We are living during a strange time in history. In a matter of a few short months, our way of life has changed on a global scale. Businesses have had to change the way they operate in response to the coronavirus epidemic and it is certain that because of these changes things will never be the same.

Ferrari is notoriously protective of anything and everything that bears even a remote connection to the Ferrari brand and has, along the years, earned a reputation for being quick to fire cease and desists and even lawsuits against anyone who dares infringe their trademark. Ferrari has held the trademark for the shape of the 250 GTO, aka the most iconic Ferrarz of all time and one of the most expensive cars in the world. The 1962 Ferrari 250 GTO originally cost $18,000 when they were new. In 2018 a 250 GTO sold privately for $70 million dollars. Ferrari lost its European Union trademark for the 250 GTO for nonuse. It is not enough to just register your trademark. You must use it or lose it. To maintain trademark rights, your trademark must be continuously used in commerce. The mark must appear prominently and consistently on labels or packages of goods and on all marketing materials for services. Trademarks are used to distinguish goods and services from those of their competitors. Consistent use helps customers know a product or service comes from a single company. Marks also help customers trust that the quality will be the same as the last time they made a purchase. Infringement occurs when someone else uses your mark or a similar mark and there is a likelihood of confusion among consumers as to the source of the goods or services. Infringement is hard to prove if you are not using your trademark consistently enough for consumers to be familiar with it. BEST PRACTICES TO PROTECT YOUR TRADEMARK You trademark is your valuable intellectual property and you can, and should, protect it. Here are several best practices you should follow: Use your trademark continuously and consistently This means you should always use the same capitalization, font, and colors as well as the same punctuation and spacing every time. Be consistent in your use of recognized trademark symbols There are three recognized trademark symbols: ®, TM, SM. You may only use the ® symbol after you have received a trademark registration from the USPTO. Before you receive a registration, you can use TM or SM to let the public know you are claiming a common law right to the mark. The TM symbol stands for trademark and should be used for marks that represent goods. The SM symbol stands for service mark and should be used for marks that represent services. Create branding guidelines Your company may have many employees who use your trademark on a regular basis. This can cause inconsistent use of anything from color to attribution. You can help prevent this by creating brand guidelines that detail exactly what is required every time your trademark is uses. Register your trademark Your trademark could be worth millions someday, just take a look at Mercedes Bens, Rolex or Apple. These trademarks are priceless and recognized around the world. Registering your mark with the UDPTO could be one of the best decisions you can make for your brand. Each business has to start somewhere and knowing how to move it through its Business Legal Lifecycle® is the key to staying profitable for generations to enjoy. I’m the CEO of GoLegalYourself.com where we provide legal tools for savvy entrepreneurs. To help restart the economy, for a limited time, we are offering 30% of any Startup Essentials Package. For more information on how to legally protect your business please buy a copy of my bestselling book: ‘Go Legal Yourself’ on Amazon or visit my website at www.golegalyourself.com

By Kelly Bagla, Esq. CHESS – A GAME OR REALITY? If you want to learn about running a successful business then you’ll find no better teacher than a chess board. Chess is a game of tactic and strategy and these tactics and strategies can be useful in the business world. Chess is a complicated mental game modelled after war, the struggle to achieve victory, but it can also be a tool to improve business skills. Business is all about position and strategy and you’ll be moving your business in the same ways you would chess pieces – with precision and accuracy. Below are some lessons you can learn from chess that will help you postion your business on the path to success: Learn to look ahead. Only those who can foresee several moves ahead can play a good game of chess. Taking the effort to plan for a good forecast is critical to the success of any business. Learn to develop memory To be able to look ahead, you must learn how to memorize a large number of potential moves. Since memory is an essential element of thinking, it should be of help to ensure business decision making Learn the value of patience In chess, you need time to place your pieces in the proper position before you can attack effectively as a premature attack may backfire. This is very similar in business where you must patiently restrain yourself from making rash moves until everything is set. You conduct market research and feasibility studies first before risking your capital. Learn to anticipate your competitors moves When making a move in chess, you must also anticipate the probable responses from your opponent because they are planning to defeat you. This idea of a thinking foe must be incorporated into the making of business plans. In the real world, competitors would react to your moves so you must be prepared for the counter attack. Learn to think outside the box Although chess has strict rules, the expert player knows how to use this creativity to come up with surprise moves to defeat his opponent. An entrepreneur must come up with an innovative marketing campaign if he or she is to prevail against giant competitors. As business owners we all try to run a successful business but the ones that actually become successful businesses are the ones who plan, prepare and think outside the box. I’m the CEO of www.GoLegalYourself.com where we provide legal tools for savvy entrepreneurs and I’m proud to provide a limited time offer of 15% discount on our Startup Essentials Package. Please use the code Startup15 at checkout. For more information on how to legally protect your business please buy a copy of my bestselling book: ‘Go Legal Yourself’ on Amazon or visit my website at www.golegalyourself.com

By Kelly Bagla, Esq. Margaret Thatcher once famously said, “If you want anything said, ask a man. If you want something done, ask a woman.” The number of female founders and owners of businesses has increased dramatically in recent years, and the impact of businesses with women at the helm is significant in terms of revenues and hiring. A 2018 report by the SCORE Association, showed women-owned enterprises increased 45% – five times faster than the national average from 2007 to 2016, comprising 39% of America’s 28 million small businesses, employing nearly 9 million people and generating more than $1.6 trillion in revenue. This article is dedicated to all the women who have thought of owning their own business but have yet to take the first step. Every successful woman started just like you – taking the first step. Below are some successful women who redefined power by building their own businesses against all odds. SARA BLAKELY, FOUNDER SPANX At 29 Blakely invested her entire life savings, $5,000, trying to come up with something flattering to wear under her white slacks. Six months later the one-time Disney World ride greeter and door to door fax machine salesperson found her new line of shaping underwear. Since then Blakely has taken Spanx from a one product wonder sold out of her apartment to a powerhouse with $250 million in annual revenues. CAROL BARTZ, CEO YAHOO! Carol Bartz is not an ivy league woman with an MBA, but she is a woman with an attitude and an aptitude for business and people. From humble beginnings, she overcame tremendous personal hardships and disadvantages to become one of the most valuable CEO’s in the nation. DEBBIE FIELDS, FOUNDER MRS. FIELDS COOKIES In 1977, Fields founded Mrs. Fields Bakeries, now one of the largest retailers of fresh cookies in the USA. Fields started be giving away fresh baked cookies on a busy street corner. Now, the company has expanded into 11 different countries and is worth about $65 million. J.K. ROWLING, AUTHOR AND CREATOR OF HARRY POTTER BOOKS J.K. Rolling is the creator of the ‘Harry Potter’ fantasy series, one of the most popular book and film franchises in history. Rowling was a struggling single mom on welfare barely getting by before her first book was published in 1997. MYRA BRADWELL, FOUNDER THE CHICAGO LEGAL NEWS In 1869, Myra Bradwell applied to the state bar, who rejected her. In 1870, she filed a lawsuit that went all the way to the United States Supreme Court. The justices ruled against her, upholding Illinois’ right to ban women from the state bar. In 1868, Bradwell stated the “Chicago Legal News.” In her weekly newspaper, she wrote about Illinois state court decisions and legal reforms. Bradwell’s paper was a huge success and became the most widely read legal newspaper in the country. Everyone knows who Oprah Winfrey is and the most powerful advice she can give anyone who wants to start their own business is: Go with your gut instinct Focus on helping others Money should not be your priority Learn how to turn negatives to positives Nothing worth having comes easy Surround yourself with those you wish to be like It starts with the belief Be proud to be yourself There are no limits on who can become a great entrepreneur. You don’t necessarily need a college degree, a lot of money or even business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through. If you want more flexibility, to make more money, to have more control over your future, then it’s time you started your business. I’m the CEO of GoLegalYourself.com where we provide legal tools for savvy entrepreneurs and I’m proud to provide a limited time offer of 40% discount on our Startup Essentials Package. Please use the code Startup40 at checkout. For more information on how to legally protect your business please pick up a copy of my bestselling book: ‘Go Legal Yourself’ on Amazon or visit my website at www.golegalyourself.com Disclaimer: This information is made available by Bagla Law Firm, APC for educational purposes only as well as to give you general information and a general understanding of the law, and not to provide specific legal advice. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

By Kelly Bagla, Esq. With each new year, entrepreneurs look to turn their vision into a business. These startups are often overflowing with tremendous ideas, energy and optimism, but don’t always have a roadmap for the legal aspects involved in starting a business. In the flurry of drumming up new customers, getting ready for a website launch and building the first prototype, it’s all too easy to put off some of the less glamorous, more administrative aspects of running a company. Company filings and regulations are not the most exciting parts of your startup, yet they are critical to the health of your business and personal finances. Here’s a list of administrative aspects you need to consider for your startup or small business: PICK A NAME – MAKE SURE YOU ARE LEGALLY PERMITTED TO USE IT Before you start printing our business cards, make sure the great new name you thought of is not infringing on the rights of an already existing business. Start with a simple google search, conduct a free trademark search and then conduct a search with the Secretary of State. INCORPORATE YOUR BUSINESS Forming a corporation is an essential step to protect your personal assets from any liabilities of the company. Each business structure has its own advantages and disadvantages, depending on your specific circumstances. GET A FEDERAL TAX ID NUMBER To distinguish your business as a separate legal entity, you will need to obtain a Federal Tax Identification Number, also referred to as an Employer Identification Number (EIN). The EIN is issued by the IRS and acts as a social security number for your business. This number will identify your business with the IRS and your clients. OPEN A BANK ACCOUNT TO START BUILDING BUSINESS CREDIT When you rely on your personal credit to fund your business, your personal mortgage, auto loan and personal credit cards all affect your ability to qualify for a business loan. Using business credit separates your personal activities from that of the business. The begin building your business credit, you should open a bank account in the name of your company and the account should show a cash flow capable of taking on a business loan. LEARN ABOUT EMPLOYEE LAWS Your legal obligations as an employer begin as soon as you hire your first employee. You should spend time understanding what your obligations are according to the state you conduct business in. You should know federal and state payroll and withholding taxes, self-employment taxes, anti-discrimination laws, unemployment insurance, workers’ compensation rules, and wage and hour requirements. Obtain the necessary business permits and licenses Depending on your business type and physical location, you may be required to have one or more business licenses or permits from the state, local or even federal level. Such licenses include, general business operation license, zoning and land use permit, sales tax license, or professional licenses. FILE FOR TRADEMARK PROTECTION Using a name instantly gives you common law rights as an owner, even without formal registration. However, trademark law is complex and simply registering your company in your state does not automatically give you common-law rights. In order to claim first use, the name has to be trademarkable and in use in commerce. It’s always a great idea to protect your business name as it can become a valuable asset of your company. GET YOUR LEGAL DUCTS IN A ROW No matter how busy things with your startup get, set aside some time to address these matters and take your legal obligations seriously. Getting your legal ducks in a row right from the start will help you avoid any pitfalls down the road, and will help you scale your business successfully as you grow. I’m the CEO of GoLegalYourself.com where we provide legal tools for savvy entrepreneurs and I’m proud to provide a limited time offer of 40% discount on our Startup Essentials Package. Please use the code Startup40 at checkout. For more information on how to legally protect your business please pick up a copy of my bestselling book: ‘Go Legal Yourself’ on Amazon or visit my website at www.golegalyourself.com Disclaimer: This information is made available by Bagla Law Firm, APC for educational purposes only as well as to give you general information and a general understanding of the law, and not to provide specific legal advice. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

By Kelly Bagla, Esq. California has done it again, making it even harder for independent contractors and freelancers to make a living in the State of California. Last year the California Supreme Court announced a demanding three-part test hiring companies must meet to classify workers as independent contractors instead of employees. On September 18, 2019, California governor Gavin Newsom signed into law California Assembly Bill 5 (AB-5) that becomes effective January 1, 2020, which broadens the three-part test beyond violations of the state’s wage orders, narrows the types of work to which that test applies, and authorizes the city attorneys of big California cities to sue hiring companies to enforce the new law. This could potentially reclassify millions of independent contractors as employees and dramatically reshape the future of independent workforces in California. The court held in the Dynamex Case that an “ABC Test” must be used to determine worker classification. A worker can only be classified as an independent contractor if: The worker is free from control and direction in the performance of services; and The worker is performing work outside the usual course of the business of the hiring company; and The worker is customarily engaged in an independently established trade, occupation or business. The most immediate implication of AB-5 and the ABC Test is that it turns independent contractors into employees. AB-5 puts ride-sharing and delivery companies, such as Uber, Lyft and DoorDash, in the spotlight. AB-5 will also limit the amount of work a freelancer can do for a company, such as independent writers who make a living writing articles for various news outlets or magazines or even websites, as under this law, freelance writers will only be allowed to write 35 submissions before they are either hired as an employee or not used again by the company, leading to loss of work. Who is exempt from AB-5? The types of businesses that are exempt from the bill include but are not limited to: doctors, lawyers, dentists, insurance agents, accountants, engineers, real estate agents, hairstylists and a variety of creative professionals. This does not mean that all of these businesses will be automatically labeled independent contractors. In addition to the ABC Test, these businesses will also have to pass the multi-factor test applied in the Borello case. What to do next? There is no doubt that AB-5 will have a meaningful impact in California so it’s a good time to start planning and taking the necessary steps now. An immediate step you can take is to incorporate your business and now you will fall within the business to business category where hiring companies will continue to hire without the threat of having to turn you into employees. I’m the CEO of GoLegalYourself.com where we provide legal tools for savvy entrepreneurs and I’m proud to provide a limited time offer of 40% discount on our Startup Essentials Package to help you prepare for the AB-5 Law that will take effect January 1, 2020. Please use the code Startup40. For more information on how to legally protect your business please pick up a copy of my bestselling book: ‘Go Legal Yourself’ on Amazon or visit my website at www.golegalyourself.com Disclaimer: This information is made available by Bagla Law Firm, APC for educational purposes only as well as to give you general information and a general understanding of the law, and not to provide specific legal advice. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

By Kelly Bagla, Esq. Intellectual property law impacts every business, whether you know it or not. For example, the moment a name is used in relation to your business, your goods or services, certain trademark rights are created. Similarly, as soon as your website or other promotional materials are created, certain copyright rights arise. By arising automatically through everyday business activities, these basic intellectual property rights can become valuable assets of your business. Unfortunately, these same everyday business activities can also create substantial legal headaches if the creation and use of your intellectual property is not handled properly. Your investment in a new company or product brand name could be wasted if your chosen name is not protectable as a trademark. Even more frightening, your new name could pose infringement risks and liabilities if not properly researched prior to implementation and use. A trademark is any word, name, or symbol used in commerce to identify and distinguish your business, product or service. A trademark can be considered a business’s brand name and use of a trademark without permission can be considered infringement of the trademark holder’s rights. Trademarks are registered with and granted by the United States Patent and Trademark Office. The good thing about trademarks is that common law trademark rights can be created by simply using a name or logo as a trademark, such as using the mark to identify your business. Any time you claim rights in a mark, you may use the “TM” (trademark) designation to alert the public to your claim, regardless of whether you have filed an application for registration of the mark. It is the use of a mark that creates the common law rights. Broader protection may be available through other means and is usually advisable. The bad this about trademarks is that this ease of creating trademark rights means that almost all businesses own trademarks making it very ease to inadvertently violate or infringe on the trademark rights of others. Such trademark infringement can be very costly for your business. Alternatively, your business may invest significant time and money in a name that you perceive to be a trademark, only to later discover that the name is not protectable as a trademark. Therefore, is it important to carefully consider, as early as possible, what trademark to use, both to ensure your investment is protectable and to avoid infringing upon the rights of others. So why trademark your name, product, service or brand? Trademarks are an effective communication tool with your customers Trademarks make it easy for customers to find you Trademarks allow businesses to effectively utilize the internet and social media Trademarks are a valuable asset Trademarks are inexpensive to acquire Trademarks never expire There are many considerations that you must think about before selecting a name and the filing for a trademark and seeking profession advise should always be your first step. For more information on how to legally protect your business please pick up a copy of my bestselling book: ‘Go Legal Yourself’ on Amazon or visit my website at www.golegalyourself.com Disclaimer: This information is made available by Bagla Law Firm, APC for educational purposes only as well as to give you general information and a general understanding of the law, and not to provide specific legal advice. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

By Kelly Bagla, Esq. No matter what type of business you run, you must comply with federal, state and local statues and regulations administered by legislative bodies and carried out by regulatory agencies. Some regulations impact the way in which businesses report income and pay taxes, others regulate how they dispose of their excess materials or waste. For just about any kind of industry and transaction there are government regulations on business. The sheer volume of government regulations on business can make your head spin, whether or not you are just starting out or are a seasoned small business owner. But despite the high volume of government regulations on business, understanding the general rules is not actually as scary as it sounds. Here are some common kinds of government regulations on business: TAXES For most small business owners, government regulation questions almost always begin with taxes. But there is more to taxes than merely paying them – knowing which business taxes to pay, when to pay them, and how to setup your business to account for future tax payments can spare you a ton of headaches when it comes time to write the government a check. Every company registered within the United States has to pay federal taxes. Most companies will also have to pay state taxes, depending on the state in which the company is registered. But the kind of taxes you’ll pay depends on how you formed your business. In this regard, not all businesses are treated the same. Sole proprietorships pay taxes differently than S-corporations. Despite the differences between each kind of business there are a few general terms you should know: Income Tax – most businesses file an annual income tax return. Businesses must pay income tax as they earn and receive income and then file a tax return at the end of the year. Estimated Tax – estimated tax payments offer an alternative to paying income tax throughout the year as your company earns money. Employment Tax – companies that have employees are expected to pay taxes related to having staff on their payroll. These include Social Security and Medicare taxes. Excise Taxes – excise taxes are paid when your business makes purchases on specific goods and are often included in the price of the product. EMPLOYMENT AND LABOR LAW There are also many government regulations on businesses that employ workers and independent contractors, in the form of federal and state labor laws. Here are the most common labor laws: Wage and Hours – according to the Department of Labor, the Fair Labor Standard Act (FLSA) prescribes standards for wages and overtime pay. Workplace Safety and Health – the Occupational Safety and Health Administration (OSHA) required that employers provide their employees with work and a workplace free from recognized serious hazards. Equal Opportunity – most employers with at least 15 employees must comply with equal opportunity laws enforced by the Equal Employment Opportunity Commission (EEOC), which mandates that certain hiring practices, such as gender, race, religion, age, disability and other elements are not allowed to influence hiring practices. Non-US Citizen Workers – the federal government mandates that employers must verify that their employees have permission to work legally in the United States. Employee Benefit Security – if your company offers pension or welfare benefit plans, you must be subject to a wide range of fiduciary, disclosure and reporting requirements under the Employee Retirement Income Security Act. Family and Medical Leave – the Family and Medical Leave Act (FMLA) requires employers with 50 or more employees to provide 12 weeks of unpaid, job protected leave to eligible employees for the birth or adoption of a child, or for the serious illness of the employee or a spouse, child or parent. Posters – some department of labor states require notice to be shared or posted in the workplace for employees’ view. ADVERTISING A good advertising strategy can do wonders for your business. But before you dive in, you’ll need to make sure that you’re playing by the rules and government regulations. For example, you have to make sure the claims in your ads are not untruthful or purposely deceptive. Using testimonials in your ads comes with additional regulations. Violating these rules can result in fines, which defeats the purpose of your advertising in the first place. EMAIL MARKETING Closely related to advertising is email marketing. If your business engages in email marketing, there are separate regulations you’ll need to comply with under the CAN-SPAM Act. There are several things that this Act regulates but some of the main components are: Don’t use false or misleading headers Don’t use deceptive headlines Indicate that the message is an advertisement Induce your business name and address Show the customer how to opt out of emails and honor the opt-out requests promptly. Each separate email violation is subject to hefty fines so make sure you know the ins and outs of this law before you set up your email marketing strategy. There are many considerations that small businesses must think about regarding the governmental regulations imposed on them and seeking profession advise should always be your first step. For more information on how to legally protect your business please pick up a copy of my bestselling book: ‘Go Legal Yourself’ on Amazon or visit my website at www.golegalyourself.com Disclaimer: This information is made available by Bagla Law Firm, APC for educational purposes only as well as to give you general information and a general understanding of the law, and not to provide specific legal advice. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

By Kelly Bagla, Esq. As a business attorney, the number one question I am asked is: “Should I be an LLC or an S-Corporation?” The business structure, in terms of the legal entity you choose for your business, significantly impacts some important issues in your business life. These issues include the exposure of liability and at what rate and manner you and your business are taxed. Your choice of corporate structure can also substantially affect issues such as financing and growing the business, the number of shareholders the business has, and the general manner in which the business is operated. You should be aware of some of the differences in business formation, especially when choosing between an LLC and S Corporation for your business. OWNERSHIP OF AN LLC An LLC (Limited Liability Company) is allowed to have an unlimited number of owners, commonly referred to as “members.” These owners may be U.S. citizens, non-U.S. citizens, and non-U.S. residents. LLCs may be owned by any other type of corporate entity and they substantially face less regulation regarding the formation. LLC business operations are much simpler and the requirements are minimal. While LLCs are urged to follow the same guidelines as the S Corporation, they are not legally required to do so, such as adopting bylaws and conducting annual meetings. LLCs are not required to keep and maintain records of company meetings and decisions in the way that S Corporations are required. The owners of an LLC are free to choose whether owners or a designated manager will run the business. If the owners decide to run the business then the business operates more closely as a partnership, which can pierce the limited liability protection of the owners and hold the owners personally label to creditors. One area where LLCs typically face more stringent regulation than S Corporations is that of transfer of ownership. Transfer of LLC ownership interest is usually only allowed with the approval of the other owners. In contract, stock in S Corporations is freely transferable. OWNERSHIP OF AN S CORPORATION The IRS is more restrictive regarding ownership for S Corporations. These businesses are not allowed to have more than 100 shareholders. S Corporations cannot be owned by individuals who are not U.S. citizens or permanent residents. Further, the S Corporation cannot be owned by any other corporate entity. This limitation includes ownership by other S Corporations, C Corporations, LLCs, business partnerships or sole proprietorships. There are significant legal differences in terms of formal operational requirements, with S Corporations being much more rigidly structured. The numerous internal formalities required for S Corporations include strict regulations on adopting corporate bylaws, conducting initial and annual shareholder meetings, keeping and retaining company meeting minutes, and following extensive regulations related to issuing stock. Regarding management of the business, S Corporations are required to have a board of directors and corporate officers. The board of directors oversees management and is in charge of major corporate decisions, while the corporate officers mange the company’s business operations on a day to day basis. Unless, a director of an officer of the company violate their ethical rules, they are usually never held personally liable for the company debts. A major difference between the LLC and the S Corporation is that an S Corporation’s existence, once established, is usually perpetual, while this is not typically the case with an LLC, where events such as the departure of a member may result in the dissolution of the LLC. DECIDING ON A BUSINESS ENTITY A business owner who wants to have the maximum amount of personal asset protection and plans on seeking substantial investment from outsiders, or envisions becoming a publicly traded company will likely be best served by forming an S Corporation. An LLC is more appropriate for business owners whose primary concern is business management flexibility. This owner wants to avoid all but a minimum of corporate paperwork, does not project a need for outside investment and does not plan on taking the business public. Further, this business owner’s business will usually end if the owner decides to retire, has an accident or becomes disabled. LLCs are easier and less expensive to set up and simpler to maintain and remain compliant with the applicable business laws since there are less stringent operational regulations and reporting requirements. Nonetheless, the S Corporation format is preferable if the business is seeking substantial outside financing or if it will eventually issue stock. Further, if the business owner wants to leave a legacy behind or wants to expand nationwide or even internationally an S Corporate structure would allow for this growth. When deciding which entity is right for you, a consultation with a business attorney is highly recommended as there are a lot more deciding factors that come into play. You have already put in the hard work to get your business up and running, don’t let a simple and most often costly legal mistake cause you to lose it all. For more information on how to legally protect your business please pick up a copy of my bestselling book: ‘Go Legal Yourself’ on Amazon or visit my website at www.golegalyourself.com Disclaimer: This information is made available by Bagla Law Firm, APC for educational purposes only as well as to give you general information and a general understanding of the law, and not to provide specific legal advice. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

By Kelly Bagla, Esq. Contrary to popular belief, money does not grow on trees. If you want to start your own business but do not have the funding, you can still get it off the ground in a number of ways. As a business attorney and an entrepreneur, I admire anyone who wants to create a company. It’s not easy, in fact, only half of small businesses in the United States will survive through their third year of operations. Furthermore, just 22% of those businesses make it through ten years. I’m hitting my tenth year in October 2019. Based on this information, it’s clear that failure is more frequent than success when it comes to starting a business. While running a startup may be difficult, it is also extremely rewarding, but getting your startup off the ground is the first step and in order to do this you will need money. Below, I have outlined some ways for you to get your startup funding. CREATE A DETAILED BUSINESS PLAN Before you do anything, you will need to have a clear understanding of how you plan to operate your business. A business plan will increase your chances of securing funding. Companies that have a business plan also have higher growth rates because investors want to see financial projections and that your business has a clear path of where it is going, before they consider giving you any money. CREATE RELATIONSHIPS WITH YOUR LOCAL BANK Create relationships with the banks you use for your personal banking by setting up appointments with the local loan officers. Explain to the loan officer how much money you need and what it will be used for. Depending on your situation, you may qualify for loans for certain aspect of your business, such as equipment. You could also try a personal line of credit. PERSONAL SAVINGS You could consider funding your startup with your own funds. If you have some money saved up, you could use it to launch your business. It could be risky but if you are willing to bet on yourself, there are some positive factors to this route: you keep all the equity, you keep all the profits, and now you have just become an attractive prospect for others to give you funding. SEEK HELP FROM FRIENDS AND FAMILY Usually, friends and family are second on the list for top startup funding sources. These are the people who trust you and believe in you and are more willing to loan you money. This funding can be secured by stock in your company or repayment with some sort of interest. This way you are not taking advantage of your friends or family but are willing to work hard to repay the loan with some gains. VENTURE CAPITALISTS Venture capitalists, also known as VC firms, in vest in the early stages of startups in exchange for equity or stock. If you decide to take this route, be prepared to give away a portion of your business. That’s not always a bad thing. A VC firm can provide you with other resources that can contribute to the success of the company. ANGEL INVESTORS Although these terms are often used interchangeably, angel investors differ from VC firms. While angel investors can take an equity share of your startup in exchange for their investment, their funding can also be exchanged for convertible debt. Usually, angel investors are entrepreneurs themselves and if you find the right one, you may benefit from their expert advice and management skills. It is more common for angel investors to supply funding to your business when you are still in the early states, whereas, VC firms typically look to get involved a little bit later. CROWDFUNDING Take advantage of the resources available to you online. You can use crowdfunding websites to raise capital. If your project is promoted properly, you can raise a lot of money. While most people think of Kickstarter when it comes to crowdfunding platforms, there are some alternative websites you can consider, such as, AngelList, CircleUp, CrowdFunder or Fundable. Strategic Partners Getting a strategic partner for your startup can help accelerate the development of your business. Between the two of you, you might have enough money saved to get your startup off the ground. While strategic partners may be able to bring new ideas and solutions to your startup, they can also help you succeed faster in attracting bigger funding sources. Starting a business is exciting but it’s not cheap For more information on how to legally protect your business please pick up a copy of my bestselling book: ‘Go Legal Yourself’ on Amazon or visit my website at www.golegalyourself.com Disclaimer: This information is made available by Bagla Law Firm, APC for educational purposes only as well as to give you general information and a general understanding of the law, and not to provide specific legal advice. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.