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7 Replies Last post: Jan 2, 2008 7:43 AM by LUCKIEST

starting up a business

Dec 31, 2007 9:37 PM

Click to view efrahm's profile Start-up efrahm 2 posts since
Dec 31, 2007
hi, I started up a online business it is for helping local bands sell there music. Customers can downloads music from local bands for a small fee. Efrahm Inc lists thousands of unique, new, in-categories such as
apparel, music, DVDs, video games, musical instruments, and
Mp3/Portable Audio. I am looking for Investors?
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,939 posts since
Aug 6, 2007
1. Re: starting up a business Dec 31, 2007 9:45 PM
efrahm, Great way to start a new year. INVEST in a online business helping local bands sell there music.
Have you developed a Business and marketing Plan??
How much are you looking for?? How soon and how much do the investors get back??
Tell us more about yourself (like education and work)?? Do you have a Corp??
Is this going to make me rich in 2008??
LUCKIEST
Click to view Ranger6r's profile Professional Ranger6r 14 posts since
Oct 31, 2007
2. Re: starting up a business Dec 31, 2007 10:17 PM
efrahm, I'm not very concerned with Luckiest's first questions; only the last one. I really need to know if it's going to make me rich in 2008 before I plop my money down on this sure fire mega drink thingy on another post.

Seriously though I think you are on to a niche. Very unique. Right segment targeting for an online business. Not being hounded out like everything else, and best of all - sounds legitimate. You know, a real business. It has my interests.

Luckiest asks the right questions if you are serious about needing investors. Whether formal banking channels or venture capitalist, you have to have at least 2 years planned out on paper (real or cyber) with well thought out numbers. You will need to sell your idea and yourself my man.

I think you are on the right track with probably the best idea I've seen on this forum in a while. I look forward to others responses as well as yours.

Good Luck and remember the new triple bottom line "People - Planet - Profits"
Click to view Ranger6r's profile Professional Ranger6r 14 posts since
Oct 31, 2007
3. Re: starting up a business Dec 31, 2007 10:23 PM
in response to: Ranger6r
P.S. Your web site is a little rough manuevering around (new release link is dead)
Click to view efrahm's profile Start-up efrahm 2 posts since
Dec 31, 2007
4. Re: starting up a business Jan 1, 2008 6:52 AM
Thank You for all your responses.

Do we have a Business and marketing Plan?? The answer is yes.

Do you have a Corp?? Yes, it is filed in the State of Michigan

About Me,
I was employed at Fritz's Restaurant as Assistant Manager for 5 years.
I was President of Hall Senate Michigan Career & Technical Institute for 1 years.
and more.
My schooling:
Michigan Career & Technical Institute
Frankenmuth high school Diploma
Saginaw Career Complex

The big Question is this going to make me rich?Yes
but, in like all businesses it can fail. I also say, hope for the bast, Plan for the bad

P.S Yes, I Know the website is rough, I have a team working on the website for month now. The New website is going to be up on 1/20/08.
Click to view LUCKIEST's profile SCORE LUCKIEST 7,939 posts since
Aug 6, 2007
5. Re: starting up a business Jan 1, 2008 1:05 PM
in response to: efrahm
efrahm, Thanks for answering all the questions. Your answers and education are first rate.

"The big Question is this going to make me rich? Yes" Hope so.
hope for the best, use us to help you succeed and avoid the bad.
LUCKIEST
Click to view SpartanWarior's profile Mogul SpartanWarior 32 posts since
Jan 2, 2008
6. Re: starting up a business Jan 2, 2008 4:58 AM
Efrahm,

It is great that you got your business up and running. There are many positives in your website. Congratulations.

A couple of suggestions for raising money.

A credible relationship or introduction is key to getting any air time with investors. Ask yourself, who is in your network, who know you well and trust you, that can invest in your company? Or who in your network do you have a trusted relationship and THEY know someone who may be willing to invest in your company?

In addition to questions already asked, be ready with answers for the following questions
1. What are you going to use the money for? How will doing that benefit the company.
2. Why is this a good time to invest in your company?

All the best.

Chaitanya
http://blog.chaitanyasagar.com

Click to view LUCKIEST's profile SCORE LUCKIEST 7,939 posts since
Aug 6, 2007
7. Re: starting up a business Jan 2, 2008 7:43 AM
efrahm, Do you know about SCORE. SCORE helps business people (FREE) succeed.
You can visit SCORE on line or in person.
LUCKIEST