Success with funding

[Scott-Copywriter]

After months of development work and general moaning at people I'm finally on my way to securing funding.

My college does enterprise schemes so I've managed to secure a £3,000 grant from that. Also after some careful discussions my uncle is prepared to invest up to £17,000 which secures my £19,800 target.

Our plan so far is for me to start making the website specification (which is the core of the business). Then me, my uncle and a few other family friends are going to strip it down, discuss and improve on it until everything is as close to perfect as possible. Then once we have completed NDA's were going to approach a local web developer to discuss it further.

Not bad for being 16 is it

 

[Bulldog Design]

Nice one Scott, unfortunately I doubt any of my family have that kind of money floating around.. still, must be a good business model to raise that kind of cash.. look forward to seeing it up and running

 

[Optegris]

Can you tell us a little more about what it is or is that still under wraps as it certainly sound interesting...

 

[Scott-Copywriter]

I can't really say anything right now since if I even give away the slightest of details anyone just has to think twice to understand the entire concept.

To be honest my family don't really have that much money (I wouldn't consider them anywhere near rich anyway). My uncle only earns about £20,000 a year but he is about to sell property he has been developing with my other uncle for about £450,000. I asume that's where he'll get the money from.

The only problem is the website could easily be copied. Therefore our only option is to develop then 'explode' our marketing plan, going from 0 to 100 as fast as possible and establishing a membership and media base. So if our website does get copied we have the best chance of fighting off the competition.

 

[Cornish Steve]

Way to go, Scott. Now you need a comprehensive business plan with a detailed summary of all your anticipated costs. You need short arms and deep pockets in this game.

 

[Matt1959]

Many congratulations. Judging by your posts on the subject on here I'd imagine this is pretty good news!

Couple of questions just out of interest..... How confident in percentage terms are you of success with this particular thing and why?

 

[Scott-Copywriter]

I'm about 90% confident in success (the other 10% is due to possible competition) and about 99% confident in making back the initial investment.

The reason behind this is it's unique and due to other media sources it's turned out to be a very successful business sector which has yet to be touched by the Internet. I believe due to the sheer popularity revenue can be made from advertisements alone (involving a very rich music related demographic).

 

[Malcolm Cooper]

Very best wishes. It's a tough environment and I wish you every success.

 

[garyk]

Thats great news scott and youve certainly got age on your side!

 

[Scott-Copywriter]

Thankyou

I also just found out that I'll be saving about £2,000 from my original costs, which is a big relief.

And as luck would have it an Accountancy has just opened up literally a 2 minute walk from my home.

Everything seems to be coincidently fitting into place...