Bad personal credit. High growth startup.
My goal with this thread is to find the best alternative financing and/or investors for my start-up. I'm 24, single, rent, and have no loans whatsoever. My monthly living expenses are about 950/mo. My credit SUCKS. What I do have, is time. Time is my most valuable assett. I was laid off last May.
I bootstrapped an internet advertising sole proprietorship last August. I do mostly ppc, with some seo, sem, and mobile marketing as well. I didn't break profit until the start of 2010. 2 months ago, after 70 hrs/wk of bootstrapping, I was achieving gross revenue of 1400/wk. Yes, you read that right. Those in the business will know this industry is pretty volatile although that is the beauty of it somewhat and, just two weeks ago, my gross profit was approximately $300.00/day with gross revenue of about 750/day . The problem with this situation is the companies that pay me still only pay net 15. I can't sustain spending 4900/week any longer and have thus had to slow down my business' expenditure. I really see no ceiling to how much can be made here and I'm feeling stifled at this point. There is so much money to be made and work to be done, I'm just frustrated being held down by financing.
Also, I'm looking to form an s-corp asap as I'd like to limit my personal liablity as well as reap the benefits of not having to be paid a fair market salary as I would be If I were to form an LLC. Can you advise me the best path to forming my s-corp successfully, securely, as well as any and all costs to expect as well? Anyone? And ftw, how about some professional advice as to whether the best new hire would be contract, part time, full time etc. Anyone in this field, I'd love to speak with you. THANKS
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