One of the most common pieces of advice I give out to anyone starting a business, especially a real estate investing business, is to hire an attorney. There is absolutely no point is building your business the WRONG way, especially when you’re dealing with hundreds of thousands – or even millions – of investment dollars.
Why run the risk of losing everything if someone decides to sue you?
But when you’re first starting out, there’s usually not a budget for attorney fees, especially when it costs a few hundred dollars for a consultation and possibly thousands of dollars for a retainer.
So how do you get started the right way on very little money? Watch this quick video for some answers.
This philosophy can really work for finding any type of professional service provider, not just lawyers. It all depends on what you need up front to make your business work.
Building relationships through live networking events is a win-win situation for all involved. First, you meet other business owners in your community and second, you get to tell people about your own business.
Be on the lookout for attorneys, advertising executives or any other professional service provider whose services you might need in the future. Just remember that recommendations for these services can come from anyone in the networking group, so it pays to be active and mingle with everyone.
Once you have some connections, take each service provider out to lunch individually or set up a casual meeting to feel them out about whether they would be willing to help you out with discounted rates or even free services until you have more of a cash flow.
This step might take a bit of sales work but talk about your plans for growth and success and encourage them to take a risk by working with you in this venture. If you have past entrepreneurial experience, tell them about it. You don’t have to sound like the stereotypical used car salesman; simply let your passion for your business take over.
Remember, investments don’t always have to be monetary investments; offering services at a discounted rate or even for free can be an investment if the service provider likes you and trusts your vision.
