Online startup need advice

Discussion in 'Website Development & Design' started by dbeggs, Jan 13, 2009.

  1. dbeggs

    dbeggs
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    Hey everybody, i am new to this forum, and i need some advice on starting as business as a young pup. I am 20 Years old, and i feel like i have a great business idea.

    Basically it would be an online - based company featuring a marketplace where people can buy, sell, and trade tickets, for a commision based fee. This could include all venues, such as concerts, sporting events, etc. I am very interested in getting this up and going, but i have no capital, and no business degree.

    I am also looking for a partner, if anyone is able to see my vision, and understand that the business is very low overhead, and or startup cost. Similar ideas to this could be seen as stubhub which is a us company
    I am interested in making a similar company, the only difference would be the focus on canadian venues, as i am Canadian

    Thanks again for the help/advice in advance.
     
  2. Nazreen

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    Welcome to the Business Advice Forum Dbeggs.

    In my opinion, a business degree is not a requirement in setting up an online based business or any business for that matter. As regards to not having any capital, have you tried going for a bank loan? A business partner might also take care of this problem.

    Anyway, whether you're going for a bank loan or looking for a business partner, you should still first develop a business plan. Without it, you will not be able to convince the bank that you'll be able to repay your loan or a business partner to invest in your business.
     
  3. dbeggs

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    I see, well the thing is i have a basic business plan, but as for the detailed financial structure of the company, etc I have no idea how i am supposed to figure that out, profit projections etc? I mean, Stub hub is a HUGE company theres no way that i can just review their business plan, or ask them what their projections were as i do believe two college students started that company, after winning a contest for choosing a name for a company.
     
  4. Fergal

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    Welcome to Business Advice Forum dbeggs. Thanks for joining and for asking your question.

    Don't spend to much time thinking of things that you appear to consider as being negative - such as your age, the fact that you don't have a business degree or start up funding. Lots of hugely successful people have started from a similar position, to the one you are in now.

    You say that you are looking for a partner, have you got specific skills or experience in mind that you require from a future partner?

    What skills have you got yourself, do you have technical or business skills?

    What are the main headings and topics covered in your business plan?

    Are there any relevant government agencies or enterprise support organisations in your area, that might be able to assist or advise you?
     
  5. Kay

    Kay
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    Hi dbeggs, welcome to BAF. :) Have you looked at the Useful Business Resources/Links thread we have? You might find something useful in there. I have a post about the guardian angel groups that support new business ideas with start up funding in that thread. They have branches in Canada.
     
  6. dbeggs

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    Guardian angel groups? do you have a link for that, i tried searching on google, couldnt find anything... I just feel i have a really good idea, but i mean, i cant do all of this on my own, hard enough writing a business plan let alone actually getting this thing up and going and bringing in 500K + a year :p joking about that amount of money, but i couldn't complain. hah.
     
  7. Nazreen

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    The one Kay was referring to is the link she provided Dbeggs. You just have to read through it. To be more specific, it's in this particular post.
     
  8. gita

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    Welcome dbeggs! Just found this site today myself and it seems very interesting.

    I could give you basic guidelines on the expenses of your project. But you already have to have plan of how website will look and functionality of it. Start development with basic solution and don't go into too specific things (e.g. payment methods). Everything else can be added later, when you start receiving some money (in this case it is also very important that page structure would be dynamic and easy to change).

    PM if you are interested.

    What I would like you to think about is also - how you gonna get people into your site? SEO? Some other advertising? Don't forget that marketing is VERY important part of your idea.
     

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