Firstly this is not a thread asking for investors, but rather seeking advice about traveling down that road.
I'm beginning to put the pieces together of my start up that fits all five qualifications in the fastlane, ironically since I thought of it before I ever picked up the book. I've already created a bare bones website and have an LLC established.
Before I make more moves, I have a few products already in the works and am going to put them out on the marketplace to get feedback. I've got a leveraged way to market them in front of millions of people already at 0 cost except licensing fee's (basically).
In short, to really make a really effective MUCH better product I will need $25k. To get there I will need to sell around 5k products. Now, if the products take off like hotcakes this won't be an issue... but if not, how much control and percentage of the profits are typically taken by seeking out investors? My concern is I don't want to give up to much of either but the investment would significantly speed up the process. Would it be worth it to wait and raise the funds on my own, such as via Kickstarter / profits ? Thankfully the rest of the business has very little start up costs.
The reason I ask is I also have a very wealthy friend who would likely be willing to help, but I've seen him fund other ventures and there's always a price to pay in control/profits, understandably. So if I did, I would like to know a bit about the process beforehand and was hoping to get some real life experience stories/advice.
It will be a moot point if I start making quick profits, or sell nothing at all (the marketplace will let me know soon), but would like to think about it in advance if I have to come to a crossroads. What do you think?
I remember watching how Cisco was started and eventually one of the founders was fired due to her "boss" which was who initially funded them. While it's a great way to help build a business, it just seems like you give up to much control.
I'm beginning to put the pieces together of my start up that fits all five qualifications in the fastlane, ironically since I thought of it before I ever picked up the book. I've already created a bare bones website and have an LLC established.
Before I make more moves, I have a few products already in the works and am going to put them out on the marketplace to get feedback. I've got a leveraged way to market them in front of millions of people already at 0 cost except licensing fee's (basically).
In short, to really make a really effective MUCH better product I will need $25k. To get there I will need to sell around 5k products. Now, if the products take off like hotcakes this won't be an issue... but if not, how much control and percentage of the profits are typically taken by seeking out investors? My concern is I don't want to give up to much of either but the investment would significantly speed up the process. Would it be worth it to wait and raise the funds on my own, such as via Kickstarter / profits ? Thankfully the rest of the business has very little start up costs.
The reason I ask is I also have a very wealthy friend who would likely be willing to help, but I've seen him fund other ventures and there's always a price to pay in control/profits, understandably. So if I did, I would like to know a bit about the process beforehand and was hoping to get some real life experience stories/advice.
It will be a moot point if I start making quick profits, or sell nothing at all (the marketplace will let me know soon), but would like to think about it in advance if I have to come to a crossroads. What do you think?
I remember watching how Cisco was started and eventually one of the founders was fired due to her "boss" which was who initially funded them. While it's a great way to help build a business, it just seems like you give up to much control.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
