If you’re starting a small business or start up company, you might question the need for legal assistance. Guidance is available online, through the Citizens Advice Bureau and the government’s own website in an easily digestible form, which should give you everything you need to set up and run your own business while avoiding any legal pitfalls.
Unfortunately, there is a reason lawyers are highly qualified and in demand professionals: they provide a very valuable service that repays any investment you are able to afford to make in it. To help you see the sunny side of partnering up with a commercial lawyer, here’s a guide to how they can help your business get its first round of funding.
One of your first and biggest challenges is securing the funding you need to set your business up. An experienced business lawyer will be invaluable here. They’ve worked with many other entrepreneurs in the same situation and know what has worked in the past, and what appeals to funders. They can help you optimise your presentations, depending on whether you are going to a bank for a traditional business loan or seeking funding from so-called Angel Investors to launch your company.
While you might be a specialist in the field you’ve chosen to start a business in, you may not necessarily be experienced in negotiation, so your lawyer can act as advocate for you in the negotiation process to make sure you get the funds you need, without surrendering your control of the business to an investor who wants a say.
A lawyer who’s been working in the commercial field for some time will have a good set of contacts, which as a more fresh faced entrepreneur you may lack, and will be able to connect you with the investors who are most likely to put money into your venture. They’ll also be able to warn you away from attractive looking funders who have a reputation for underhanded play or pressuring less experienced business owners.
Having an experienced business lawyer involved in your pitch is an extra vote of confidence for investors. They allow you punch a little above your weight, especially if you are just starting out, and by extending to you a little of their reputation allow you access a better level of funding and a more exclusive level of investment than you would ordinarily have access to.