Home: Message List - Need Funding For Start Up E-commerce Website $150,000

Re: Need Funding For Start Up E-commerce Website $150,000

madereal — Fri, 20 Jun 2008 03:50:00 GMT

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Re: Need Funding For Start Up E-commerce Website $150,000

DomainDiva — Tue, 17 Jun 2008 23:38:53 GMT

If your credit scores are 750 or above and you have almost zero consumer debt you MAY get a loan from a bank. The problem (for banks) is that technology is not tangible...if you were getting a loan for a franchise the rules are different. People see technology and no product development and they get nervous. If your team members have collateral like paid for houses or stock then a bank MAY take a look at the loan. Please do not hold your breath and wait for money.....the longer you do...the longer it takes to get to market..

This is advice from personal experience. To get started your team members are going to have to pool some available rescources and find a web designer who may work for a piece of the action. I got my start up started by cashing out one of my IRA's. The second one is on the block now and I have an angel investor. I still pour money into it each month for travel, BasecampHQ charges, software and laptops etc. The point is you cannot expect to be completely bankrolled you are going to have to assume the greater portion of the risk. Yes..it's painful. But the rewards are there if you stick to it. If you receive any finding at all that money must go to programming and web...nothing else...all other expenses you will need to scrape together from personal funds. You will need a web ISP and that ISP will have to work with your designer.....

If you don't have a web designer there is a hotshot on the board here..IntechSpecial. He is one of the top posters.Click on his id you can go to his profile and his contact information is there. He can give you an insight into web development/programming costs for your project.

Family and freinds can be a great rescource for a few hundred bucks at a time for stock shares/options. Never give up on family and friends. Most will participate on a small level if given a chance. It also gives you a cheering section as well. Any money is good money.

Re: Need Funding For Start Up E-commerce Website $150,000

biz007 — Tue, 17 Jun 2008 22:57:06 GMT

Thanks for your response. And yes we are an LLC out of Delaware and have completed a 46 page business plan! We have tried the friends and family route but did not look to promising, we are now looking towards banks and other lending institutions. I guess another question I had was, will it be hard to get a $150,000 loan being the fact that all 4 partners make over $80,000 a year. Wouldn't this be an incentive to a bank for this small business loan, in terms of repayment?

Re: Need Funding For Start Up E-commerce Website $150,000

DomainDiva — Tue, 17 Jun 2008 19:54:44 GMT

You may want to start talking to friends and family. Funding is difficult to obtain during development.

Have you progressed to a business plan and corporate set up?

Need Funding For Start Up E-commerce Website $150,000

biz007 — Tue, 17 Jun 2008 13:56:00 GMT

Hello,

We are a new start up company in the development phase and need to secure financing in the amount of $150,000 for web development fees and initial operating costs. The company is owned by a 4 member team in which three are veterans and one a computer science major and MBA. The potential for our market and profitability is strong. Any advice would be much appreciated.

Kevin