Borrow Money From Those You Know In Order To Start Up Your Internet Business

Borrow Money From Those you​ Know in​ Order to​ Start Up Your Internet Business
Borrow money for your start up from friends,​ relatives,​ or​ life long associates .​
Don’t be shy to​ borrow money from family and friends .​
Did you​ know that the​ founder of​ Wal-Mart,​ Sam Walton borrowed $20,​000 from his father-in-law?
How about Fred Deluca? a​ friend of​ the​ family loaned Fred $1,​000 .​
He started Subway with the​ money .​
Today there are almost 22,​000 Subway Restaurants Worldwide .​
Mega corporations and small mom and pop stores have used this method .​
Don’t be shy,​ you’ll lose out.
First impressions are key to​ being successful in​ borrowing money from those you​ know .​
Make your initial approach a​ pleasantly surprising experience for the​ intended lender .​
Be business-like but warm in​ your dealings .​
Above all,​ be yourself,​ the​ person they know.
Your Initial Approach
Write down a​ list of​ people you​ think are potential lenders .​
Go through all of​ your various address lists .​
Think of​ very close relatives .​
Then list your distant relatives .​
You know,​ the​ ones you​ call twice a​ year,​ but hardly see .​
Yeah,​ Cousin Ethel.
You’ll have better success with the​ following types:
1 .​
Those that have money .​
The more,​ the​ better.
2 .​
Do you​ have past issues with rich Uncle Harold? Don’t go there! Go where warmth and mutual respect for each other reigns supreme .​
Uncle Harold may treat your approach with disdain .​
Then he’ll talk about you​ to​ other relatives.
3 .​
Business experience? Does your intended lender have any? This is​ not a​ requirement,​ but it​ would be good if​ they did .​
People who have been there understand what you’re going through when the​ pickings are lean.
4 .​
There has to​ be some degree of​ trust between you​ and your intended lender .​
This may be last on​ the​ list but it​ certainly isn’t least .​
In order of​ importance,​ it​ should be at​ the​ top.
When your prospects have been whittled down to​ the​ top two or​ three,​ make the​ approach .​
Chose a​ mutually comfortable place .​
Have your plans written down .​
The business-minded lender will ask for that .​
Clearly record the​ amount you​ wish to​ borrow.
The closer your relationship,​ the​ more tentative your potential lender may be .​
Their primary concern is​ that the​ loan would hurt your relationship .​
Sure loosing the​ money is​ always in​ their thoughts .​
But I​ believe a​ money-damaged relationship is​ tops.
When you​ borrow money from friends you​ must consider a​ future money-damaged relationship .​
Take positive steps to​ allay their fears .​
Show them a​ solid all round business plan .​
Convince them that you​ have considerably lowered the​ risk of​ failure because your relationship with them is​ important to​ you​ also.

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