August 26, 2008
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If you missed the last edition,
Funding Your Online Business,
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Fundiness
If Steven Colbert can have "truthiness", we can have "fundiness".
I kind of like the word, actually.
What makes a business proposition embrace "fundiness", loosely defined
as "the ability to be funded"?
1. Let it capture your fancy. Set aside the money concerns.
Is this something that sets your imagination flying?
2. Let it be a win-win proposition for all
involved. If your company can help others up the ladder, rather
than knocking others off, you've got a whole bunch of companies rooting
for you.
3. Let there be an exit. No one wants to drop
money down a deep hole. Make sure there is a valid way for your
investors to make money somewhere down the road.
Nowhere do I mention "be realistic". Don't be.
Find that dream, and find a way to make it come true. Remember the
business plan that Fred Smith, the founder of Federal Express wrote?
That business plan got a "C", with a note from the instructor that it
wasn't "realistic".
Take a look at our
chart on types of funding,
and all sorts of funding options:
venture lending,
SBA,
bootstrapping, and lots more. Let only your imagination stop
you.
An
Interesting Tidbit
Did you know that one person businesses brought in $970
Billion in revenues in 2006 in the US alone? I didn't. I am
very pleasantly surprised. A lot of those are brick and mortar
businesses, like individual contractors, advisors, artists, etc., and a
lot of them are from online businesses of all ilk.
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