I was wondering if someone could help me. I am wondering if someone who has experience with raising money from VC’s and what I should be watching out for.
I have a very awesome dream to create a whole new retail concept store. I have been basically trying to plan everything myself however I am now to the point where I need to hire people in the area’s of legal, marketing, architects, programming, and accounting to help refine the concept and take my ideas and help develop the branding, put numbers to the plan, and get everything laid out on paper correctly so the plans are well developed.
The marketing people have told me they wanted around 90,000 to develop the plans and the branding and the store design/layout in pure paper and rendered drawings and to do the marketing.
The local accounting people that I know have all told me that my project is beyond their ability to do and that they would have to hire people to help research how to best structure and quoting me a price of 50,000 just to help financially figure it out. (It’s defiantly not rocket science) Two other accounts simply turned it away saying to go to the University to help figure it out. However I really don’t want my idea running around the university and then they agreed with me but offered no help or direction to turn.
I haven’t bothered contacting any architects because I am sure that they will tell me it’s going to cost as much to have it laid out and designed and my own building is going to be necessary for my retail concept store.
The retail design people that I know had told me that it will take upwards of 10 to 15 million properly design and layout my store. However until I get professional help there is no way to determine anything because it next to impossible to figure out even the amount of floor space needed. And it`s definatly not something you can go and just rent a place and start.
While I am attempting to make all the perfect logical steps to being able to get a working concept and all the paper need to help put the perfect numbers to present to more VC’s to build out my retail concept.
How should I move forward? I can’t personally come up with the money to just fork over for a bunch of plans and pieces of paper and have no possible way of paying it back. I am looking at upwards of $400,000 in professional / planning fees. With no way of paying anything back until my vision is built and income is rolling in.
I would personally like to structure it so that I still retain control of my company and I have the ability to possibly purchase out the VC’s.
However on the flip side I am also looking to take my retail store concept and branding ability and launch it on the Stock market in time as company. Being that my goal is to chain my store. (no franchises, but all as one company.. So buying them out may not be possible or it may not matter)
What Should I be personally doing to protect myself? The business may require a lot of money to get up and going correctly but the idea isn’t overly complicated and it’s certainly not rocket science.
I simply don’t understand how I should go about moving forward. I’m just plain stuck..