Anyone know about crowd funding?

[Veracious 267]

Interested in a business idea n I have little to no start up funds. I'm wondering if anyone has small business experience or knowledge of funding and this new idea of crowd funding

[gogoblender 3,070]

Veracious, I love the concept.

In fact, one of my friends bought a board game through an online crowd funding venture, and has been thrilled by the process and product.

Are you looking to put an idea or project up for sale?

 

 

gogo

[Veracious 267]

No I want to start a small business that could turn pretty big. I was just curious if any one had been through the process.

[masteff 64]

I've heard some success stories about sites like Kickstarter but no idea how they work. Might also look into the "micro" loan sites where you can get crowdsourced loans. I've looked at those a few times when I had a few extra bucks but never invested in anyone (usually because I decided to just put the money on my mortgage instead).

 

You might start by looking up on websites like the Small Business Administration about how to do a business plan. Any serious investor (and most banks) will want to see one. http://www.sba.gov/ The SBA might also be a source of loans and grants.

 

You could also look into angel investors and venture capitalists. They'll generally want to see a business plan.

[Veracious 267]

I want to avoid those last 2 because they tend to take over and boot you out of your own business. I'm already starting work on my plan to show investors so that's good. Thanks ort the website. That might help.

[chattius 2,526]

It is a dfference if you start selling just an idea or starting some business. Our oldest founded her own small company aged 17. The startupmoney was just 7500. Insurance, court taxes for registrating,...

 

The idea was just to sell mistletoe planted on the dozens of old fruit trees we have. Takes 5 years for them to grow so she hopes to have finished unversity when they are ready to be harvested. She is studying arboristic and didnt want us for start money.

 

State program for young company founders, district program to start companies in our low population area, nature protecting land use gave money too.

She said even if the company fails it would be a good entry in her curriculum vitae.

[Veracious 267]

Yea I'm looking to start a small business. Just looking for any who's got experience with this method of funding

[chattius 2,526]

I know the lightmeter for the iphone of my daughter was founded by kickstarter. They promised special and/or early versions for supporters. I think it worked because the product was in an affordable price range at 25 dollar. However I bought mine in a photo shop because I never heard of the project before.

 

http://www.kickstarter.com/projects/jamesflynn/luxi-incident-light-meter-adapter-for-iphone

 

 

Promising production items but miscalculating may be close to jail in some countries if a judge thinks you hunted just for the money and never really planed a finished product. It may be hard to proof that all the money already was used up at developing with none left for production.

 

In case of my daughter the riscs were 5 years grow-time for the plants, weather effects like storms, plant diseases,... On the other side carefully harvesting, using old trees with a lot of holes,...helps for birds to breed. This is no reason for a bank but allowed to ask for money from the nature protection fundus.

 

The area around the trees should be kept free from bushes for access. Using old local goat races which are close to extinction allowed money from the acriculture fundus from the district.

...

 

Why not something like kickstarter... Wild plants and exporting is different from country to country.

 

 

So you should use a model which fits best for your needs, may even be asking in your town office for startup money. In our small town people know us and they liked the idea of our daughter even giving tipps which state/district founds could be used too.

[Veracious 267]

kickstarter is similar to crowdfunding. you're on the track I'm looking down. but I'm not understanding the story you're telling me about your daughter. I'm happy she's been able to do something special and how the nature fundus was able to help her, but if didn't go through crowd funding as well than I'm not sure how I'm supposed to use your info.

 

I'm asking for anecdotes specifically about crowdfunding so I know what to look forward to and maybe have some sage advice on how to deal with hurdles and maybe sites you've used and had positive outcomes with. do you have experience with that specific area?

 

I've been down the banking avenue and without 20-30% out of my pocket they won't help. crowdfunding may be my only avenue since I don't have a wealthy benefactor involved and I'm an average 'make ends meet' worker presently.