How do I get money to start up my idea into a business?
I have this unique idea that can easily make millions if the product is made. Though, I do not have the funds to start up my own business as I am student. I can't get investors as they usually want to see pre-existing sales or some sort of a base first. A loan wouldn't do much for me either as I am not making a enough income to pay them back. Others have said get a job but I'm in school right now and won't land the job I'm going for at least another 2-3 years.
The only realistic and possible option I see, is obtaining backers. Someone who is willing to put money forward and supports the idea/business.
In my shoes, I'm the guy with the idea and I know my idea/product will be successful because my exposure to the field that specific field the product is being sold to, the employee connections I have and the research I have done. Furthermore, other companies have created very very similar products and have done well. My idea takes it to the next step.
You need money in the business world to do anything especially the little things and the idea of waiting until I land my job is reasonable but its possible that another company will think of it by that time and create the product.
Right now, all I have is the idea, some research, sketches etc. I need money to continue to build a foundation/base for the idea especially even if I want to go public and get it crowd funded.
So /biz/ how do I get money to start my up my idea into a business?
>>1019296
What's the idea in the most vague sense?
>>1019296
These things are usually referred to as Loans.
>>1019300
New law enforcement and defence equipment/technology
>>1019303
How much money are we talking here?
>>1019308
I'm estimating 10k to start, especially if it's technology.
>>1019296
you can develop it on a conceptual level, and patent it. then you can create a sort of pitch document and try to get that infront of investors or wealthy people with the education to see the potential in your product. the more niche and specialized your product the less likely it is that anyone outside of the target industry recognizes its potential and lends you money to start working on a prototype.
i have never done this before but if i were you i would try to include the following in a pitch package:
what it's for
why it's awesome
why the world needs it
who could use it (police, military, etc)
what it looks like (hire a product designer or illustrator)
why it looks that way
some technical specs related to cost/use
what it's used like (hire a storyboard artist to draw out a couple of scenarios showing the device in action)
people love visuals. honestly. they are incredibly important when you are selling 'an idea'. think of those military promotional videos with shitty cgi. they are basically selling a concept of a futuristic tank that shoots lasers and shit. they do the promo video to get funding, and once the contracts are signed, they get to work on a prototype. that's essentially what you want to do so selling the idea visually is a big part of your package.
personally i'd also do some research about everyone i send a pitch document, and include some flattering BS 'judging by your extensive experience and expetise in the field of blablala'
everyone loves feeling important and appreciated.
Get a decent normal job, save money and live frugal, do this whilst developing and refining your business plan or investing in little bits in your business.
Quit your job and become the entrepreneur you've always been. Company can start running easily OR it can grow because more time since no job. Implying you are a good leader.
