So Many Things To Do; So Little Funding To Do It

The start of a new business is a pivotal time for any entrepreneur. Unless you happen to be a serial entrepreneur who has played this game before, you are likely overwhelmed with your to-do list and rarely feel like you have a good sense of whether you are making the right strategic choices for your fledgling company. Many first-time entrepreneurs are laser-focused on the product or service they are hoping to bring to the masses, but with that laser focus they may overlook some important considerations, like having the proper legal protections in place.

Even those entrepreneurs who have thought through legal considerations as part of their business planning process often try to get by with the bare minimum in the early days. Let’s be honest, the term “legal” often conjures thoughts of grey clouds in an entrepreneur’s otherwise sunny and optimistic vision for their new company. One of the key drivers of a start-up not putting in place all the legal protections that will help it to be successful as it continues to grow is a lack of funding to obtain expert advice. With minimal available resources, most entrepreneurs prefer to focus their initial dollars on getting their product or service to market.

Luckily, there are options out there for new entrepreneurs who do not otherwise have the funding to seek expert legal counsel at the time when their new start-up needs it the most. For example, in the State of Minnesota, entrepreneurs who meet certain financial requirements can apply to an organization called LegalCORPS to be matched with an attorney who can aid the company—on a no fee, pro bono basis—in its early stages with everything from initial formation, intellectual property protection, and investor documentation to advice on regulatory requirements. If you are an entrepreneur who is in need of assistance making sure your new business is protected, be sure to look into the various options in your state to see if you qualify for low or no cost legal advice. Having your intellectual property protected and ensuring that your new supplier agreement does not lock your company into a long-term arrangement that could hinder your company’s growth can have a tremendous impact on whether a sophisticated investor is willing to back your new venture in a way that will enable you to grow your business into the powerhouse you have envisioned.