Originally Posted by zharlene
Lots of good points AngelBiz. I might be able to find investors but I'm wary when it comes to splitting profits.
Potential investors that I know are successful business people and because we need them to start up, they know that they have the upper hand. I don't know how comfortable I am giving someone that much power in my business.
On the other hand, there are disadvantages with self-funding...namely the part where it might take too long and people tend to lose focus while they're still in the process of saving up for the start up.
That's the compromise you will have to make. If your product and business is good and has great potential you may be able to leverage it to keep some power to yourself. The best way to do it is to give the investors minority stake and have a well-written partnership plan that spells out exactly what investors can and cannot do.
Whatever you do; hire a lawyer and get the partnership plan in a formal and legal way. Do not just go by handshake verbal promise.