Often, we are asked to consider assisting clients in obtaining funds for their start-up businesses.  Before asking for money, new businesses must have an understanding as to their business plan, need funding, and disposition of said funds. 

Accordingly, new businesses must develop an understandable business plan.  Further, these entrepreneurs must consider the amount of capital necessary for their goals before they seek money from those who may have an interest in their field.  Obtaining advice from a variety of persons is essential in formulating a plan to find capital.  Moreover, when approaching people, it is important to keep your presentation short, to the point and identify key team members.  Entrepreneurs should also be prepared to discuss what you are looking to do, the services or products offered, the competition, highlights of the business plan as well as possible investment terms.  This is not the complete package, but just the quick presentation.  Additionally, it should also be understood that the investor will, ultimately, want to exit the company, and contingency plans should be developed.

Finally, it should be expected that you will not get money right away.  It will undoubtedly take a long time to obtain funding, and you should be prepared for all eventualities.