You're a business owner, chief cook and bottle washer. Everything is on you.
Then comes the unexpected hurdle. That broken piece of equipment, that surprise expense, that sales tax bill, new inventory items your business must have. When your invoiced clients have more excuses than you do, and your vendors won't deliver any more supplies on credit.
Now what? Your banker said no, and you're considering robbing your IRA.
It's not time to throw in the towel yet!
What to do when you think you've run out of options.
1. Calm Down.
2. Remember to breathe.
3. Get out your note pad and a pen.
4. Grab your address book (cell phone).
5. Write a plan.
6. Swallow your pride.
7. Make the calls.
Write down your plan for how much you need, and how you will repay it. What are you going to change about your business and how are you going to make this work. Give numbers and details, and don't sugar coat this.
Now call them. Yeah, you know who. People you know that have money.
But here's what NOT to do: Don't ask them for the total amount you need.
Tell them how much you need, and ask them to contribute a small portion. Even $1000 would help you get closer to your goal.
Easier to get $1000 from 50 people than $50K from one person.
Trust me, or don't but that rich relative, that successful past employer, that wealthy guy you played cards with a long time ago, that always liked your jokes....
They get solicited for big money every day. And they hate it.
But you will be different. You will ask for a small amount, and show them how many people you are willing to approach to accomplish your goal. And the GUTS you have to approach them for a small amount, and your willingness to continue AS LONG AS IT TAKES and speak to AS MANY PEOPLE AS IT TAKES will warm them to your request.
Wealthy people know that the losers always want money, and the pikers always will take what they can get. But they also crave a like minded up and comer....the fighter, the Jack Russell Terrier of business owner who will take their bone and gnaw it down to nothing.
I have borrowed money this way. I have seen money borrowed this way. It is a humbling experience to ask for small amounts of money from many people.
But what is the alternative? If you cannot get it from the bank, and you MUST have it, money must be had from someplace.
Better to gear up for a long campaign of small victories, than try for world war III.
Or do the Fundraiser approach. Ask for $50K and then when they say no, tell them how much $25K would help you reach your goal. Then when they say no tell them that even $18K would be a great help toward your goal...and so on and so forth....
Who said that your money must all come from one place and at one set of borrowing terms. Do you really care how many deals you must make to get the money you need?
Broaden your mindset and impossible now becomes possible.
Now call them. Yeah, you know who. People you know that have money.
But here's what NOT to do: Don't ask them for the total amount you need.
Tell them how much you need, and ask them to contribute a small portion. Even $1000 would help you get closer to your goal.
Easier to get $1000 from 50 people than $50K from one person.
Trust me, or don't but that rich relative, that successful past employer, that wealthy guy you played cards with a long time ago, that always liked your jokes....
They get solicited for big money every day. And they hate it.
But you will be different. You will ask for a small amount, and show them how many people you are willing to approach to accomplish your goal. And the GUTS you have to approach them for a small amount, and your willingness to continue AS LONG AS IT TAKES and speak to AS MANY PEOPLE AS IT TAKES will warm them to your request.
Wealthy people know that the losers always want money, and the pikers always will take what they can get. But they also crave a like minded up and comer....the fighter, the Jack Russell Terrier of business owner who will take their bone and gnaw it down to nothing.
I have borrowed money this way. I have seen money borrowed this way. It is a humbling experience to ask for small amounts of money from many people.
But what is the alternative? If you cannot get it from the bank, and you MUST have it, money must be had from someplace.
Better to gear up for a long campaign of small victories, than try for world war III.
Or do the Fundraiser approach. Ask for $50K and then when they say no, tell them how much $25K would help you reach your goal. Then when they say no tell them that even $18K would be a great help toward your goal...and so on and so forth....
Who said that your money must all come from one place and at one set of borrowing terms. Do you really care how many deals you must make to get the money you need?
Broaden your mindset and impossible now becomes possible.
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