Question - Business Idea

Discussion in 'Business Ideas' started by miraclelayne, Oct 29, 2009.

  1. miraclelayne

    miraclelayne
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    Hello all, I am new to the forum and actually greatly excited about the possibility of starting a business. I am hoping that many of you will respond and offer knowledgable advice or provide helpful links to my many questions that will come.

    I realize that there is so much to learn and alot of research perhaps needed for my business idea, as much as I want to share it, I don't have all the pieces together, so I will try to use this forum as a stepping stone to get them and hopefully reveal it along the way. So here is my first of many questions:

    1) What annual income amount determines rather a person or family is considered "Middle Class" (not meant to be a political question)

    2) Can a company be funded jointly with Public, Private, and Government funds? If so, would it make a difference in the "naming of the company"? if that makes sense?

    Thank you
    Miracle Layne
     
  2. seanstevens

    seanstevens
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    Welcome to the forum. I'm sure you can get the information you are looking for.

    1. This all depends on where you live and your mind set. I.e. is someone that comes into money later in life upper class just because of this money or would they still be considered middle or working class because that is how they have lived their life?

    2. Companies can be formed in many different ways. Personally I do not believe that this should impact the name of the company, however, if you are going after government grants then the name will at least have to be politically correct.
     
  3. Fergal

    Fergal
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    Thanks for asking your business question Miracle. What country are you setting up the business in?

    As Sean says, the fact that you are seeking government funding should not influence the name of your company. When naming your business your first consideration should be based around what your potential customers will think of the name and how that will impact on your branding and sales.

    This chart from Wikipedia, shows how social class is measured in the US. The article in that Wikipedia link should also give you some helpful info.

    [​IMG]

    Please post back with your thoughts and let us know if there is anything else we can help you with.
     
  4. miraclelayne

    miraclelayne
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    Response - Business Idea

    Hi Seanstevens and Fergal, thank you for getting back to me. Fergal, thanks for the Wikipedia information, I found that information as well.

    Seanstevens, thank you for helping me think about my middle class question. With my business idea I definetly don't want anyone to be left out of the services I invision, nor keep anyone based on their "status" from receiving help. Which brings me to my next question, which I should possibly post else where, but not sure (please advise on that).

    Question #2

    Idea Feasibility- I would think this is the point that I am currently at. I want to start a business that would help the "Middle Class" since most social services organizations help the poor based on their income. (I am still reasearching the statistics on that as well as the proper language). But after receiving a response to the Middle Class question, perhaps I need to find a different way of wording it. Here is what I have in mind currently:

    1) A Service that will help individuals and families that are having hardships. People that are not eligible to recieve help from their county/city or state programs becuase of their income, OR people who are ashamed that they need the help and would like confidentially.

    Note: haven't thought how I would handle the confidential piece, becuase this is highly important to me and those we would be helping.
    2) Becuase I personally have the gift of "love, compassion, giving, helping, doing the right thing attitude and seeing the needs of people met before my very eyes.....I see my company allowing the community, individuals, coorporations, churches, etc to change the lives of people immediately by full-filling their basic needs.

    Needs: Still thinking about what "basic needs" would be.

    Example: Every Holiday (expecially Christmas) there are organizations seeking people to gift to a needy child a christmas toy etc, I personally partipate every year. But I've never actually seen who I am making a difference for. This is were my business will be different.

    3) Funding: Private, Public, Goverment, individual.

    4) Functionality:
    a. Website: Gifters would see either pictures/emails/request/from those in need and meet that need in a timely manner. OR the organization (last resort).

    b. Office Building: Used for employees (if I can have them) and volunteers handling calls etc. I would like this to be a national organization eventually.


    5) Services: Anything we can offer that would help better their situation. or educate but more specifically meet the basic needs of the people. I would like to include mortgage help (but still thinking about this and how it could work, really work).


    I am stuck :) How do I begin the process of seeing if this will work? when I know it is needed?

    Also I am not doing this because of the current economic situation......as a witness, this is and has been a problem for years, it just took the economic weary to bring it to surface, at least that's my belief.

    Sorry so lengthly....I can break up in the future if overwhelming.

    Thank you,
    Miracle Layne
     
    #4 miraclelayne, Oct 30, 2009
    Last edited: Oct 30, 2009
  5. seanstevens

    seanstevens
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    My first question after reading your post would be is this a business or a charity?

    If it is a business: Where will your revenue be generated from? You will need to be clear that it is a business on any communication, website etc. so that you do not get into any legal trouble. You would also need to come up with a clear statement of of why people should give and exactly what they get from it.

    It is a noble idea and wish you luck in it.

    If it is to be a charity (non-profit) then you will need to investigate with the correct government department how you can register as a charity.

    Sean
     
  6. miraclelayne

    miraclelayne
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    Hmmmm......

    SeanStevens.....you have peaked my thoughts of this business more with your response....by having me think about whether this will be a business or a charity. As much as I would like to make money and create jobs for others through this....as you said I need to be able to explain why people would need to give and what they would get in return. I will work on that and bring it back to get some independent thought.

    As for a charityh. my heart has always been one that wants to give....so creating it as a charity is and option, now I see why people say starting a business takes time and preparation. I also feel at least that I am on the right path with having you ask me the right questions in order to see if this is feasible, or what direction to take. Thank you.

    I'm still here:) I need to think this part through, will be back soon.

    Miracle Layne
     
  7. scifi

    scifi
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    Well answer for the first question will be-
    Consider income demographics of your country as indicated by Fergal..This data you will get from CENSUS survey website conducted by Govt. on annual basis...Take into account average income of the people from your country and look after the Purchasing Power Parity....This will give you an idea of middle class income in your country...
    To the second question
    -
    Well, you can borrow or take funding from a private and government fund at a time..but as far as my knowledge since Public is a mix of both private and govt. you can not include all three simultaneously at a time for a source of funding.. This can have some modifications and changes based on the corporate laws of your country...why not go for finding some Angel Investor???although it is a bit difficult but involves less complexity in the long run..!!!:)
     
  8. stuartsnz

    stuartsnz
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    hello pls bare with me i am new to this site. I am wanting to start a business and am passionate about the idea. i posted this question but now cannot find it lol. My friends husband attended a business seminar and was told that instead of getting a loan from the bank he could use his super. could someone kindly confirm this. thankyou michelle
     
    #8 stuartsnz, Nov 2, 2009
    Last edited: Nov 2, 2009

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