Financing Your Business

Home
>
Entrepreneur
>
Financing Your Business

Financing Your Business

Anyone who is serious about making some money is already very well aware of the fact that it takes some type of investment to make this happen. I've read a lot of copy that suggests one can build a business for free, if they are willing to spend an extra amount of time to compensate for their lack of financial backing.

At the risk of bursting a few bubbles, I'm going to put this myth into perspective right now. While it's true a lot of hard work can make up for some weaknesses in your budget, the idea that anyone can build a prosperous business from the ground up with zero monetary investment is, at best, ridiculous.

I'm not saying this to discourage anyone. Quite the opposite, I'm trying to help people who are new to all this avoid months of frustration by giving them a dose of reality.

With the proper determination, you most certainly can succeed without spending a small fortune. However, there is simply no way to avoid putting at least some money into your projects if you truly expect them to grow and expand.

Maybe you don't have a lot of money to spend right now, and that's fine. There's nothing wrong with looking for a few freebies in the beginning, but you should definitely start mapping out a plan to generate some operating funds for your networking business.

Sit down and draw up your current budget. Start with your total monthly income and deduct all your monthly expenses. Next, identify any excess spending that can be reduced or curtailed. You may even need to develop some ideas of how you can generate a little extra money throughout the month to help fund your business. An honest, organized approach to identifying your financial capabilities and limitations is essential for your success.

Some of the things you can do to increase the size of your advertising/operating budget include:

- Reduce some of the "frills" on your monthly cable bill (pay per view events, movie channels, etc.).

- Locate a few extra hours of offline work per week. This could be another part time job, or it could be a matter of picking up some "odd work" a few times per month.

- Reduce entertainment expenses. Consider eating out less, or saving money by catching the matinee show instead of the more expensive evening movie.

- Consolidate your credit card debt into a single card, thus lowering your monthly payment obligation.

- Take out a small business loan.

- Have a garage sale.

- Buy your essentials (toothpaste, razors, deodorant, etc.) at a "Dollar Store." Thrift stores often retail the same merchandise sold at corporate stores for a fraction of the price.

These suggestions may sound silly to you, and that's fine. We all set our own priorities. If your business is just a hobby, then you probably aren't willing to go to extremes to insure its success. On the other hand, if the success of your business is paramount to your personal happiness, going the extra mile isn't too much to ask.

Personally, I think of network marketing as my "ticket" to freedom and porsperity. With this attitude in heart and mind, I am more than willing to cut a few luxuries and funnel as much revenue as possible into the growth of my business.

****************************

Tim Whiston has enjoyed network marketing on the world wide web since April of 2003. He publishes a monthly ezine, and is the author of Net Marketing Exposed.

****************************

Financing Your Business

Entrepreneur Entrepreneur