Potential Colorado entrepreneurs face quite a few issues. From financial and legal matters to hiring and marketing, they can easily feel overwhelmed. Even at the outset, there may be some hurdles.
For example, determining the business name is extremely important. It should be one that is not hard to spell and one that the employees will enjoy saying. An internet search will reveal if the name is in use, and it can be helpful to select a name that will not be limited if the business grows. Once all this is clear, the business owner can create the company's website and start the marketing process.
Another major issue when starting a business is finding enough capital. Convincing individuals or companies to invest in the company generally takes a lot of time and effort. To attract investors, individuals can present a high-level executive summary of their company and a pitch deck PowerPoint presentation. These presentations will give investors a clear picture of the business and includes items such as the company's mission, goals, the selling product or service, and the experience of the owner and the management team.
Once people agree to invest in the business, it is a good idea for the business owner to send investors a monthly update to maintain a good relationship with them. The update will keep investors informed about the company's progress, product development, the recruiting team, financials and strategic issues. This helps entrepreneurs to maintain a close relationship with investors, so they will not be surprised if they are asked for extra financing.Potential entrepreneurs might benefit from the guidance of a business law attorney who has experience in representing start-ups and who can provide advice on other issues that could be important.
Source: Forbes, "17 Key Lessons For Entrepreneurs Starting A Business", Richard Harroch, Dec. 16, 2016