Questions

Have a business plan all written up. Which would be the appropriate next step, to see a lawyer or local small business office?

5answers

I guess now is the time to start implementing the plan! What does it say there? :)
Seriously - need to think strategy and go for the missing pieces ... I doubt you need a lawyer or SBA advise to get started.
But the details of course depend on what is it you are trying to do.

Happy to chat if you are interested.


Answered 5 years ago

Once you've analyzed the plan and the business are you now certain that its viable? One of the biggest benefits of doing a business plan is that it helps you discover if the idea is a good one or not.

Of course, this depends on whether you actually made a plan with thoughtful projections or is it actually a document constructed to pitch your idea to get a loan or other funding? One is a tool for you, the other is a marketing instrument.

My advice is that you need to take the plan to an established business person you know and have them review it. The insights and critiques that an experienced business owner will give can help you improve the plan or discover your errors.

Once the plan is fully reviewed, I would then take it to the least likely funder. A big commercial bank. Try to get an appointment with one of the more seasoned bankers and submit and wait for the rejection. Then call and ask for advice.

You want to put this plan through the ringer several times before you actually roll the dice and take it to someone who may actually approve you. If you go to a likely funding source first and they reject it, it may be hard to re-submit in the future.

David Barnett
Moncton, NB


Answered 5 years ago

Unless the plan is founded on a product or service that needs to be patented, I would seek a second set of eyes that you trust. That very well may be your local small business office. They would approach your business plan with your best interests in mind and give you some tips on how best to begin implementing the plan. The latter almost always needs to be that next step after that second set of eyes.


Answered 5 years ago

I learned this the hard way. Stay away from the attorney until after you go to the small business office. The small business office is there to help you set up and succeed. The attorney is there to bill you by the hour. This is not cynicism speaking, this is experience!

The small business office will point you to legal resources that are best for your needs and more in line with your budget.

Let me know if you want to hear the full story over the phone. You can laugh at my mistakes while you get yourself started on the right foot. You'll do great!


Answered 5 years ago

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