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Starting funds

Discussion in 'Financing Your Business' started by Joe, Jan 13, 2016.

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  1. Joe

    Joe Member

    Hey,I'm Joe, a 19 year old college student.. I am currently working on 1 main venture and trying to set myself of for two more after the first succeeds or fail. I could go into greater detail but my question is. How did you get the first initial money? Did you work and just save enough to start or ask friends and family for money?
    Zac Johnson likes this.
  2. Zac Johnson

    Zac Johnson Member

    When I first started making money online, I was just 15 and a kid in high school. I never had any investment or startup money and I basically made a few dollars online and kept investing it back into the company to what it is today. Yes, it's much easier to start with funds and startup cash, but that's the route I took and it worked for me.

    Silicon Valley loves throwing cash at ideas, so it's a completely different world from when I started back in 1995. Now we see new ideas get invested and proven for success before they even launch, thanks to sites like KickStarter.

    For advice, I would say to stick with one business model right now and try not to spread yourself too thing with a handful of sites, business or project. Be the best at what you are best at, then when the business is running smoothly you can delegate the work out and move onto the next big thing.
    T J Tutor likes this.
  3. Self-Invested

    Self-Invested Member

    Depending on how much money you need, there are many ways to earn money online. Whether through flipping, usability testing, article writing, editing, quality assurance, or just posting on forums, you can earn a few dollars a day, which if you're smart with, can add up really quick. I'm in college right now and I just take a few hours out of every day to do whatever work I can online, and as a result I've given up the idea of getting a real job. What I do is fun and easy, and actually results in $$$.
    Michka.Martina likes this.
  4. sar777 Member

    It would be wise of you to start off by making a list of all options you have to obtain the capital you need to get started. And think far and wide - you obviously do not need to utilize them all, and some won't make sense at this time.

    But yes, friends and family are always a good start, although be careful in how much you demand of them, especially with this first start-up since you not only have it being a start-up going against you, but also lack of experience in starting a company. You don't want to burn relationships by promising something you can't keep.

    As much as you can, I'd suggest either finding partners who will put in sweat equity with you as well as any of their own personal funds, in addition to whatever funds you are willing to tie up with this first venture. Take odd jobs if you need to to help move forward what you are trying to create.

    The reason why I said to start with a list of all options is you need to look at which ones will be the least disrupted in the event this first venture fails, or find a way to thin out the risk at the outset.

    Finally, if you can put together a good sales pitch, I'd suggest using a crowdfunding site. Get a blog going talking about your product, YouTube videos and promote, promote, promote!

  5. Vinaya.Ghimire

    Vinaya.Ghimire Member

    I worked on various jobs, mostly writing and editing, and saved some money. I bought a cattle from that money. I made some profits from this venture and then later applied for bank loan and started a dairy farm.
  6. swalia

    swalia Member

    I have been in a steady job for years. I have saved up some money which I planning to use in my start up. I plan to open a coaching center or run my astrology consultation business soon.
  7. Bonyi

    Bonyi Member

    I think the best thing to do is start working online and save up some cash to start up. This is much better than taking a loan or asking people. Better still if you have relations who are willing to give you start up cash you can go ahead and ask them.
  8. pwarbi

    pwarbi Member

    Sticking to just the one business idea is important at the start, and while you may have other ideas you want to try, there's no rule or timescale to say you have to try them all at once.

    Getting the initial money to start a business is always a big decision. Do you get an investor or a bank loan to start, or invest in yourself and every penny you earn you save and put into the initial start up cost, only you can decide what's the best route to go down.

    Investing money you've earned yourself is the best option though in my opinion, and by doing that, you don't have any outside influence that you have to worry about, and it also gives you more incentive to make your business work, as you know just how hard you've worked to get as far as you have, so you put yourself under more pressure to make sure you don't fail.
  9. onlinecashcity

    onlinecashcity Member

    Stick to your guns, and develop your idea/business into something proven and tangible. Nobody will want to give you funds or use your business/idea if it hasn't started running or seems like it hasn't been worked into something worth it.
  10. djentre

    djentre Member

    My first one was a gig on ebay, so I didn't have to ask anyone for anything for that. The second one was a bit complicated, so I just asked for money from FFF. Took a non-interest loan of sorts from a friend, and started.
  11. Self-Invested

    Self-Invested Member

    This is an incredibly inspiring story ... Any updates on the farm? What's your profit yield now? And how long did it approximately take to yield a profit off of this?
  12. Federico.Gimeno

    Federico.Gimeno Member

    Take advantage of your full skillset, for example. I play guitar and have a computer engineering degree. I was able to rise some funds by playing with a band on weekends at a bar, and in the other hand I offered PC repair services to neighbors and acquaintances.

    Use all the skills you have in order to raise funds, it does not matter what those skills are, they're always worth enough for someone to pay for.
    Michka.Martina likes this.
  13. Michka.Martina

    Michka.Martina Member

    Hi can you tell me some of the online sites that you use to make? Will be greatly appreciated.
  14. emuzeskylow

    emuzeskylow Member

    To your question, Joe. Friends and family often times dissappoint most especially if you come from a kind of family where I am from. It is all man for himself. So, the best bet for me is to work to raise a capital for my biz. As some as suggested there are free online jobs you can do that requires not investment whatsoever. And can be done at any convenient time of yours. Since you are a student you'll need a job that won't be detrimental to your studies. So, you are good to go from there. One key advice, be focus and determined. No matter how long you'll get what you want. And you'll be proud of your achievement.
  15. emuzeskylow

    emuzeskylow Member

    Check out this link if you love writing.
    There are long list of websites that will pay you to submit an article for publication on their website. I hope it helps.
  16. 111kg Member

    This may be a little bit too late, but here's the thing, Joey. If you don't have money, don't take loans, not even from your family, at least not until you check if your idea is really able to attract clients. Start small, maybe work part time for a while in the industry and only when you have your own money, invest more. You don't want to take loans because...if you fail, you will still have to pay interest.
  17. Raider19 Member

    My wife and I started our start-up 1 year ago with a $400 gift card given to us. In the first year we took the $400 and turned it into $4,000 Gross. My suggestion to entrepreneurs just starting out is not to get yourselves into large debt starting a company. Take it slow and learn along the way. The worse thing to happen is to get yourself into a place you can't get out of. Remember cash is king not debt.
  18. Corazon

    Corazon Member

    My first business is actually selling although I don't consider it a business because I had no capital. I get the goods on a consignment basis - I pay in cash for what was sold and return the unsold. The profit I earned from that venture was saved into a bank account and that was the capital for my boutique, my first formal business. However, it was not enough because we had to build the structure in front of my husband's ancestral home so we used up my husband's savings as well.
  19. rz3300

    rz3300 Member

    Well the good news is that there are a lot of options out there when it comes to getting funding. The bad news is that most of them cost money, and the ones that don't usually cost other things like trust and friendship and things of that nature. The more that you can account for yourself the better, but low interest loans are always a good option too.
  20. If you had a really great idea you could use a crowdsourcing website like kickstarter. I believe the best way if you haven't started the business yet is to use your savings to buy equipment and do the business on a part time basis. Don't quit your dayjob as if it fails you have nothing to fall back on. Loans are an option but you pay interest so try and find a low interest loan if you want to take that route.

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