Hi, how do i budget my startup project if i have 0 money, but very good idea.
So I have this good idea about a startup, but I am new in this world I know a bit of SMMA and Sales, not that much tho. But the problem is I have a very good startup idea that i think will explode. But I dont have no money to start it so what is the best way to find investors to invest in my startup.
My suggestions is that totally consider working on your startup on the side, when you have a fulltime job. It proves two things:
- You are passionate
- You test your idea better when your own finances are on the line
- There is almost no idea that cannot be done as a side job (exceptions to this are a few)
If you think you need a lot of money to build it, try to validate by assessing people's interest. Watch this if you think that is not possible: https://www.youtube.com/watch?v=bqPARIKHbN8
Start by identifying your essential expenses, such as legal and accounting fees, and prioritize them in your budget. Look for free or low-cost resources, such as open-source software, co-working spaces, and virtual tools. Look for ways to generate revenue early on, such as offering a freemium version of your product or finding a small group of paying customers. Network and seek out mentors or advisors who can offer guidance and potentially provide funding. Consider alternative forms of funding, such as crowdfunding or small business loans. Cut unnecessary expenses and focus on creating a MVP (Minimum Viable Product) to validate your idea and attract investors.
You do a start up that cost no little money thats what i have but no one wants to listen im growing tired
Money, in my opinion, is one of the LAST steps when trying to get your idea off the launching pad.
There are so many things you can be doing, right now, that are absolutely free.
Obviously to you, your idea is the best things since sliced bread, however, you need to convey that idea in a way that will EXCITE people and investors.
I would focus on these two things:
- Kickass high level conceptual presentation of your idea
- Preliminary Financial models
The financial models will force you to see your idea through a realistic lens. You don't have to be an accountant to create these. Lots of free resources out there to both learn and apply.
If you hire the right team in equity deals, many of those staff will bring their own connections and skills to the table - it's not uncommon for them to willingly foot minor costs either, although you shouldn't expect it.
Some things obviously aren't going to be free and funding is far harder to get than it used to be, but you've got to think outside the box, as cliché as it sounds. You need to look like an investable company to be an investable company.
If you don't have industry experience, persuade 5ish industry experts (funded startup CEOs in your market, for example) to join an internal 'advisory board' in equity deals to attach their success to your brand and alleviate investor concerns in that regard.
Make sure you're registered - it's best to register where you're actually based, but for some software ideas that trade on an international level, it can sometimes be okay to register in another country. Britain's system is extremely cheap and easy to navigate, I'm talking roughly £12 in registration fees. If a company is unregistered there is no equity, and equity is literally your only commodity at this stage.
You need to have the basic brand in check, and ask somebody who isn't going to lie to you about whether that brand is actually any good. Rightly or wrongly, a cheap logo that was obviously made via a Canva template is an instant turnoff for me when considering a startup's viability. Having said that, I've actually seen some pretty incredible logos made on Canva free plan, so it is possible to generate a solid brand on a budget.
If you're creating an app, at least try to get basic design files sorted - you might be able to get a designer to join for equity, or you might be able to mock-up something basic yourself. You can use an app that changes logos on your phone and then input your logo and name onto an existing app to get screenshots of what it'll look like there. It's irrelevant, but it's image, and investors are human - they're susceptible to this stuff just like the rest of us. They get excited when they can see something.
I don't personally like AI generation as a rule. I've seen some of my business partners get lazy and end up with false or misleading piece of text on a website or job posting because they couldn't be bothered fact checking afterwards, or God forbid actually writing from scratch.
Having said that, if you're creating a hardware product, it can be a good way to generate a free product mock-up. DALL-E is specifically well-tuned for this kind of generation, in my experience. Is it ideal? No. Is it as good as a real mock-up? No. But it's better than nothing, and most investors don't want to see a hardware concept without something to actually physically look at.
A business plan isn't essential in my opinion, but you can get a free app called Business Plan Quick Builder that makes the process incredibly simple if you want one handy just in case the investors require one.
Pitch deck templates are available online for free from a number of sources - pitch decks, I don't personally love them. I didn't even love them when I invested. But unfortunately, they are a necessary evil, most VCs and angel investors won't find you without one. They're not particularly difficult to write up if you do your research, but they're a little tedious to deal with.
Once you have all of those things, including the ideal startup team (which can be hired on LinkedIn - they allow free job posting, even for equity roles), you should submit the pitch deck to investors who fit your criteria. If you're in a high risk market and only have a concept, look for investors that specifically target that segment of opportunities, for example.
Not everybody gets funded, but if a startup has a good idea and a good team, there's no reason it shouldn't have a fair shot at capital.
I wish you the best of luck, I'd love to hear how it goes.