Starting a new business can seem like a huge task to undertake. There is a lot to consider, but it is something that many people choose to do in order to see their dreams become reality. A good business plan is a key step in giving your business the best chance of succeeding. Three entrepreneurs in New Jersey have turned their idea into a company that caught the eye of the popular television show “Shark Tank.”
The three men, between the ages of 32 and 48, created a plan to produce a plastic protector for paintbrushes. The airtight device is designed to allow paintbrushes to be stored after painting without risk of it hardening or drying out. Since the company’s founding in 2011, they have also created a website and purchased patents costing around $15,000 in order to safeguard their invention.
These New Jersey men started their company from a garage, but with their hard work, they now have their product in some stores, and possibly in Home Depot in the near future. After appearing on “Shark Tank,” they won the support of one of the celebrity investors. Impressed by the New Jersey men’s business plan, she offered them $200,000 in exchange for a 10 percent share in the growing business.
Financial backing from an investor on the “Shark Tank” doesn’t guarantee success, and a strong business plan is essential to maintained growth. If you are considering starting your own business, a knowledgeable individual, such as an attorney, can guide you through the process. This will allow you to consider your financial investments, determine patent or copyright decisions, and take the necessary steps to protect your interests.
Source: N.J.com, “Swimming in the ‘Shark Tank,’ NJ entrepreneurs catch a big fish ,” Alexi Friedman, April 7, 2014