Hey guys, it's me again. As was to be expected, I've run into funding problems with Idea School.
The quality teachers I'm looking for are worth about $50-60K per year. Now, of course, they understand that we'll be scaling up to that number over the first year or two, but really, I want to retain these people. They believe in the project, but of course, can't work for free and are used to a level of salary.
That being said I've got a money problem. Raising capital seems to be a great idea, but I'm not so interested in giving up ownership (not opposed, just not that happy about it). My personal credit has hit a pretty low point due to my prior irresponsibility with credit cards. Recently, I've taken steps to reduce my debt load and free up working capital monthly (selling my car, etc.). I also have no collateral. I'm running on bare minimum.
Where do I get more start-up capital (based on my projections, $15K would be comfortable, and $5-10K would do it, but would definitely be red line for the first few months)? No collateral loans? bad credit loans?
Alternatively, I've been brainstorming some simple intellectual products that I could create via Idea School and sell as .pdf's for $3-5 each and advertise them as donations with a bonus gift. Do you have additional thoughts or resources for simple fund raising products/ideas?
Thanks OnStartup Community! :D :D