Start-ups are built on passion. Entrepreneurs work to build that vision into reality. At the same time, there are many hats to wear and that can sometimes be difficult to juggle. Building an advisory board is one way to navigate this challenge. Think about the following three things when considering whether building out an advisory board is right for your start-up:

1.Fill the Skills Gap

Even the best funded organizations have persistent gaps in skills. This gap is often amplified at the earliest stages of a start-up when the plan is still being built. Consider finding advisory board members with the following skills to complement the existing team:

  • Legal
  • Compliance
  • Accounting/tax planning
  • Intellectual property
  • Human resources

2.Find Personality Fits

Skills can be learned, but personalities rarely change. Start-up teams spend a great deal of time together which means the smallest annoyances can turn into catastrophic problems. All team members, especially advisory board members, must be vetted for fit. To do this, consider putting mechanisms in place to check consistency in team members:

  • Work ethic
  • Humility
  • Sense of humor
  • Accountability
  • Belief in the mission

3.Address Economic Challenges

The best talent is always in demand and can come with a high price tag. This is true at every level of an organization. Start-ups are typically cash-poor and time rich. This means that the ability to fit the price tag in every desired area may not be an option. Look for creative alternatives when building out the team of your start-up by considering the following tactics:

  • Pooling resources
  • Leveraging existing relationships
  • Results based approaches

Think your start-up might be ready for an advisory board? Loop Legal offers advisory board services built on an innovative pricing model to help start-ups through the most important junctures of their operations. Contact us today to learn more about these innovative advisory board services and schedule a free consultation.