What Are You Doing for Financing?

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This topic contains 4 replies, has 2 voices, and was last updated by Profile photo of Jonathan Bechtel Jonathan Bechtel 2 years, 8 months ago.

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  • #235
    Profile photo of Jonathan Bechtel
    Jonathan Bechtel
    Keymaster

    I got a question about this via e-mail the other day and I thought it’d be worth discussing here.

    What are you guys going to do to finance your entrepreneurial plans?

    I’m guessing most of you are bootstrapping, but I’d be curious to see if some of you are planning on something different (Kickstarter, VC, angels, rich uncle, etc).

    Is money a limiting factor for you guys or is it something else?

    Owner of Health Kismet . Open to answering any and all questions.
    #240
    Profile photo of Sally
    Sally
    Participant

    This is a great topic!

    Right now I’m bootstrapping with about 8-10k but to be honest I worry that it will run out soon and I’m not sure I like other options. Its one of the reasons I’m nervous about getting started. Kickstarter is a lot of work and I had financial trouble a little while ago that’d make it hard for me to get a bank loan.

    I can get my product started for that amount but I wonder about all the additional costs….especially marketing.

    #256
    Profile photo of Jonathan Bechtel
    Jonathan Bechtel
    Keymaster

    This is a great topic!

    Right now I’m bootstrapping with about 8-10k but to be honest I worry that it will run out soon and I’m not sure I like other options. Its one of the reasons I’m nervous about getting started. Kickstarter is a lot of work and I had financial trouble a little while ago that’d make it hard for me to get a bank loan.

    I can get my product started for that amount but I wonder about all the additional costs….especially marketing.

    @sallym – I think your situation is probably close to the median for people in our situation.

    For most people in your situation I think it’s important to develop low-cost/unpaid marketing channels. These are typically slow to start in the beginning but over time can become extremely valuable from an ROI perspective and give you a base to delve into higher cost channels.

    Owner of Health Kismet . Open to answering any and all questions.
    #315
    Profile photo of Sally
    Sally
    Participant

    <div class=”d4p-bbt-quote-title”>Sally wrote:</div>
    This is a great topic!

    Right now I’m bootstrapping with about 8-10k but to be honest I worry that it will run out soon and I’m not sure I like other options. Its one of the reasons I’m nervous about getting started. Kickstarter is a lot of work and I had financial trouble a little while ago that’d make it hard for me to get a bank loan.

    I can get my product started for that amount but I wonder about all the additional costs….especially marketing.

    @sallym – I think your situation is probably close to the median for people in our situation.

    For most people in your situation I think it’s important to develop low-cost/unpaid marketing channels. These are typically slow to start in the beginning but over time can become extremely valuable from an ROI perspective and give you a base to delve into higher cost channels.

    @jonathanbechtelgmail-com – Thank you. Are there any channels that worked well for you?

    I’m getting a website developed, but I don’t think I’m much of a blogger. I prefer person-to-person contact so I was thinking of doing a lot of booths at different shows.

    I know some can get very pricey, but I plan on starting small and then going to some larger ones like natural products expo.

    • This reply was modified 2 years, 8 months ago by Profile photo of Sally Sally.
    #318
    Profile photo of Jonathan Bechtel
    Jonathan Bechtel
    Keymaster

    <div class=”d4p-bbt-quote-title”>Sally wrote:</div>
    This is a great topic!

    Right now I’m bootstrapping with about 8-10k but to be honest I worry that it will run out soon and I’m not sure I like other options. Its one of the reasons I’m nervous about getting started. Kickstarter is a lot of work and I had financial trouble a little while ago that’d make it hard for me to get a bank loan.

    I can get my product started for that amount but I wonder about all the additional costs….especially marketing.

    @sallym – I think your situation is probably close to the median for people in our situation.

    For most people in your situation I think it’s important to develop low-cost/unpaid marketing channels. These are typically slow to start in the beginning but over time can become extremely valuable from an ROI perspective and give you a base to delve into higher cost channels.

    @jonathanbechtelgmail-com – Thank you. Are there any channels that worked well for you?

    I’m getting a website developed, but I don’t think I’m much of a blogger. I prefer person-to-person contact so I was thinking of doing a lot of booths at different shows.

    I know some can get very pricey, but I plan on starting small and then going to some larger ones like natural products expo.

    Hi Sally,

    I think specializing in person-to-person contact is a fine way to start.

    You’re developing a children’s flu remedy, right?

    If that’s the case I’d think sponsoring local races w/ booths, health expos in your area, etc, as well as canvassing local grocery stores is a fine way to go. I agree the whole online/blogging thing isn’t for everyone and if you can’t do it well then it’s better to find some venue that you’re good at.

    If you wanted to do online sales but are not really into blogging you could also look at affiliate networks like share-a-sale.

    Jonathan

    Owner of Health Kismet . Open to answering any and all questions.
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