The main reason people get into the information marketing (or “make money online”) industry is because they’re lacking money and need to make some as fast as possible. Makes sense, right?
But unfortunately all businesses need investment of some kind, because a successful business is simply a medium of multiplying the money you put
That means if you put nothing in, there’s nothing to multiply, so you’ll still come out with a big fat zero.
So how do you get this initial money you need to invest if you’re completely broke?
The answer is to use a widely-used technique called “OPM”.
“OPM” stands for Other People’s Money, and it’s the best (and possibly only) way to grow any business (especially online).
Now, before I continue, you must understand that this isn’t professional financial information, as I’m not qualified to give you that. I’m simply revealing to you the method which I personally used when I first started out (and still do use) to grow my online business to the level it’s at today.
We’ve already established that if you put nothing into your business, you get nothing out.
So we need to find that initial money from somewhere.
Luckily, there are people and companies out there who will willingly invest in your online business in the start-up phase.
Here are the places which I personally use when I need some extra advertising spend, and some I wish I’d have known about when I first got started with my online venture:
1) Credit cards – Many people think that credit cards are “evil”, but that’s only the case when you don’t manage your finances correctly, logically and realistically. The truth is, they’re a great source of business funding, and can make a massive difference when the money is invested wisely. I started using these on a small scale when I didn’t have any advertising spend, then once my sales funnel was converting well, I turned up the spending a notch, and paid them off in full with my profit.
2) The banks – They’re more selective about lending to people nowadays due to the economy, but if you have a long-term good reputation with the banks, it’s worth a try.
3) Government funding – I only found out about this money being available once my business had gone past the “start-up” phase, but here in the UK, our government has a few schemes to help small businesses get started. Do some research for your country, as you’ll be surprised at the available options.
4) Peer-to-peer loans – The bank managers aren’t the only people who can give you loans. There are many websites out there with a community of business investors who will gladly fund your business. In terms of popularity and results, Funding Circle is one of the best, but you’ll find many others out there with a quick Google search.
5) Crowdfunding – In the same way many people around the world lend small amounts to charities, “crowdfunding” websites allow you to receive multiple “micro loans” from many different people all over the world. One of the best is CrowdCube, but again, you can find many others with a bit of research.
However, be aware that this isn’t “free money”, as you’ll need to pay it back sooner or later. It should only be used with the correct, proven guidance to bridge the gap in your start-up period (i.e. getting your online business profitable).
Speaking of which, you should only use this money on building proven assets, not on any fly-by-night one-click software and the like. Just stuff that will grow your business in the long-term, i.e. coaching, sales funnels, products, sales copy, proven advertising methods, etc.
Once you do this, you’ll no longer be stuck in the terrible “catch 22″ scenario of needing investment money to make money online, but not having anything to invest.
- James Francis
P.S. Any questions or comments? Just leave a comment below...