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    6 Replies Latest reply on Jan 15, 2009 5:46 PM by Sk8erbrah

    Action Sports business start up help and advice

    Sk8erbrah Newbie
      Hi! I am from charlotte, NC and I'm wanting to start a business centered around the board sports action industry, one I've been involved in (as a participant/employee/consumer) for a little over 14 yrs. Now I'm at the point to where I want to do something myself. I've been designing graphics, ads, researching how others have done it and even working on a business plan for this idea and registering a name for this business with my county's office. My real questions are these...how available is angel/investor funding to start something such as this? My credit is very is virtually non-existent. Is the overall market stable enough for banks to lend to these types of companies? Any responses would be greatly appreciated!
        • Re: Action Sports business start up help and advice
          golfheaven Adventurer
          Hello:
          First welcome to the community.You will need a Executive Summary of your plan to present to a funding source.
          In regards to your question how available is angel/investor funding to start something such as this? I have posted this earlier but still feel it is prevalent.

           

          THE TRUTH

           


          Because 600,000 companies a year are founded in the United States alone and many of them seek outside funding, there are many, many web sites that take aim at this lucrative market and purport to introduce entrepreneurs to investors. The sad fact, however, is that while it's very easy for a site to sign up thousands of entrepreneurs (who want the money), it's virtually impossible for them to sign up investors (who have the money.) That's why none of these sites can legitimately point to their track record for getting entrepreneurs funded (despite any claims to the contrary). Instead, they make their money in one of three ways: selling you as a lead to service providers, selling advertising against your page views as you chat with other entrepreneurs, or charging you listing fees and then up-selling and re-selling you when you don't get funded, and then the upfront due diligence fee's which should be escrowed for both parties protection especially if contact was web oriented.

           

          Then there is the scams which is for another day.

          Banks nowadays' are not helping at all they are trying to just survive.
          • Re: Action Sports business start up help and advice
            LUCKIEST Guide
            Action Sports business start up, Welcome

            Who are you?? and How much funding are you looking for??

            How soon do you plan on starting this sports business??

            If you want to raise money, you need a Business and Marketing Plan.

            Do you know about SCORE?? SCORE is FREE.

            Good luck, LUCKIEST
              • Re: Action Sports business start up help and advice
                Sk8erbrah Newbie
                My name is Eugene. I would like to have this thing going like right now, but that is impossible. Realisticly speaking though, within the next 3-4 mos. The figure I'm looking at is around $20-30,000, for licensing, production, a professional website for net sales worldwide, as well as local and regional promotional events.
                I have a business plan, about 75% complete at this stage. It'd be nice to have a trusted outside source skim it and see how much relevant information it contains(as I've never written one prior, it could be full of things execs could care less about) and suggest some fixes. This idea has been torturing me for some years now, and I really want to see it come to life. There's nothing else I'm more passionate about. As a newbie to the business world I still want and need all the help I can get!
                  • Re: Action Sports business start up help and advice
                    bmt2008 Adventurer

                     

                    Your business plan should focus on three major topics - forget about all the other minor BS that others think should be in a business plan:

                     

                    • 1) Your market. Who will you sell to? How do they purchase? What types of products in your market are being underserved or are just non-existent? - You must know your customers, your competition, and what makes your product, service, location, etc unique (better than your competitors and that will draw customers). Further, how will you let these customers know who you are, where to find you, and what you offer? (Called Marketing).
                    • 2) Outline your experience and passion - let it really show that this is your life! (Called management).
                    • 3) Can you make money? Where will you get your inventory? From who? Have you talked with them? What kinds of deals can you get? Then, what prices can you charge to make profit? Are your prices better, worse, or even with the competition? - How will you make money? (Called common sense - no point in starting a business that losses money).

                     

                    In regards to funding. If you want an angel - look locally. There must be tons of networking groups that you could join (even those outside you industry). Go to these events and network, network, network. Look to build relationships first - before you pitch. Ask people who they are, what they do, how they got there. Let them open up and listen!

                     


                    When you have identified several people that may be willing to invest or have the means to invest, then pitch. Pitch it based on your passion and what type of return they could see from this. Look for doctors, lawyers, accountants, etc (professional people). Many of these people are always looking for investment ideas as well as potential short-term tax deductions (which an investment in a start-up could be).

                     


                    Or, even if you don't have a solid credit history, you may still qualify for a loan. There are microfinance companies out there that provide up to $25K for new, inexperienced business owners to get started.

                     


                    There are also peer-to-peer lending networks that would be perfect for you. On these sites, you outline what you want the money for (again, use your passion) - you tell your story. Other people on the site, just regular people - might even be your neighbors - see your request and say, I will fund some of it. If you get enough people to fund your loan - it's done - you have the money you need.

                     


                    Once you get this off the ground, there are other non-bank options that will open to you to help grow the business by providing either working capital or inventory financing.

                     


                    Like to discuss more, email me - would be glad to help - why you might ask - the passion you showed in this post! Would be glad to help someone who seem like they want to succeed.