I need Money!

DubTony

OK, here's the story.

I've no money. I've no access to money.
Banks won't touch me. I can't remortgage. I can't sell the house.
I owe a few businesses money that I can't repay at the moment (damn those personal guarantees). I have 2 judgements against me. My credit's in the toilet.

I've an idea. In order to get it off the ground I need funding. Obviously banks won't touch me. I need about 100k for equipment and an,as yet, undefined amount of working capital.

My real problem is that I can't see the wood for the trees. My thought process is consumed with the fact that getting the money will be, from my point of view, next to impossible. And so the proper planning required is being left on the long finger while I "dabble in research". I'm beginning to believe I'll never get it off the ground.

So I need some help. Can some of you guys simply help to open my eyes? What options do I have? Where do I go to? Who do I talk to? What's the chances of getting funding for something I have absolutely zero financial interest in?

Any comments / help very much appreciated.

Thanks

infamous

Only option is a private investor. However you obviously have a failed business behind you so might discourage potential investors from getting involved, unless you have an excellent idea and excellent business plan in place. pm me details of the industry you are looking at, it may fit with my current business's and a few projections of where yoiu are at and what you need.

Gingersnaps

DubTony wrote: »

What options do I have? Where do I go to? Who do I talk to? What's the chances of getting funding for something I have absolutely zero financial interest in?

Any comments / help very much appreciated.

Thanks

Dragons Den?

DubTony

DubTony wrote: »

OK, here's the story.

I've no money. I've no access to money.
Banks won't touch me. I can't remortgage. I can't sell the house.
I owe a few businesses money that I can't repay at the moment (damn those personal guarantees). I have 2 judgements against me. My credit's in the toilet.

I've an idea. In order to get it off the ground I need funding. Obviously banks won't touch me. I need about 100k for equipment and an,as yet, undefined amount of working capital.

My real problem is that I can't see the wood for the trees. My thought process is consumed with the fact that getting the money will be, from my point of view, next to impossible. And so the proper planning required is being left on the long finger while I "dabble in research". I'm beginning to believe I'll never get it off the ground.

So I need some help. Can some of you guys simply help to open my eyes? What options do I have? Where do I go to? Who do I talk to? What's the chances of getting funding for something I have absolutely zero financial interest in?

Any comments / help very much appreciated.

Thanks

I think you'll find it very hard to get investment if your not putting in anything yourself.
Although it is doable I've done it before. You really need to be presenting your idea to someone who knows you, and wow them with the potential earnings. The return needs to justify the risk of putting up all the capital.

I'm sure you've come across some people in your time that have some cash? Don't be afraid to hit them with a dazzling business plan, and a great sales pitch. Otherwise you could try this http://www.angelinvestmentnetwork.co.uk/home , it costs money if someone requests your plan, but there are quite a few investors on there who mightn't have an institutional attitude towards investment.

Kent Brockman

Have a look at this and let me know what you think?
http://www.seedups.com/faq/entrepreneur.html

EIREHotspur

"I need about 100k for equipment and an,as yet, undefined amount of working capital".

Plus a commitment to paying those few businesses that you owe their money when you start making money. You missed adding that line.

I know of some people who owed money, had their company dissolved and just started up again under another name somewhere else....that just isn't right in this day and age.

chillywilly

Kent Brockman wrote: »

Have a look at this and let me know what you think?
http://www.seedups.com/faq/entrepreneur.html

Hmm that's an interesting website. But how do the investors make money? Are shares divided between a group of them?

DubTony

Kent Brockman wrote: »

Have a look at this and let me know what you think?
http://www.seedups.com/faq/entrepreneur.html

I've just had a quick look at that. Interesting. But you wouldn't want to be paranoid about anyone getting a hold of your idea. I'll look into it a bit more later.

Thanks for the replies lads. If anyone has anything else to add, I'd appreciate it.

LimkUL

If you are on good terms with the businesses whom you owe money to, possibly approach them with the idea laid out. Who knows they may have faith in you, and like your idea?

Afterall it would be in their interest also if you were to be successful! However if they are in a completely unrelated field they may not be interested, you'll never know until you approach them. Good Luck!

TheCostumeShop.ie: Ronan

Hey DubTony,

Having read your posts over the years and then this one, I've become impressed with your business knowledge and experience. I hate seeing a good mind feeling down. It sounds like you need to take a step back and get some more perspective. The market has changed so much in the last few years. Have you explored all the angles of vendor finance (such as doing a deal with suppliers, landlords etc) - offer to pay them 150% of the value if they take a risk and agree only to get paid on the success of the venture. For some it might be better than getting no deal.

Also have you looked at barter as an alternative to cash payments?

DubTony

LimkUL wrote: »

If you are on good terms with the businesses whom you owe money to, possibly approach them with the idea laid out. Who knows they may have faith in you, and like your idea?

Afterall it would be in their interest also if you were to be successful! However if they are in a completely unrelated field they may not be interested, you'll never know until you approach them. Good Luck!

Thanks LimkUL. Interesting idea. Only one of those companies would be in a position to help capitalise me, but it is in a different area of business. The other big creditors are banks.

@EIREHotspur.

"Plus a commitment to paying those few businesses that you owe their money when you start making money. You missed adding that line."

I thought about forming a nice smarmy reply for this one, but thankfully I'm above that these days. Thanks.

DubTony

TheCostumeShop.ie: Ronan wrote: »

Hey DubTony,

Having read your posts over the years and then this one, I've become impressed with your business knowledge and experience. I hate seeing a good mind feeling down. It sounds like you need to take a step back and get some more perspective. The market has changed so much in the last few years. Have you explored all the angles of vendor finance (such as doing a deal with suppliers, landlords etc) - offer to pay them 150% of the value if they take a risk and agree only to get paid on the success of the venture. For some it might be better than getting no deal.

Also have you looked at barter as an alternative to cash payments?

Thanks Ronan, I appreciate your comment. I haven't explored an awful lot just yet. The "mind feeling down" has been a real stumbling block, but some of the comments here including your own have helped.
I think that sometimes just some encouragement can work wonders when somebody feels like they're incapable of finding a solution.
Some useful tips in the posts here.

Thanks again

TheCostumeShop.ie: Ronan

Sure PM me if you think a fresh set of eyes can help, it's the least I can do as some of your posts have done the same for me in the past. Best of luck with it mate.

hinault

DubTony : I don't know your business history except for what you have posted on this thread.

From what you've said your previous business owes money. This might be a longshot but you've presumably got a lot of contacts from your business career.
Would seeking an investment from one of these contacts be an option?
If these people have worked with you in the past, they'll know your track record and if your new business idea is good they might be interested in backing you.

hinault

Enterprise Ireland are giving out small business grants at present.
The wife's company are in receipt of a small EI grant (€5k).

You might check it out.

yearplanner

hinault wrote: »

Enterprise Ireland are giving out small business grants at present.
The wife's company are in receipt of a small EI grant (€5k).

You might check it out.

Just be sure you have a tax clearance certificate first:eek:

DubTony

yearplanner wrote: »

Just be sure you have a tax clearance certificate first:eek:

Thanks a lot everyone. Some food for thought here.