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So….Who’s Gonna Pay For That?

The Money is Already Here! It has not left the planet.

Contrary to popular belief and the financial doom and gloom stories you here on the news, Money HAS NOT left the planet. The biggest objection I hear from people working with me is, “I would love to, but I don’t have the money”. AND I know it is the biggest struggle you have when landing clients, as well. Out of all the objections for people to get the help, support, coaching, or consulting they need, money is the biggest. I have spent a lot of time finding ways to coach people into reality. The reality is two things:

1) We always have the money to do the things we REALLY want to do.
2) You always get exactly what you need when you need it.

If you believe Universal Truths of Abundance you will know the money is always there. Now, I do know some people do not know where to look for the money and that is where I come in. I thought it would be very helpful to share this with you for two reasons:

First, you might be telling yourself you can’t get the support you need because YOU don’t have the money.

Maybe this will help.

Secondly, it will help you in speaking to clients who say they don’t have the money.

So, here we go – 10 ways to get the money you need every time!

1) Business Loan. There are many small lending institutions (especially locally owned banks) that want to help finance small business because the  entrepreneurs are doing well in this economy.

2) “Business Loan.” This is what I call a job or part time job. I think if you TRULY believe in your dream then you must do whatever necessary to realize that dream. A stream of income will help you go from NEEDING clients to wanting clients. And do not look at it as a job – it is a business loan to fuel your start up.

3) 401ks and other investments. Your accountant will probably tell you this is a horrible idea but is very possible to used some of your retirement as seed money. That money can definitely be used to grow your business. With so many retirement accounts shrinking with the craziness in the market be very aware that one very good investment you could make is an investment in YOU. There are even ways to roll the funds into your business with NO penalties.

4) Low Interest Rate Credit Cards. We have a really messed up view of credit in this country. Debt has been made to seem evil (I could go on for days about this), but good debt is a very useful tool. In fact when structured properly business credit cards will not show up on your personal credit report so there’s no negative impact to your FICO score for having to much debt.  Good debt is debt you incur to finance a project or dream that will give you a return on investment and you have a plan to pay it back. You are using it to learn, grow, and develop to bring in revenue from your business. No one really blinks at student loan debt, but we all get nuts when we, say, put a coaching program or mentor on a credit card. What’s the difference? There isn’t – at all! One has just been conditioned by society to be okay. Check out the Cash Flow & Capital Secrets course.

5) Got Junk? I have had clients (actually right now) finance their dreams by selling gold, putting cool stuff on ebay, or selling a car they no longer wanted or needed. David Neagle, first financed his dream by selling a boat. Suzanne Evans spent a year selling yard sale finds on ebay to pay for a vacation AND her coaches. See how creative you can get?

6) Get Started NOW! Many of you are waiting to have everything perfect or in place to get clients and make money. I guarantee you know enough now to start working with people. Maybe you will have an introductory rate or special for the first 5 clients you work with, but there is no need to wait. You can start making money now!

7)The Bank of Friends and Family. Many times friends and family are happy to help and will charge you a much lower interest or no interest. If you are in the UK, Australia or South Africa, Richard Branson has made this very easy with www.virginmoney.com He has created a program that helps friends and family create loans and have tracking, accountability, and make them professional and organized. He calls them social loans. Crowd Funding is a more widely used term.

8) Make a Cash Flow Change. Look at your full budget and spending – I have never seen one person or family that didn’t have something they could tweak to find money for their business. Is there a tweak that could be made to your daily spending? Hobby spending? Where is there waste in your weekly budget?  Are there services you haven’t used in 60 days or longer that you pay for every month? If so, cancel them. You can always start them again if you need them in the future. It can be amazing how easy it is to find $100 or more a week with small changes.

9) Apply For a Home Equity Line of Credit. Some banks offer home equity lines of credit that let you borrow up to as much as 85% of the appraised value of your home. Depending on the value of your home and what you still owe in other mortgages, that can put a significant chunk of money at your disposal for starting your business. The downside: you’re putting your home at risk. This is not an option for everyone, but it is a great option for some. Always understand your risk and all the details.

10) Make The Decision. You or your clients do not need the money for coaching /mentoring/support until they make the decision to get support and play a bigger game. Anything is possible when you make a decision. Many people think they have made a decision, but here are the facts. A decision is ONLY when there are no other options. There is no failure or stopping buckets to put your balls in. You do whatever it takes. And you will get the support you need to make it happen because when you decide, heaven moves to support that decision.

There is divine provision waiting to fund your dream! Heaven is ready to move on your behalf. The money is already here!

Want to use this article on your website or your own ezine?

No problem! But here’s what you MUST include:

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

I’m Off Vitamins Forever

Just the other day I attended a training call with one of my mentors Adam Urbanski.  I had the most profound AHA after adam made one statement.  He said the problem that most entreprenuers have will selling their products and services is focusing on the process or the details of how they  will deliver to their clients instead of focusing on the benefits. 

Now I’ve heard that before and have implemented focusing on the benefis to my services.  But then he says:

People don’t buy because what you are presenting is something they can do without.  They could wait a couple of weeks, 6 months, or even years.  They feel like they can keep going in their current state with or without your help.  The reason:  YOU ARE SELLING VITAMINS

I thought: He’s absolutely right.  How many people take vitamins everyday even though they know the vitamins are good for them and the vitamins will make their body’s feel better and function more efficiently.

But what If the doctor diagnosed you with a terminal illness and told you that there was a plant in a remote bush town that when broken down and put in an easy to swallow capsule would cure your disease in a matter of months or even weeks..guaranteed. You’d move hell and high water to get that plant.  You know that you can not live without it…right?  You know that without it you would eventually cease to exist.

You’ve all heard me say that the number one reason businesses fail is lack of capital. In fact almost 90% fail withing the first 5 years.  So its definitely inevitable without cash flow, cash, mulah, money, You business will not make it.  BUT what I realized is explaining that to people is in fact just a vitamin because the hope is that somehow the company will make enough money to sustain its self.  Even though the odds are against them, many entreprenuers take that gamble every day.

They would rather struggle on the cash flow roller coaster or Play russion rouletter with the retirement accounts.

The Pill:

How would you like to double your cash flow in 30 days or less.

Here’s what I mean: 

What if your bank account could go from this

 

to this

 

In 30 days or less.  Well that’s what I do for my clients.

 

No more vitamins…Let’s be real…you need a pill!

Apply this principle to your own business and see if you create your own AHA moments.  Remeber how you get theire is virtually irrelevant….the client is asking What’s In It For Me?

Stuggling with Cash Flow? Try Unsecured Business Credit Lines.

At some point in time, the reality with most businesses is that fluctuation periods would eventually come and such companies will have to face problems regarding their cash flow. A company may experience a financial crisis wherein more cash may be going out than entering as profit.

It is very important for any enterprise to never run out of funds.  Having an unsecured business line of credit could make all the difference. Assuring that your company has an unsecured line of credit will be a big step of precautionary on your part to keep your company afloat, even when faced with financial crises.

What Is An Unsecured Business Line of Credit and How Does It Help?
 
An unsecured credit line for your business is a type of financing resource that can provide your company with the money that it needs without requiring collateral. Having such a credit line for your company can be of great benefit, especially when faced with problems on cash flow. This can provide you with the temporary funds that your company may need for operations to continue.

In running your own company, sometimes being prepared for possible problems  play a big role in helping you ride the tides of business. For sharp entrepreneurs, even when there is no immediate need for the extra funds, having an unsecured credit account at hand will be a good cautionary tool for anything that could possibly go wrong with the business.

After all, you can never know exactly when your company might experience cash flow problems. But knowing that you have back up when funds become unexpectedly tight through unsecured business lines of credit, will surely set a whole lot of difference for your business to step up the ladder.

3 Obvious and 2 Not So Obvious Sources For Start-Up Funding

Funding is a major challenge to consider when embarking upon the journey to start your own business. Figuring out where the funds will come from can sometimes become  very stressful.  This is an obvious obstacle that ultimately  prevents many people from starting their own small business.

Bank loans

Bank loans are usually the step that most people take when wanting to start their own small business.   Banks do tend to make it tough on the every day person wanting to start their own business. 

Government grants

Obtaining government grants is not as easy as one may think.  The US as well as other countries has numerous programs that cater to the needs of potential small business owners. 

Relatives or friends

The  downside to the suggestion of relatives or friends is that they very well may feel that they own a stake within your business. This of course has no legal binding however; it can create serious rifts between you and your loved ones. 

Your personal savings

Dipping into your personal funds is yet another way to fund your small business.  This is usually done through a cobination of pulling from savings, retirement, and home equity and  is not a recommended way of  funding business ventures.  It becomes extremely important for a succesful business to seperate business and personal finance.

Private donations or investors

If you feel you have a great new idea for a new small business, you can possibly sell your great idea to potential investors; these are commonly called venture capitalists.   The disadvantage of this method is that the idea has to be creative as well as unique; you have to literally convince the investors you are going to make money. 

Trade Credit and Unsecured Business Lines of Credit

These are two option often overlooked in funding new business.  Trade credit and credit lines in the name of the company are easy to obtain if your business has a strong business credit profile seperate from the owners personal credit.

Cash In On Client Invoices

Do you need working capital? 

Heres a solution that may provide you will all the working capital your company needs. Most business to business sales usually carry 30 to 60 day payment terms. This means that you must deliver your products or services now. However, your client has between 30 to 60 days to pay you.

This creates a significant challenge for business owners. The is a potentially huge problem that has a simpe solution. Your clients want to pay you in 30 to 60 days, but you must pay rent, payroll and your suppliers now. As you can see, the math does not work. Unless you have a substantial bank account, this leads to an almost impossible situation.

If you are in this situation, it is also very likely that the bank will not be able to help you. As you well know, banks tend to  lend to businesses that have three years of profitable operations and significant hard collateral. If you do not qualify for bank financing, your best bet may be to consider factoring.

Factoring is a business financing tool that helps business owners who cannot afford to wait 30 to 60 days to get paid by customers. Factoring provides you with the necessary funds to meet payroll, make rent and pay your suppliers on time.

As opposed to bank financing, factoring is easy to qualify for. The main requirements are that you have a business with a strong roster of commercial clients.  Approval is based on your client’s credit and not yours. Factoring is also easy to use and it reduces the time you wait to get paid from 60 days to 2 days.

Factoring financing is an ideal tool for companies that are growing and that cannot afford to wait to get paid by the clients. It helps you to stabilize your financial situation and positions you for growth.

What Could You Do With An Extra $72,000 For Your Business?

 

Business Cash Infusion

Get up to $100,000 in 2 Weeks!

How much would it help if you could access $25k, $50k, or even $100k for your business? Have you ever made a decision to not invest in your business because of money?  Today at my Jump Start Workshop i worked hand in hand with 12 business owners just like you; Showing them strategies to get the money they need to start, invest, and grow their business  in this weak economy!

It really is no Accident. I can show you how too. Don’t Miss The Next Workshop!

 See what they have to say:

Steve Halen, My Trade America        I got 3 credit lines set up today!”

Danielle Moruffo, Elite Financial      “Shameca is Awesome!.”

Jodi Rubin, Window Wonders             “I got $72,000 in 3 Weeks!”

 

At The Workshop You’ll Learn:

  • 7 Steps to Funding Your Business Using Other People’s Money (OPM)
  • A Secret Super Tool To Get Easy Funding That’s Often Over Looked
  • How to Get $25,000 in as Little AS Two Weeks
  • The Thought You Are Having Right Now That Stops You From Getting Approved and How To Over Come It!
  • Simple Strategies to Unconver Hidden Profit & Cash in Your Business

Shabby Business Image: What Does Coporate Image Have to Do With Getting Capital

Your company’s image is a huge part of it’s credibility.  There are actually creditors and vendors who will not finance your company if you don’t have a website or aren’t listed in the 411 directory.   Yep, that’s right! It is equally important your company complies with both local and federal laws and ordinances, thus supporting the integrity of your business entity. The truth is lenders are not required to share their lending criteria or compliance formulas used to determine which businesses they approve or deny.

Does this sound familiar:

You need to borrow capital for inventory, new space, upgraded equipment, a new phone system, internet marketing, expansion, or simply to have an emergency cash cushion.  You are confident in approaching a lender to request a business line of credit, after all,  your business is profitable and you have your business checking account with this lender. They are familiar with your business.  The process couldn’t get any easier, right? You can breath a sigh of relief.

Finally,  you receive a letter in the mail from the lender, “Dear ABC Company, we regret to inform  you that your request for credit has been denied.”  There is usually no understandable explaination in the letter other than your business did not meet their lending criteria.

80% of small businesses are forced to close their doors forever because they could’nt get the capital they so desperately needed. Don’t become another statistic put your business in the hands of a Business Cash Flow Strategist that is familiar with compliance requirements so you can get the funding needed to grow a successful business.

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level, create consistent cash flow and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

5 Compelling Reasons Your Company Needs a Business Finance Consultant to Obtain Capital

As the owner of a company the task of obtaining capital for your business can be quite intimidating.  The reason most businesses are unsuccessful because they don’t have the slightest clue where to begin in the funding process. This is why seeking expert assistance is so important.  Here are 5 compelling reasons your company needs a Cash Flow Strategist to obtain Capital.

1.  Out of the 7 million businesses who apply for funding each year, 5.6 million don’t qualify at banks.

2.  The Small Business Administration reports that 97% of business loan applications fail.

3.  80% of businesses fail in the first 5 years due to lack of capital

4.  Lenders are placing more emphasis on business credit scores. The business MUST have three separat business credit scores.

5.  Attempting to obtain business financing using personal credit can severely limit the amount of capital available to the business.

This is why many business owners turn to a Business Finance Consultant to help them create a funding plan, establish their business credit and navigate the business funding maze.

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

Top 10 Costly Business Credit Mistakes to Avoid! (part 10)

Costly Mistake #10:  Rushing Your Business Credit Profile!

Two Words: RED FLAG

Dun and Bradstreet Partners with the federal government to provide information on small businesses in America.  One of the biggest components is fraud.  There are certain activities within a business credit profile that will cause a company to get on D&B’s Radar.  One activity is quickly beefing up a credit profile in a small time frame.

Remember organically a company builds good business credit in about 3 to 4 years, so, if  a start-up or young company initiates the companies profile and has 5 or 6 new vendors reporting every week, that activity will seem suspicious.  Once a company has been red flagged by D&B it is very difficult to obtain business credit.

Top 10 Costly Business Credit Mistakes to Avoid! (part 7)

Costly Mistake #7:  Thinking Your Personal Credit Score is the Same at All Credit Bureaus and Has No Effect on Your Ability to Secure Business Credit.

The algorithms that the credit scoring agencies use are the same.  The distinction is what data gets reported.  some creditors may only report to Transunion.  The main reason is it cost to report to the credit agencies and they do not want to put in the labor or cost to report to Experian or Equifax.

Here is how it works:  If you apply for a credit card at the bank and the bank only reports to Transunion.  That revolving debt will show up on Transunion but not Equifax or Experian.  This becomes a contributing factor in your score being higher at Transunion and lower with Equifax and Experian.

Finally, when a company has no business credit profile in place the creditors can place a lot of wheight on the personal credit profile of the owners.  The factors they consider are the personal debt to income ratio, the length of credit history, the mix of credit accounts, as well as your FICO Score.  In this case most banks are looking for a FICO Score of 680 or higher.

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