April 08, 2012 Category: Business & Corporate Law
An important part of launching a business in Michigan, or elsewhere, is creating an effective business plan and taking the steps to see it through. An essential part of business planning is locating new injections of cash so the business has the funds to expand.
Entrepreneurs who want to develop a business without using all their own financial resources frequently look around for ways to encourage investors within or outside of their community.
A young entrepreneur in Grand Rapids succeeded in winning a recent business idea competition and successfuly obtained funds that will give his business dream the financial boost it needs.
The project for the 30-year-old entrepreneur began four years ago. It was then that he corroborated with six local high school students. Specifically, asking them, “What do you want to learn and how do you want to learn it?”
The result was an art club for students in Holland. This club finances itself by making and marketing custom T-shirts.
The judges of the 5×5 Night decided to give the young man’s mobile club a $5,000 buy-in during a contest at the Grand Rapids Art Museum.
The winner plans to open a storefront design and print lab that will meet the needs of students and professionals who want to use the letter press and screen printing machinery. He plans on leasing property on River Street in Holland in hopes that his business will help revive the “mostly nomadic” area.
Starting a new business or effectively running an existing business can sometimes lead to legal snags. Even something seemingly as simple as signing a lease agreement for rental space can benefit from a second set of legal eyes to make sure that the agreement does not contain possible hurdles that can impact the business later.
Source: MLive.com, ” Holland artist’s new downtown design and print lab, Ambrose, gets full payout at 5×5 night ,” Garret Ellison, March 27, 2012