Today's Top TipOnline business plan scams are alive and doing very well. There's even a new wrinkle: the "crowd funding". Trust me, no one makes money but the promoters in this scheme.
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What Kinds of Firms Benefit From the 7 Step Law Firm Business Plan? Most, actually. Whether your firm focuses on environmental low or divorce law, odds are that you will be looking for financing at some point.
You already have gobs of money. Don't you? Aren't you a lawyer? Well then, you MUST be rich.
That in a nutshell is the mindset of any banker you approach. Few will say it, but they nearly all think it. And that is the hurdle you need to overcome, right up front.
There are actually legitimate reasons why you might need some funding, all having to do with GROWING your business ("start up" is a Bad Word in bank speak). So how can you be growing your business when it is still so new? Try branching out from one of these:
We have the opportunity to represent two large companies, but we need to hire four new lawyers up front, with office space and support staffing.
Ideal office space has come available, part now and part for expansion later, but we have to build it out to suit a law firm.
We have the opportunity to bring in an exceptional patent attorney, but we need additional office space and support staff for that to happen.
Each of these generally fall under "working capital", but they are also how you are GROWING and EXPANDING an already successful business. Focus on that GROWTH and EXPANSION. Even with law firms, banks are real touchy about "start ups". Law firms have known to have failed as well, so be ready to show your client list. That brings us to another issue: Law firms are only as strong as their clients.
With a weak client list, odds are that your bills just won't get paid. Do a bit of research on your clients and make sure the credit reports for your clients are strong. Attach a summary of those to your law firm business plan. It is an unusual tactic, but one that your banker will appreciate.
Then latch onto a copy of the 7 Step Law Firm Business Plan:
| Your workbook
| Your business plan template
Success is how high you bounce when you've hit
General GEORGE S. PATTON, JR.
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