JR: With $3,000 to invest, I suggest spending approximately $750 on product inventory and support materials that you’ll need to get your business going. Spend another $750 on books, tapes, personal development, and training seminars, etc.; $500 to set up shop with business cards, stationery, and office supplies; and $1,000 on a proven advertising strategy that will bring in high-quality leads in a niche you decide to target.

RE: With $3,000, I started my business by purchasing advertising co-ops to generate interested prospects.

TD: Alpine Industry has an administrative start-up package for people with a lot of prospects and little time, but the company finances it for no money down. A few hundred dollars to run some ads would suffice.

CL: First, select a stable, long-term network-marketing company that’s beginning the momentum growth stage. Second, choose an upline with an effective support infrastructure that has the following available: co-op advertising, direct-mail system, mailing services, automatic follow-up system, fax-on-demand, Website access, welcome pack, etc. Invest in the support that fits your marketing plan. Third, buy basic business office supplies, business cards, and letterhead. Fourth, invest most of the money into a marketing plan that utilizes your time, money, and talents most effectively. The marketing plan should consist of three to four different ways to generate leads. Fifth, get a computer and fax machine; if the business you are starting needs to send and receive faxes and utilizes email for communication, then get the computer and fax machine as soon as possible.

RB: A computer, a fax, and a mobile head-set on your phone. I have the Hello Direct Office Rover, which allows me to walk and talk all day long while I have both hands free. Get a year’s subscription to Upline. Plus, subscribe to Jay Abraham’s newsletter. Then, read every book you can get your hands on about Network Marketing. I also recommend Personal Power by Tony Robbins. His tapes helped me get the right mindset while I was in the trenches building my business.

They say it takes money to make money. Should I try to get a small business loan for my start-up capital or just try to get by with my own limited finances?

JR: Although I do not encourage anyone to go deeply into debt, you’ll need at least a few hundred dollars to get started properly. If you are willing to work your plan and do what ever it takes to succeed, you’ll easily soon be profitable. Those who prefer to get started on a shoestring can also develop a plan to succeed without a lot of money if they are willing to be creative.

RE: I do not recommend getting a small business loan. You can still make it with limited finances. I did.

TD: A small business loan is a very good idea. It’s hard to get a business started from a shoe-string. I know because when I started, my wife and I were using food stamps.

CL: Cut back on any unnecessary personal spending and invest that money into the business. Sell any items that you no longer need. Start a separate checking account to feed money into the business. Initially, put all of the money you earn back into the business. Only as a last resort would I recommend getting a small business loan.

RB: I went bankrupt with loans. Getting a loan made it easy for me to take stupid risks. Without my loans I would of gotten back to work and stopped all those crazy deals I just knew were going make me rich. It wasn’t until I focused on one way of making money and committed to a consistent pattern did I ever start making large amounts of money.

Do you recommend using a toll-free number in advertising? Why or why not?

JR: Yes, whenever advertising beyond a local area. By increasing the prospect’s convenience, you increase the number of leads generated.

RE: Yes, I recommend toll-free numbers in marketing because more people will respond and it adds credibility.

TD: Yes, it adds credibility.

CL: Yes. Research reveals that people are more likely to respond to a toll-free number.

RB: Only if you’re sure you can handle the costs. I’ve been running ads for 10 years now and I know exactly what to expect when I put an 800 number in a card deck going to 200,000 people-do you? I used to take the fish-net approach when I first started. I just threw out my net and I’d pull everything I caught in my boat-including the sharks! But, today, I find that I only want to work personally with those who are qualified. I qualify them by selling a book or tape first, and then I work with them. It’s kind of like going through your catch first, before you bring everything into your boat.

Do you consider working at home an advantage or disadvantage to your business overall?

JR: A huge advantage. It’s inexpensive, comfortable, and convenient.

RE: For me working at home is a huge advantage. It gives me the freedom to start at 4 a.m. if I want and to work till late at night if I want.

TD: A major advantage in terms of spending time with my family. Also, since there is no commute, I can devote even more time to running my business, and can do so at will.

CL: Because this is a people-to-people business I meet people at their homes and offices or talk to them over the telephone. About 90 percent of my work has been done on the telephone, so I find working at home to be much less stressful, more comfortable, and, best of all, only a thirty second commute!

RB: I have both a home office and an office at my printing plant. My home office has fewer distractions, and I’m able to write and personally recruit more productively. The only problem with a home office is that if you’re not careful, you’ll have the miserable feeling that you’re always at work! Set ground rules. Go in at 10:00 and come out at 2:00. Then go back in at 6:00 and work until 8:00. That way, having your office at home doesn’t become a big negative.

Best general investment advice?

JR: If you’ve got it made, it’s neither wise nor necessary to foolishly risk it. Invest wisely and consider your risk tolerance, years until retirement, and objectives.

RE: Caveat Emptor: Let the buyer beware. Be extremely careful where you put your money. Only do business with people who were referred to you by trusted friends or family. Investment rip-offs are rampant; scrutinize every investment very carefully. Do NOT take on high-risk gambles.

TD: Heavily research your investments, and monitor them as well.

CL: Find a good financial advisor that does not charge high commissions and one who makes all of his or her money when your money grows. Build a diversified portfolio.

RB: Get educated. Don’t allow your apparent wealth to go to your head. Making money means responsibility. If you’re not careful, making lots of money can make you lazy! So, be prepared.