How to Fund Your Network Marketing Business with Money from Multiple Sources
Would you like to know how to fund your network marketing business from multiple people and sources when funds in the bank do not quite cover the cost to join?
How many prospects make the excuse that they cannot join your network marketing business because money is tight and in short supply.
Part of your job as a network marketer is to find solutions for people’s problems. The lack of money is always a problem for most people and we have the best solutions for solving it.
You could seek funding from companies that offer network marketing loans or angel investors where borrowing comes with caveats that take part-ownership of your business by giving up equity to the investors.
How about angel investors vs venture capitalists? Again, the problem of losing equity in your business with venture capitalists remains.
How to fund your network marketing business when money is not available to join is a solution that is worthy of my attention for writing this article.
Money Source #1
One of the best way with how to fund your network marketing business is to ask multiple people for a small amount of money with no strings attached.
You want to join a network marketing company and the cost for joining is $1,000.00. You only have $100.00 in the bank.
You need a way with how to fund a business with no money or very little money in the bank to help.
Send out an email or even better write a hand-written letter to several relatives and friends and tell them that you are starting your own business. You ask them for a small amount of money to help you.
If the network marketing company to join costs $1,000.00, send out a letter to 20 friends and relatives and ask for $50.00 to invest.
A $50.00 check payable to you from 20 relatives and friends is easier on them than asking one relative or friend to come up with the full $1,000.00.
Marketing network marketing by asking for a small amount of money from multiple people is a great way to quickly get the money for you to join.
Money Source #2
Credit cards are a great money source for how to fund your network marketing business.
One of the goals for getting out of debt is to find a business model that will get you out of debt quickly. The best business for doing so is with network marketing.
Sometimes, you must go into debt to get out of debt.
You do not, however, want to get into a business where funding by debt hangs over you for a year or more. You do want a business where business funding through credit cards and loans can be paid back in 30 days.
Network marketing is the only legitimate business model for potentially paying off debt from credit cards and loans in 30-days or less.
I encourage you to use credit cards to pay the costs for joining a network marketing business. And work with your sponsor and upline for ways to help you with paying it off in 30 days.
Money Source #3
A great method for how to fund your network marketing business is with finding those who are time-poor and cash rich.
Being without funds to join a network marketing company takes some outside the box thinking if you truly want to get the funds to join.
If you are cash-poor and are time-rich, find a person who is rich and time-poor. Rich people are successful because they see an opportunity and the potential to make money.
Partner with them and let them supply the money while you supply the time.
The equity position of your partnership with the entrepreneur should be no more than 12% of the business. They have a 12% stake in the business while you have an 88% stake because you supply all the leg-work to make it work.
Funding your business with an entrepreneur may not be the most ideal way of starting your network marketing business but it is workable.
Money Source #4
One of the best ways for how to fund your network marketing business without going into debt is to have a garage or yard sale.
People are junk-aholics. We have more junk in our garages, attics and storage sheds to finance us until “kingdom come” as my mother used to say.
Ever heard the expression, “One man’s junk is another man’s treasure?” Let’s take some of those valuable junk items and turn them into items for sale in yard sales or on eBay.
One of my new distributors found she had $2,000.00 worth of junk that she sold during a garage sale and financed her costs of $1,000.00 to join the business with money left over in her pocket to spend.
Money Source #5
Bank loans and retire funds make for our fifth way of how to fund your network marketing business. Borrow money from your retirement account, or many banks will lend you the money for small business ventures like network marketing. There is a payback for using either method, but it gets you the money quickly where you can start earning money right away with network marketing.
So, it requires just a little bit of thinking on our part about some of the innovative and creative ways for funding network marketing so that we can join. There are five ways on how to fund your network marketing business that I come up with…how about you?