Menu Contact
Tilford Dobbins & Schmidt, PLLC
Call
502-584-1000
For A Consultation
Practice Areas Menu

Opening your first business? These 3 tips can help with your plan

As someone who is just starting out on an entrepreneurial journey, it can be tough to know which steps to take to set your business up right. Fortunately, there have been many people who have gone through this same situation in the past, which means that there are tips and tricks that can help you, too.

One of the first things you will need to do is to set up a business plan. A business plan needs to have some specific information, especially if you want to use it to obtain financing in the future.

Here are three tips for figuring out what to include.

1. Get to know your competition

The first tip is to get to know your competition. You need to show that you know who they are, have researched them and can show how your business is different and better than the others.

2. Know your audience

The next tip is to know your audience. Whether you're seeking out investments from investors or trying to get a loan from a bank, having a business plan that identifies your audience and how your business will benefit them is a great way to show that you've done your research.

3. Don't be afraid to talk to your attorney

Finally, don't be afraid to reach out to your attorney about creating your business plan. You should have many pieces of information in your plan, like your financial information and projections, but you want to be sure that the plan is complete and designed correctly. Your attorney has experience and can help make sure it's as good as possible before you use it to approach lenders or investors.

These are three tips to help you as you open your business. With the right information, you can put together a great business plan and get your business off the ground.

No Comments

Leave a comment
Comment Information

Call 502-584-1000 to speak to a lawyer today.

  1. Charles W. Dobbins, Jr.

    Charles earned his J.D. degree from the University of Virginia in 1974

    He was graduated from Washington & Lee University in 1970 with a B.A. with Distinction

    Read More

    Mark W. Dobbins

    Mark earned his B.A. from Emory University.

    He earned his J.D. from the University of Louisville.

    Read More

    Patrick T. Schmidt

    Patrick earned his B.S. in Accounting from the University of Kentucky in 1989.

    He earned his J.D. from the University of Kentucky in 1992.

    Read More

    Terrence L. McCoy

    Terry earned a B.A. from Dartmouth College in 1964.

    He earned his J.D. from Duke University in 1967.

    Read More

    Lisa Koch Bryant

    Ms. Bryant has extensive commercial litigation and bankruptcy experience. Prior to entering private practice, Ms. Bryant served as head of litigation for the Federal Land Bank of Louisville.

    Read More
  2. Wm. Stephen Reisz

    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

    Thomas earned his J.D. degree from the

    Read More

    Sandra F. Keene

    Sandra earned her Bachelor of Health Science degree, with Honors, from the University of Louisville in 1982.

    She earned her J.D. degree from the

    Read More

    Elizabeth M. Jenkins

    Colgate University, B.A., Political Science, magna cum laude, 1983

    University of Virginia, J.D., 1992

    Read More

    Edward L. Galloway

    Ed graduated from Indiana University in 1967 with a degree in history.

    After obtaining a master’s degree in political science from the University of

    Read More

    Thomas G. Karageorge

    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

    Thomas earned his J.D. degree from the

    Read More
  3. Tacasha E. Thomas

    Tacasha attended Harvard University in Cambridge, Massachusetts during the summer of 2001, where she studied courses in law and psychology.

    Read More

    Ayala Golding

    Ayala received her J.D. in 1994 from the University of Louisville, Louis D. Brandeis School of Law, Louisville, Kentucky, where she was a member of the Brandeis Family Law Journal, and

    Read More

    Kacie A. Wilkinson

    Kacie A. Wilkinson recently joined Tilford, Dobbins & Schmidt, PLLC, where she practices in the areas of business law & transactions, real estate, estate planning and probate.

    Read More

    Gwendolyn Chidester

    Gwen recently joined the Firm after being employed by notable Louisville companies for over 15 years in a variety of capacities including Corporate Counsel, Director of Human Resources, and Risk Manager.

    Read More

    William A. Buckaway, Jr.

    Bill earned his B.A. from Centre College in Kentucky in 1956.

    He earned his J.D. from the University of Louisville in 1961 where he was a

    Read More

    Terrell L. Black

    Terry earned a B.S. in Social Science from Campbellsville College in 1966.

    In 1969, he attended graduate school at Eastern Kentucky University focusing on

    Read More

    John A. Wilmes

    John was admitted to the Kentucky bar in 1977 and admitted to practice before the U.S. District Court, Western District of Kentucky in 1979.

    Read More

Contact Us

401 West Main Street, Suite 1400
Louisville, KY 40202

Phone: 502-513-0600
Phone: 502-584-1000
Fax: 502-584-2318
Louisville Law Office Map