Need an investor for a business

[Clenjamin]

Think i might have found a untouched niche and its a very simple thing. What i need isn't to much about (lower than 50k). What are the steps i need to start taking to get the funding?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[The-J]

What exactly do you need the funding for? Why can't you fund it yourself?

 

[Kak]

I think this is a good family/friends amount. You could get a few grand here and there. Basically if you are going this route, you should be able to invest at least 10k of your own money. None of these people will trust you if you are not invested yourself.

You could also get a loan, home equity, business, a contractual loan from a friend or family member.

 

[Likwid24]

From Felix Dennis Interview:

You advise borrowing capital from friends and family and suppliers -- anything to avoid trading a piece of the company for venture capital. Why?

I've seen so many young women, young men who use the shares in their companies as an incentive to employees and to people who are loaning them capital. They should not do that. It's a cardinal error for which you will pay and pay and pay. Getting rich all comes down to ownership. Every single percentage point counts. You don't need to start handing out shares like sweeties, because it will come back to haunt you. In the end, you're going to get your money from the sale of an asset. The less of that asset you own, the less money you will get. It is as brutal and as simple as that.

It can't be fun putting your friends' and relatives' money at risk.

You should tell them you are going to risk losing their money. But if you haven't got the balls to ask people for money because you're going to lose it, then you're certainly never going to get rich. People will surprise themselves at how much money they can raise. There are a lot of vendors who are willing to take a risk on you -- if you are totally up front with them and as long as they don't risk too much. That's the way I did it. There was a printer that I stuck with for 25 years because he was the only guy that would print for me when in the early years he was not entirely certain he would get all his money.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Vigilante]

Think i might have found a untouched niche and its a very simple thing. What i need isn't to much about (lower than 50k). What are the steps i need to start taking to get the funding?

Watch 20 episodes of Shark Tank on Hulu so that you put yourself in position to answer your own question.

 

[Kak]

I didnt say dont give equity. I would be more likely to give a loan to a family member at say 10-12% than getting equity. But this is because most of my family outside my immediate family are sidewalkers and the rest are slowlaners. I would hold them to a loan.

 

[Jonleehacker]

Think i might have found a untouched niche and its a very simple thing.

Don't THINK. If it is simple, then find a way to prove your concept on a small scale. Once you do that getting investors will be easy.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[JEdwards]

Think i might have found a untouched niche and its a very simple thing. What i need isn't to much about (lower than 50k). What are the steps i need to start taking to get the funding?

1.Figure out exactly why you need the money.
2. Figure out if it is truly enough money to get going.. I had a guy ask me for 150k a few months ago. his idea was so stupid, but at least he asked, it does not bother me he has no money to put it, I had no money to put in when I started either. What was stupid is he felt after spending 100k on finish out, 50k on marketing, he could just cash flow the 5 employee, $2k month rent, 1k utilities. etc etc.. He thought to himself one sucker will give me 150k and I can roll it. No you can't. I would of respected him more if he would of asked for 300k. (i would not of given him the money either way)
3. Take your plan to people who know your industry or are in your industry and ask them to put the money in. (don't be a fool and say, they will steal the idea) they wont.
4. Spend wisely.

 

[snowbank]

Think i might have found a untouched niche

Do you "think" or do you "know"? If you think, it just means you haven't done any due diligence, and are wanting to gamble with someone's money.... again:

https://www.thefastlaneforum.com/general-entrepreneurship-startup/35428-looking-contact-someone-business-idea.html#post185024

if you know, money is easy to find.

What are the steps i need to start taking to get the funding?

The fact that you're asking the same type of questions as you were a year ago would prove to any competent investor that they should run away.

Stop being lazy.

 

[DeletedUser2]

OMG.

really? you cant do 20 min of Google research before waving your freaking flag of ignorance?

Maybe im just losing my soft touch on newbie entrepreneurs, but for crying out loud, there is a TON of information on google.

that little amount is a friends, family, and fools deal. besides, you could probably TEST the market for 1-2K we do that all the time.

usually much less


go spend a day on youtube, read up on securities (so you don't break the law, raising money) THEN come back here and as a better question

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[BrucetonGuy]

Think i might have found a untouched niche and its a very simple thing. What i need isn't to much about (lower than 50k). What are the steps i need to start taking to get the funding?

I think you need to be more specific in order to get sound advice from the folks on the forum.

1.) What is your "niche"
2.) What is the 50k for? Rent, product development, web development, etc?
3.) Can you get by on a smaller scale? 1-2k investment to start and then expand?
4.) There are a few threads on the forum that discuss ways to raise capital. Just use the search bar.

 

[Vigilante]

popped a bag of popcorn, kicked back in my easy chair and enjoyed reading the responses to the OP

 

[JasonR]

OMG.

really? you cant do 20 min of Google research before waving your freaking flag of ignorance?

Maybe im just losing my soft touch on newbie entrepreneurs, but for crying out loud, there is a TON of information on google.

that little amount is a friends, family, and fools deal. besides, you could probably TEST the market for 1-2K we do that all the time.

usually much less


go spend a day on youtube, read up on securities (so you don't break the law, raising money) THEN come back here and as a better question

Despite the OP's ignorance, this thread has been helpful to me.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

I think you need to be more specific in order to get sound advice from the folks on the forum.

OMG.

really? you cant do 20 min of Google research before waving your freaking flag of ignorance?

Stop being lazy.

Ha Ha, OMG, I so love that this forum doesn't let any bullshit go unpunished.

Newbie entrepreneurs take note: Have the right questions: Real entrepreneurs are going to ask the HARD questions to determine your level of seriousness.

If you don't have the basics covered, be prepared to be called on it.

New icon:

op:

 

[wade1mil]

Ha Ha, OMG, I so love that this forum doesn't let any bullshit go unpunished.

I totally agree, and that is one of the best part of this forum. Clenjamin, as bad as the response you just received are, you have TWO OPTIONS.

Option #1
Get mad and offended, even if just to yourself, at specific people that responded or to the forum in general. Stop visiting the forum and give up on your idea because that was the only way you could think of to come up with $50k. Go back to the drawing board, think of an even better idea in six months, come back here and ask the same questions again.

Option #2
Get embarrassed or maybe even a little mad. Reread all of the responses until you LEARN from your post and know what to do next time you come up with an idea. Bust your a$$ over the next few days or weeks asking yourself and finding the answers to as many questions that you can come up with in regards to your idea. Accept the fact that you made a mistake and that it won't happen again.

If you choose Option #1, you will continually repeat the same pattern for the rest of your life. If you choose Option #2, you have just learned one small thing that can help you get to where you want to be. I have said some embarrassing shit on this forum, even recently, probably even in this post, but as long as I learn how not to repeat it I am going in the right direction. Chin up, stop the insanity and learn from your mistakes.

 

[TK1]

(had to do this )

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[PatrickP]

Forget the idea.

Look in your pockets and your bank account.

Then come up with any idea which YOU can fund with the money you have on hand.