I am working on a start up and getting involved with a clothing store in their 5th month since launching. They really fill a niche market in my city and I want to get involved. However I face the following:
They have no clue how to run a business. Great visions but no idea on to put on paper then actually make it happen.
Staff is a lot of friends and many hands in the pot right now.
They have no marketing efforts but doing well.
It is a side project and does not have anyone’s full attention
I am not fully looking for a full time role but with some direction it can do very well.
What do you think? Worth 10k???
Any and all advice is appreciated.
Monty, its impossible for any of us to know if its worth it to you or not. I'm so interested in startups that I'd consider working on it without a financial reward (at least for some period of time). Only you can know if the time, investment, and potential reward are right for you.
To me the most disturbing part would be #2. That is something that might be difficult to change, but #s 1 and 3-5 you could improve on. The fact that you're on this board would suggest you have some business knowledge to share.
Best of Luck, let us (or at least me) know of your decision.
Monty, if you are going to be investing lots of sweat equity into a venture that has "alot of hands in the pot" but is also "everyone's side project", it seems to me that your time and focus should be rewarded with a bigger piece of the pie. If you come in and serve as a motivating factor and light a fire underneath the rumps of all the quasi-interested parties, you will be adding value to the organization and should talk about equity share. Always remember. You are who you surround yourself with.
What don't you tell them what you've just written ?? I mean, this is a great and concise feedback. You only put money where you think it is worth it, and you have just put it clear where it's not worth it ! Tell them this is a prerequisite !
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