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Investors needed for website

     
10:53 am on Jan 6, 2005 (gmt 0)

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I own a company that is launching on the internet later on this year and bascially i need to raise
at least 5000 if not more for advertising etc.

As im only 19 getting money from the bank is not really an option and because of my age no body else wants to touch me unless i own a house etc.

My question is how do i go about finding the 5000?

I would be willing to sell part of the company if it
meant rasising the required funds!

Your replys are all very much appreciated.

regards adam.

5:04 pm on Jan 9, 2005 (gmt 0)

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Isn't a "pound" where abandoned cars or cars that have been removed by the authorities are taken? They're then sold off cheaply at auction if they're never reclaimed.

I know why you're using that word in your URL of course, but I just wanted to let you know that I immediately thought of the above, counjouring up images of bangers and burnt out wrecks rather than any implication of quality.

Thinking longer term; don't forget that (touch wood should your venture be a success) then you'd have to rebrand when we join the Euro so that might be something to consider.... :)

Good luck anyway Adam.

5:08 pm on Jan 9, 2005 (gmt 0)

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Hey adam,

I just took a look, (you are not allowed to post URLS)

But anyway,

looks nice, but the SEO is non existent. You will need to do research on your keywords, target them on your pages, find out what search engines like these days (i notice that your links are pictures not text - not good)

You should read Bretts 26 steps. [searchengineworld.com]

Im sure there is much more take a look in the link development fourm as well.

[edited by: rj87uk at 5:10 pm (utc) on Jan. 9, 2005]

5:09 pm on Jan 9, 2005 (gmt 0)

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thats something that is worth thinking about thankyou.

Are we likely to joing the euro?

if so when would this be if you have any idea.

thanks

Adam

3:29 pm on Jan 10, 2005 (gmt 0)

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You're 19. Go build it.

Spend 1-2 hours every day OUT talking to people about your idea. Don't give ay one person all the details, but chat each one up based on their perspective. Hand a contact card to every singleperson, which just your name, phone number, and something like "the next big idea" on it so they can associate you with the encounter.

Talk to sellers about the opportunity for them to sell. Leave a card. Talk to buyers about the opportunity for them to buy. Leave your card. Listen carefully. Keep a journal of your thoughts every night.. just 10 minutes worth.

Stop asking the "experts" and just build it. Ignore those who say you can't, including lenders. Need 5000? Figure out why, and a make a list of the obstacles to doing each thing for free. When you chat it up OUT N THE COMMUNITY every day, chat about those items. Need 1000 in advertising? Chat with others who advertise and talk about how you are in need of that but don't have the cash. Maybe you'll discover co-op advertising opptys. Need artwork done? Chat up yur idea with graphics people. never give away ownership of your idea. If you need to tarde equity trade other equity, like sweat equity not tied to your project. One by one you will get past every barrier and refine your plans.

Remember multiple lines of income lead to cash flow. Stay motivated. Do whatever it takes to achieve your vision.

4:55 pm on Jan 10, 2005 (gmt 0)

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Great advice except for this part...

Ignore those who say you can't, including lenders.

Don't ignore them. Figure out why they are saying what they are saying and figure out a way to over come it. Ignoring common wisdom is very rarely a good idea.
5:13 pm on Jan 10, 2005 (gmt 0)

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thanks for the last 2 posts excellent advise and thank you i will certainly continue to build it. I do think it will work and i dont see how one person can come along and say it wont work in the space of seeing it for 5 minutes. Thanks
5:23 pm on Jan 10, 2005 (gmt 0)

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Just a thought...increase your price...many in these forums have had greater success with a higher price, to many a higher price goes along with higher value...you cold get more advertisers and not lose as much to the credit card processors % wise.
5:58 pm on Jan 10, 2005 (gmt 0)

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<snip>

[edited by: stuntdubl at 9:35 pm (utc) on Feb. 8, 2005]
[edit reason] post removed upon request of poster [/edit]

5:09 am on Jan 11, 2005 (gmt 0)

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Adam ,The issue with a network marketplace like yours is the classic chicken and egg problem ...Nobody will post to sell even if its 1 buck if there is no buyer traffic and nobody will visit if there are no cars listed! .
10:06 am on Jan 11, 2005 (gmt 0)

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gopi sees that the emperor has no clothes.

C'mon guys, he's only 19. The truth is more valuable to him than the fluffy pep talks.

1. Based on the comments here he lacks business experience but also lacks common business skills. Both can be acquired.
2. He seems happy to take advice that cheers him on but no constructive suggestion if he sees it as criticism (I stickied him steve40's advice on why a plan is useful. But several hours later he made his "I'm not writing a business plan as I'm not approaching a bank" comment i.e. he's not willing to plan if it's not needed for raising finance)
3. He really needs to start from scratch and examine the whole issue from a business perspective or end up possibly wasting a lot of time and getting nowhere.

You guys have experience, you guys know what kind of barriers he's got to overcome. Saying, "yeah, you can do it" is not the kind thing it seems. He needs some realism and help with the problems he's likely to encounter. He'll hit the so called sandbox. Then he'll get stung by the dup content penalty (for content he's copied from another site on how to escape from cars in an emergency etc). Then he'll discover SEO. By which time it would have moved on. Assuming nobody files a DMCA and he's still online he'll realise that people don't pay for something just because it's cheaper; if hardly anyone visits the site why would customers want to pay at all? i.e. tell him how to achieve critical mass. The longterm strategy of tying the domain name down to a price and a sterling price at that (considering the possibilities of moving over to the Euro) is, to put it kindly, ill-conceived. Or, in his case, apparently something he hadn't even thought about. Maybe you can offer him advice on building a brand around a currency neutral domain. Perhaps with a 301 on the current domain if he has already done some promotion on it. Or offer him suggestions on what safeguards he needs to build in to account for future possible currency changes etc.

Or tell him how to capitalise on the plus points like his obviously strong design skills.

When I was 19 I raised several thousand and started a business. And it turned out to be a lot more difficult to build up than I thought. "Stop asking the experts and just build it" may be the answer he's looking for. It may not end up being the best advice he's received.

My suggestions would be to
1. Approach a variety of banks. They have free business start up guides. They'll be invaluable
2. Approach bodies like the Princes' Trust suggested earlier, and the local Business Link
3. Draw up a proper business plan even if someone else's help is needed to do it.

But, for goodness sake, don't "just build it". Think first. Build later.

7:06 pm on Jan 11, 2005 (gmt 0)

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Hi,

Thanks macro for your very interesting poat!

I have read with great interest and yes you are right oviously when you say that i wont sell just based on the cheap price if there is not anough buyer traffic.

I have thought about the euro and i have also thought about seo. COntent writing i am currently still sorting this out! What you have seen is just design and this will not go out to the public i am just currently getting out side views and opinions such as your own!

I am also going to get business advice from my local business advice centre.

I have tryed so already do this with my bank but they are clearly to busy issuing people with 30 penaltys for going ovberdrawn to bother with my business accounts.

I do think this can work and i will give it a year before i start to think really hard about the next step.

As always thanks for the advice and keep it coming!

Regards Adam

7:46 pm on Jan 11, 2005 (gmt 0)

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Oh, and get a spell check.

Words like "avalibility" on your sell.php don't look professional.

There is nothing private about your site. It's online, it's accessible, people here have seen it. We are the public. The continuing copyright violation is something that you'd be best advised to address urgently. Use Lorem Ipsum [lipsum.com].

Good luck. I hope you get on the right track.

7:54 pm on Jan 11, 2005 (gmt 0)

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Adam,

Why don't you kick it off for free? That would certainly ease the chicken/egg scenario; and will allow you to build up an inventory before you start charging for a listing.

It will also give you an opportunity to see how well your format performs, and then you can use this in your sales pitch once you start charging.

8:12 pm on Jan 11, 2005 (gmt 0)

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Wow Adam ... if Shak told me to sticky him, I would do it post haste! Sounds like you really need him as well.

Like the old yiddish saying goes ... We get too soon old and too late schmart! ;)

If you can hook up with Shak at 19 ... you wouldn't "get too late schmart!"

Take my advice Adam, send Shak a sticky and do yourself a favour! Also, follow through on any FREE advice he offers.

8:12 pm on Jan 11, 2005 (gmt 0)

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I think you might benefit more from the addition of a partner than an investor. Experience is a great teacher but you learn a lot quicker if you have someone to discuss matters with and who can provide some expertise from their own background.

Among your mates who think this is such a good idea, do any of them have skills/experience/assets they might bring to the table in a partnership. You might try sites like Craigslist to find people in your area who want to start a new project.

9:25 pm on Jan 11, 2005 (gmt 0)

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Usually when there is something to be said, you will often find that someone has said it better before, so I wont write an essay for you. I will however make a few suggestions:

Go to your favourite online techie/business bookstore, and get 1 book on each of the following topics:

- General Marketing. I enjoyed "Principles and practice of marking 4th ed." but is very "university textbook" stuff, so you may want to get some others as well.

- Internet Marketing "Internet Marketing - Strategy, Implementation and practice" is a good book, and also covers business models a bit as well. Once again though its very "university textbook" stuff, so get a few others as well if you can.

- Forum and/or community building. this is important, considering your type of site, and yes, there are entire books devoted to the subject.

Next, sort out the copyright infringment stuff that's already been highlighted. Stealing other peoples work is immoral, illegal, and could cost you your business before it's even started.

Then learn a bit about SEO. This is something I say you should NOT attempt to learn from a book. So where do you learn about it? Here on WebmasterWorld.

Whats next? head over to businesslink.gov.uk and have a read. It will give you a good introduction to various business aspects. The content on that site is specifically written for people new to business and will give you a good foundation of business knowledge on which you can build upon. Note that the site is certainly not "advanced", but like I say it will give you a good foundation on a wide range of issues that you might not otherwise consider.

Also consider doing evening courses in business if you have the time and inclination. GNVQ's are excellent here IMO as they give you more "hands on" experience than typical courses or A levels would.

Also ring up all the highstreet banks or visit their websites, even if you dont want to apply for a loan you will find that most - if not all - have FREE business startup advice packs, many of which include things like "why write a business plan" and "how to write a business plan", as well as lots of other useful information.

Is all this easy? No.
Can it be rewarding if you succeed? Yes.

Good luck :)

12:31 am on Jan 12, 2005 (gmt 0)

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"there are still opportunities on the net"

There will ALWAYS be opportunities on the net.

12:49 am on Jan 12, 2005 (gmt 0)

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Sorry another post in response!

"I do think this can work" - from original poster

Only two sites out of my seven have worked. What seperates these two from the the other five?

Belief.

Even though I put equal effort / hours into all seven of them there were only two that I knew would be successful.

5:06 am on Jan 12, 2005 (gmt 0)

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At 29 you balance your investment portfolio to manage risk. Some stocks, some bonds. At 29 I agree you need a plan, even a spell checker.

At 19 you invest it all in stocks, and some of that in high risk stuff. At 19 I say go build it. You boldness will take you places the rest of us cannot go, and your youth will help you survive the fall.

I didn't see the URL or website, but I would never bet that he would succeed on this project, starting at 19, as he proposes. That is not the point. I would bet that he will succeeed at something, and that he will find that something by chasing after his dream as he describes it, earning wisdom at every step.

"I failed ten times today. It was a very productive day"

Suggesting an enterprising 19 year old chase his dream at all cost, ignoring the naysayers while listening carefully to as many people as he can along the way, is not "fluff talk". It echoes the advice of numerous succesful entrepreneurs when asked what advice they would give upstarts.

5:55 am on Jan 12, 2005 (gmt 0)

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I would bet that he will succeeed at something, and that he will find that something by chasing after his dream as he describes it, earning wisdom at every step.

From my perspective, there is a lot of truth in those words Paybacksa posted.

Also, I'd say passion doesn't have to be about the subject of the project, it can just as easily be about the project itself.

9:54 am on Jan 12, 2005 (gmt 0)

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>>"I failed ten times today. It was a very productive day"

I see where you are coming from. Hopefully, he'll learn from it.

2:10 pm on Jan 12, 2005 (gmt 0)

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Thanks for all your feedback so far!

Lots has been taken on board and im going to be working until late on into the morning to sort these out.

Im also going to offer free signup for 6 months.

What other ideas do you fine people have?

Regards
Adam

2:51 pm on Jan 12, 2005 (gmt 0)

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When its all up and ready then maybe you should try and find some people that buy and sell cars as a living and sort some deals out with them - im sure that would give you a head start.

Your advertising will play a very large part in this project! Think about some of the things that are working for other companies, find out how they are doing it then make something work for you.

rj

3:50 pm on Jan 12, 2005 (gmt 0)

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Think locally first . Partner with used car dealerships in your city and offer them free posting . This way you can generate good number of listings in a relatively short time .

Also try ads in the auto classified sections on the sunday paper and cheap radio ads .

Your age can also be a plus . Try to do a PR release or network with some journalists ... Play your *age* here - 19 year old internet entrepreneur challenging a big traditional company is a newsworthy subject for many :)

2:24 pm on Feb 5, 2005 (gmt 0)

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Thanks for all the posts i just re-read them all. Very interesting maybe there are some more thoughts out there.

Where are the place's to get my links linking back to me? Are there some websites that i can do this for free?

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