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    4 Replies Latest reply on Dec 17, 2008 5:13 AM by lawsmith11

    ADVICE, ANYONE?

    lawsmith11 Newbie
      I have started a new ecommerce classifieds company in need of raising capital for marketing purposes. Although the company has no revenue the company also has very little overhead ($110/month; $60/month for the hosting fee and $50 for merchant services). The company recently launched on 10.01.2008 so I know it may be too early to request the need to raise capital but I figure it is never too early.

      Anyone have any suggestions?

      Thanks!

      ~Lawrence
      www.7four.com
        • Re: ADVICE, ANYONE?
          LUCKIEST Guide
          ADVICE, Welcome Lawrence

          What kind of suggestions are you looking for?? Do you have a Federal I D Number??, An Accountant??

          How about a Business and or Marketing Plan?? Do you know about SCORE?? SCORE is FREE and has a FREE
          Virtual Learning Center on line with 26 FREE Courses.

          Tell me what kind of suggestions you are looking for, LUCKIEST
            • Re: ADVICE, ANYONE?
              lawsmith11 Newbie

              Luckiest...

              Thanks for the reply! I do have a Federal ID number. I do not have an accountant but that will come in due time. I do have a business and marketing plan. Well, let me rephrase that. My marketing plan is what I am working on. I am still in the process of identifying my target audience. In actuality my target audience can be anyone...anyone looking to trade, sell, or buy items online.

              It's funny you mention SCORE. A few weeks ago a colleague of mine mentioned SCORE and the services they have to offer. I plan on visiting a SCORE office here in Denver at the end of January. We will see how that goes.

              I am looking for advice on how a startup company like my own can get a good start and maybe not take off (yet) but at least hover off the ground. With that I would need funding. Depending on the amount of funding I am capable of receiving would then assist in helping me to decide if I can hire a a marketing specialist or not.

              Let me know. Thanks!

              ~Lawrence
              www.7four.com
            • Re: ADVICE, ANYONE?
              NoBullFunding Scout

              How much do you want to borrow and what would you use it for? If you have a job, you could probably get a small personal loan provided you have good credit and the DTI works.

              My big question is, why is your site any different than E-Bay or the hundreds of E-Bay competitors? I see the fees are different, but the overall premise is the same. And as far as offering services, why would someone go to your site as opposed to the phone book or doing a quick google search? Building a critical mass on an idea that already exists could pose a problem for you.
              1 of 1 people found this helpful
                • Re: ADVICE, ANYONE?
                  lawsmith11 Newbie

                  NoBullFunding, thanks for the reply!

                  I am looking to borrow $25K to $100K. I would hire either an employee or a company that specializes in marketing & promotion. More than likely I will be hiring a company that will work with my needs and who would assist in identifying my target audience.

                  To answer your primary question my site, 7four.com, is drastically different. Whether items to be posted are to be sold or traded or even services offered, it is all the same. Some sites not only charge you a percentage/fee to post items or services on their site but they charge you aan additional percentage/fee when the item is sold. Other sites charge you a percentage/fee only when an item is sold but since it is free to post the percentage charged when the item is sold is higher. A seller may end up being charged $7.50 if not more to sell a lower end model iPod. Some sites may be free to post and sell items but the user interface isn't there. For a lack of a better term, it's a 'generic' experience. So at $2/month to post services, $5/month to post autos, and $1/month to post everything else, I believe this will work. Members who post on 7four.com will not have to calculate the percentage they will be charged when posting an item then again when the item is sold. They will be charged once. Simple.

                  7four.com keeps it colorful, easy, and simple. My site allows members to post items to sell and/or trade in an organized manner. Some free sites out there do not offer the feature of 'organization'. The majority of sites do not offer the buyer to purchase online. Instead, the buyer would have to contact the seller and go back and forth to settle payment. My site offers buyers multiple ways of contacting a seller and if preferred my site offers a PayPal shopping cart. Buyers can checkout using the PayPal shopping cart. Purchases are then insured through PayPal for up to a certain amount, $200 if not mistaken. Members can add a personalized touch to their profile with the capability to upload a photo.

                  7four.com also offers two features, a Forum and Blog (setup will be completed this weekend). So many internet users are addicted to blogging and input in forums. Members can also use these features as a way of communicating with other members. Looking for a specific item, maybe a collectible doll? Let the members of 7four know and post it.

                  I have faith in the idea of the website and what the website has to offer. Members know they have the option ro post items for free on other sites but I believe they wouldn't mind paying the minimal amount I charge to allow having 'organization'. If you noticed I have not been using competitors names but the premise I have used for my website if this...7four.com, an eBay feel at a craigslist price. Does 7four.com have the capability to compete with the larger companies? In time, yes. If I believe 7four.com will be a major player in the Ecommerce community then it will be. If not then I already lost.

                  7four.com will be a major player in the Ecommerce community. All I need is to raise capital to make this happen.

                  Hope this helps. Sorry, didn't mean to write a novel.

                  Thanks and hope to hear from you soon!

                  ~Lawrence
                  7four.com