Freelancers find they are often overlooked when it comes to getting paid on time. Unfortunately, there is little to no legal recourse to prevent this from happening. One city made some changes to help ensure their freelancers, about one third of the overall workforce, would get paid or at least have something they can do about it. As New York City is the first to pass a "Freelance isn't free" law, more communities are taking note.
As an entrepreneur considering big growth in your company, you also have to anticipate what looks attractive to potential investors. Obviously, venture capitalists are going to look for a whole host of "must haves" in a burgeoning business, including a business plan and proof of profitability. Part of that proof is securing the financial history of the business so far and the financial projections.
When entrepreneurs are ready to take their business to the next level, they may begin searching for other resources to help finance the leap. The search for funding has to begin within the organization. Is there a solid plan for growth of the business? Has the brand been successful with attracting customers? Are the financials in order? Once these very important questions are answered, a business owner needs a clear understanding of the types of investors that are available and ready to fund the venture.
As if starting a business isn't challenging enough, after a great idea comes the hard work of attracting clients. After attracting those clients is the task of getting them to pay invoices on time. In reality, the homework used to qualify clients may also offer clues to whether they will pay on time. While some may argue that beggars can't be choosers, we "beg" to differ.
