Borrow Money From Those You Know In Order To Start Up Your Internet Business
Below is a MRR and PLR article in category Finance -> subcategory Loans.
How to Launch Your Internet Business by Borrowing from Friends and Family
Summary
Starting an online business can be challenging, especially financially. However, borrowing money from those you know?"such as friends, family, or long-term associates?"can be an effective strategy. Consider the example of Sam Walton, the founder of Wal-Mart, who borrowed $20,000 from his father-in-law. Similarly, Fred Deluca started Subway with a $1,000 loan from a friend, and today there are nearly 22,000 Subway restaurants worldwide. Both large corporations and small businesses have utilized this approach, so don't hesitate to explore it.
Key Tips for Borrowing
1. Initial Considerations:
Begin by making a list of potential lenders among your acquaintances. Think about close and distant relatives, including those you may not see often. For success, look for individuals with the following traits:
- Financial Stability: The more financial resources they have, the better.
- Mutual Respect: Avoid past conflicts. Focus on relationships founded on respect and warmth.
- Business Insight: While not necessary, it’s helpful if the lender has business experience and understands the early challenges.
- Trust: This is crucial. Trust should be your primary criterion.
2. Making Your Approach:
Narrow your list to the top two or three contacts. Reach out in a comfortable and personal setting. Be professional yet genuine. Present your business plan and specify the amount you wish to borrow.
3. Addressing Concerns:
When borrowing from friends, acknowledge the risk of a money-related strain on your relationship. Emphasize the importance of your relationship and share a comprehensive business plan to minimize perceived risks.
By following these guidelines, you can respectfully and effectively secure the funds needed to launch your internet business while maintaining good relationships with those who matter.
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