WE'VE MOVED!

We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Options

Need advice for new website funding

vincecvincec subscriber Posts: 1
edited April 2009 in Startup Funding
I have a new website idea and have started creating concept designs and
everything. It`s a completely new idea and a lot of people like the
idea. It could be something that could be huge in the near future if I
get enough support. Though the thing is I don`t have any money at all
to get this thing going. I have created partnerships with a couple
people to program the backend.
I`m also speaking to the domain owner about it. He asked me if I had
investors backing up the project and that kind of hit me. Is there
anyone here who could assist me on finding investors without having to
pay anything.. I really don`t have any money at all right now. Even if
there is anyone who is willing to help out out with the site. I
appreciate it. All partners get a % of future compensation.
What would you guys recommend? I was thinking maybe starting out small.
Just use the programmers I have now to get everything working then
upgrade the site when more people start signing up. I`m new to this
whole investor type stuff.
· Share on FacebookShare on Twitter Share on Google+

Comments

  • Options
    robertjrobertj subscriber Posts: 0 Member
    Vincec,
    As I`ve said several time before on this forum, I am opposed to paying to services with equity, so I won`t belabor that point.
    It`s tough to start and build a business with no money. There are many things that are critical to the long term health and success that can`t be accomplished without some capital - so my advice is determine how you are going to acquire some funds before you begin the business.
    There are a number ways to bring capital into a business, even a startup. The "optimum" strategy for you will depend on the specifics of your personal and business situation.
    If you`d like to discuss your specific situation in confidence - send me a PM or contact me directly.
     
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    avinklineavinkline subscriber Posts: 0
    Vinec,
    I`m curious about the need to purchase a currently-registered domain for the new company.
    Do you feel the domain name you are wanting to purchase is absolutely important to the new company?
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    avinklineavinkline subscriber Posts: 0
    I agree with bvmike. Especially when it`s web based, bootstrapping is the way to go at least until you have something to show investors. I`ve found it difficult to explain the full vision of a web product to investors & users until you actually have something to show them.
    If you need a small amount of capital to get you to the prototype stage, I`d recommend something like The Lending Club http://www.lendingclub.com
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    ChrisBenjaminChrisBenjamin subscriber Posts: 13
    Bootstrap it, you`ll spend a lot of time looking for capital that you most won`t likely get.  Very few people are doing idea stage companies now.  You`ll hear the word traction often as a requirement for funding, and its true. 
    · Share on FacebookShare on Twitter Share on Google+
Sign In or Register to comment.