How do you raise money for projects?

[democrat]

Always been a question I have had. My cousin Rick & I were talking about what to do to raise money for my software project and he thought I should take loans out.

What my argument was, why not sell what I already have. I feel it makes it that much more satisfying to know that I made the money myself and it makes my project even more fruitful.

What are your thoughts?

Thanks

 

[Tia Wood]

I've been told to use loans, investors and credit as a complete last resort. The last thing you want is to owe someone down the road (liability) when you have other options.

Instead, look at what you have: talents, domains, websites etc. Sell what you can. Do services for who you can and do it the old fashioned way: save.

You don't need the full amount at once. So I would put the highest priority components first and buy them one at a time.

For instance, I need expensive computer parts for one of my projects. I decided it was actually better to stick with what I was currently using for now. You can find options like that. And I also found a way to make my project pay for itself while waiting for launch via allowing people to purchase ads during beta.

 

[democrat]

Tia, thats a great idea! I didn't think of getting ads. See I am great at some aspects of software developing but then the other aspects that i need are the website where the software will be embedded.

I definitely agree that loans, investors and such are out of the realm of reality for me. I am just so excited about this project that I feel like I am willing to do anything that I need to do to get it off the ground.

You know the old addage of it'll come in time, just need to be patient. I often wonder how long you are patient for before it gets too long.

I'll have to think of some creative ideas in order to get this going.

 

[Tia Wood]

You know the old addage of it'll come in time, just need to be patient. I often wonder how long you are patient for before it gets too long.

I'll have to think of some creative ideas in order to get this going.

I know how you feel! I've been working a long time with my project and wanted to just get it done now, NOW, NOW! Granted, some things would be easier with all the funds up front. If I could sit down and dedicate 8 full hours to it, I would be done already.

But back to loans, investors and credit; it's better to use them to expand instead of start. Especially when most want to see great effort put forth on the owner's end before they will lend anything, which means producing history, numbers and stats. You have to remember that this industry is still considered "risky" to investors/lenders.

 

[democrat]

I know that once I get this project under way, that it will be easy part to get others to expand when the time is right.
My other issue is that I want to sell what I have so that I can raise the funds but I never want to sell too low. Who knows what to do anymore.

 

[james2002]

Sell your domains?

Remortgage your house (only if you are 100 % confident about the project). I don't want you to lose your house.

 

[democrat]

I'll sell the domains/others names/my websites, i don't know if I want to lose my house to some refinance scheme

 

[Donald Aquilano]

I'd reach out to friends and family first but if no luck there than find an angel investor.

 

[democrat]

as far as angel investors, aren't they a bit risky? Family & some friends think I am nuts being on the internet. *grinning* we are that old school despite living in the biggest dome of technology. yeesh..

 

[james2002]

PM me the project. I might be interested in it.

 

[Biggie]

PM me the project. I might be interested in it.

these posts are designed for fish

 

[David G]

Sceiptlance programmers in India and elsewhere work for very low cost meaning a loan may not be needed.

 

[draggar]

Instead, look at what you have: talents, domains, websites etc. Sell what you can. Do services for who you can and do it the old fashioned way: save.

QFT - The best way to earn money is to not spend money. Look at your expenses and cut some things back until you have what you need.

Sell your services, as a web programmer, selling domains, even as a consultant. Put up some ads on your sites and save that money.

 

[Bionic]

I applied for a personal loan, filled out an online form and had $30,000 put
in my account 2 days later. Even said on the application it was for a website.
$500 a month repayments.

 

[David G]

I applied for a personal loan, filled out an online form and had $30,000 put in my account 2 days later. Even said on the application it was for a website. $500 a month repayments.

Kind of amazing what with the tight credit conditions and almost everyone else getting rejected for new credit, credit card limits reduced, home equity lines being closed, etc.

 

[GUA]

Loan=failure. Simple as.

If its a good idea, youll find the money.

Leave it 5 months, then think over the idea again. If it still seems good you are onto a winner. Most of the time it is a "What the hell was I thinking scenario"

GL

 

[tldrental]

... funny ...... I thought about this same idea a few months back, bought a sh!t load of names, the approach I was taking in this matter was to buy a bunch of venture capital related names to seek investors from multiple angles. I never got around to starting the project and all the names are up for renewal soon .... lol what a waste

 

[Melly]

Work for it?

Save for it?

 

[democrat]

Yeah I have had this idea on the burner for about 10 months and now is the best time ever I believe. I think I am going about it the right way. I am selling some assets and will raise the cash myself so that I am not thinking of any future expenses such as owing anyone.
I don't want to extend myself out that much as there might be added complications if I do. I just wanted to voice stuff out so I can regain my boost and start being more diligent.
Patty

 

[tetrapak]

I'm selling my sisters, one-by-one.