Help needed re Online Solution

[NickyJ]

Hi there,

Am new to this forum and really hoping people may be able to help.

I have an idea/concept for the recruitment industry, a solution which doesn't exist so will tap into a $420 Billion industry. I know this as worked in the industry for 10 years within the IT dept of one of the largest UK agencies. The industry needs a good shake up and this solution would do just that.

I've documented my concept, written a document requirement, done the workflow for the website, I have bought domain names (all filed in a safe ) etc, what I do need is someone to develop the solution which will be an entire e-commerce online application.

Now yes I could go straight to a uk development house but that I feel will cost thousands which I don't have, I don't want banks involved at this point. I've contacted outsourcing development companies in India, China, Vietnam though I am finding that they don't get back in touch and have poor communication skills. Anyone got ideas/advice how I can get what I believe is an exceptional idea to a online product. I'm also offering any developer a % of the company formed.

Any help really appreciated
Regards

 

[paretowasright]

Nicky,

Find a developer on Elance who has a track record of building recruitment sites would be my advice.

 

[JMCDesigner]

A lot of companies in your position seem to offer a percentage of the company rather than some form of payment. The thing is it happens far too often, its a large project that sounds time consuming, and web developers have bills to pay at the end of the day. You would be hard pressed to find someone to take up your offer, what good is a percentage ownership of numerous online companies to a web developer? They generally don't know much about shares and stocks etc and what happens if your company crumbles? Maybe a student or someone similar could do it for you cheaply or whatever but in the long run you will most likely get a faulty website that needs redoing properly (again) from scratch.

If the business concept you have is truly worth billions I don't know why you can't approach a bank with your business proposition, or at the very least get investors to back it before you even consider the technological aspect. Then you have the finances to get the website set up PROPERLY. Trying to get the technology up and running with little or no budget (or on the cheap) is asking for trouble.

 

[DuaneJackson]

Trying to get the technology up and running with little or no budget (or on the cheap) is asking for trouble.

Agreed. And I've got a little experience in this field.

One option may be to find a good web developer who has a proven track record (in business as well as technically) to join you as a co-founder. So a shareholder, yes, but also an active full-time business partner.

Duane

 

[Cornish Steve]

If it helps, I can refer you to a software development company in India that I've found to be very professional and reliable. They'll agree a fixed price or work on a T&M basis. As others mentioned, though, you'll need funding. Since you have a requirements document, do you know anyone who could estimate the work in staff-hours? Multiply by about 15 pounds/hour, and you'll have the cost of offshoring this development.

 

[NickyJ]

Thanks for the replies all.

Duane, I am trying exactly what you said and giving away shares in the company, I have other ideas to the concept so the developer would become a partner in the company and not just this project. I want someone who would grow the business with me, a great story is if you google "dan mcguire broadbean aboutus" and read top result

Dan McGuire is estimated to be worth £35 million now having sold his stake.

I am also seeing a bank this weekend, at this stage I'm wary of the banks as I have read on another forum how they try and take over your business, perhaps not the case and I shall see after the weekend.

Also I have contaced outsourcing companies in India and Vietnam, the trouble I'm having is they just don't call me when they say they will, and I have this vision of my site with its clients, the site goes down and I'm left high and dry. We also use offshore services at my work and it's just a nightmare perhaps just our poor offshore company though.

I've x-ray searched LinkedIn for developers and there is some interest from a few. I would be interested in outsourcing more so if they had a UK branch whereby I can walk in and sit down and go over the concept, so Steve yes very interested in the company you mention.

Thanks for comments to date

 

[DuaneJackson]

Dan McGuire is the exception, not the rule.

Often with giving shares to developers in early stage businesses it's done (or proposed) as a fairly small amount for developing the system and the developer then sits back and gets on with his own stuff and hopes you can make the business work and he gets a return on those shares at some point. More often than not, he doesn't.

It's different to what I'm suggesting which is to seek a co-founder to be fully in the business with you with the same equity as you (ensure you have a mexican shoot-out clause).

How much are you looking to get if you were to take a loan from the bank? I've not known banks to try to take over small businesses on the basis of large loans. It's just not what they're in business to do. although without a trading history or anything to secure the loan on then you may struggle.

I've built an online software company that's now worth millions (mainly by luck rather than any skill on my part though!). If you're ever near London Bridge and think I might be able to help then feel free to pop in for a coffee and a chat.

 

[NickyJ]

Duane,

I pass London Bridge everyday on my way home from work, perhaps before anything I'm thinking it would be wise to speak with someone who has made millions from a software house, so I'd love to take you up on the offer and discuss this, surely a successful business is one that gets off on the right footing I'm thinking.

how's best to contact and thank you for your offer.

Regards

 

[DuaneJackson]

I've (unfortunately) discovered there's a subtle difference between "making millions" and having a company that's "worth millions". I'd only have millions in the bank now if I actually took one of the offers we've had for the business. So instead I just need to keep taking dividends and build up the cash slowly : )

The office is just down the road from London Bridge station - address and telephone number here.

Drop me an email (firstname at kashflow.com) and let me know when's good for you.

 

[NickyJ]

I understand your point.

You should have a mail.

Thanks

 

[Sammle]

Hi,

I am in a similar situation... I have had quotes of $5-6000 from US- based companies for the solution I require, and $2400 from India. I am hesitant to take the Indian offers, as they are not asking the kinds of questions that the American guys are, and not requiring the same level of detail in the specs.. Has anyone else been in this situation before, or can anyone recommend any good software houses in Asia?

Thanks