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Lobby Financial Feast topic #63

Subject: "Need help and guidance" Previous topic | Next topic
Sonny_PFri Oct-20-06 05:18 AM
 
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"Need help and guidance"


          

Hello,

I have been trying to start up an internet business for the last week or so. It is really more of an internet service then it is business. That comes to my first question, does that still count as a business? I will be making money from the advertisments, and I am providing a service for people. If you would like to know more about it, feel free to email me.

Question number 2. Do the SBA provide and loans or grants for that type of business? And if so, does your credit score have anything to do with the decision?

I've been trying to get in contact with the Small Business Administration but it seems like they are alway out for lunch. A few years ago I lost my job and fell behind on alot of my credit cards. My credit went from being good to bad

My plan is to try to get some investors to go along with this project and avoid the whole loan deal. How hard is it to get an angel investor and where can I find them? Is there a website where people like me can put our ideas on a "auction" and try to gain potential investors' attention? If not, someone should start one

This is my first post, hope it don't suck


Thank you,
Sonny

  

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Replies to this topic
Subject Author Message Date ID
RE: Need help and guidance
Oct 21st 2006
1
RE: Need help and guidance
Oct 25th 2006
2
RE: Need help and guidance
Oct 25th 2006
3

bizdevSat Oct-21-06 02:43 AM
 
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#1. "RE: Need help and guidance"
In response to Reply # 0


          

> It is really more of an internet service
>then it is business. That comes to my first question, does
>that still count as a business? I will be making money from
>the advertisments, and I am providing a service for people.
>
>Question number 2. Do the SBA provide and loans or grants for
>that type of business? And if so, does your credit score have
>anything to do with the decision?
>
>Sonny

If you are providing a service and making from it it's a business. Even if you're not making money (i.e. not successful) it's a business. Just because it's on the Internet that doesn't mean it's not a business. You still need to register the business and depending on what type of business you may need to be licensed. You still need to pay taxes.

And, no, the SBA will probably not give you a loan. They will require excellent credit, 30% of your own cash, a business plan and experience in the industry.

Sylvia
http://businessplanmentor.com
Business plan and start up resources

  

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wjtoppWed Oct-25-06 10:02 AM
 
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#2. "RE: Need help and guidance"
In response to Reply # 0


          

Investors will want a percentage of your business. Since you are starting up, join a networking/leads group to generate customers. You may want to get a couple of sites under your belt first. Build up a small clientele first, get testimonials and then start marketing hard. Investors will be reluctant until they see you producing revenue and your income potential.

Regards,
Bill Topp
JMC Consultants LLC
269-341-9263

  

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Roseb441702Wed Oct-25-06 09:57 PM
 
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#3. "RE: Need help and guidance"
In response to Reply # 0


          

>Hello,
>
>I have been trying to start up an internet business for the
>last week or so. It is really more of an internet service
>then it is business. That comes to my first question, does
>that still count as a business? I will be making money from
>the advertisments, and I am providing a service for people.
>If you would like to know more about it, feel free to email
>me.
>
>Question number 2. Do the SBA provide and loans or grants for
>that type of business? And if so, does your credit score have
>anything to do with the decision?
>
>I've been trying to get in contact with the Small Business
>Administration but it seems like they are alway out for lunch.
> A few years ago I lost my job and fell behind on alot of my
>credit cards. My credit went from being good to bad
>
>My plan is to try to get some investors to go along with this
>project and avoid the whole loan deal. How hard is it to get
>an angel investor and where can I find them? Is there a
>website where people like me can put our ideas on a
>"auction" and try to gain potential investors'
>attention? If not, someone should start one
>
>This is my first post, hope it don't suck
>
>
>Thank you,
>Sonny

Providing a service is a business - yes indeed! Just think about all the other websites out there that provide advertising - they are a business - no more and no less.

Your experience with the SBA isn't the same experience that I have had with them because they have phone #'s, regular snail mail address and even an email address. I can identify with trying to contact someone and not getting an answer right away but my solution to that was to keep on trying.

The SBA isn't the only source of grants (and loans) and what it really comes down to is the type of business you are operating. Grants are awarded to meet a need and if you can tie in your business with that need then you can apply for a grant (or loan). Another problem is that you are being vague about your business. You're not going to get financial backing by being vague. Remember you are convincing people to finance you and isn't it only sensible that they would want to know what they are financing?

Yes there are still angel investors around but here again be aware of what you are getting yourself into. Basically speaking investors will want to know "what's in it for them" - in other words you're going to have to show them why they should be investing in your business. A good place to start looking for investors of any type is with the internet itself - but again you have to be careful. Now I have seen sites where investors and investees advertise but there is no one set website for this because they are scattered around.

Rose
Grant Basics 101
http://grantbasics101.bravehost.com/grants.htm

  

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