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Setting up a new business

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  • 11-06-2020 7:41pm
    #1
    Matmania
    Banned (with Prison Access) Posts: 77 ✭✭


    Hi,
    Have any idea for a new business. The start up capital would not be that much. Would anyone have the best way to go about raising funds. This idea is only that just an idea but i think a good one. If this is in the wrong section please move.
    Thanks


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    #2
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Can you do it from your own savings?


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    #3
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    Realistically without sales/proof of concept or a really strong industry background and funding would have to be backed by assets. Most super early funding comes from friends and family or personal loans. Also at the very early stages you want to keep as much equity as possible just in case it really does take off as you will then need to offer equity in funding rounds.


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    #4
    Matmania
    Banned (with Prison Access) Posts: 77 ✭✭Matmania


    No don't have savings. I could set it up with someone else who would be a 50/50 partner but ideally i don't want to give 50% away because i pretty confident this is a very idea. Came up with another idea when i was in college and its in the market now flying. Have had a few ideas over the years and some good ones.


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    #5
    28064212
    Registered Users Posts: 10,634 ✭✭✭✭28064212


    Matmania wrote: »
    Came up with another idea when i was in college and its in the market now flying
    Were you involved in the successful execution of this idea, or do you mean you thought "robot hoovers" (or whatever) would be a good product, and someone, somewhere proved your idea was right in the end?

    If it's the former, good, you've got a track record of bringing a product/service to market, that's going to be the first thing an investor will look for, especially if you're not willing to offer significant equity. They need confidence that you have the business experience to return a profit on their investment

    If it's the latter, well... Your Ideas Have No Value

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    #6
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    Matmania wrote: »
    No don't have savings. I could set it up with someone else who would be a 50/50 partner but ideally i don't want to give 50% away because i pretty confident this is a very idea. Came up with another idea when i was in college and its in the market now flying. Have had a few ideas over the years and some good ones.

    Do you have anything to put up against a loan? Most businesses start with a loan or money from savings in some way before going for equity.


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    #7
    BlackEdelweiss
    Registered Users Posts: 1,537 ✭✭✭BlackEdelweiss


    Matmania wrote: »
    No don't have savings. I could set it up with someone else who would be a 50/50 partner but ideally i don't want to give 50% away because i pretty confident this is a very idea. Came up with another idea when i was in college and its in the market now flying. Have had a few ideas over the years and some good ones.

    50% of something is better than 100% of nothing.


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    #8
    Axwell
    Moderators, Computer Games Moderators Posts: 10,462 Mod ✭✭✭✭Axwell


    BlackEdelweiss wrote: »
    50% of something is better than 100% of nothing.

    50% of nothing is what a partner would be getting right now..there is no business just an idea.


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    #9
    BlackEdelweiss
    Registered Users Posts: 1,537 ✭✭✭BlackEdelweiss


    Axwell wrote: »
    50% of nothing is what a partner would be getting right now..there is no business just an idea.

    I actually invented the cloud back around 2001. I said to my wife one day that it would be a great idea to rent a warehouse and buy loads of servers and people could store all their iTunes songs and photos online and free up space on their phones.

    Unfortunately my wife was not in the venture capital game at the time so nothing came of it. Great idea though.


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    #10
    manor
    Registered Users Posts: 124 ✭✭manor


    I would be interested, will it involve online / ecommerce


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    #11
    BnB
    Registered Users Posts: 1,085 ✭✭✭BnB


    Matmania wrote: »
    No don't have savings. I could set it up with someone else who would be a 50/50 partner but ideally i don't want to give 50% away because i pretty confident this is a very idea. Came up with another idea when i was in college and its in the market now flying. Have had a few ideas over the years and some good ones.

    Have you any work done on it at all or is it just an idea ?


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    #12
    Matmania
    Banned (with Prison Access) Posts: 77 ✭✭Matmania


    I have done some work on it. It's an idea that would not really take the much to get off the ground. Its the website. I think as people are saying the way to go would to give 50% away as it would be easier to get off the ground that way. Their's a guy who would be able to provide real help. I think once i do more work on the website side i will approach him. As i said it's really now or never.


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    #13
    Matmania
    Banned (with Prison Access) Posts: 77 ✭✭Matmania


    manor wrote: »
    I would be interested, will it involve online / ecommerce



    Its online / ecommerce yes.


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    #14
    28064212
    Registered Users Posts: 10,634 ✭✭✭✭28064212


    Matmania wrote: »
    It's an idea that would not really take the much to get off the ground.
    Lets say it really is a great idea, simple, brilliant, a niche that has occurred to no-one up until now. 5 minutes after you launch your website, how will you distinguish yourself from the 50 clone businesses that have the same "idea"? See Friendster, Altavista, ICQ, Betamax, Xerox PCs.

    Ideas aren't all that important. Execution is everything

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    #15
    Matmania
    Banned (with Prison Access) Posts: 77 ✭✭Matmania


    Look i agree. It can be copied no doubt. That's why if i was to launch it the website needs to be spot on. It's all in the execution. I have watched dragon's den religiously. Got a business degree and am really interested in the whole area. Over the next month going really devout some serious time to it. Thanks for all advice here. The biggest hurdle is just convincing myself to go for it. I think over the next month i'm going to put serious time into and see weather i could do it. The idea am just convinced will work. And even more so given the times that are coming down the track with probably a recession looming. That's what has really sparked my attention to pursue it.


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    #16
    manor
    Registered Users Posts: 124 ✭✭manor


    Matmania wrote: »
    Look i agree. It can be copied no doubt. That's why if i was to launch it the website needs to be spot on. It's all in the execution. I have watched dragon's den religiously. Got a business degree and am really interested in the whole area. Over the next month going really devout some serious time to it. Thanks for all advice here. The biggest hurdle is just convincing myself to go for it. I think over the next month i'm going to put serious time into and see weather i could do it. The idea am just convinced will work. And even more so given the times that are coming down the track with probably a recession looming. That's what has really sparked my attention to pursue it.

    Have the money to invest, website design not a problem, have a on boarding specialist to add and remove products from website, access to a warehouse but you lost me at " convincing myself " so as they say " I'm out"


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    #17
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    Matmania wrote: »
    No don't have savings. I could set it up with someone else who would be a 50/50 partner but ideally i don't want to give 50% away because i pretty confident this is a very idea. Came up with another idea when i was in college and its in the market now flying. Have had a few ideas over the years and some good ones.

    You could use the first business "which is flying" to fund the second one. At least until it proves it's viable then go looking for investors. If your not willing to invest in it, kinda hard for others too.


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    #18
    blocstock
    Registered Users Posts: 7 ✭blocstock


    did you check into getting a grant/loan from enterprise Ireland?


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    #19
    sysprogrammer
    Registered Users Posts: 224 ✭✭sysprogrammer


    blocstock wrote: »
    did you check into getting a grant/loan from enterprise Ireland?

    https://www.localenterprise.ie/Discover-Business-Supports/Trading-Online-Voucher-Scheme-/

    Get in touch with your local enterprise board. they have some good supports available.


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    #20
    y0ssar1an22
    Registered Users Posts: 17,043 ✭✭✭✭y0ssar1an22


    have you had a job previously:

    https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/investment/relief-for-investment-in-corporate-trades-for-in/start-up-relief-for-entrepreneurs.aspx

    https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/investment/relief-for-investment-in-corporate-trades-for-in/start-up-capital-incentive.aspx


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    #21
    Matmania
    Banned (with Prison Access) Posts: 77 ✭✭Matmania


    cheers


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    #22
    Matmania
    Banned (with Prison Access) Posts: 77 ✭✭Matmania


    fair enough id be out as well. but its a winner . i know havnt got the stones to do it.


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    #23
    StupidLikeAFox
    Registered Users Posts: 7,711 ✭✭✭StupidLikeAFox


    Whats the idea?


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    #24
    riveratom
    Registered Users Posts: 964 ✭✭✭riveratom


    You haven't mentioned any skills that you'd bring to develop the new business? Setting up an e-commerce website is fairly simple these days. The main thing is having the convinction and determination to work on it (or any new venture), which is something you can't teach or buy.


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    #25
    Matmania
    Banned (with Prison Access) Posts: 77 ✭✭Matmania


    I agree my background is in banking fund admin. Have a business degree. Your right having the stones to do it is the big thing. Look id really love to go for it. But due to my circumstances its not that easy. Don't want to go to much into it but have long health problems which are fine how but can come back that is the big worry. I still think im gong to do it. Working on it as we speak. I have approached somone who would basically make the plan very easy. The only thing is the website. For those asking whats the idea there is no way i can give that away.


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    #26
    StupidLikeAFox
    Registered Users Posts: 7,711 ✭✭✭StupidLikeAFox


    Matmania wrote: »
    For those asking whats the idea there is no way i can give that away.

    Believe it or not, people don't sit around on boards waiting for somebody to let an idea slip so they can steal it. You would be better of giving out some details and getting some feedback - you will benefit from this more than anyone else


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    #27
    BlackEdelweiss
    Registered Users Posts: 1,537 ✭✭✭BlackEdelweiss


    StupidLikeAFox wrote: »
    Believe it or not, people don't sit around on boards waiting for somebody to let an idea slip so they can steal it. You would be better of giving out some details and getting some feedback - you will benefit from this more than anyone else

    I second this. I was in a similar situation to you about 2 years ago. I looked for information on here but was not willing to give up any information on the idea. It made it very hard for anyone to offer advice and as such I benefited nothing from it and the idea sat in my brain for another two years until I decided I had to share something about it to get feedback. I am now at a further stage that I have been before with it.

    If your idea is unique it will likely be copied almost instantly by someone with more cash than you to drive it forward and as such will not be unique for long anyway. Take some advice from people on here and give it a go and see if you can make something of it. You might find out that it is a no go or is already existing in some way that has not yet occurred to you.


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    #28
    Matmania
    Banned (with Prison Access) Posts: 77 ✭✭Matmania


    To be honest the idea is very easy to copy. Suprised it hasn't been done here if i'm been honest. I appreciate all the advice here. I have been working on it. Approached someone who may be interested and would probably be the way to go. As i probably said here the biggest stumbling block is the fear of failure for certain reasons i don't really won't to go into here. I've had some good advice on the website so that's been a help. The only idea's that can't be copied are ones with patent's etc. So with this idea it would be about doing it well from the start and getting the launch right. Website is the key. I don't think alot of money would be needed to start it. Anyway thanks for all the advice i'm still working on it.


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