I have a challenge of starting an IT Consulting firm. Unlike a traditional business such as a retail store or something my company would not have any assets. The assets are the people which are the most important product for a successful consulting firm.
My biggest challenge is I have 20 years of IT experience of which I am currently the CIO for an organization. I was just selected by SmartCEO magazine as one of the Top CIO`s in my city. I have worked in several consulting firms and my current organization was a startup that I initiated with the CEO of our "sister" organization. We started it 18 months ago and now have 15 employees and generated 1.8 million last year. Problem is it is not a long term solution for me as it is a non-profit. I put in the hours and work but there is no long term financial or business reward.
So I want to start my own IT Consulting firm, I have already reached out to several CIO`s and CEO`s I know. Most all are supportive and a few have already committed work. But its like the chicken and egg scenario. I don`t have the time to do the work "part time" as my current job requires my attention 50-60 hours a week.
Now the challenge how do I secure the money needed to get things going? I currently make $160K and my wife does not work. I know I can get the work as I have the business relationships I can deliver the work. I have started the business plan, but how to I find funding as what the "investor" is investing in is me.
I have a fairly long track record of success and awards that do backup my ability to deliver. I have a million dollar home recently purchased that I would be willing to use if I needed to...I`m just not sure where to turn....
It seems I have all the items in place ready and work even lined up, I just need the money to make the leap full time. I`m looking into a home equity line of around $70k which I should know about in a week or so but I would be more comfortable with at least 1 yr costs covered. I don`t want to undercut the startup costs too low to have to come back in 4-6 months needing more money.
Any advice or insight would be greatly appreciated.
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