Business Renegade http://businessrenegade.com/blog Helping You Build A Successful Long-Term Home Business You Love Sat, 30 Aug 2008 13:42:44 +0000 http://wordpress.org/?v=2.6 en My Business is Losing Money - Help!! http://businessrenegade.com/blog/my-business-is-losing-money-help/ http://businessrenegade.com/blog/my-business-is-losing-money-help/#comments Sat, 30 Aug 2008 13:42:44 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=28 You bravely took the first step and started a business.  Entrepreneurship is rewarding but also scary.  Just as many things can go wrong as can go right.  The biggest “wrong” is losing money.

The first question anyone asks is, “How can my business be losing money?  It was doing so well.”  Losing money is not a matter of just one thing.  Usually it is a combination of things that somehow got overlooked.

Unfortunately for us, those things don’t show up at the beginning, or even in a form that is easily pinpointed.  It will take a directed effort to find out what is causing our business to operate in the red.  As soon as the money drain is noticed, finding it is a top priority.

Luck can play a part in our business.  Some think that this is a good thing, but luck will only get you so far.  When luck runs out, the business will suffer.

Insufficient marketing analysis will put the kibosh on your business profits.  Marketing research determines if you have a viable product or service that the consumer wants.  It is not easy to tap into a new market.  Even if you happen to luck up on something, analysis of the market will show if this will be a long or short ride.

Lack of a strong advertising campaign will eat into your profits.  With so many businesses out there, finding a new spin to sell a product is not easy.  Starting with one medium is okay, especially when money is tight.  But, as the business takes off, the only way it will survive is with a more diverse plan.  Limiting advertising is a bloodletting.  Slowly, your business is being drained of life.

Maybe you only have experience in one type of advertising.  Make it a point to learn others.  Connect with other business owners and learn their secrets to advertising success.  Customers are always looking for the latest thing to catch their eye.  If your business is not meeting that need, customers will flee for other venues.

What are your goals for your business?  When you hit a wall - and you might, new directions are in order.  Goals that are not clear result in a loss of business revenue.  Your money will disappear into that great abyss unless you branch out and use your current service as a stepping stone.

The business may start off as a service-based enterprise that meets the need for now, but where will the business go after that?  People always want more.  A business that can draw them in and keep giving them more options will stay afloat and become successful.

A business is more than one idea and one hook.  Filtering all your ideas and creativity into it over time equates to a business that makes money now and in the future.  If not, the business will lose money hand over fist.

]]> http://businessrenegade.com/blog/my-business-is-losing-money-help/feed/ Network Marketing Business Promotion with Giveaways and Contests http://businessrenegade.com/blog/network-marketing-business-promotion-with-giveaways-and-contests/ http://businessrenegade.com/blog/network-marketing-business-promotion-with-giveaways-and-contests/#comments Fri, 29 Aug 2008 23:41:52 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=26 Everyone loves to get something for free.  Run your favorite search engine using the word “free” and you’ll have thousands of hits.  It is just a matter of fact, people like receiving things and they also love the challenge of a good contest.  You can use both of these facts to promote your direct sales business.

Giveaways: What can give away to promote your business?

Pens – Wherever you go, someone asks to borrow a pen to write something down, and then forgets to give it back to you.  Why not take advantage of this “natural” tendency and use it to your advantage?  Check to see if your direct sales company has pens with the company name on them that you can purchase.

Better yet, spend a little bit of money and have them printed with your business URL.  The next time someone asks to borrow a pen, you can give them one with your name and website on it.  They will see this web address each time they use the pen and it might help generate a sale.  The pens aren’t that expensive, so why not give them several?  They can give them out instead of their favorite pen, and in that way they’ll have done advertising for you.

Mouse pads – If you work on a computer, you use a mouse pad.  What better thing to give away than something that will be useful and that you know will be used?  People sit at computers all day long with their hand resting on their mouse pad.  If you have your website address printed onto mouse pads, and give them away, you’re keeping the name of your business before potential customers.  Choose something that’s visually appealing, as well as functional.  If the person you’ve given the mouse pad to has many people visit them during work, they may ask where to get one, too.

Contests: Use them to generate leads.

One way to generate leads is to have a contest that people will be eager to participate in.  Choose an item, such as a gaming system or the newest MP3 player, as a prize and you’ll have people beating down the doors to your direct sales website to enter.  Make sure the rules are clearly stated so people know what to expect and know when a winner will be announced.

Of course, for a chance to win, they’ll have to leave their name, address, email address, and telephone number.  Make sure to advertise the contest with a press release, and you’ve increased the possibility that more people will sign up.  Don’t forget, however, to issue another press release when the contest is over; you need to announce the winner.

Using giveaways and contests to bring traffic to your website accomplishes two things:
1) It promotes your business by giving people a reason to come to your website.
2) By providing these items, not only will you bring potential customers to your website, you can also take the price off of your taxes as advertising costs.

Take advantage of people’s desire to get free items, and you’ve taken a step into a new realm of marketing your business. Remember to choose wisely when to hold contests and what items to giveaway to advertise your website.  You might generate so much buzz about your direct sales business that you won’t lack for customer and direct leads for quite some time.

]]> http://businessrenegade.com/blog/network-marketing-business-promotion-with-giveaways-and-contests/feed/ How a Blog Can Help Grow Your Direct Sales Business http://businessrenegade.com/blog/how-a-blog-can-help-grow-your-direct-sales-business/ http://businessrenegade.com/blog/how-a-blog-can-help-grow-your-direct-sales-business/#comments Fri, 29 Aug 2008 23:39:41 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=24 Having a website for your home based business is almost a necessity in today’s high tech, internet-crazy world.  Having a website might not be enough, though.  Take a look to see how a web log, or “blog”, can help grow your direct sales business as well.

Many direct sales businesses offer their sales associates a website that links directly back to the parent company’s site. You might even have taken a bold step and chosen to purchase a domain name and created your own business website.  Those are both good ideas, but perhaps you should also add a blog to your arsenal of online marketing tools.

You want to use every available option when promoting your direct sales business, whether offline or online.  You wouldn’t think of starting a new home business without purchasing business cards.  Why would you consider having one without using a blog to help generate leads and possibly recruit new team members?

A blog can be effective for promoting your business. It can also help you meet new prospects, either as customer or as part of your downline.  Blogs can also be a creative outlet when you’ve had to deal with the restrictions of some direct sales companies.  A blog can truly help your business reach a new level.

Before you jump on the blog bandwagon, however, you need to read and understand your company’s policy about using the internet for marketing.  If they do not allow personal internet advertising it would be better to set this idea aside.  Use whatever means they allow to do your marketing.

Consider your goals for having a blog and write them down.  Know what you want to accomplish with your blog before you write your first sentence.  Think about the people that will be reading your blog, usually your prospective customers or downline, then design your blog with them in mind.  Find an area to focus on – whether sales, recruiting, or training – and build your blog around that focus area.

Blogging about your direct sales business gives you an outlet to discuss new products and specials that will be coming up, and gives your team members and customers a sneak peak at new items before they are available.  Blogs also allow you to share things that may be related to your business but not a direct part of it.  For instance, if your products relate to cooking, use your blog to post recipes for your readers to enjoy.  Try to remember who your target market is and provide them with things they will find valuable.

It is easy to see why blogging has become so popular.  Millions of people use their blog to express themselves every day.  Why not take advantage of this tool and use it to help your direct sales business grow?  All it takes is a little bit of time and thought, and a desire to offer your customers and team members another outlet to success.

]]> http://businessrenegade.com/blog/how-a-blog-can-help-grow-your-direct-sales-business/feed/ Understanding the Principals of Marketing http://businessrenegade.com/blog/understanding-the-principals-of-marketing/ http://businessrenegade.com/blog/understanding-the-principals-of-marketing/#comments Tue, 26 Aug 2008 22:00:52 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=22 Almost every product or service sold in the world today falls under the principals of marketing. Even people who are in the public eye all of the time have to find a way to market themselves. This is why it’s important for any new business or service provider to understand the principals of marketing. You cannot simply put your information up and expect people to come flocking to your product. There are subtle things that you must accomplish in order to get your business marketed properly.

For example, one of the main ideas behind anything being represented is actually not how to push it onto people but, rather, what is the social responsibility behind a product or service? When people buy something, they want to know that they are buying into the greater good. Telling people who are looking at your product that their support of your company will somehow affect more than just their pocket book leaves them with a good feeling. Customers who experience a good feeling with a business are almost sure to return.

Another important aspect of the principals of marketing is known as target marketing. This idea is that you do not merely put your business up somewhere and advertise in as many places as you can for as long as you have money is not really a good one.

Take the Super Bowl advertisements as a good way of demonstrating this. People who watch the Super Bowl are generally men and women who are interested in sporting activities. Therefore, placing a commercial for a doggy day care center during this time slot wouldn’t be worth it no matter how much exposure you got because it would have missed your target audience.

The audiences you should be aiming at for this kind of service are probably watching the puppy bowl on the Animal Planet channel. So while you wouldn’t have as many people watching your ad, you would have more people who were interested in your business learning about it through the commercial. Chances are that if they are watching this cuddly puppy-filled playtime, they have dogs of their own or are thinking of getting a dog. Your day care idea might appeal to them more so than the average sports fan watching the real Super Bowl.

You also need to consider the types of marketing distribution you are doing and how that matches up with your business. If you offer a service like the doggy day care, then advertising it in the next state would not do you any good because no one is going to drive that far to drop their dog off to board. You need to concentrate your marketing efforts where they will be the most effective for your company, and once you do that, you’ll be sure to see results. Remember, according on the principals of marketing, you should not spend time energy or money on something that reaches people outside your area of service.

]]> http://businessrenegade.com/blog/understanding-the-principals-of-marketing/feed/ Marketing on the Internet and How it Affects Your Business http://businessrenegade.com/blog/marketing-on-the-internet-and-how-it-affects-your-business/ http://businessrenegade.com/blog/marketing-on-the-internet-and-how-it-affects-your-business/#comments Mon, 25 Aug 2008 22:29:15 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=20 Marketing on the Internet and How it Affects Your Business

What happens when you search on the Internet? How do you get to what you want? Most likely, you’ll skip all the banner ads, and enter your own search term. You’ll skip the “sponsored search engine results.” Maybe at this point, you can’t even see them. You probably don’t even see the shaded results on the right, or any of the advertising or web infomercial type results. It’s a lot like television: if you don’t have a video recorder, you just tune out the commercials mentally.

Clearly, if you’re marketing your goods or services on the Internet, those sorts of sponsored results and banner ads give you a really dismal return on investment. Sure, they’ll generate some clicks, which will in turn generate some sales, but they’re only worthwhile for big, relatively rich companies.
Ideally, you want to optimize your site so that it naturally shows up high on the list. The playing field is much more level than in any other form of marketing. Small companies can own their much larger competitors.

In case it’s still not quite clear what ‘natural’ or ‘organic’ search means, its’ just the ‘editorial’ rather than ‘sponsored’ search results for whatever search engine you use. If you can fine-tune your site to land high in the list of organic search results, your marketing on the Internet will have the desired effects on your business. Unlike the paid advertisements, you can’t buy your way in. The only way to punch your ticket for this dance is natural search engine optimization.

The playing field is relatively level, but large companies do have some advantages when it comes to natural search engine optimization. They tend to have large quantities of inbound links. This affects search engine results substantially. Vendors, affiliates and partners often link freely and unbidden to the corporation’s site.

Smaller companies, on the other hand, have some advantages too. Smaller companies tend to be more willing to pursue optimizing their site to generate results organically. Smaller companies also have little or no red tape to sift through in order to get a decision made on optimizing their sites. Smaller companies tend to be more willing to outsource, perhaps because they tend to not have significant resources internally. Natural search engine optimization is both a technical and non-technical problem. Simple steps like figuring out what keywords people will search for are important, as well as understanding the technical aspects of how a search engine indexes pages.

Huge corporations, tend to view natural search engine optimization as a very small piece of an enormous puzzle. Not only that, they’ve been doing without it for years. Quite possibly, they’ve even been doing without the Internet for years. The necessary steps to successfully marketing on the internet in order to get the desired effects on your business are often too much to get through committee after committee and miles of red tape. Smaller, leaner competitors can thus swoop in and take full advantage of organic search engine optimization and get better search engine results.

]]> http://businessrenegade.com/blog/marketing-on-the-internet-and-how-it-affects-your-business/feed/ Article Marketing Strategies http://businessrenegade.com/blog/article-marketing-strategies/ http://businessrenegade.com/blog/article-marketing-strategies/#comments Sun, 24 Aug 2008 18:31:41 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=16 Article Marketing Strategies

The Internet is an enormous ocean of content.  Content of all types can be found on websites and posted on forums and blogs.  Just about any subject you are looking to learn about can be accessed on the Internet.  And search engines just eat up great content.  You and your business can be rewarded greatly if you spit out great content.

Using articles to market your business is a free promotion strategy that is highly effective.

What have you spent?  You may have spent a few hours doing research on your topic and then you sat down to write some interesting content.  The content was posted on your own site or sold to other sites that deal in buying articles.

The best way to use article marketing is to write about something that you know.  A topic that is familiar offers a host of different spins on one subject that can be marketed in a variety of places.  You can submit articles to online sites, e-zines, print magazines, and newsletters.  Any one of these places will give your work more exposure.

Come up with several ideas for article content.  Keep a notebook with you so that you can jot down article subjects and titles.  If you are putting together several “how to” articles, keep a list of what to include in the articles.  The more information that you have on hand, the quicker you will be able to produce an article.

Surf the Web to see what types of articles are out there.  If the subject that you have chosen is pretty much done to distraction, choose something else to focus on.  Most of us have more than one area of interest or expertise so we can use that to find another marketing avenue.

What about rewrites?  If you are the owner of the content, exercise your right to use it again and rewrite it from another angle to get more use out of the subject.  Tailor your articles to the specific guidelines of the site or publication where you will be submitting them for consideration.

Above all, don’t forget to plug your website or product at the end of the article.  Most sites will let you have a small bio at the end.  If they do, use it to the hilt.  Always, always include a hyperlink to your website so that people can find you easily.  They will want to read more on the subject and this can’t be done if they can’t locate your site.

A hyperlink will take them directly to the website.  If you forget to use the http:// at the beginning, they will have to copy and paste into the browser.  People want things to be as easy as possible and so do you if you want their traffic.

Article marketing is free and fun.  Use the knowledge that you have gained on a particular subject to enhance your business and make you some money.  People are always looking for good sources of information.

]]> http://businessrenegade.com/blog/article-marketing-strategies/feed/ Top 5 Internet Business Training Programs http://businessrenegade.com/blog/top-5-internet-business-training-programs/ http://businessrenegade.com/blog/top-5-internet-business-training-programs/#comments Sat, 23 Aug 2008 15:21:41 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=14 Top 5 Internet Business Training Programs

Whether you are creating an internet business from scratch or you’ve already started, finding a quality internet business training program is absolutely overwhelming. Its so overwhelming in fact that most people end up wasting tons of money, time, and ultimately end up confused, frustrated, disheartened, and right back to square one.

Does this sound familiar?

Well I’d like to try and help you weed through all the products out there that are either nonsense, crap, or scams.

I’ve spend the last 3 years building several successful internet businesses and would not have been able to do so without getting quality internet business training from others who’ve been there, done that.

Its really hard to admit this, but I’ve spent an absolute ton of money on internet training programs, conferences, workshops, ebooks, and the like. I have bought practically everything on the market on how to start an internet business, how to do market and niche research, and how to market your business online.

Through all this I only recommend 5 internet business training programs. I endorse them because they are:

- Written by people that have been successfully making money online for years (in most cases a decade)

- Train you on how to treat your internet business like a real business which enables you to make more profits in less time

- Teaches you the ins and outs of basic foundation steps as well as the latest strategies for finding hot business ideas, developing those ideas into products and websites, and driving large amounts of traffic to those websites

- Tells you everything you need to know in a step-by-step, logical, easy-to-understand manner so that anyone can learn these techniques at their own pace

- Has excellent support that you can turn to and get your questions answered

- Will definitely honor their money-back guarantee policies

- Actually wants you to succeed

Ok, so now you’re probably wondering which 5 internet business training program I recommend right?

Here you go…

Internet Marketing Center’s Insider Secrets To Marketing Your Business On The Internet

“Are you destined for success by starting your own internet business worth $2,000-$5,000 per week?”

This training program is really the building blocks to every successful internet business. Updated every year this course will teach you everything you need to know about starting an internet business that’s in demand and that you’re passionate about as well as how to drive tons and tons and tons of traffic to your website. Learn more now…

Authority Site Center

“Build your high traffic authority site quickly with our professional online business marketing system.”

The training program at the Authority Site Center is for those that want to build a business around what they are passionate about by creating content sites and promoting them through Web 2.0 strategies (i.e. blogging, social networking, bookmarketing, etc.) The strategies they teach are mindblowing and extremely effective. If you want to learn how to create an extremely high traffic blog in 16 steps, you’re at the right place. Learn more now…

Super Affiliate Handbook

“The amazing true story of how one women, with no preview business experience, earns $500,000 + per year selling other people’s stuff online!”

The creater of this training program, Ros, is just the best. She’s full of heart and she loves giving you details. Her course will take you step-by-step into how to make a full-time living selling other people’s products on the internet (affiliate marketing). She’ll walk you through niche research, designing a website for maximum sales, and the best ways to get traffic to your site. Learn more now…

SuccessChef

“How to build a successful internet business, earn an astonishing income online, and quit the rat race for good.”

This membership and training program is super new and as of right now (I’ll keep you updated) is still in Beta. SuccessChef is designed for people that are overwhelmed with the process of starting an internet business and like to be taught in a very systematic step-by-step way so you don’t get distracted by “the next big thing” all the time. Learn more now…

No B.S. Marketing

“Dan Kennedy’s ‘No B.S.’ Approach aggravates many, but enriches those who act on his advice.”

Dan Kennedy is really the master of business. His training actually caters to a variety of businesses from offline to online to service-based to everything in between. So at first glance it may seem that there’s not much there for us internet business people, but nothing can be further from the truth. Kennedy’s newsletters and products teach you the fundamentals of marketing and creating incredibly successful businesses. There are many specific products just for information/internet businesses that will sky-rocket your earnings. Learn more now…

Well there you have it…

I truly believe that you can’t go wrong with any or all of these internet business training programs. If you truly want to build a solid, successful, long-term business that you can enjoy a great living with, then please click on the links above and explore the training that is available to you.

And whatever you do, please do not give up on your dream of making money with an internet business. It can be done, you just need the desire to succeed, the strength to keep going no matter what, and of course, the right training.

]]> http://businessrenegade.com/blog/top-5-internet-business-training-programs/feed/ How to Set Up a Skype Account http://businessrenegade.com/blog/how-to-set-up-a-skype-account/ http://businessrenegade.com/blog/how-to-set-up-a-skype-account/#comments Sat, 23 Aug 2008 01:20:19 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=12 How to Set Up a Skype Account

Skype is software that enables people from all around the world to communicate with each other for free via their computer.  Skype to Skype calls are free however it isn’t all that you can use Skype for.  Skype enables you to make inexpensive long distance phone calls, send text messages, video conference, forward phone calls and much more.

Skype is also a viable business tool, enabling free internal phone calls, text messages from your computer, and inexpensive calls to land lines and cell phones.  Whether you own a business or would like to use it in your personal life, setting up a Skype Account is easy to do.  Here’s how:

Step 1:  Visit www.skype.com and download the software onto your computer.  There’s a big DOWNLOAD button so you can’t miss it.

Step 2.  A window will open on your computer.  Save the file SkypeSetup.exe. on your computer.

Step 3.  Once the download is complete, open the Skype setup application.  The setup wizard will launch guiding you through choices and settings for your computer.

Step 4.  Your next step is to Start Skype.

Step 5.  You’ll now be asked to create your account.  It’ll ask for your name, Skype name, and password.  It’ll then ask for an email address and location information.

Step 6.  You’re now able to make Skype calls.  You can also take a peek at their getting started guide which will walk you through making a test call and your first phone call.  With Skype you can also import contacts from Hotmail, Yahoo, Outlook and more.

Skype can be the one stop communication solution for busy people who are tired of spending so much money on phone bills and text messages and using Skype is easy to do.

]]> http://businessrenegade.com/blog/how-to-set-up-a-skype-account/feed/ Free Blogs Online - Get One at Wordpress http://businessrenegade.com/blog/free-blogs-online-get-one-at-wordpress/ http://businessrenegade.com/blog/free-blogs-online-get-one-at-wordpress/#comments Fri, 15 Aug 2008 22:33:57 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=7 Free Blogs Online - Get One at Wordpress

Basic WordPress, at WordPress.com, is a blog program that contains a sleek and easy-to-use format that’s super easy to maintain. While it doesn’t come complete with the additional template use such as Mimbo does, it works quite well for blogs. WordPress can be used anywhere from a personal interest format to a readers’ blog of market information. Maybe you just want a place where your friends and family can get together in an internet and real time way.

Either way, here are a few simple things to keep in mind.

There are some basic things that fall into the category of do’s and don’ts, both with the setup and with the etiquette. In my personal opinion, don’t set up a blog that people can’t respond to - this defeats the entire purpose of blogging and yes, I have seen this and maybe it was an oversight.

The first thing to watch for if you are planning on promoting your blog is to make sure that when installing WordPress you DON’T deselect the option “Allow my blog to appear in search engines.” If you deselect this, your blog may rarely be found.

The etiquette that comes with blogging is an important factor. Don’t respond to really rude comments left by readers! If you see where someone has responded to your page and left a comment that makes you mad or irritable, don’t respond to it- just ignore it however hard that may be. If you start a cyber fist-fight with a rude reader this will just leave a negative impact on your blog and hurt what you are trying to accomplish.

Check out other bloggers, follow different discussion threads that appeal to your interest. Leave comments on other blogs but when you do, have them come across as intelligent. Check your spelling and grammar and at all costs do not leave a comment that simply says “thank you” or “nice page”. This is nothing more than a cheap attempt to have someone look at your page, and chances are that they won’t. The better the comment, the higher the chance of additional views to your own blog.

Don’t ignore comments by others unless it is a negative comment. It is actually better to use a negative comment as a chance to ask the person’s opinion on what they would like to see change. This can sometimes be a tough call and you may have to think about it. Use integrity in your own blog site(s) as well as other blogs and it will get you the same respect. You will attract more visitors. Use customer service skills. Be conscientious of what you are saying and how you say it.

Whatever your reason for creating a blog, it is much easier and less time-consuming to grab at the WordPress program. And remember your etiquette, as it will pay off in the short and long run of things.

Grab a free blog at wordpress.com

]]> http://businessrenegade.com/blog/free-blogs-online-get-one-at-wordpress/feed/ 7 Ways to Finance a Franchise or Business http://businessrenegade.com/blog/7-ways-to-finance-a-franchise-or-business/ http://businessrenegade.com/blog/7-ways-to-finance-a-franchise-or-business/#comments Fri, 15 Aug 2008 23:34:53 +0000 BusinessRenegade.com http://businessrenegade.com/blog/?p=9 7 Ways to Finance a Franchise or Business

So you’ve decided it is time to be self-employed and that buying a franchise or business is the best route for you. If you’re feeling a little quesy right now, please remember, most business start-ups are financed and you’re not alone. If you’re planning on using financing, it is best to start looking at your finance options right away. Finding the right source, going through the application and approval process usually takes longer than expected.

1. Home Equity Loan

This is the quickest and usually the least expensive of the commercial-type loan options. If you have owned your home for awhile and have some equity getting a home loan is about a 30-day process. If you choose the line of credit loan, you can write checks as you need to pay for items. One thing you need to remember is to include your loan payment as part of you business expenses when figuring your projected financial statements.

2. Your Retirement Account

This form of financing is not widely known. There are companies that will legally convert those funds that are locked in a retirement account into an account to use for your new business. This option is not for those who are intolerant to risk since you are using funds allocated for your retirement and there is no guarantee that you will be successful and able to refund your account.

3. SBA Loan

The Small Business Administration has loans for financing new businesses. The SBA does not actually provide the funds, they provide the guarantee to the banks. They also create the loan programs and the criteria for the loan approval.

4. Your Family

What if you do not own a home but you have great credit? How about using the home of a family member as collateral for your SBA loan? Of course, now you not only need to convince the SBA that you’re a good risk, you also need to convince your family member that you are going to be successful.

5. Asset-Based Lenders

If your business will include purchasing equipment and fixtures, an asset-based lender is an option. You probably will not be able to finance all your business expenses, like the franchise fee, but this is a way to reduce the amount of cash you have to invest at start-up. The assets of your business are the collateral for the loan. Be aware the the interest rate and costs for this option will be higher than a loan with real estate as collateral.

6. Sell Stock In Your Corporation

This option takes some extra effort because you need to convince potential investors that your business will be a big success. You will also have to hire an attorney to incorporate your business and make sure you are following the law in your sale of stock. Your business plan and projected financial should be very compelling, yet realistic, so that your potential investors will be excited to invest.

7. Build Business Credit

This is probably the best option, but of course, it takes the most time. This method involves setting up a corporation or LLC and then slowly building the credit profile of the business - just like you started out building your personal credit when you were 18 years old.

Some of the huge advantages to this are you’ll be building your business credit completely separate from your personal credit so everything you do with you business credit accounts/loans will not affect your personal credit at all. Once you build your business credit, you’ll be able take out large loans or lines of credit (anywhere from $25,000 to around $1,000,000) bases solely on the good credit history of your business.

But of course all good things are not perfect. In order to go this way you’ll have to plan ahead and expect to take 9 to 12 months to build your business credit profile up enough to then apply for your money.

You can learn more and get help doing this through Dun & Bradstreet, B2B Credit, or Corporate Credit Concepts.

So these are just 7 of the most common options for financing your franchise. It is important to include your choice of financing in your decision to purchase a franchise or any business.

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