A Small Idea

[TigerCleavage]

Ok I'm probably going to get laughed off this board but I thought I'd ask anyway. It's just a little pie in the sky dream I've had for a few years.

Over the past few years I've had a small website business idea in the back of my head that seems to come and go every few months. Each time, I write down my thoughts, do some research into those ideas, then become disheartened because I have next to no money to get started. (Full time Uni student on Centrelink). This cycle continues and the same result occurs every few months or so.

Recently the idea seems to have gained more steam and I'm increasingly finding it difficult to ignore it, so I've been putting a bit more research in and working on developing a solid foundation for my business model. I decided to forget about the money side of it and just work on the actual idea, make it the best it can be, then calculate the costs and re evaluate my idea.

Small problem however, I've estimated so far that I'll need about $15,000 to get the idea off the ground and push it forward. My problem is that I've only got $200, (yes that's right, 200)

Is there any way (beside gambling) that I can take that $200 and gradually turn it into $400, then take that 400 and turn it into 800 and so on until I slowly build up to my goal of 15,000?

Any advice would be appreciated.

 

[sirlothie]

Ok I'm probably going to get laughed off this board but I thought I'd ask anyway. It's just a little pie in the sky dream I've had for a few years.

Over the past few years I've had a small website business idea in the back of my head that seems to come and go every few months. Each time, I write down my thoughts, do some research into those ideas, then become disheartened because I have next to no money to get started. (Full time Uni student on Centrelink). This cycle continues and the same result occurs every few months or so.

Recently the idea seems to have gained more steam and I'm increasingly finding it difficult to ignore it, so I've been putting a bit more research in and working on developing a solid foundation for my business model. I decided to forget about the money side of it and just work on the actual idea, make it the best it can be, then calculate the costs and re evaluate my idea.

Small problem however, I've estimated so far that I'll need about $15,000 to get the idea off the ground and push it forward. My problem is that I've only got $200, (yes that's right, 200)

Is there any way (beside gambling) that I can take that $200 and gradually turn it into $400, then take that 400 and turn it into 800 and so on until I slowly build up to my goal of 15,000?

Any advice would be appreciated.

You can't plant $200 in the ground and grow it into double but if you can save $200, you can save $400. Get a part time job and full-time study is only part-time really anyway.

Skim any costs off the top of your start-up costs you can, what do you plan to sell? Start off not purchasing the inventory before you sell it but drop-shipping it ie. only buy it once you've sold it. Then your costs are nil.

Learn how to make the page yourself and it will cost you nothing except getting the page online and setting up the bank accounts.

Or get a job and get a personal loan if you can't wait but I wouldn't recommend doing that in this current climate. Nothing comes all at once, just chip away at it bit by bit every day do something that gets you closer to your dream.

 

[r dub 19]

Get a job. I also do full time uni and work generally does not impact my studies. What is your business idea if you dont mind me asking, that way we might be able to help a bit more.

 

[Monkey Worshipper]

Small problem however, I've estimated so far that I'll need about $15,000 to get the idea off the ground and push it forward. My problem is that I've only got $200, (yes that's right, 200).

1. Sit and wait until you get the money.

2. Looks like you're not in a position to borrow the money.

3. Take on a business partner. He supplies the $$$, you've supplied the idea.


Hell if it was a VERY good idea / business plan, I'd withdraw $15K+ off the home loan and invest with you.

 

[Lyyynnnchy]

I have the exact opposite problem

I have an idea that I have run past the WA small business association and they are very keen on helping me get started. I have built a business model, worked out all the costs and was very close to getting started about 6 months ago.

I recommend going to them and showing them you’re idea

Problem is I work full time and in the current economic environment I don’t have the balls to leave my job to get the idea up and running

I'm only 21 though so have plenty of time.

Can I ask how old you are?

 

[TigerCleavage]

Many thanks for the responses everyone, you've given me a lot to think about. Very helpful. A couple of suggestions (such as finding a business partner) hadn't entered my mind.
Lyyyynnnchy, I'm 24. Sounds like you have something very good in the pipe. I might have a look for some small business groups in my area and see how they operate.

 

[Kahuna]

Buy bargain things and then sell them on Ebay.

I had sold 20 things about made $5000 in the last 2 months, I started with $150.

I will give you a key of only sell things that are in your interests, I.e Footy, Clothing.

It's risky, but a lot less risky than gambling.

 

[A Living God]

Do you live with your parents? If you don't and its feasible to move back in with them, nothing makes saving easier than not paying for food or rent. Working 40 hours a week at $20/hour you could save the money in 6 months.

 

[Chief]

My advice: get in touch with a friendly internet entrepreneur you know and love (aka: Chief). If the idea is good he'll partner up and help you get it running.

 

[carntheroos4eva]

Do you live with your parents? If you don't and its feasible to move back in with them, nothing makes saving easier than not paying for food or rent. Working 40 hours a week at $20/hour you could save the money in 6 months.

Problem is if you did that you wouldn't be allowed to do what you want when you are at your own place.
Partner up with somebody. Ask Centrelink or your local job network member about attempting the niec scheme which will help you make money.
Who knows you might be able to get it up and running sooner than you think.

 

[Equus]

Do you live with your parents? If you don't and its feasible to move back in with them, nothing makes saving easier than not paying for food or rent. Working 40 hours a week at $20/hour you could save the money in 6 months.

True that. It's the holidays so find a job to occupy your time and make money.

And as suggested before there are business angels that are willing to invest in your ideas and plans.

If all else fail, manwhore yourself.

 

[ben_cats_fan]

My advice: get in touch with a friendly internet entrepreneur you know and love (aka: Chief). If the idea is good he'll partner up and help you get it running.

 

[Deej]

I'd be wary of chief, he has the means and wares to take your idea and run with it himself!

Personally speaking I'd work out first how likely this idea is to succeed, if you have business nous and are switched on then you should pretty much know if it'll work or not. If you are a smart cookie and super confident it will work, it may pay you to contact NEIS through your local centerlink. If you pass their criteria you will get the dole for a full year in your first year of business, virtually no questions asked and that's a huge help when you're trying to build it up to the point of taking a wage.

NEIS wont give you the 15k up front to start it though, you'd have to source your finance from an investor/parents/loan.

Good luck.

 

[Lakey91]

Best way to save, is to have automatic transferals on day of pay (whether it be from work or centrelink) to an outside account without a key card/credit card.

Just set up an automatic savings plan, and have money transferred out into savings before you can touch it - also an account with high interest helps.