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by viame 4563 days ago
Taking funding is ok as long as you write your own rules and the other party agrees, of course they need to be somewhat reasonable. I also agree that having some revenue prior would be much better, that way you know what you can expect in a month, two months, and so on. Of course, those are just business predictions, but these predictions can be very useful when taking a loan of some sort. Then you can actually do something like "I need 50k for 1 year @ 20% interest, here's my revenue, I will grow this business to x", write a 12 month contact and off you go. Do not give shares right off the start. There are people out there that will want shares, there are people that will give you a private loan, there are no banks that will do that (haha), and of course there is family, friends etc. Just don't f-it up if you're going this route.

I have been working for myself since 17-18, 10 years of self employment. I have been in the food industry (disaster), construction and web. I have had every single position at a company you can image. Just now, I think I can run any business (of course with more failures). I am just not there yet, taking my time, we'll see what 2014 has for me.