When you have a great idea for a business, funding can be a major obstacle. Convincing others to believe in you and your concept may seem like a daunting task, but it doesn’t have to be. The key is to start small: get one person to back you, and build from there. Not sure how to get that first supporter in your camp? Try asking them for advice. Present your carefully crafted business plan to a mentor or key power player in your industry and ask them what you can improve to make it solid. This is also a great way to double-check that the amount of startup capital you think you need is reasonable.
Once you are confident in your business plan, you can proceed with presenting it to lenders and investors. If you get rejected or denied for financing, do not become discouraged! Rather, use that as an opportunity to ask questions about what you can do to make your venture and qualifications more attractive. Take action when you receive feedback, and consistently demonstrate that you are willing to do whatever it takes to prove that you will be successful. This simple attitude is oftentimes the major differentiator between your business, and other businesses asking for cash.
Ready to start exploring your funding options? Here’s a helpful chart that summarizes some ways you can get your business off the ground:
Are you ready to launch your business? A seasoned business attorney can help you select the ideal legal entity structure for your company, help you file your tax paperwork, review your financing documents, and ensure that you are in compliance with rules and regulations before you begin. Some business attorneys offer flat fee arrangements and quick turnarounds for this service.
Andrea A. Tarshus, Esq. founded Tarshus Law Firm in 2015 to provide efficient, accessible, and fair General Counsel legal services to businesses and business owners. Tarshus Law Firm represents Western New York and Buffalo based businesses as well as large international and publicly traded corporations in industries such as: audio video ("AV"), products distribution, transportation and logistics, medical marijuana, marketing, social media, healthcare, and other sectors.
Andrea’s engagement with businesses regularly includes business formation, negotiating and executing favorable contracts, legal research and writing, project management, administering internal legal and operational controls, problem-solving, and strategizing. She enjoys working with business owners, C-suite executives, and company managers to create a comprehensive legal and business framework that supports operational efficiencies and strategies for growth.
This article is intended to be informational in nature, should not be relied upon by the reader without consultation with an attorney, and does not create an attorney-client relationship between the author and reader.