I'm starting a home business next month. I have
a maximum of $3,000 in start-up capital. Where
should I invest it?
TB: Start your business by purchasing
your company's products. The best results produce
the most successful distributors. Purchase audio
training tapes, sales aids, [professional] Websites,
and office tools, such as a phone with an answering
service, a computer (if needed) with an Internet
connection, e-mail service, and a fax.
JC: Well, you need to take your $3,000 and get
some critical necessities for working your new
online business. First, I would go out and get
a decent computer package—one that comes
with a monitor, printer, and enough power to download
the Library of Congress. Then, you need an ISP
(Internet Service Provider)…This will cost
you about $20 to $40 a month, depending on which
ISP you use. You’ll need a good phone with
a dedicated line for your new business and voice
mail for when you’re in the Bahamas getting
some sun. Your $3,000 is just about spent now,
but that should get you well on your way to working
from home.
JM: I am a private consultant for people who want
to have their money work for them. The $3,000
should be invested in a nice Website and a marketing
system setup that's totally automated.
DR: A very good question. However, it would depend
upon the type of business you are starting…In
other words, what is the product and or service,
and are there any requirements? Do you have an
office and a computer and fax? Does it cost money
to join the opportunity? Do you need inventory?
Starting a business takes some thought, and you
must understand all the parts. Once you have done
this, you could then determine where to spend
your money.
B&NS: I'd invest it in four to six months'
worth of advertising and mail packs to interested
people. Then, follow up with those people via
telephone!
MM&PT: We encourage those who join us in business
to invest in three areas. First, invest in business
technologies for personal and business use. If
you plan to market wellness technologies through
intellectual distribution, you must experience
and be able to share the benefits of the technologies.
With a $3,000 budget, two-thirds of your startup
capital should go toward investing in wellness
technologies, developing personal experience and
benefits, and having product available to recommend
and to promote to others. Second, take $750 and
allocate it to personal-growth and business training.
Our team members attend a personal, two-day seminar
early in their business careers to let go of limitations
and pave the way for success. We realize that
if you don’t set a personal plan to create
success in your life and invest in your mind,
you will limit the height of your success. Shortly
after the personal success seminar, we have them
attend a four- to five-day business-training session,
which provides the business training and helps
them anchor their business and action plan. For
those who wish to take this business globally,
they must take international training. The rest
of the $750 is applied toward business tools (marketing
audios, brochures, etc) and ongoing resources
for education in their business and personal growth.
With the remaining $250, we recommend investing
in initial home-business startup costs, such as
business cards, voice mail, call-waiting and three-way
calling, anInternet connection (if they plan to
use a computer), and a fax machine.
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?
TB: Most network-marketing opportunities
should cost you no more than $200 to $400 to start.
Don’t go into debt. My advice is to pay
as you go. Remember, you have product to sell,
so sell the product and let the profits build
your business.
JC: When starting out, work with the finances
you have available. If you want, put a little
bit on a credit card just to test some things
out, but try to wait until you start to see some
profits before taking out a big loan. On the other
hand, sometimes it takes a good chunk to get started,
depending on what type of business you’re
getting into.
JM: It takes attitude to succeed. If you have
it, ask for the loan. The difference between the
true leaders who take risks and the ones who don't
is that the latter spend their lives complaining
about why they never take risks. Measure risks
and take chances!!!
DR: I didn’t have any capital to start my
business. When I understood the rules and saw
the potential, I borrowed enough money to buy
the product I needed and pay the bills. That allowed
enough time to get the sales to a point where
the business was self-sufficient. So evaluate
your opportunity, and if it looks good and you
can commit to the work and the investment makes
sense, go for it.
B&NS: One of the secrets to success is SELLING
before you BUY! If you master this, you will become
rich!
MM&PT: We made a decision to create one credit
card into a business card. All the interest which
might be incurred would naturally be a business
deduction. This allowed us to work our business
with funds at our disposal. We needed to have
the ability to access funds, so we would not be
limited in the speed of our growth. It allowed
us to obtain the appropriate tools and product
and have the ability to work the business. We
didn’t need a huge loan or a lot of money,
but we did need the ability to access funds to
move the business forward and not limit our ability
to rapidly grow. If you don’t have the ability
to create a business-credit account, then look
to obtaining a small-business loan. When you invest
in a business, you will create income. Investing
earns you money; spending costs you money. You
must treat your business like a business, realizing
that investments earn you income.
How quickly do you adopt new technology
for your business?
TB: Technology is a time saver,
and time is money. I use the phone and e-mail
for contacting clients 98% of the time. You can
control your time with these simple tools.
JC: As soon as I hear about a new breakthrough,
I try to adopt the new technology--if I am convinced
that it will save time and/or money.
JM: Very quickly.
DR: Obviously, you don’t fix something that
isn’t broken. However, (once again) you
must evaluate the present circumstances and adopt
new technologies accordingly. The Internet is
a prime example, as it was not a part of my business
when I started, and it is totally a part of my
business today. It has been introduced gradually
over a long period of time.
B&NS: We use technology to improve the frequency
of our communication with prospects and our downline
via conference calls, hotline numbers, and e-mail!
MM&PT: The beautiful thing about our business
is the simplicity of it. We deal in intellectual
distribution. There is very little true need for
high technology. The company handles that. We
do evaluate technology to see if it will impact
our business progression. However, in our business,
you can truly run a global business with very
little new technology.
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