Craig, Tell us more. Where are you located?? Have you developed a business plan??
What will you do with the investment?? and how soon do you plan on paying it back??
I live in Louisiana. Yes we have a plan together that also includes a projected PnL.
The investment will cover the cost of the website, these items are customizable so it is more detailed than simply selecting a product. Overall there are over 200 customizable features and then the name on top of that. The other use of funds would be to purchase a few items in bulk for shipping/labeling and some offered extras that go with the product.
The money could be paid back within 2-4 years tops. In the event it goes viral because we are offering substantial contributions to any fund or foundation, who is to say just how quickly we could pay it back.
We are open to a partnership considering the fact that if all goes well we would prefer to buy the massive printing machine to increase our bottom line down the road.
I would say go the non-profit route. Get incorporate from your states, get your EIN for Federal, get tax exempt for the state, get a website, list your phone, write a mission statement and purpose and file for your IRS 501 (c) 3. This way you can accept donation, qualify for different program funding and go from there.
The profit route you need to see if you can get contract business from the state which is competative.
So my wife and I have been developing a small business. The product is child related and intitially all manufacturing will be subbed out to established partners. The main basis for the business is rooted to help raise money for a good friend of mine whose child has been diagnosed with Lukemia. The ongoing plan is that the business would offer the ability to other people in similar situations to spread the word about our product and hopefully they would sell and they could earn money too. Currently we are strapped for cash and have invested a ton of time and what dollars we had on hand into getting the website up and running. We are now faced with seeking out capital to push it through. The joy of it is that the investment needed is under $20k. The pain about it is money is so hard to come by these days!
we are already set up as an LLC and are eager to get this going. We believe there will be a virus like response to this company and anyone who is in it financially will certainly be satisfied with the prosperity over the years to come!
I looked at some of the posts regarding members seeking financing and really did not see a whole lot of informative responses laid out. I have been looking at banks, VC, and AI groups. It seems like they are all looking for a tenfold return in 2-5 years and on top of that they want primary ownership (way above 50%) for the whole time. It seems like greedy groups tome...maybe I am just frustrated but they seem to be quite cut throat!
Any guidance would be nice. Our personal credit is under 700....... I look forward to responses!