ADVICE: Software startup business loans or grants or funding ?

[Genesis]

Hi everyone
I have over 25 years experience as a Microsoft software developer and once had my own business, (which was quite successful) which I lost. It was a global website with links in 5 countries and 40,000 users at one point

I have been building a similar online business ( website and phone apps) and invested so much into it


I am wondering if there are any loans, grants or funding out there I can get assistance with. I Have a very comprehensive proposal and demo of how far we have gone

Kindly advice

Genesis

 

[Mark T Jones]

How much funding?

What is it for?

How can you repay it?

These are key questions, the answers to which should lie in your business plan and projections.

Remember, what any funder or investor wants to see is how the business will operate and make money - distinct and separate from the 'brilliant product'

 

[Paul Norman]

I am not aware of any grants for this sector.

However, there are loans and funding sources available. Where best to go will very much depend on how much you need.

But whereever you go you will need a robust business plan, and convincing answers to the questions posed by Mark above.

 

[fisicx]

I am wondering if there are any loans, grants or funding out there I can get assistance with.

Assistance for what?

I'm assuming you are using your software skills to build the website and app so why do you need the money?

 

[Paul Kelly ICHYB]

startuploans.co.uk?

 

[HFE Signs]

Hi everyone
I have over 25 years experience as a Microsoft software developer and once had my own business, (which was quite successful) which I lost. It was a global website with links in 5 countries and 40,000 users at one point

I have been building a similar online business ( website and phone apps) and invested so much into it


I am wondering if there are any loans, grants or funding out there I can get assistance with. I Have a very comprehensive proposal and demo of how far we have gone

Kindly advice

Genesis

I'm interested to learn a bit more - How did you lose such a successful business? 40.000 users is pretty serious, how did you achieve that level?

 

[Genesis]

I'm interested to learn a bit more - How did you lose such a successful business? 40.000 users is pretty serious, how did you achieve that level?

I wont give u my business details, (As they are simple everyday hacks) but back in the day mid 00, I had a web hosting company, and had about 400ish websites I hosted. I had reseller accounts, with whitelabel resellers not just for the above, but other areas which I sold. I had a few reputable organisations I managed 2 international universities and provided services for all their staff and students

Before online payments became mainstream, we created a VPN with IP trackers to the banks for them

Assistance for what?

I'm assuming you are using your software skills to build the website and app so why do you need the money?

Building an online site, takes time. I have built a number of services and still have a number of things to get done

But whereever you go you will need a robust business plan, and convincing answers to the questions posed by Mark above.

I have a very comprehensive business plan and can do a demo, part of our project is undergoing trial runs, @Mark T Jones I can show this, and if it fails, I could always return back to work. But I doubt it would fail, as its not just one stream of income, rather multiple

startuploans.co.uk?

will have a look,

If there are others I would appreciate knowing, thanks

 

[Mark T Jones]

You haven't answered the key questions that will get you meaningful answers

How much?
What for?
How will you repay it?

For example, if you are years away from generating revenue, a loan is a bad idea, you need equity.

If you are buying equipment that will generate revenue, asset finance should work.

 

[fisicx]

Building an online site, takes time. I have built a number of services and still have a number of things to get done

But why do you need the money? Is it to pay your bills?

 

[Genesis]

You haven't answered the key questions that will get you meaningful answers

How much?
What for?
How will you repay it?

For example, if you are years away from generating revenue, a loan is a bad idea, you need equity.

If you are buying equipment that will generate revenue, asset finance should work.

Sept starts in a few days, and I am looking to launch around dec/jan, and spent all my savings investing into my biz, as its now or never. I am hoping to get about £10 - 15k investment or loan, paying back is not a problem, as even if all fails, I could return to employment, but I wont want to be lying in the grave in the future and regretting i never stepped out of the boat

I have purchased all other equipment, not sure how equity works, but if its giving a percentage of my company at this early stage ??? I dont think that would be a good idea

Yes its for bills, as I have my website running, just need more time for the finer details

As I said earlier my business is not new, its just simple every day hacks with improvements and thoughtfulness added to it and being internet and global, I dont see failure

 

[fisicx]

Investors won’t pay your bills. They will be investing in the business only and will want equity.

Which means you need to get a job to pay the bills.

The other consideration is marketing costs. This can be many times higher than the cost of the website. An investor will need to be sure your marketing plan is viable. Which means you need to demonstrate an MVP.

 

[Mark T Jones]

Sept starts in a few days, and I am looking to launch around dec/jan, and spent all my savings investing into my biz, as its now or never. I am hoping to get about £10 - 15k investment or loan, paying back is not a problem, as even if all fails, I could return to employment, but I wont want to be lying in the grave in the future and regretting i never stepped out of the boat

I have purchased all other equipment, not sure how equity works, but if its giving a percentage of my company at this early stage ??? I dont think that would be a good idea

Yes its for bills, as I have my website running, just need more time for the finer details

As I said earlier my business is not new, its just simple every day hacks with improvements and thoughtfulness added to it and being internet and global, I dont see failure

As Paul Kelly suggests, a Start Up Lian is a good starting point.

They will also review and feedback on your business plan (at no cost)

They will need to know thd purpose, broken down and supported by quotes/invoices

 

[Genesis]

Investors won’t pay your bills. They will be investing in the business only and will want equity.

Which means you need to get a job to pay the bills.

The other consideration is marketing costs. This can be many times higher than the cost of the website. An investor will need to be sure your marketing plan is viable. Which means you need to demonstrate an MVP.

TBH at this early stage, I dont want investors, they would only invest pennies and want a pound of flesh in return. When I first started off in 2003, I wanted to get investors involved and my inlaw warned me against such, and I am glad i listened

If the company goes on to be a success, like whatsapp (That was not making money) but had the user base, and bought by facebook for about 14billion. Then we can allow investors. Not now

As Paul Kelly suggests, a Start Up Lian is a good starting point.

They will also review and feedback on your business plan (at no cost)

They will need to know thd purpose, broken down and supported by quotes/invoices

Yes, I will call them next week, I am trying to get to know what else is out there, before I take the plunge. thanks

 

[fisicx]

But a loan needs to be for the project not your bills. The lender will need to know why you want the money and if it’s so you can go to Tesco to buy cornflakes you won’t get the cash. Even if you need to pay for your server it’s unlikely to be successful.

 

[Genesis]

But a loan needs to be for the project not your bills. The lender will need to know why you want the money and if it’s so you can go to Tesco to buy cornflakes you won’t get the cash. Even if you need to pay for your server it’s unlikely to be successful.

I see,

Interesting. So its unless I need physical stuff, like a sledge hammer or boots, office tables etc ???

 

[Genesis]

But a loan needs to be for the project not your bills. The lender will need to know why you want the money and if it’s so you can go to Tesco to buy cornflakes you won’t get the cash. Even if you need to pay for your server it’s unlikely to be successful.

What if I need to pay for app developers, as though I develop web apps, I need some mobile apps ( which is not my area) I also need to pay for FCA license and business proposals, write ups etc

Anyone has advise on software ? as software is more of time and intelligence paid for...

 

[Mark T Jones]

What if I need to pay for app developers, as though I develop web apps, I need some mobile apps ( which is not my area) I also need to pay for FCA license and business proposals, write ups etc

Anyone has advise on software ? as software is more of time and intelligence paid for...

I suggest you contact Start Up Loans, who will give you accurate and current answers

 

[Genesis]

I suggest you contact Start Up Loans, who will give you accurate and current answers

I called them, but was unhelpful. They said its not a startup company, as I had a similar business internationally "SOFTWARE" so even though its different, its still the same line of software, sadly my last business was different.

 

[Mark T Jones]

I called them, but was unhelpful. They said its not a startup company, as I had a similar business internationally "SOFTWARE" so even though its different, its still the same line of software, sadly my last business was different.

Shame

Is there anything you can offer as security?

Also - I may have missed it- how much do you need?

 

[Genesis]

Shame

Is there anything you can offer as security?

Also - I may have missed it- how much do you need?

Sorry this is late, I have been away and not minding my emails

Security ? I would have to think hard on that one. As I dont have a mortgage, due to a nasty divorce

I need about 10-15k, thats to apply for my FCA license and get 2 mobile app projects developed, while I develop the main web apps and backend that all apps ( web and mobile) would communicate to as well as develop the cloud deployment solution

I can show a comprehensive demo if needed, as I am quite confident of the market demands

I spoke to REED agency (for job center plus) and they said they cant help

 

[JustineR]

Hello, what's required to get the grants?

 

[Genesis]

Hello, what's required to get the grants?

Sorry I dont understand what you mean ?

 

[JustineR]

Sorry I dont understand what you mean ?

I really don't know how how to make it clear. But I saw something about grants of any new project, and I'm inquiring on how to get the grants

 

[JustineR]

How do I acquire the loans or grants please?

 

[fisicx]

How do I acquire the loans or grants please?

You apply for them. Do a google search, there are plenty of places to apply. Your success will depend on how well you present your case and the suitability and viability of your business.

 

[Porky]

@Genesis

Tough love: your answers are confusing frankly and you won't get capital from anywhere unless you get your act together.

Advice from @Mark T Jones was spot on, start up loans is your best option for a £15k loan im surprised they can't help but based on your replies here its no wonder as you are not clear if its a new business, a rehash of an old one, some nonsense about it "being a simple hack but can't tell you" yada yada

Look my advice is simple: go back to start up loans and download the business plan template from the website. Spend the time putting your plan together for this new company? With your projected P&l and CFF and identify exactly what you need the money for, and what it looks like and how it would be repaid. - at that point you can submit a proper application to them and hopefully secure a coach to help identify any plan weakness. If they still can't help, you can use the plan to apply for a busines loan from your bank or other lenders

If all that fails then equity is another option but again you need to be clear on what the business is, what you need the cash for exactly and how they would get an exit - hence why im saying use the start up loans templates because which ever route you take you need a clear and concise plan here, not wishy washy answers.

Good luck