Start Up Capital – 11 Ideas to Join or Grow a Business

There comes a point in time in our business career where we need some start up capital.  The capital may be necessary to join a network marketing / direct sales business or to start an Internet business.  It may be needed to grow our business.  We may need to assist a prospect that would like to join our business with ideas on how to come aboard.

In any event, here are some ideas you can use yourself or help others who would like to go into business with you.

Keep in mind that all these options assume you have a strong conviction about the business you are building and that you have committed 110% to its success both in the short term and in the long term.

1. 401k plan.  Has a loan provision plan.  Takes about 1 week to get a check cut.  Every employee automatically qualifies.  Can borrow up to half of the value of the 401k and the interest rate is only about 6 to 8%.  You pay the interest rate back to yourself until the loan is paid off.  Contact the Human Resources department at your company for details.

2. Establish a margin account with the brokerage firm that holds any securities you may own.  i.e. stocks, bonds, etc.  You’re borrowing money against your own securities and it doesn’t require an approval process.  Interest rate is approximately 7 to 8% and you can pay this loan off any time you’d like.  Contact your brokerage firm and request the margin paperwork.  Usually, you can get this check cut within 2 to 3 days.

3. Pull money out of a CD.  Yes, there would be a penalty but wouldn’t those funds be more useful helping your grow your business?

4. Credit Unions: they’re non-profit which means they offer their services at cost.  Anyone can apply to become a member.  Some will allow you to quickly apply for a loan once you become a member.  They tend to be easier and more lenient than banks when it comes to loans.  You can get an unsecured loan that would just require a signature.  You can also apply for a personal line of credit and depending on your credit score, you can receive up to $10,000 very quickly.  The credit union typically doesn’t even care what you spend it on.  They will let you bring in a co-signer if your credit is not good and interest rates will run from 9 – 12%.

5. Retirement Accounts (IRAs): They are pretax structures and you might be charged a 10% penalty for early withdrawal.

6. Reach out and borrow from a family member who believes in you.  Arrange to pay back the money in 12 months or less.  Offer to pay a certain percentage a month with the opportunity to pay the loan back early with no penalty.

7. Title Loan on a Vehicle: will pay between 10 – 20% interest but can access the funds quickly.

8. Sell something you own of value.  Is your business success worth the short-term sacrifice?

9. Home Equity Loan: you can get a line of credit on your home.  You can pull funds out any time you want and can get up to 70 – 90% of the value of your home.

10. Personal Line of Credit: apply at your bank.  Funds can be transferred directly to your checking account.  Depending on your credit and how long you’ve been doing business with your bank, you can receive up to $20,000.

11. Cash in a Life Insurance policy: call your insurance agent and get the phone number for the insurance company’s headquarters.  Call them and ask how much has accrued on the policy.  All you’ll have to do is sign some paperwork.  It will take up to 5 to 7 days to receive funds.  When you have cash value in the policy, you can borrow a certain percentage of the accrued amount.

These are just a few ideas on how to creatively find start up capital for your business or its growth.  What other ideas not mentioned here have worked for you?

Please comment below.

Continue reading...

Lessons from the Tire Store

I was recently sitting in a tire store waiting while I had new tires put on our SUV.  Little did I know, the time I spent there would teach me a valuable lesson.

We were visiting my family in the Houston, TX area.  Summer in Houston isn’t necessarily the most pleasant.  The weather is hot and very humid and this particular day, it felt like a warm, wet, blanket was placed on you the minute you walked outside.  Yes, it was one of those days where you were sweating constantly and did everything you could just to stay cool.

During this particular afternoon, I was sitting in that tire store enjoying a good book I had brought with me.  The AC was blowing nicely and while I read, I also took some time to observe what was happening around me.

The manager behind the counter was a young man, probably in his late 20′s.  He was heavily sweating as a result of going in and out of the store looking at customers’ automobiles.  A very long line of customers were waiting to be helped and this poor manager was doing his very best to take care of the growing impatience he was noticing from some in line.

In the waiting area with me, there were two gentlemen I quickly noticed.  One was elderly.  He was in his 70′s I would guess.  I noticed this kind man almost immediately because he was making sure that the sales person helping understood that he was on a fixed income and just wanted his tire repaired.  He stressed that he couldn’t afford a new tire and didn’t want the sales person trying to up sell him.

The other gentleman in the waiting area was “cool hand Luke”. He was probably in his 60′s, calmly came into the tire store not in a rush at all because he had an appointment.  He was there to have the tires on his Porsche serviced.  He was sharply dressed.  I noticed his very nice Rolex watch.  The license plate on his Porsche read “ndulge”.  That pretty much told the story.  He was obviously very successful financially and was enjoying his retirement years.

What did I learn from watching these 3 men?

Let’s talk about the manager.  He was certainly working hard for a living and I respected that.  However, knowing what I know about residual income and the importance of building assets, I felt sorry for him.  Don’t get me wrong.  We need people like this manager for society to function.  But I couldn’t help but wonder.  Would this hard working man end up working all his life with not much to show for it financially?  It certainly looked that way.  I hope that’s not the case for him though.

What about the elderly man in his 70′s?  Could that be the end result of the hard working manager?  Maybe.  I have no idea what this retiree did for a living and I’m sure he worked hard during the days he was still in the work force.  However, he obviously didn’t learn the importance of residual income or investing in assets since he was sadly forced to watch every dollar he spent.

What about the successful man in his 60′s?  I don’t know what he did but he obviously was enjoying his financial security.

What type of lifestyle are you building?  Where do you want to be when you’re older?  Would you like time freedom?  Would you like to be able to do what you want, when you want?

What’s the secret?  Simple!  Create financial independence as early in life as possible!  There are many ways to do this.  I’m of course partial to the network marketing industry.  I know from first hand experience what the industry can create!

Follow a proven path, take action daily, and we all can create the life of our dreams.  I’m committed!  Are you?

Please leave me a comment below and share your thoughts.

Continue reading...

No Excuses Summit – More 7 Figure Lessons Revealed

In July of 2010, I attended the No Excuses Summit in Las Vegas.  It was a gathering of some of the top Internet / Network Marketers in the industry.  Over 800 people came together at the Venetian hotel for a great time, learning, and building relationships with like-minded, ambitious people.

Much was shared at the event about generating traffic and converting that traffic.  I simply want to share with you some of the insights I walked away with that might serve you in your current business.

8 Figure Earner Mike Dillard

First of all, it was eye opening to see how many 7 figure income earners there were at this event who were under 30 years old!  It’s simply amazing what kind of financial rewards are available to those of us who learn how to use the Internet to our advantage!

As I have observed the success stories of many of these leaders, I have put together the exact formula they all used to become wealthy beyond what they could have ever imagined.  Here it is…

1. Master a form of generating traffic

2. Generate a massive amount of leads over time and build a list

3. Market other products and services to your list

4. Rise to the top of your network marketing opportunity as a direct result of your marketing skills

5. Make a name for yourself in your company and in the industry through your production

6. Leverage that success into other income streams in addition to your network marketing opportunity such as affiliate marketing, coaching, and training

That’s it!  Were you expecting something more spectacular?  Every single successful online marketer in the network marketing industry applied this simple formula in his or her own way.  Want to know something else even more impressive?  Many of them accomplished their success in 2 years or less!

What did they all have in common?  They took action.  Massive action!  They were diligent.  They stayed focused day after day on mastering their marketing skills.  Over time, success found them!

What are the specific skills needed to duplicate their kind of success? Copywriting.  Lead generation.  Lead conversion.

One of my mentors, business associate, and 7 figure earner, Jonathan Budd, shared exactly what marketing strategies he would focus on right now if he were starting all over again in this current market.

Jonathan with my 18 yr old, Samantha, and my 16 yr old, Derek

1. Pay Per Click marketing

2. Paid Media such as CPV marketing

3. Facebook (add 10 – 20 people per day consistently)

4. Banners

5. Strategic SEO:  articles and blog posts loaded with long tail niche keywords

That’s a 7 figure marketing plan right there!  Pick 1 to 3 of these strategies and master them!

Lastly, these top income earners had one trait in common.  Belief.  They all believed they would be rich before they ever became rich!

Here are a few questions you can ask yourself to help build your belief on your way to your specific goals:

1. Do people make money in network marketing and direct sales?

2. Do people make the kind of money in the industry that I want to make?

3. Do people make money in my company?

4. Do customers receive a benefit by what I am bringing to the marketplace?

If you can honestly answer all these questions with a resounding “Yes!” you have the foundation to build a dynasty!

What other lessons have you personally learned from top income earners who are building their businesses primarily online?  Please leave a comment or feedback below.

Continue reading...

Black Diamond Builder Review

Black Diamond Builder is a prospecting, training, and duplication software designed to help independent MonaVie distributors more effectively build their businesses.

The developers of Black Diamond Builder designed older versions of a system similar to this.  The current version is exclusive to MonaVie.  In one particular instance, the previous system was used by distributors of a network marketing company, not MonaVie, to enroll 30,000 distributors in 90 days and 180,000 in 18 months.

Older versions were also used in two different startup network marketing companies.  In each case, the systems performed so well that each company went out of business because they could not handle the rapid growth of their distributor bases.

Needless to say, previous editions of the system performed very well.

At the time of this writing, MonaVie is 5 years old.  It is debt free and is one of the fastest companies in direct sales to reach a billion dollars in sales.  Amazingly, MonaVie achieved these impressive results by reps conducting tasting parties in their homes and using the traditional approach of approaching warm contacts: friends, family, and associates.

The Black Diamond Builder system is a series of online movie presentations that present both the business and product opportunity MonaVie provides.  A user of the system is assigned their own personal Black Diamond Builder website address to give to potential prospects.

There is also a warm market wizard within the system where a user can input a prospect’s first name, last name, and email address.  The system will then email that prospect a special presentation link that is already personalized with the prospect’s name.

As a prospect progresses through the system and watches the various movie segments, the system user can track the progress in the back office.  The system allows the user to see what parts of the presentation a prospect has seen and how many times the prospect has watched them.

At the end of the presentation, the prospect has can either join MonaVie as a Business Builder or, become a Preferred Customer and use MonaVie’s products.  Black Diamond Builder has a Join option so the prospect can join MonaVie from within the system as well as sign up to use the system itself.

Black Diamond Builder will certainly be an instrument for MonaVie distributors to level the playing field.  People who may not have succeeded in network marketing before have a legitimate chance at succeeding by using this tool.

A word of caution.  Users learning how to market and generate their own qualified leads to introduce to the system can more effectively achieve success.

Traditional warm market methods have worked through the years in network marketing.  Learning how to combine warm market prospecting with lead generation is the ultimate power combination for Black Diamond Builder users.

The developers of the system will be providing versions of it in the language of all the countries MonaVie is doing business in.

For more even more detailed information, visit the Black Diamond Builder Review Center now.

Continue reading...

Would You Like Fries With That?

Many people are familiar with the success story of McDonald’s but not too many are familiar with the story behind the story.

In 1930 two brothers Dick and Maurice moved to California from the east coast.  In 1937, they opened a small restaurant in Pasadena, CA.  What was unique about their restaurant?  It was a drive-in restaurant, a concept just becoming very popular at the time.

Their tiny drive-in restaurant was a great success.  In 1940 they moved to a larger city and built a larger facility.  Their business exploded.  Annual sales reached $200,000 and Dick and Maurice found themselves splitting $50,000 in profits every year.  This type of profit in those days landed them among the financial elite of their area.

In 1948 they began to streamline their operations and by the mid-1950′s, the brothers were splitting net profits of approximately $100,000 every year.

Who were Dick and Maurice?  They were the McDonalds brothers!  They had hit the jackpot, right?  Nope!  They never progressed any further and there is a valuable lesson to be learned from what happened to them.

See, Dick and Maurice were great at being single restaurant owners.  They were great managers but they weren’t great leaders!  Their vision and lack of certain skills held them back.

In 1955, a savvy businessman named Ray Kroc struck a deal with the McDonalds brothers and formed McDonald’s Systems Inc, which later became known as McDonald’s Corporation.

Ray Kroc immediately bought the rights to a franchise so that he could use it as a model.  He would use it to sell other franchises.  He assembled a team and built an organization to make McDonald’s a nationwide phenomenon.  Ray Kroc recruited the sharpest people he could find and grew his team in size and talent.  His team members developed more recruits with leadership skill.

In 1961, Ray Kroc bought the exclusive rights to McDonald’s from the brothers for $2.7 million and then proceeded to turn it into a worldwide entity.

Between 1955 and 1959, Ray Kroc opened 100 restaurants.  Four years after that, there were 500 McDonald’s.  Today, there are 1000′s of restaurants in over 100 countries!

The difference?  Leadership and vision!

The lesson?  Leaders in the network marketing industry are the ones with the largest teams and with the largest paychecks!  They have vision!  They have developed themselves into the leaders they are.

Leadership doesn’t happen over night.  It takes time.  It takes a dedication to learn the skills necessary to become one.  The good news?  Anyone who wants to become a leader can become one!

I challenge us all to pay the “price” for success and to focus on what we need to do daily to reach our goals.  We can do it!

How are you developing your leadership skills?  Please leave a comment below.

Part of developing your leadership skills is developing your marketing skills.  Need help with this?  Click Here Now

Continue reading...