Live data from Hacker News

Ask HN: How do you step by step raise money from family and friends?

news.ycombinator.com

11–12 of 12 posts

Re: Ask HN: How do you step by step raise money from family and friends?

#11
post #8

I've borrowed money from family and it can be sticky depending on the situation. Make sure to be as clear as possible of the risks and be clear to yourself first and to them when will you cut your loses if things go south. Otherwise, try to be as explicit as possible regarding terms and your plan. Usually family gives money based on relationship, not contracts and business/financial benefit and as such what is broken…

thanks so much

Re: Ask HN: How do you step by step raise money from family and friends?

#12
post #7

I started an ISP in 1997 with a friend I met on a BBS. I told my mom about the business plan and started with used equipment and 10 telephone lines. I paid myself $4.50 an hour. Total startup was 10k. Half of which I borrowed from my mom and my partner did the other half. It changed my life. She explained to me (I was 18) about how much the money meant to her. How she had to dip into her retirement fund to do it and…

Mom gotta be proud.
Post reply on HN