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EXECUTION Next Steps for my Online Business?

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TheProcess

Bronze Contributor
Nov 14, 2018
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I created an online business with my cofounder a few weeks ago. I'm 20, he's 21.

So far, we've done some market research, an experiment to test our idea, wrote a 10 page business plan, created a prototype website, and applied for funding. We have also had a chance to speak with a lot of people, and the general consensus is that we have a good idea, and that it is high risk, high reward.

The funding that we applied for is more than 20 thousand dollars. My cofounder has a good relationship with the people giving the funding so our chances of getting it are quite decent for a business that has only existed for a few weeks.

I own 80 percent equity in the business while my cofounder owns 20 percent. He owns less than me because he has a separate business and can allocate only so much time to help with this one.

Our vision is to eventually create a social platform. We are simply first starting with a website.

Neither of us know how to code or create such a website.

We are currently awaiting to hear about whether we have made the next step to get that 20k in funding. We will find out later this week.

If we are accepted, we will have to give a pitch, next week.

In the meantime, we are trying to decide what is the best way we can go about creating an MVP website, some sort of an initial working version of what we are trying to create.

We have a couple options:
- Find a long-term CTO. Give them equity.
- Go on a site such as Upwork and hire someone to do it in exchange for money.
- Find someone local to do it and then pay them.

That is our first priority.

However, we are also trying to speak with potential users as well as potential businesses that we can partner with. Finally, we are trying to build a social media presence with Facebook and Instagram.

What do you you think?
 

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aeden

Bronze Contributor
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Feb 28, 2020
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What do you you think?

What I think is you don't have a business yet, you have an idea, but at least you're executing on it and that's better than most.

Let's talk about that funding a bit though: what are the terms? Can you continue without it?

If you feel like talking privately about details, feel free to message me.
 

TheProcess

Bronze Contributor
Nov 14, 2018
180
132
69
What I think is you don't have a business yet, you have an idea, but at least you're executing on it and that's better than most.

Let's talk about that funding a bit though: what are the terms? Can you continue without it?

If you feel like talking privately about details, feel free to message me.
It's a university program. The funding is free. They get no equity or anything in return.
 

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