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What to offer team members with no budget?

By moneyman

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  • #506074
    moneyman
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    Hi,

    I need to put together a team for an idea I have. I have been communication with two people but they aren’t forthcoming due to the fact that I am not offering payment but I do not have funding yet.

    What is the accepted thing to get people to come aboard? I do not wish to give out percentages at this time as I can not know if they will be partners or just employees. It depends on how much value that can contribute.’

    Any thoughts?

     

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    • #506076
      Matthew King
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      • Total Post: 111
      Points: 1,756

      Most are going to be hesitant without a guaranteed payment. There are more employee minded people than entrepreneurs out there. Most employees want a guaranteed payment with security that they will be hired for a set amount of time.

      If you don’t have funding then what is your plan to get your “idea” or project off the ground. If you really believe in your idea. You will have to try and get venture capital or take out a personal loan to get started. Most “ideas” or startups are funding in some way, through its members, venture capital, or sweat equity through partners.

      They can only become partners if you are willing to share in the possible revenue. That is the only time that “sweat equity” should be used as a “let’s get rich together”. Otherwise, you are going to have to find a way to pay them for their time as employees or contractors. Just my two cents on the matter.

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