Home: Message List - Am i ever gonna get funded

Re: Am i ever gonna get funded

NoBullFunding — Tue, 04 Nov 2008 01:39:19 GMT

Nice Diva! Unfortunately I think more often than not, people have their head in the sand with regards to what the formula is for entreprenuership. If beginner entrprenuers could just get past the movie/tv show stereotype that all it takes is a really good idea, they'd be able to focus on the core issues like you did.

Re: Am i ever gonna get funded

bernzpeed — Sun, 02 Nov 2008 22:45:08 GMT

Dear Myboys,

I have walked on those shoes before and I am sure I could say the same for many of us here. Times have really been tough and it has been a struggle. Luckily, prices of fuel have gone down dramatically and it helps saving that amount of money. Every penny we could save up adds up to survive. Last year, I had written a business plan for a residential senior care home. I did not know where to get the funding due to extremely bad credit history (I had 480 credit score) as I was really struggling to get by with the amount I was making.

Luckily, things change as I came upon Suze Orman's tv show and read her book. So I am able to manage my finances better, have investments and more importantly, getting my credit rating back in track. These past 2 years have been prosperous for me. I've paid out 3 credit cards. Also, I found a business partner who put faith into the project since the financial returns were attractive and at the same time we are helping our senior community. So far the business is in the licensing stage and we are almost there.

As any start up businesses, there will be challenges before opening and one of them was operating capital. So I turned to a peer to peer lending and though I did not get funding here due to my challenged credit history then, I would still recommend this to anyone as I have used this as additional income for me by lending money and at the same time helping others who were in a similar situation as me. Join a community and present your business plan. People will compete for you business just like ebay. You will be surprise with the results. This website has been recommended by the Money Magazine. You can also get a copy of this as they provide great money advices and rate great home-based businesses. I found one that I absolutely love and totally believe in and surprisingly it has been really good to my wallet.

Email me at bernz@bayabo.com for more information. I would be more than glad to help you in any way I can. I am so happy that I was given a 2nd chance at success and I just want to pay it forward.

Re: Am i ever gonna get funded

DomainDiva — Sun, 02 Nov 2008 22:22:10 GMT

Hey NoBull, I am one of the fortunate ones. I have super super good credit, no credit card carry over month to month debt. I personally have put a little under 100,000 into the company and my investor has put in 200,000. (I also keep feeding it every month as well...)

Re: Am i ever gonna get funded

CapitalCoach — Sun, 02 Nov 2008 16:44:40 GMT

diva,

Don't be so hard on yourself.

Acquiring capital for your business can be "brutal" - especially if you are not fully prepared.

It can be especially tough if one is "going it alone". Helps to have a good team and some solid advisors.

Be grateful for what you've learned and proud of what you've accomplished.

Re: Am i ever gonna get funded

NoBullFunding — Sun, 02 Nov 2008 16:44:29 GMT

While a good impression is important, I never approved a loan based on a good presentation alone. A lenders decisions comes down to the facts: good credit, cash into the deal, and cash flow generated by the deal will make or break your loan request. Startup are always lacking at least the cash flow part, which is why the other 2 are so important. If your credit stinks and you have no money to put into the deal, you really are better off waiting until you can rectify those issues.

Re: Am i ever gonna get funded

CapitalCoach — Sun, 02 Nov 2008 16:37:46 GMT

intechspecial,

The web site is www.bizgrowthmasters.com

I've pout this info into my profile page but it doesn't seem to be visable except from the list of members page when you click on the button at the far left.

Re: Am i ever gonna get funded

DomainDiva — Sun, 02 Nov 2008 11:27:52 GMT

CaptialCoach, I so agree. However I was just bad. just plain bad. My presentation(s) were awful, I was awful...it was horrible. Really. Trust the Diva on this one.

I was so bad that if someone did get it (which one did and is still trying to steal the idea based on what not how), then they tried to take advantage of me by having me sign a bad contract. Others told me I needed to get rid of the technical team, financial and legal advisors I was using and use their people instead. I found VC's that did get it...but I was so bad that when they tried to take advantage of me, I would always refuse. But of course they had to try becasue I was SO BAD and the assumption on their part was that I was stupid and would do anything for money.

The VC/funding world is a brutal one...we are fortunate to be where we are now with the team and the product. Our Board calls the shots...not an investor. We are open all of the time to outside investors, so far we have not found one that is willing to be a part of a team. We have our angel and that is what we have. We are going to market.

So there VC people.

Re: Am i ever gonna get funded

intechspecial — Sun, 02 Nov 2008 04:54:43 GMT

CapitalCocah -

What is the name of your company, and what is the name of your company's website?

Thanks

Re: Am i ever gonna get funded

CapitalCoach — Sat, 01 Nov 2008 20:54:36 GMT

DomainDiva,

I applaud your spirit and willingness to commit your retirement funds to the project. I hope it works out for you.

I'd like to expand on your initial point I 'ASSUMED' that everyone would automatically 'get it'. Although you didn't say it, I've encountered many an entrepreneur (especially in Silicon Valley) that then beleives the problem is that they need to find investors that do "get it" - rather than refine their message.

Re: Am i ever gonna get funded

CapitalCoach — Sat, 01 Nov 2008 18:14:31 GMT

myboys,

While I agree with most of the other responses, let me suggest that (if you haven't already) you get some external input on your business plan. Once you are comfortable and confident with it - then you "prepare" your short presentation for the lender.

These two steps should help you be less nervous.

How much capital are you seeking?

CapitalCoach@aol.com