Does anyone think it is impossible to grab investors at my young age and little education. i'm only 21, and i've had bad luck with school finances and i've pretty much have bad or no credit. Me and a buddy really want to start up a laser tag business. We work hard and have pretty high ambitions, but life loves to play hardball.
i've been looking into business plans and all that, and i'm rather determined. i just hope this isn't just a crazy pipe dream of ours. anyone else think our young enrtreprenuer thing is a bit over our heads? I believe it could happen, but its just convincing investors that seems the most intimidating. I mean, this is a pretty expensive venture, but what isn't anyway? Any words of addvice or encouragement? hehe. discourage if you wish too.
2006-06-19 11:22:53 · 5 answers · asked by donttrustsheep 3 in Business & Finance ➔ Other - Business & Finance
and at least (my parents) parents are out of the question because my dad declared bankruptcy and my mom isn't well off at all. so i'm doing this pretty much on my own, unless my partner can get a little help too.
2006-06-19 11:33:08 · update #1
If you are determined enough, you'll probably do well. I'm not going to say it's 100%, but it's a long way ahead of many others. That said, you will have to study up on other business plans and find a way to sell yourself well in front of an audience.
Typical sources of initial funding include friends and family, but a whole center might cost a bit more. I don't really have a good grasp of the area and real estate costs.
You would have to try and convince them how quickly it would be profitable and be able to field the questions well. It's tough enough to get an audience since they hear half-baked proposals all the time, and you would have to distinguish yourself in some way. I'm not sure about the margins on a laser tag business. Good luck.
2006-06-19 11:29:14 · answer #1 · answered by Arbitrage 7 · 2⤊ 0⤋
Do some earnest research on the type of business you want to run. Just for the basic understanding follow a generic business plan template (can be found free all over the net) apply what works with your type of business.
The only way you will get anyone to invest is to show the ability for profit, growth and return on investment. You don't want to show just what you plan to do with the money but how will this benifit the investor. Credit or no you will not be able to qualify for most SBA loans without being in business for more than 3 years. You can check out to see what grants you may qualify for.
Generally you will need to have some sort of collateral. If you do not have you will need to show experience in managing some sort of business.
This can definitely be done but remember that even though your business may be about gaming the business is not a game. If it is something you enjoy it will be easier to put in the long hours it takes to make your own business go.
Good Luck!
2006-06-19 18:48:13 · answer #2 · answered by Max B 3 · 0⤊ 0⤋
When my husband was your age he had this idea to start a bar/restaurant thing, and he actually found an investor, even though he has HORRIBLE credit; but in the last munute the investor was put in jail for money fraud and all sorts of embezzlement issues... hah... so it is possible, but you might get yourself into a business deal with someone who is just NOT trustworthy.
You might be better off seeing if you apply for any government grants, programs, and new-business things; also, if you could find a corporate place, they might take ownership of your business but you could run a local branch of the laser tag gaming area... but then the only experience I have of that is through starting a car shop/mechanical business... for an entertainment venue, you face different tax brackets and everything, I'm sure, and all sorts of different licenses and problems, since any coin operated games and acrade things need labels and stickers OK'ing them from the government.
2006-06-19 18:32:34 · answer #3 · answered by Maggie 6 · 0⤊ 0⤋
see if you can get a loan from the bank as a small businees loan. if that doesn't work, AND if you put your pride aside, don't hesitate to ask your parents to help you in co-signing or help from your buddy's parents to co-sign on the loan.
2006-06-19 18:28:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
go for it !!!
you only live once, plus i it fails, you got the rest of your life to pay off the loans
2006-06-19 18:26:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋