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omagus omagus is offline
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Join Date: Nov 2008
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Need Help on finical bit.

Hi guys,
well let me give a backdrop:
i have just completed my business plan for my new company which is going to be a new internet auctioning site. now i have the come across the funding part of the start up. i just want to ask where do i start at finding investors? i looked at options on business-link.gov.uk such as Loans and family, but they are out the question as im a young person which might be a problem when it comes to loans.. as well as family they have business to run so i cant ask for money at this time. so im stuck in the water with this one..

So let me know if there is any other way or any tips or help on investments?

Thanks.
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chrisborrowdale chrisborrowdale is offline
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Hi,

Can I ask what you would need the money for?

Chris
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shamrocker's Avatar shamrocker shamrocker is offline
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Why would anyone want to invest in your new business?

That is something you need to ask yourself. You need to be able to prove that the concept works and will earn a return for investors. It will be the same if you are looking for a loan - the business plan needs to show that the business is realistically viable - not speculative.

Entering into the online auction industry will be a tough task. Have you found a niche that will make you stand out?
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chrisborrowdale chrisborrowdale is offline
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Sham Rocker hit the nail on the head really, a start up will find it very difficult to be successful in that market unless you have a USP. Furthermore, to build a site similar to eBay or eBid you would extremely good coding skills or use a ready made php script. If you consider that eBay has a team of web developers and designers who take care of all of that and I imagine would get paid quite a bit for doing it as well as being very experienced. That's why I am interested to know why you would want the loan for? You've got to be realistic there's no point in waking up one morning and thinking you are going to be as big as eBay.
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m8internet m8internet is offline
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Re: Need Help on finical bit.

Quote:
Originally posted by omagus
i have just completed my business plan for my new company which is going to be a new internet auctioning site. now i have the come across the funding part of the start up
Is this an auction website or an auction-bidding website?

There has been quite an increases in the latter, which requires substantial investment as you are actually selling the items.... eventually!
However, there is great debate at the moment as to whether this is in effect gambling

I have one such website on my servers, and I am currently monitoring their progress
As I do not allow certain types of websites, including gambling, I have been keeping the owner advised accordingly

However, if it is a simple auction website, then the main issue will be unique branding
Equally, there will be little or no costs, until the website becomes heavily visited
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Eagle's Avatar Eagle Eagle is offline
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Re: Need Help on finical bit.

Quote:
Originally posted by omagus
...my new company which is going to be a new internet auctioning site.
A generic one like eBay?

Stop.

Now.

Employ your time, talents and resources on something you might actually stand a chance of succeeding at.

It's good advice.
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moneyman's Avatar moneyman moneyman is offline
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You can buy auction sites off the peg but you would have to have a fantastic original USP otherwise why not ebay?

Auctions are a licence to print money once you are well know. but there lies the problem.

i have seen dozens of business plans for sites targeting specific areas, students for instance. but rather than being a market that is focussed it is just like any other auction but cutting out 90% of the population.
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