| Jul. 18 2008 at 7:36 PM |
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Hello, I am a 22 years old, just out of college and I have developed an extensive business plan for an unique person to person online marketplace aimed at a specific niche with some exclusive features. I'm pretty confident about the potential of the business model I have. My next step is obtaining startup capital. What is the best direction for me to head in. I'm already aware of all the options available, I'm looking on some advice from some type of past experience you may have had on what is best for me. I understand my age and lack of collateral will prevent me from getting a loan, my experience will make it difficult to convice angel investors, and bootstrapping is not much of an option considering the people I know don't have the money either. Any advice would be greatly appreciated. Thanks
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| Jul. 24 2008 at 12:22 AM |
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If you believe you can get started in stages with this project, I would recommend this. Because you have no collateral, you may redo your business plan based on a structural expansion starting from something small and barter out your growth for an exchange for skills you have to complete this project.
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| Jul. 24 2008 at 11:47 AM |
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Based upon your post, I'd say you need to get Capital Ready before you embark on your quest for capital.
One step I'd consider is to put together a "team" that will strengthen your position with any capital source. Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
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| Jul. 24 2008 at 12:01 PM |
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RobertJ is correct...you need to put together a solid "advisory board" at a minimum. Additionally, you will have to, without question, pass the wallet test. What I mean by that is if you are going for investment then any saavy investor will want to see that customers are actually taking money out of their wallets and putting it into yours. Until then...you have no proof of concept and acquiring capital will be very tough.
Good luck!!
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jclark@startupsmart.net
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| Jul. 27 2008 at 7:39 PM |
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Raisecapital02 wrote: If you believe you can get started in stages with
this project, I would recommend this. Because you have no collateral,
you may redo your business plan based on a structural expansion
starting from something small and barter out your growth for an
exchange for skills you have to complete this project.
Unfortunatly, the 140,000 is the startup I need for the first stage.
I can't break it down anymore than that. A majority of that is to fund
the designing of the databases that are neccesary to build this
website. Without the databases, the site is useless and inoperable.
Raisecapital02 wrote: If you believe you can get started in stages with
this project, I would recommend this. Because you have no collateral,
you may redo your business plan based on a structural expansion
starting from something small and barter out your growth for an
exchange for skills you have to complete this project. StartUpSmart wrote:
RobertJ is correct...you need to put
together a solid "advisory board" at a minimum. Additionally, you will
have to, without question, pass the wallet test. What I mean by that is
if you are going for investment then any saavy investor will want to
see that customers are actually taking money out of their wallets and
putting it into yours. Until then...you have no proof of concept and
acquiring capital will be very tough. Good luck!!
What will this advisory board need to consist of. How do I build such a team.
I am considering on applying to online angel investor networks by
submitting my business plan. I am a little skeptical of sending my
business plan as there is nothing like my idea currently offered on the
web. In an effort to protect myself from the idea being taken by
investors without me, I was thinking about using my credit card to make
purchases such as buying the premium domain name, and registering the
business in my state. Is this necessary?
Edited by: sk24iam - Jul. 27 2008 at 7:47 PM
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| Jul. 28 2008 at 12:00 PM |
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To clarify my previous post, there is more to raising capital than having a business plan. There are some steps you should take before posting a capital request on line. For example
- The more "value" you build before the capital acquisition - the more attractive can be the terms of the deal.
- If you have a unique idea - you need to determine how best to protect it and put that in place.
- Executability is a core ingredient for investors, so your "teams" should convey the message that they can get it done.
Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com
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| Jul. 28 2008 at 12:48 PM |
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What are methods of protecting an online idea?
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| Jul. 28 2008 at 1:03 PM |
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The basic ways of protecting your IP include Patents, Trademarks, Copyrights and trade secrets.
Generally, the optimum solution uses the best of the above - often in combination.
Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com
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