The best idea in the world. No money to make it happen!

13 years ago

If it's a mass market "OH MY GOD THIS IS THE NEXT EBAY/FACEBOOK" etc. Idea, then it'll probably cost alot more than 10k to market it.

If you're looking for that kinda capital and are serious the best way is bank loans/venture capital. You better make sure it's sound first though.

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BenJackson

13 years ago

$10,000 to make the site? Are you going to need a lot of staff/writers/editors or is it some super-complex browser based app?

Well, you could take out a loan, or just stay involved in IM until you can raise some or all of the necessary capital. If you're really that sure of your plan than do some research, make preparations and go for it.

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Ken Durham

13 years ago

Partner with someone that has the funds or with a couple of people such as a programmer and a marketer.

Write a hell of a business plan and take it to the bank.

The barter system also comes in handy when funds are low.

Good Luck!

Ken

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Cam Connor

13 years ago

Originally Posted by highrank

Hey Warriors,

I have a dilema that I'm sure some of you have faced before.

I've stumbled accross a unique idea that I feel certain will be huge. The only problem is, it would cost at least $10,000 to make the website and probably another $10,000 to market it!

How would you overcome such a gigantic obstacle?

I thought of having a bakesale. :p

If you really think the idea is that crazy, I'd start selling lemonade. lol

All kidding aside, you're probably going to need an Angel Investor to help you come up with that kind of cash, and if you're unproven as an entrepreneur, be ready to give them at least 50% of your company. lol

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2 replies

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highrank

13 years ago

Originally Posted by BenJackson

$10,000 to make the site? Are you going to need a lot of staff/writers/editors or is it some super-complex browser based app?

Well, you could take out a loan, or just stay involved in IM until you can raise some or all of the necessary capital. If you're really that sure of your plan than do some research, make preparations and go for it.

The closest I could describe is being like Flippa, but without the selling websites part :confused: lol

I made a business plan and gave it to the bank. I had some kind of 'interview' with the bank manager who loved it. She opened up a business account it looked like the cash was in my hands... until she did a credit check and told me I couldn't even borrow her pen, let alone $20,000 lol.

Originally Posted by Cam Connor

If you really think the idea is that crazy, I'd start selling lemonade. lol

All kidding aside, you're probably going to need an Angel Investor to help you come up with that kind of cash, and if you're unproven as an entrepreneur, be ready to give them at least 50% of your company. lol

Good thinking, I'll start building a lemonade stand tomorrow! haha

Yup, I think thats probably my only option. I submitted the idea to a UK investment website and now waiting for it to be approved (maybe I'll get lucky). I wasn't planning on giving away 50% though *gulp*

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JohnMcCabe

13 years ago

When you start talking investors and venture capital, $20k is chump change. If you can add a zero or two to that, with commensurate returns, you might have better luck.

As for that banker, she wasn't planning on a business loan based on the plan you gave her. I'm guessing that any offer would have included a personal guarantee, meaning they were lending based on you, not your idea.

Of course, if you really believe in your plan, there are always the three Fs...

Friends, Family and Fools

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highrank

13 years ago

Originally Posted by JohnMcCabe

When you start talking investors and venture capital, $20k is chump change. If you can add a zero or two to that, with commensurate returns, you might have better luck.

As for that banker, she wasn't planning on a business loan based on the plan you gave her. I'm guessing that any offer would have included a personal guarantee, meaning they were lending based on you, not your idea.

Of course, if you really believe in your plan, there are always the three Fs...

Friends, Family and Fools

That is some good advice. It's hard to imagine, but the big time investors might not take $20,000 seriously.

I wonder if it's too late to ask for $2 million :p

I wish I could share my idea and get some feedback from people who know what they are talking about.

Maybe you can all promise not to steal my idea? haha

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riveram269 13 years ago

You could try to scale it down (if possible) and work with the capital you have now and expand from there.
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Zulfus

13 years ago

Originally Posted by highrank

That is some good advice. It's hard to imagine, but the big time investors might not take $20,000 seriously.

I wonder if it's too late to ask for $2 million :p

I wish I could share my idea and get some feedback from people who know what they are talking about.

Maybe you can all promise not to steal my idea? haha

Seriously, investors will take 20k seriously, as long as it's profitable and a sound investment by your plan. If anything, asking for less for such an awesome idea makes it more attractive. Gives them more wiggle room.

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Izesta

13 years ago

Originally Posted by highrank

....I made a business plan and gave it to the bank. I had some kind of 'interview' with the bank manager who loved it. She opened up a business account it looked like the cash was in my hands... until she did a credit check and told me I couldn't even borrow her pen, let alone $20,000 lol.......

So now the bank manager knows your secret. Hope you had her sign something.

You should be able to get someone to put together a plain vanilla basic site for much less than that. Just enough to do a test.

You don't really need that much money and you don't have to get it from ONE person. Try getting $2k from 10 friends/family members.

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joolkano 13 years ago

First make sure that you're idea has strong merit from people within the industry (nothing against the bank manager).

Then break down the actual amount that you need to create your beta website. You do not need the entire $20k for this. Plus, having a beta website to show will go a long way to raising funds down the road.

Forget the banks (saying it nicely) and cultivate private investors instead. Not the Angel/JV funding pros but start with friends and family.

Do the math, 10 people investing that's $2,000 a piece. Or 20 at $1k each. Pay each one say 12% interest plus 1% equity stake (play around with the numbers to find something that works for you and make it enticing for your investors).
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Izesta

13 years ago

Originally Posted by Cam Connor

If you really think the idea is that crazy, I'd start selling lemonade. lol

All kidding aside, you're probably going to need an Angel Investor to help you come up with that kind of cash, and if you're unproven as an entrepreneur, be ready to give them at least 50% of your company. lol

The OP didn't say the idea was "crazy." It's "unique." There's a difference - I hope.

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Giftys

13 years ago

Originally Posted by highrank

Hey Warriors,

I have a dilema that I'm sure some of you have faced before.

I've stumbled accross a unique idea that I feel certain will be huge. The only problem is, it would cost at least $10,000 to make the website and probably another $10,000 to market it!

How would you overcome such a gigantic obstacle?

I thought of having a bakesale. :p

Did you try shaking your piggy bank a little harder?

Well, you've got the same dilemma as a lot of folks, tons of ideas and no money. I advise you to get a secure job (whatever that means) and start saving. It's a tough economy to start playing with a lot of risk. Put the money in the bank and then if you lose it, at least your at ground level and not 6 feet under.

- Good luck!

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Bruce NewMedia

13 years ago

If the idea is truly as big as you say then partners/investors is the only realistic way to go....and because its so big, even a small share of a big idea that 'hits' would be worth a lot.
...imagine if you owned just 5% of Facebook.
_____
Bruce

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MobileNatalie

13 years ago

Well if you have the numbers and business model already set, I don't see why you don't want to propose this to investors. Or perhaps, you can even start here with a JV partner!

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WebPen

13 years ago

If you go to angel investors/JVs, be sure to have them sign some kind of non-disclosure agreement.

You'd hate for your website to almost be out, then it turns out they took your idea and did it themselves.

A.k.a. the Social Network movie :rolleyes:

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BenFromSoMo

13 years ago

A social network devoted to people with curly hair just raised $2 million. If your idea is that great, raising 10k should be EASY.

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Izesta 13 years ago

Originally Posted by BenFromSoMo

A social network devoted to people with curly hair just raised $2 million. If your idea is that great, raising 10k should be EASY.

Say what ??
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prbinc

13 years ago

Highrank,

Get you a good Non Disclosure Agreement and float the idea to a few of the Gurus around here. I use NDAs for my day job and they are solid ways to discuss sensitive matters and not worry about seeing it on the Warrior Forum tomorrow morning. This will help you get a much better feel for the idea.

Hope you get it going!!!!
Randy

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Matt Ward

13 years ago

I have no idea what your idea is, and you said very little about it, but I get the feeling that this is something like "My idea is to create a site that will beat Facebook! Now all I need is money to pay someone to do it for me!" :p

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highrank

13 years ago

Originally Posted by mattward

I have no idea what your idea is, and you said very little about it, but I get the feeling that this is something like "My idea is to create a site that will beat Facebook! Now all I need is money to pay someone to do it for me!" :p

lol I'm afraid your miles off. Firstly, it hasn't been done before. It's not even an adaptation of something that has been done before. Completely unique.

I have very realistic views of what the website can achieve, it won't take over the world, but it's likely to become an authority website within the industry.

To give a little teaser, it's a service based website for webmasters.

My vision:

When you want to sell a website you go to Flippa.

When you want [SECRET] you go to Tokeno.com

I hope giving the domain name away isn't a mistake lol

Thanks for all the advice, it's been really useful!

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Izesta

13 years ago

Originally Posted by highrank

lol I'm afraid your miles off. Firstly, it hasn't been done before. It's not even an adaptation of something that has been done before. Completely unique.

I have very realistic views of what the website can achieve, it won't take over the world, but it's likely to become an authority website within the industry.

To give a little teaser, it's a service based website for webmasters.

My vision:

When you want to sell a website you go to Flippa.

When you want [SECRET] you go to Tokeno.com

I hope giving the domain name away isn't a mistake lol

Thanks for all the advice, it's been really useful!

I like the website name. Kinda catchy.

Thanks

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The best idea in the world. No money to make it happen!

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