Woes of Finding Start up Funding

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Woes of Finding Start up Funding

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Jahsco

posts: 13

Jan 08, 2008 5:38 PM ET Quote Report Abuse

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It has been SO hard finding $$ to start a business, but this board is quite helpful, especially learning about people`s experiences finding seed money. I have come across two sites that many of you probably know a thing or two about.
Please give me your thoughts on the following websites:
Fundraiser 1.0 and www.thesnaploan.com as sources for getting money for startups.
What has been the general experience?
Thanks

robertj

posts: 1461

Jan 08, 2008 6:37 PM ET Quote Report Abuse

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I`m sorry to hear you have found it so hard to find funding.

As I interpret their web info, Fundraiser 1.0 as essentially promoting and selling their material so you can make money - which you can use to start your other business.

How much capital are you seeking?

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Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
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Jahsco

posts: 13

Jan 08, 2008 7:45 PM ET Quote Report Abuse

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Yes, it has not been easy. I am looking for at least 50k for initial operating expenses to get to launch. I am starting an e-commerce site.
So you think Fundraiser 1.0 is worth a try? I get so weary with all these offers to make money, especially for startups. As many of us know, it`s such a viable market since entrpreneurs are so desperate for seed money.
Thanks for your response!

robertj

posts: 1461

Jan 08, 2008 8:29 PM ET Quote Report Abuse

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Jahsco,

If you feel you can find a niche that isn`t already being served and market successfully to that niche - then you may have some success. But if I`m going to go to all that effort, I`d want more exclusivity.

What have you done so far to acquire the $50K?

Jahsco

posts: 13

Jan 08, 2008 10:04 PM ET Quote Report Abuse

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I have tried to get a bank loan with no success thus far, contests. I have not contacted any VC`s because I am constantly being told that, at this stage, my company is not ready to receive VC funds. I have also researched online lenders, but I am very skeptical.

robertj

posts: 1461

Jan 09, 2008 12:46 PM ET Quote Report Abuse

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Jahsco,

If by VC`s, you mean Venture Capital firms that invest other people`s money -then I would agree. Candidly the amount you are seeking and the stage of your business would probably make you a "non candidate".

However, there are options beyond the bank and a VC firm - which are essentially the two ends of the funding "spectrum".

Do you have a business entity set up or are/were you trying to borrow the funds as a personal loan?

Jahsco

posts: 13

Jan 09, 2008 4:29 PM ET Quote Report Abuse

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I have set up the company as a sole proprietor, but plan to change the company to a LLC.
No, I have applied for a loan as a business owner.
What are other funding options do you suggest?

MrMusicHead

posts: 43

Jan 19, 2008 1:55 PM ET Quote Report Abuse

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Prosper.com

LendingClub.com

and coming soon...

Loanio.com

You can borrow up to 25k each from Prosper.com and LendingClub.com, so there`s your 50k.

MrMusicHead

posts: 43

Jan 19, 2008 1:58 PM ET Quote Report Abuse

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Zopa.com just hit the US too.

Jahsco

posts: 13

Jan 20, 2008 8:50 PM ET Quote Report Abuse

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Thanks for all the great feedback!
J.

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