| Forum Search | |
| Search keywords Search | New User? Sign Up | Member Login |
| Forum Home :: Forum Post | |
Finance for new business idea. | |
| This is a topic in Q and A |  |
| Displaying: 1 - 6 of 6 | |
 Jman0073 posts At: 17/02/09 Member |
Hi Guys, First time user and can I just say this site is fantastic! Congratulations on creating a site that is extremely informative and easy to use. As the title says I have a new business idea that I am trying to get off the ground. I have spent the past 6 months putting together a 20 page business plan along with the first 5 years P&L forecasts. I have a huge amount of confidence in this idea but I am lacking finance options. I am 25, been working in the industry since I was 17. I have worked on-course, wholesale, internet based and overseas. I believe I have the knowledge and experience to make this work. Any advice would be greatly appreciated. Thanks for your time. J Last Updated On: 20 Feb 2009 12:45:57 PM |
 Administrator18 posts At: 18/02/09 Administrator |
Thanks for joining and for the great feedback about the site. Its great to see someone with the entrepreneur attitude!! You have peaked my interest in what you have in mind. Finance - a few ways to research, though you will need have to have a pretty good plan /product for you to get finance approved along with possible collateral needed. 1) Schedule a meeting with your local bank manager and bring your business plan. They will give you alot of feedback and advice for what your options are. Best thing is that this would be pretty free except for your time. 2) Find some investors such as your family, or family friends. though this can be a difficult thing if it all goes bad. 3) Save some money, break your plan into a longer time frame and fund it y our self. Get an ABN number and try to get some work that will allow you to be employed this way. This way any extra revenue earned can be diverted into your company to pay for your product development instead of using income that has already been taxed. 4) Patent your product then shop it around to a company to buy it from you. Anyways a few different ideas, seek professional tax advice etc for whichever way you decide to go. Best of luck and let us know if you have any other questions or need help. Cheers |
| Jman007 3 posts At: 19/02/09 Member |
Hi Mike, Thank you so much for getting back to me! Can't say enough about your site except anyone in the golf industry who is not using your resources is CRAZY! In regards to your dot points 1) Is a great idea, I have been steering away from the banks as I know they will say "NO".I have limited collateral behind me (I need alot of money for initial start up, but am working on a second plan that will require less money). Its definitely worth my time to arrange a meeting and get their thoughts on the whole thing. Go in there looking for more advice rather than going in for money. 2) I don't want to go down that path even if they were throwing money at me. I could not deal with the ramifications and trouble if the business didn't take off (as I said I am extremely confident in my plan BUT as we all know in business that can mean squat! You still have to be realistic.) Also, again I am looking for quite a bit of money for initial start up so I think family and friends are off the table. 3) Isn't an option, part of the plan which is crucial to its success is that we attack this with guns blazing. It will not survive trying to do it on the cheap or cutting corners. I am not selling a new product it will be a new business. 4) Again not selling a new product. I think my best bet is to find some private investors and pitch to them. I was wondering if you could give me any tips on what key things they are looking for (things to include in my pitch)? I have spoken with a few people and the thought is that most investors want around 5 - 10 times their money back in 5 or 6 years? What are your thoughts Mike? Any tips on pitching to investors would be great! Thanks so much once again Mike, I really appreciate you taking the time to chat with me and for setting up this fantastic site. On behalf of the whole industry, THANK YOU! Look forward to your reply. Last Updated On: 20 Feb 2009 12:50:05 PM |
| Administrator 18 posts At: 20/02/09 Administrator |
Hey Jman Thanks again for the feedback! Anyone that is wanting to take a "high" risk investment into a new product or service business, will want a much bigger return than if they did an investment in a low risk venture such as a bank bond, CD, etc. I dont know what the actual return rate or timeframe would be for the return as everyone would be different. Best starting point is to meet with the bank and get there objective feedback, ultimately a bank will end up funding in someway unless you find a rich investor. It used to be a general rule of thumb that you would break even in maximum 3 years, but this may have changed with the economy. A strong business plan would be necessary along with financial forecasts that are very sound. make sure you put in all your assumptions of how you came up with the figures. How much capital cost do you think you will need? Mike |
| ugreen2 1 posts At: 15/03/10 Member |
Hi Mike, this info is extremely helpful! I too am starting a new business in the face of a VERY troubled industry back here in the states. I was wondering where I could pull free or public-facing statistics on how the industry health is globally. My business mission is to generate a new revenue stream for golf courses and to also get more golfers adopting the game an staying engaged in the long run. What I need to help my pitches to investors is showing the #'s, which I can say are really dire and have been for a good three years. Do you have any advice on where I can pull some numbers like # of net golfers per year (new vs. drop off), # of courses (new vs. closing), Average age of golfers for the past 5 years, etc. Thanks, Keith Kaminski |
| Administrator 18 posts At: 23/03/10 Administrator |
Hi Keith thanks for the comments. I dont know of any "global" source that covers the entire golf industry. Here are a few that are available out there. The US has a few good source, the KPMG is a goof source for Europe, and there have been a some reports here on Australia. You should be able to get some perception of what is occurring. http://www.golfcourseindustry.com/gci-0322-pellucid-state-of-the-industry.aspx http://www.agic.org.au/AGIC/Home.html Some reports are free others have a fee attached as a way to pay for the thing. Check www.ngf.org for the US. Good luck! and let me know how you go, Mike |
| quantumunited 1 posts At: 03/04/10 Member |
Hey Jman, Starting your own Business is extremely exciting and rewarding. I have gone through it with my Management & Consulting business being in operation now for over four years. I wish you every success! Some tools I would recommend that I have only recently come across are: http://automatemysmallbusiness.com/ is a fantastic resource with awesome podcasts. [recently became an iPhone owner and luvin it especially the podcasts! Also a great tool for my social media tools such as Twitter and LinkedIN and also Facebook Biz Fan Page and Wordpress Blog which I'm just setting up. http://thisweekin.com/thisweekin-startups/ Some great UStream and online interviews and discussions with very successful Entrepreneurs (all US). Great tips on pitching to investors. http://www.barefootinvestor.com/ My Tips: Orgnaise a small circle of friends or colleagues you trust, are ideally in the industry and workshop your idea Jman. You need an outside perspective and some brutal & honest feedback on your busniess. This is the best period to work through any cracks or shortfalls that may come out of it. I engaged some ongoing business coaching which was extremly helpful; Sometimes you can get too caught up in TOO much preparation and waiting for the right moment, in most situations I feel you may just need start small and "just get it up an running" if you can. Use as much online resources as possible. "Start small fail quickly" is a confronting but thoughtful comment from a podcast I recently listened to. I can't stress enough the great info you will gain from all of the podcasts from Matt & Brandon at Automate My Small Business. PS: I'm based in Melbourne and happy to catch up for a chat to share my experiences and assist where I can. |
| |
Opinions posted are not necessarily the view of GIC.
Users of this site are not allowed to solicit personal business interests.
