The Importance of Building a Data Room for Your Business ! | Gregory Shepard | Minute Mentor

I think it's really important for people to understand, and I come from a place as an investor on this one, which is making sure that when you build your business, as you build up to raising capital, that you keep a data room. You don't want to have a data room set up right when it's time to raise business or capital and then go in and fill it all up. You want to keep it as you go. The way I suggest doing this is simply have a ledger. So you have a spreadsheet that sits in the folder, and in that folder it says what happened, the date it happened, and a link to the document. This keeps a nice clean ledger of what's going on with your business, and every time you sign a contract or anything that happens that you need to have in your data room is in there and up to date, then it's not a big problem to raise capital.