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Best Place/Way To Receive Funding for Business?

Discussion in 'Business & Tax Advice' started by officialakash, Jan 5, 2014.

  1. officialakash

    officialakash Registered Member

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    Hey guys,

    For the past few weeks I have been working on a new business venture. I'll be creating a video sharing site that is completely original code, none of that "nulled clone script" crap, and I've already noted down what I need and how much it's going to cost me and how much I need in funding. I need $1200 in funding to pay for everything.

    I am aware that the Joint Venture does not allow investment deals anymore, so my question to you guys is: What is the best place or best way to receive funding for this startup?
     
  2. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    Seriously just ask your family or friends to lend it to you.
    If they can't, then look for a bank loan or credit card.
    If you aren't willing to risk any money then why should anybody else.


    It is only $1200, you don't need to start to looking for Venture Capitalists.
     
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  3. Moosey

    Moosey Senior Member

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    Best advice I can give you is utilize your skills and get your hands dirty. Nothing like earning the money yourself, you'll see yourself being a lot smarter spending the cash on your project (it's easier to spend someone else's money). Also you have to account for scope creep, it's something that will effect every project you ever work on, whether it's for yourself or a client.
     
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  4. officialakash

    officialakash Registered Member

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    Thanks for the feedback, I'm spending all my money on this project as it is, I've spent a lot on developers, making iPhone apps, Android apps etc. so obviously I have been risking my own money so I'm obviously not saying "risk your money on this project" I'm asking what's a good way to go about it. I'll consider a bank loan though.
     
  5. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    Well all you have said is you are building a Video sharing site but you haven't actually provided a business plan so it is impossible to know if it is viable.

    If friends or family don't work out then have a look at crowd funding.
     
  6. officialakash

    officialakash Registered Member

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    Reason why I didn't provide all that is because I don't want it to appear that I'm asking BHW for funding. I have a business plan and everything done, I just don't want to publicly post it.
     
  7. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    Well, look if you can't find the money, then start a JV for people to provide with you with the work/coding/site, whatever you need the money for.

    That way, it isn't an investment thread but a true JV.

    http://www.blackhatworld.com/blackhat-seo/f65-joint-ventures/
     
  8. officialakash

    officialakash Registered Member

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    I'll do that actually. Thank you!
     
  9. SEO_Alchemy

    SEO_Alchemy Senior Member

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    Have you considered crowd funding?

    kickstarter
    Indiegogo
    Crowdfunder

    might be able to raise some serious cash if you present your project in a professional manner. Worth a shot.
     
  10. meashis

    meashis Regular Member

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    you can try payday loan :D
     
  11. maleek

    maleek Newbie

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    I see you're in Canada, have you tried contacting the Canadian youth business foundation? They help entrepreneurs ages 18-39 I believe.
     
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  12. officialakash

    officialakash Registered Member

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    Avoiding Payday loans lol for obvious reasons.


    Thank you Maleek about the CYBF, I'll contact them!
     
  13. tony_d

    tony_d Elite Member

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    I don't wish to sound disparaging, but, if you're based in LA and can't easily come up with $1,200, maybe you need to rethink the way you approach things?

    I could understand someone in [insert 3rd world country] asking that question, where that was 1 years income for the average household, but I also know that if I was in LA and wanted to earn $1,200 I'd be done and have the cash in hand in less than 7 days, fo sho!

    EDIT: LA or Edmonton, same thing applies in my opinion.
     
  14. officialakash

    officialakash Registered Member

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    And what would you do to make that happen?
     
  15. bryanon

    bryanon Executive VIP Premium Member

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    As some others have suggested above, pretty much the only sensible thing for you to do is either come up with the cash yourself, or do an FFF (friends, family, fools) round.

    FFF is also a very good validation for your project, in that if you're unsuccessful in raising the cash from these people then in all likelihood you'll also be unsuccessful in raising it externally, as your own "social circle" naturally gives your word far more credibility than an external investor would.

    Everything else aside, you're talking about such a tiny amount that if the business really does take off then you certainly don't want to give away equity for a measly thousand dollars (unless your site is projected to make 100 bucks a month - which I doubt it is). Think two years in advance - let's say your business takes off nicely and nets a total of $500k in 2015. You now have to give $100k or more to a random investor, simply because a year ago he was there to put in $1.2k. That wouldn't make you feel too good, I'd assume.
     
  16. officialakash

    officialakash Registered Member

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    Valid point there! Thank you.

    Just an update I did come up with $1.2K (more actually $5k).

    Thanks for the feedback!