Business Opportunities Weblog

May 27, 2008 by Rich Whittle | 0 Comments

Work.com:

It is extremely easy to find great startup advice, especially lists of mistakes to avoid. These lists generally offer the same information that has been regurgitated for decades, with updates for the web era based on lessons from the dot com bust.

Start Building Business Credit Early
While it is common to see advice to separate your personal credit from your business credit, it is even more common to see advice saying that you need to self-fund your venture, even if it means using credit cards to get off the ground.

Hire Outside Consultants Early To Be Introduced To Investors
The “To Do” lists for startups always say that an introduction to potential investors or a venture capital firm is the way to go, not submitting your business plan via their website. These lists however provide “networking at events” as the main suggestion on how to actually get those introductions (startups cannot afford well-connected lawyers).

I agree with the events, I have actually had success with them, but the easier option is to hire a reputable consulting firm to help you develop a quality business plan and then shop your venture to potential investors. It will cost money but you get a top quality business plan, a better understanding of the potential for your venture and how to scale it, plus great introductions. There are few better ways to spend $10,000 and the potential return on investment is more than worth it.

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Photo by clix.

In Advice, Startup, Strategy | 0 Comments