up on your competitors both online and offline. Use an analyst firm like Gartner to conduct research and studies that evaluate your potential and current competitors.
4. Ask your Suppliers
   A lot of small businesses use the same suppliers as their competitors. Try talking to your suppliers about who else they do business with. When you take the time to get to know your suppliers (which you should do regardless), they may give you information about who the main competitors might be and what they're ordering.
5. Look at the Gaps
   Keep an eye out for what positions your competitors are trying to fill. Look at their employee requirements and it will give you a good look into what the company is all about. Looking at what your competitors are hiring for is also beneficial. For example, if they're looking for a patent attorney, they may be working on some new inventions.
6. Survey
   Want a formal report? Conduct a survey to find out who your competitors are. Hire an outside company that conducts surveys. Have them ask your competitors what their prices are, how they handle their sales requests, and what they specialize in. This can help you differentiate your company from your competitor's.
7. Ask the Customers
   Some of the best information about your competitors can be found from their past or current customers. If you find a new customer interested in your services, ask if they had used somebody prior to you for similar reasons. Then continue to ask why they came to you. This will differentiate what they're looking for and perhaps what the competitors are falling short on.
8. Contact Them!
   Sometimes, the best way to get the information that you want is to just pick up the phone and ask. You may be surprised what you can learn directly from the company you wish to learn more about. But be cautious! It's best to be honest when you call up your competitors about who you are.

Don't just type a few words into Google and call it quits. Use these 10 easy tips when researching your competitors. Most of them are extremely inexpensive and very easy to do.