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I was wondering if there are any guides to helping set a seed finance budget. I have a few questions I guess. I have a friend that is willing to invest into my idea, but he wants me to put a business plan together (which has been the hard part for me). Especially with trying to figure out how much I need to get started. The only finances that I can think of right now is paying an App developer, and my back-end developer. I will be helping with the front end developing. It should take about 3 months to develop total. And I am thinking it may be best to let people use the app/cloud service for free for a while and gain a stable following.

Are there any Law stuff I need to account for?

How long and how much for Do I ask from this investment if developing it will take 2-3 months but there will be a Free Trial period, but obviously someone needs to maintain the service and customer support and keep it running (plus server costs)?

Do I ask for a Salary for me since I'll be working full time?

Thanks for all your help guys,

Allen

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no ideas??????? – user7761 Feb 20 '11 at 2:38

2 Answers

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You need help.

Are there any Law stuff I need to account for?

Like registering a business, running proper accounts, especially if third party money is inolved? This can get you into deep trouble. Ask your local chamber of commerce for the necessary steps. Then, running the business costs some money every month (accountant, for example, office material etc. - not a LOT, but some).

this investment if developing it will take 2-3 months

PLUS the time until you make money. YOu plan not to add any fetures, have the project on time and on budget without reserve? Gross neglect. Better plan: Plan to come up with something in 4 monnths, plan for 6, plus another 6 active development until you break even. Running out of moeny after 4 months is no fun.

Do I ask for a Salary for me since I'll be working full time?

Depends on your deal.

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You seem like you'd be in a good position to go to the SBA and meet with someone from SCORE to get your feet wet.

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