Funding Your Project

Chat it up about everything related to owning a forum. Give your advice to other forum owners about what to do in certain situations, etc.
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jasony
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Post by jasony »

Funding can be a huge problem - especially if you don't have credit. I mean, without that or having good credit, you cannot get small loans from a bank. Well, I mean, even someone without collateral can probably borrow $5,000 on the spot at most banks, my guess.

Anyway, though, banks aren't the only way, however. Nonetheless, crowdfunding often requires money anyway to get that going, so what's the point? Well, crowdfunding would work like getting a bank loan with collateral. O.K., your spending money to reach potential donors - with the hope they can double, triple, or something, your money.

O.K., there are other options. One way is a huge loan - possible to those with collateral (maybe money or land) and possibly good credit. That would be awesome - cause you could borrow enough to pretty much make a mega-site. Who has tried that?

Other options?

Feel free to name some. I'd say getting simply using a paycheck would help out - but for some reasons, some might not want to wait.

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Ashley
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Post by Ashley »

I'm not interested in spending tons of money on something that's merely a hobby for me, but where I live, we have a couple of Payday loan places here in town. All you need to do is just go in, tell the cashier (or whatever they're called) and tell them you need to take out a loan. They'll ask you whether you want to pick it up or deposit it (mom and I always pick up) they'll ask what your due date will be for payment, technically you should go for your upcoming pay period, so if you get paid on the third of the month, you request the third (for instance, next pay period for some people would be November 3rd) however, if it's too close to a government holiday where public places would be closed for those days, they let you go to the end of the current month, or anytime after the third if a holiday is anywhere near the third of the month. I'm not sure how much you're allowed to take out, I think the maximum amount is $1,000 but don't quote me here because it may be more or less. Oh, you don't have to tell them what the money is for either

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Ash
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Post by Ash »

I don't think I've ever had a project that has required a large amount of funding. I'm also not prepared to invest more than $200 onto one site or get a loan for it because that just sounds way too risky, to be honest. Most of the time, I've funded everything myself because the prices have been low and I've been able to easily afford things like themes, software, hosting etc.

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Ashley
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Post by Ashley »

Ash wrote:
6 months ago
I don't think I've ever had a project that has required a large amount of funding. I'm also not prepared to invest more than $200 onto one site or get a loan for it because that just sounds way too risky, to be honest. Most of the time, I've funded everything myself because the prices have been low and I've been able to easily afford things like themes, software, hosting etc.
I haven't spent any money on this or any project I've ever had. I'm no longer working due to my health but even so, I don't plan on turning this into a career either.

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jasony
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Post by jasony »

Ashley wrote:
6 months ago
I'm not interested in spending tons of money on something that's merely a hobby for me, but where I live, we have a couple of Payday loan places here in town. All you need to do is just go in, tell the cashier (or whatever they're called) and tell them you need to take out a loan. They'll ask you whether you want to pick it up or deposit it (mom and I always pick up) they'll ask what your due date will be for payment, technically you should go for your upcoming pay period, so if you get paid on the third of the month, you request the third (for instance, next pay period for some people would be November 3rd) however, if it's too close to a government holiday where public places would be closed for those days, they let you go to the end of the current month, or anytime after the third if a holiday is anywhere near the third of the month. I'm not sure how much you're allowed to take out, I think the maximum amount is $1,000 but don't quote me here because it may be more or less. Oh, you don't have to tell them what the money is for either
Not sure if I can get a pay day loan or not. Well, are those guys scammers or like a bank? Is the bank a scam - lol? Anyway, not sure what credit you need for those places. I mean, I got a $5,000 loan from a bank with a low income and 623 credit score (a poor one). Well, my credit score could go up soon - as I've paid all debts that I know of.
Ash wrote:
6 months ago
I don't think I've ever had a project that has required a large amount of funding. I'm also not prepared to invest more than $200 onto one site or get a loan for it because that just sounds way too risky, to be honest. Most of the time, I've funded everything myself because the prices have been low and I've been able to easily afford things like themes, software, hosting etc.
It can be risky without a good model to follow. Myself, I'm looking at some successful Patreons - including one that makes $8,500 a month (art lessons)! Anyway, it boils down to the paid material, assuming all else is good - and if people see it valuable enough to pay even an average price.

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Ashley
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Post by Ashley »

jasony wrote:
6 months ago
Ashley wrote:
6 months ago
I'm not interested in spending tons of money on something that's merely a hobby for me, but where I live, we have a couple of Payday loan places here in town. All you need to do is just go in, tell the cashier (or whatever they're called) and tell them you need to take out a loan. They'll ask you whether you want to pick it up or deposit it (mom and I always pick up) they'll ask what your due date will be for payment, technically you should go for your upcoming pay period, so if you get paid on the third of the month, you request the third (for instance, next pay period for some people would be November 3rd) however, if it's too close to a government holiday where public places would be closed for those days, they let you go to the end of the current month, or anytime after the third if a holiday is anywhere near the third of the month. I'm not sure how much you're allowed to take out, I think the maximum amount is $1,000 but don't quote me here because it may be more or less. Oh, you don't have to tell them what the money is for either
Not sure if I can get a pay day loan or not. Well, are those guys scammers or like a bank? Is the bank a scam - lol? Anyway, not sure what credit you need for those places. I mean, I got a $5,000 loan from a bank with a low income and 623 credit score (a poor one). Well, my credit score could go up soon - as I've paid all debts that I know of.
Ash wrote:
6 months ago
I don't think I've ever had a project that has required a large amount of funding. I'm also not prepared to invest more than $200 onto one site or get a loan for it because that just sounds way too risky, to be honest. Most of the time, I've funded everything myself because the prices have been low and I've been able to easily afford things like themes, software, hosting etc.
It can be risky without a good model to follow. Myself, I'm looking at some successful Patreons - including one that makes $8,500 a month (art lessons)! Anyway, it boils down to the paid material, assuming all else is good - and if people see it valuable enough to pay even an average price.
I don't know much about them. They definitely are not scammers though. I don't believe you need a credit rating either, which is why mom and I like these people. There's no long drawn out process like a regular bank either. I just don't like spending money on something that's merely a hobby for me honestly

Esmee
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Post by Esmee »

One thing I can tell you about getting funded from known people is that you get some pressure to perform. Which is a good thing for the progress. But often you end up losing the money. And on that point I'd say that you should think twice before getting funds from the known people. I'd say focus on just initial setup costs and then start as a bootstrapper instead of raising money.

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