You have great idea but no money to start a business

Discussion in 'Starting a Business' started by patrick0001, Mar 29, 2012.

  1. patrick0001

    patrick0001
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    This is common question for those who have big dream to start a business. What you going to do, if you have a master idea but no money in hand, what you going to achieve it?

    Sample question, if you are Steve Jobs and the master idea is develop Ipad, what you going to do?
     
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  2. cesspadilla

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    Great question Pat! Actually I'd like to hear from other business entrepreneurs here in BAF. I also have that kind of dilemma at hand. I was planning too many kinds of business but I can't start one because of the lack of knowledge and money to start with. Who can help me here make my dream TShirt store come true! I'd like to make it online but currently I'd like to make it local.
     
  3. Host.co.in

    Host.co.in
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    Well I think, such people need to approach Banks or financial institutions which can help them to start their own business.
     
  4. AshleyWhiteBusin

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    Even if you don't know any business investors personally, your friends and family members may be able to recommend some people so it would be good to ask them. After all, the people closest to you are the ones who are most likely to help you in times of need.
     
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  5. daytrader

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    This is actually a usual dilemma of starters. I've been there every now and then and so my option is to partner with someone or borrow from someone. :D
     
  6. Business Attorney

    Business Attorney
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    Banks and financial institutions won't usually loan to startups even in the best of times. In this economy, it is basically unheard of.

    Usually, the early money into any business has to come from friends and family members of the founder. There are many good ideas that fail because the person attempting to implement the ideas lacks something - vision, work ethic, marketing skills, management skills, etc... I know a number of venture capital and angel investors and they will all tell you one thing - they don't invest in ideas, they invest in people.

    So who knows the founder the best? His friends and family. If those friends and family don't have the money to invest, then you need to network out from there - who do they know? If they can't come up with the cash, at least they can vouch for you as a person.

    Once you have launched the business and show that there is a workable business model around your idea or concept, then you may be able to approach investors. Also, it is possible that even before that you can attract investors if you have a track record. Investors are willing to take a chance with people who have proven in the past that they can successfully launch a business.

    Once you get past the first few rounds of personal investment, friends and family investment and perhaps some investment from your personal network, then you are in a position to seek funds from sources like experienced angel investors and private start up funds.
     
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  7. Casey

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    best thing you can do is create a sketch or build something as close to your biz idea as possible, and then contact VC firms - there are plenty of them out there!
     
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  8. patrick0001

    patrick0001
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    3 years ago I does start a training business, due to partnership issue we close down the business, beside that I need to settle lot of debt. Although I get a bad experience but I does learn a lot. Experience told me, internet marketing is very important to generate enquiry, because new setup business has no branding, no funding. That is why, I begin myself to learn SEO.

    As long as you have a computer, you can start the TShirt store online. With low entry cost, you can generate enquiry through search engine, FB and PPC. You only need to rent a shop when you get great response on T-shirt.

    Thing need to do:
    1. setup a online store
    2. get couple of T-shirt supplier.
    3. Get a good courier services, which can deliver on time with low charger.
    4. Keep promote your website with relevant marketing activity.
     
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  9. Sushant_09

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    Ideas are worth much more. If one has great idea about something existing or some new business opening, then it's high time to test out your idea. Initially go for short versions of implementing it, that doesn't require much investment. Also keep collecting reviews, directly or indirectly, and go on refining it to make it more feasible and working. And if it clicks you could go ahead with presenting it to the investors. It's unbelievable that there are more investors out there than there are startups in need of an investment, all they seek is an idea that could possibly click.
     
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  10. CorporateViking

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    Ask, ask humbly, but ask. Friends and Family. Tell them there is a chance they might never get paid back. Make sure to tell them It's not an investment. Make a list of everyone you know.

    Label People A B and C.
    A is everyone you think will
    B is everyone you think might
    C is everyone you doubt

    Ask them all. You will be surprised that it's usually more C's help you fund your dreams. This is not the same as Go Fund Me or any of those sites which are also an option, Indigogo is a great example. This is you making a jumping grab for your dreams and refusing to back down from a future you want to make. If you express that to the people some might give you 10 dollars for your dreams, but if 50 people do that, you have enough to get a business license and become a real legal entity (most of the time).
     
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  11. sharing

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    "best thing you can do is create a sketch or build something as close to your biz idea as possible, and then contact VC firms - there are plenty of them out there!"

    this is a good idea, but yeah ideas can be valuable, so it's difficult to share too much. depending on you region you could look for government support or council funding, that often acts as green lights for banks then.
     
  12. Janice

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    As someone else had stated...capital comes from investing in the person not the idea.

    If I'm reading that correctly, you want a T-shirt business? Ask yourself what is going to " out do " the "other" business's ? Doesn't have to be extreme but you need a little leverage. It could be availability..emergency orders...things like that. You must have that clear. There are always something bigger or better coming along the market.

    Now before people will invest in you, YOU must invest in yourself! If this is a true business you want, make it happen! You can donate little league t-shirts or for a function in your town or offer to make t-shirts at discounts for fund raisers. there are many ways to make your name be known and then things will fall into place .
     
  13. harunsing

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    first need to create full plan of action to starting business. then need to check financial condition that from where you will get loan or any other way
     
  14. TechnokratsSujata

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    I believe if it is a product then he should create one or two products first.
    Then give those to his potential buyers and do a survey with them.

    - What could be done better? Is it exactly what they need?
    - What they personally think?
    - Will then recommend this to others?
    - Does it make them feel good?

    In this way the cost will be low, you will get valuable insights.

    Then you can decide if you can move forward with it or not! After this recorded data I guess you can contact investors, banks, friends, family members and ask for investment.

    What you guys think?
     
  15. prathap

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    Great Question . Most of us face the same issue , we will be having a great idea but no money in our hand.

    At this the the best thing we can do is go to the bank and take a loan, or else speak to your friends who has money and make them as partners . Actually if you are in India now you are lucky enough because government have provided many schemas for new entrepreneur.
     
  16. desmoines

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    I turned to my friend who was also interested in starting a business and together we managed to get rolling with our business. On my own I couldn't cover the expenses, so I recommend finding someone you trust, and if there is no one eligible for that you can always try applying for a bank loan
     

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