Is this how I should start my website?

[AMCarbonaro]

Well after spending a month or so thinking about my website idea. I believe its time to get to work. Ive asked for help around the web and some people in person for help, And all were mixed ideas on how to start the site. The site will be a service for musicians. I would generate revenue from yearly subscriptions and adds. So I came up with a list of what I need to do in order.

1. Buy Domain off Domain Names, Web Hosting and SSL Certificates - Go Daddy
- Easy enough.

2. Starting the Business
- This is what I need help with. I believe I will incorporate first, or would there be other legal work to start a business.

3. Create a Business Plan for Investors
- I will create a business plan for investors because a logical idea wont be enough to persuade.

4. Get Investors to Generate Money to Create the Web Site
- The hard part will be to try and get investors to invest in a business that is only an idea on paper. The investors will overall together pay for the building of the website. There are well over 50 thousand investors (which are a specific type of businesses) which would be involved in the site so I don't think it will be hard to get 80 investors to invest only $1,000 each. And in return they will provide the service which will lead them into a more efficient way to run there business.

5.Create the website
- I would have a company based out of NYC, New York Website Design Company & Ecommerce | Blue Fountain Media, create the site because there method of service is what I prefer. I was told to have e-lance and other freelance sites create my website, but I would rather have a professional team do it. I know it will be a lot more, 70K to create the site, but If I will have a large enough pool of investors, why not. Also BFM will do all of the work that needs to be done, ‪Website Design, Development & Marketing Process - Blue Fountain Media‬‏ - YouTube.

So, What do you think. I have no idea if this is the right choices but I have no other idea. one thing I will need work on is how to create the business legal wise, and how to contact investors.

Also, I'm sticking with BFM to create my site. So please do not keep saying to go with a freelance person. I prefer a professional team.

Thanks
-Anthony C.

 

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[hekks]

I will create a business plan for investors

This is not to sound belittling, so please do not take offense: Seeing that you don't know much about the legal requirements of starting a business, I will make the assumption that this is your first business.

Having said that, I would avoid taking money from investors, especially for your first business. The great thing about internet business is that it has very low overhead when compared to a brick-and-mortar one. What would you rather put effort toward: pleasing your investors (whom, I guarantee you, care more about their ROI than the actual growth of your business itself) often at the expense of customer satisfaction, or building your company based on customer feedback and researching new technologies to leverage?

70K to create the site, but If I will have a large enough pool of investors, why not

$70,000 seems like an awful lot of other peoples' money to spend on a website for your first business. I would do my own research into website development and leverage the high availability of freelance designers out there.

Having read The Millionaire Fastlane , and having studied website development myself, I see MJ's method as the best and most fulfilling way to build a web business. Build a business for your customers, not investors!

Listen to what MJ has to say about this: http://youtu.be/RTveImPn0WE

Whatever your choice may be, best of luck to you!
-hekks

 

[PaulRobert]

So your going to have 80 different investors? How much percentage are you going to give up to each investor? How can you guarantee them an ROI?
70 grand is too much spend on a site, especially on a concept that isn't even proven.

Google had $20 million in the bank, and an "expert" advertiser/marketer told em to use $10 million for marketing. They refused and look at them now. Who knows where they would be today if they listened.
You can get something set up for a fraction of the cost. Prove that your idea works and then you will get investors.

 

[kwerner]

My advice, do your steps in this order:

Step 1
Step 5 - but have it created on elance / odesk. Test your market here. No sense in spending tens of thousands to find out that people don't *really* need / want your service. Sure, you may have people that *say* they are interested in your service, but until you get the cash in your account, you can't fully believe it.

If you find out that people aren't really interested, you've just saved yourself a bunch of dough.

If it turns out that people are willing to pay for your service, then do Steps 2, 3, and 4.

 

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[Hokoleskwa]

I know it will be a lot more, 70K to create the site, but If I will have a large enough pool of investors, why not.

I agree with previous posters. You're taking a very cavalier attitude towards costs here, which is easy to do when you're playing with other people's money. "Why not?" Because 70k is a pretty large gamble, better to play a few hands first and see how you do before raising the stakes. More investors just means more people knocking at your door looking for an ROI.

 

[AMCarbonaro]

I really appreciate the advice from all of you! Means a lot.

I will say this is my first business. I am going to be a senior in High School this Fall. I know its pretty young, but I was introduced into this and I love it. I just happen to have an Idea, and I want to see what I can do with it. I care about my potential investors FIRST, because I NEED them to help create the business. Then I will care about customers (which will happen when creating the website). What I want to do, is create a network for musicians and these investors. both will benefit. But the investors are the key to creating the site. I do not have the money to create the site. But they do. The investors ROI will not be money, but the opening up of a new way to do business with musicians, the internet. There are thousands of investors, and I will introduce the idea to the first 80 and after the site will is complete and running, other businesses will see the benefit of the site and invest as well. That is why I need to do the steps in order as I listed.

domain, business, investors, create, website.

Please keep talking. It will help me a lot.

Thanks
-Anthony C.

 

[PaulRobert]

Then I will care about customers (which will happen when creating the website). What I want to do, is create a network for musicians and these investors. both will benefit. But the investors are the key to creating the site. I do not have the money to create the site. But they do. The investors ROI will not be money, but the opening up of a new way to do business with musicians, the internet. There are thousands of investors, and I will introduce the idea to the first 80 and after the site will is complete and running, other businesses will see the benefit of the site and invest as well. That is why I need to do the steps in order as I listed.


-Anthony C.

First off congrats on being so young and wanting to do something with your life. I started my business going into senior year of high school too. Rome was not built in one day or even one year.

To be honest, most investors will not care if you can maybe revolutionize the music industry. Investors invest because they want an positive ROI that has a guaranteed large %. Have you ever watched Shark Tank? The entrepreneurs that pitch to the sharks do not just have an idea. They have businesses. They have something going. They have sales, clients, proof that the concept or idea works.

My advice: Read MJ's book. You have about a month left of your vacation. Buy it off Amazon and read! You will look at the business world in a different perspective.

Research!! The internet is at your disposal. Use it wisely. You must put in your time and effort into your idea.

 

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[AMCarbonaro]

Well the only reason I need investors is to create the site. How will I create the site with no money then?

 

[PaulRobert]

When there is a will there is a way, even with no money. Be creative and you will figure it out.

 

[MamaD]

You need a stepping stone BEFORE you approach any investors and surely before you make that kind of financial investment. You need something that says you've got a shot at this. If anything, build out a small subscription site offering one or two of the services that you'll be providing. Once you start making money, THEN you reach out to investors and scale up.

 

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[AMCarbonaro]

But the service I am providing is from the investors. If I could explain my idea, you would be like, Oh Yeah I get it.

 

[garyfritz]

Remember what MJ says in TMF . Attracting investors when you have no track record is difficult at best. Investors are only interested when you have a proven ability to deliver. Start out smaller, without burning through $70k of other people's money, and demonstrate the market demand AND your ability to deliver. If you do that, you might be able to bootstrap yourself on your sales. Then you don't have to risk other people's money, AND you don't have to give away so much of your ownership.

 

[AMCarbonaro]

The investors would not own any part of my company. It would be my partner and I only. The investors would be involved with my website, not own part of it. Hey business, would you like to invest so I can create a site which could change the way you do business with your customers? That's what I'm asking out of these investors or businesses. Not give me money and Ill give you a % of the revenue.

So lets say I go onto E-Lance and have some random guy make my website. well now I have a website, but people wont join because I'm still missing the other half, the businesses for which the people will join for.

Listen, I could have the businesses join for free, That would be perfect, If I had 70 Thousand dollars to create the site. But I don't. I need people to invest, so why not have the businesses pay 1 thousand each and that's there ticket to a better way of doing business. Some of these businesses can use 1 thousand dollars to wipe there hands during lunch. I don't think I would be asking that much. And It would help me create the site. And If it doesn't work out, there not out much at all. Ive talked to many musicians, and All have said they would love to join a site like this. That is why I am so confident.

 

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[biophase]

So lets say I go onto E-Lance and have some random guy make my website. well now I have a website, but people wont join because I'm still missing the other half, the businesses for which the people will join for.

Listen, I could have the businesses join for free, That would be perfect, If I had 70 Thousand dollars to create the site. But I don't. I need people to invest, so why not have the businesses pay 1 thousand each and that's there ticket to a better way of doing business. Some of these businesses can use 1 thousand dollars to wipe there hands during lunch. I don't think I would be asking that much

Go and create the site on Elance. It will be a MVP (minimum viable product). How is this site going to cost $70k? Seems way too high. What can you get it done on elance for? $5-$10k?

If your site is done and no investors will join it for free, why would they pay $1000 to join? Why can't you create the site and go to these same 80 investors and let them join for $1000 each?

If you think businesses wipe their asses with $1000 bills you will have alot of trouble getting investors. It sounds like you don't value their money. I mean what's $1000 to them? Chump change. Doesn't sound like you will take care of my $1000 that I give you.

 

[Talisman]

I think he's saying he needs investors for the musicians. So the investors would be investing in the musicians, to help them get kick-started. So that's the service his site would be providing.

*shrug*

 

[biophase]

I think he's saying he needs investors for the musicians. So the investors would be investing in the musicians, to help them get kick-started. So that's the service his site would be providing.

*shrug*

Yes, so why does he need the investors before the site is completed.

1) build site
2) add investors
3) add musicians

instead of

1) add investors
2) build site
3) add musicians

Which scenario do you think would have a higher probability of getting investors to join?

 

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[PaulRobert]

Yes, so why does he need the investors before the site is completed.

1) build site
2) add investors
3) add musicians

instead of

1) add investors
2) build site
3) add musicians

Which scenario do you think would have a higher probability of getting investors to join?

Or

1.) build site
2.) add musicians
3.) add investors

Investors see the potential in musicians, investors join.

 

[AMCarbonaro]

Why would I pay some random guy to create a website who will only design. I want you to watch this video. I talked to 1 of there teams, and they have impressed me. Better than some random person who I cant trust. Watch this and then you decide what is better. And if you still choose E-Lance then I guess we will see who can impress an investor better. ‪Website Design, Development & Marketing Process - Blue Fountain Media‬‏ - YouTube

I still thank you for helping me out and giving me your opinion but, this is who will create my site. I know what I need to do. I just need help on creating a business, and how to contact potential investors.

Thanks
-Anthony C.

 

[AMCarbonaro]

Think of it this way. You want to create a site for hmm.... athletes. a site where athletes can express there talent on a website, each has a profile. then colleges can view there profile an potentially get a scholarship based on there ability's.

Well the investors for my site would be the colleges. The investors would be part of the site but not own any of it. and for the colleges to have an easier way to find athletes, they create a college profile where they can browse athletes. that would be the ROI, not money.

Now if that site wasn't created, and I showed a college that idea, and said for 1 thousand dollars you can create an account and have the ability to find athletes on the internet instead of sending out a scouter. Do you think they would do it? I think so. But I would also say, hey college its not created yet but I have an amazing team who you can speak to and ect... that will create it and so forth.

Do you kind of get what the investors would do?

 

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[MamaD]

Well the investors for my site would be the colleges. The investors would be part of the site but not own any of it. and for the colleges to have an easier way to find athletes, they create a college profile where they can browse athletes. that would be the ROI, not money.

What you're describing as investors actually sound like advertisers?

 

[DeletedUser394]

You ask for advice, receive great stuff, yet disregard all of it.

To be perfectly honest, no 'investor' could possibly care less about your idea.

Build the site yourself or hire somebody to do it, as everyone has said (You've received some great advice from a few extremely successful web based entrepreneurs above... who know exactly what they're talking about.

' But I would also say, hey college its not created yet but I have an amazing team who you can speak to and ect... that will create it and so forth. '

and they will say 'Show us the product and userbase, or No thank you.'

 

[hekks]

I just need help on creating a business

That is what we are offering you, but you're choosing to see negative criticism as having a purpose seperate from that of helping you create your business

:shruggie:

To put it bluntly, your plans largely violate the philosophies of Fastlane start-up, at least in the way that I interpret them.

The fact that you are willing to spend $70,000 of pure inverstor capital (with this, I am making the assumption that you successfully acquire said capital) on outsourcing the work to a company (which, by the way, is selling you a product, not a guarantee), tells me that you value Event over Process. Innocent question: have you read the book?

 

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[AMCarbonaro]

Check out beRecruited.com: Free College Recruiting Service and NCAA Athletic Scholarships Network there not advertizements.

 

[AMCarbonaro]

If I do it your way. The site wont work. How will i advertize a site that does not even have a product. thats basically what im saying. u want me to sell a milk carton with no milk.

 

[DeletedUser394]

Then you are talking about clients, not investors... lol, I missed the part about 80 investors before.

 

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[MamaD]

Check out beRecruited.com: Free College Recruiting Service and NCAA Athletic Scholarships Network there not advertizements.

Do you even know how this website generates revenue? I took a look...do you think those coaches paid an investment fee? No...it says so right on the site..It's FREE!!!

I know what you're getting at BUT your whole perception of an investor is flawed (imo). Besides, what are you investing? What are you investing in the dream? You cannot think to ask anyone else to invest in something that you have not first invested in....and it doesn't include watching web design presentations.

So far, all you have is, "I'm going to get people to give me money to build a website."

 

[AMCarbonaro]

They wouldn't be called investors? The site beRecruited.com: Free College Recruiting Service and NCAA Athletic Scholarships Network has colleges. lets say this site was not created. a guy wanted to create it. He went to 80 colleges and told them the website idea, and he said i need 1 thousand from each college to create the site. that's what i need. and for them giving me the 1 thousand each, the site is created and they can browse athletes to help with their sports. Get it now?

Then how would I build the site. I'm 16 years old with no experience, and no money. That's why I'm on this site. to get help.

 

[kwerner]

Here's the deal - no college or investor is going to give you the time of day until you have a site that you can show them and demonstrate how it works.

And even after you have the site built, it's going to be damn hard for you to get colleges to commit to signing up with your service, afterall their risking their reputation. And being associated with an unknown startup company is "risky" for them. I'm not at all trying to discourage you by telling you all this, just letting you know how the other side of the table sees it. Also you also better *thoroughly* know your numbers on this before pitching the idea to them. Numbers as in, what they're going to save by using you service, etc.

Then maybe only have a half-dozen or so beta-test it for you for a few months. Get feedback from them, address their issues, then you'll be ready to pitch it to other colleges.

 

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[MamaD]

They wouldn't be called investors? The site beRecruited.com: Free College Recruiting Service and NCAA Athletic Scholarships Network has colleges. lets say this site was not created. a guy wanted to create it. He went to 80 colleges and told them the website idea, and he said i need 1 thousand from each college to create the site. that's what i need. and for them giving me the 1 thousand each, the site is created and they can browse athletes to help with their sports. Get it now?

Dude ... I got it the first time. Good luck with that!!

 

[hekks]

If I do it your way. The site wont work. How will i advertize a site that does not even have a product. thats basically what im saying. u want me to sell a milk carton with no milk.

Then you are talking about clients, not investors... lol, I missed the part about 80 investors before.

No matter what you call them, they're giving away money to (no offense) someone with no proven track record, for a product (your website) that does not yet exist. In all honesty, there would be little you could do to stop one of them and just taking and financing the idea for themselves, seeing as all you have is a concept and not a functional product on the market.

Am I being negative? Or realistic? I just don't believe that this amount of dependence on investor support is in-line with the Fastlane.

I'm 16 years old with no experience, and no money.

That's the first thing that the investors are going to reply with.

How about taking action and getting the experience instead of hoping for an investor-driven short-cut? I don't doubt your potential, only your current execution of it.

Again, think Process, not Event. Take accountability for the Process by educating yourself on how such a website is developed. There are so many freely available resources out there.