I know it sounds crazy but I really need to raise $200,000 asap!! I know its a lot of money but I also know that it can be done. I have a rare opportunity but I need help with the funds. I hate how I have to start from scratch. Why couldn't i just of been born rich??
2006-07-16 07:53:32 · 9 answers · asked by jfields2302 2 in Business & Finance ➔ Small Business
Trust me it is worth the risk. I can't let this pass me by. I don't know if I would even call it a risk because I'm so sure it will work. I will turn this $200,000 into almost $450,000 in 6-8 months, guarenteed!!
2006-07-16 08:00:34 · update #1
Well that's several q's isn't it.
But a word of warning: This is going to be really long and you probably know all this any way:
There's a reason: It works and it protects you and your credit rating
Here's how:
Have a really good business plan with a cash flow.
Please do a Worst Case Projection for your cash flow; plan for everything that can go wrong, be generous in your expenditure, and very conservativie in your revenue.
Ideally you should have two cash projections #1 the median plan; this should be conservative but reflect the cash transactions that will happen if everything goes right. #2 is the safe plan: where everything takes longer, costs more, and earns less. If the project cannot work in the safe plan with at least a 12% margin of safety DONT INVEST.
Potential investors will respect the fact that you are protecting their money.
Make yourself part of the management system:
If you have no say in how the investment is spent, the activities and conduct of the project(s), and no one is required to account to you for how money and resources are applied DONT INVEST.
Get the management accord that explains the duties and responsibilities of everyone in writing. This must not be a secret document, be prepared to show this to you potential investor as a method of proving your good faith.
Know your product and market: Every investment eventually requires selling something to some one, who is it? Why would they want it? How much would they be willing to pay for it? Hint: It's always less than you would pay.
If you can get preliminary agreements from purchasers that in essence say that: If you provide 5000 marbles to me next week saturday, in good condition I will give you in return 20 baseball cardson Monday. This goes a long way toward convincing investors to act quickly, and to trust your capability to deliver the product and repay the investment.
Talk to your bank manager: Good references and credit are essential, If you can get partial guarantors, some one who'll cover you to a fixed limit, this helps.
Be prepared to give something away: Venture capitalists will take up to 70% depending on the risks. Minimize those risks: less risks=less give away. Bank Loans if you can get them are the best bet. Be prepared to collateralize; you have some resources you just dont know what they are: Is it worth refi'ing you house mortgage, take a loan against your car, guarantee the loan with the physical assets of the project? Sell some stuff? $ 20K in hand can secure $200K or more. Dont give away too much: any financing that costs more than 12% of the total returns is not a good idea.
Finally : Be confident: You *were* born rich, you just don't have cash with you. BE SAFE and Good Luck
2006-07-16 08:45:32 · answer #1 · answered by Gerard S 3 · 0⤊ 0⤋
The fastest way to raise money for a business venture is to submit your business plan in a 5 to 7 part document secured in a 3-ring binder. The plan should also include color charts and excerpts from newspaper articles about similar businesses.
If your written plan makes enough impact and is informative enough you can get money nearly overnight.
2006-07-16 08:00:05 · answer #2 · answered by Joe K 6 · 0⤊ 0⤋
You need a good product or service and you need to present it well. Incorporating and selling shares is a good way to get a venture off the ground. If your product is good enough and you are serious, you do not have to worry about being born rich.
2006-07-16 07:57:08 · answer #3 · answered by ValleyViolet 6 · 0⤊ 0⤋
get a loan, or you could mortgage your house or something like that, but is this idea really worth the risk?
2006-07-16 07:58:05 · answer #4 · answered by Andrew M 1 · 0⤊ 0⤋
Apply For a loan.
2006-07-17 05:46:24 · answer #5 · answered by cafe_blue_note 3 · 0⤊ 0⤋
Check out this from Ebay.
Become a millionaire fast!!!
http://search.ebay.com/_W0QQsassZtealdialQQhtZ-1
2006-07-17 15:48:41 · answer #6 · answered by Andy 1 · 0⤊ 0⤋
I did by start doin prepaid legal services and I love it
2016-03-27 07:51:02 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Easy....Just find a sucker that believes you. He will then let you have it...no questions asked!
2006-07-16 07:57:06 · answer #8 · answered by Bear Naked 6 · 0⤊ 0⤋
go to a bank
2006-07-16 07:56:38 · answer #9 · answered by L-Rob 3 · 0⤊ 1⤋