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How to Use Other People's Money for Your Business
"Money is a terrible master but an excellent servant."
- P.T. Barnum
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John Ray, the famous 17th century author, was known to have
written the aphorism, "Money begets money." In the business
world, I'm sure you've also heard the saying,
"You've got to have money to make money."
There are countless sources of cash, but by far, the best one to
utilize for your business is ... other people's money.
Perhaps one of the greatest "secrets" of the richest people in
the world is summed up in those 3 words: Other People's Money -
OPM for short. If you took a cross-section of the most
affluent business people, you'll find that the majority of them
launched their fortunes using OPM. In the next few minutes, I
will show you how you can obtain other people's money for your
business. What you do with the money, however, is up to you -
but if I were you, I'd take P.T. Barnum's advice, and make money
your servant so that you, too, you can make your own fortune.
The use of other people's money has become such an ethical and
acceptable mainstay in business because one can leverage other
people's money to your benefit.
For example, you can leverage borrowed money into high-yield
investment programs that could generate a return that would then
pay back your lender and line your pockets as well. Or you can
leverage borrowed money into asset-producing or
income-generating real property. Or you can simply borrow money
to start or grow your business.
The benefits to using OPM are obvious: 1) When you use other
people's money, especially within the parameters of a
corporation, your debt is assigned to your business, and your
debtors can make no claims against your personal finances; and
2) the infusion of cash allows you to have money to make money
for your business.
Of course, even with the proliferation of lending institutions
and venture capitalists, it is often difficult to obtain other
people's money.
Well, since Wall Street Journal has kindly called me a man who
"finds answers in unlikely places," I'm going to reveal an
unlikely place where you can obtain other people's money. This
one is available to all, and yet very few ever take advantage of
it. It's the federal government.
I've coined a phrase for this source of money: I call it "other taxpayers' money" - OTM for short. The federal government has
millions of dollars of taxpayers' money allocated to funding
businesses like yours.
Here are a few great sources of OTM:
1) If you want to get training and/or money to start your own
business, millions of dollars are available at www.sba.com.
They'll also show you how to find alternative sources of
financing, how to protect your invention, how to sell your idea,
how to license your product, how to write legal contracts, how
to sell overseas, and how to buy business equipment.
2) If you want money to export and sell products to foreign
countries, you can obtain it from the Export-Import Bank of the
United States at www.exim.gov. Or you can go to The Overseas
Private Investment Corporation (OPIC) at www.opic.gov.
3) If you want to obtain government contracts, then access the
Procurement Assistance Offices online. Here, you'll learn how
to draw up a business plan that'll get your business noticed.
They can match the product or service you're selling with the
appropriate agency, and then help you market to them more
effectively. You can find these programs at www.dla.mil.
4) If you need venture capital for a new or existing business,
then you need to go online and access the Small Business
Investment Company (SBIC). These are privately-organized and
privately-managed investment firms that are licensed by the
Small Business Administration (SBA). With their own capital and
with funds borrowed at favorable rates through the federal
government, SBICs provide venture capital to small independent
businesses, both new and established. You can access them at
www.sba.gov/INV.
5) If you need free help or want to learn how to do your own
personal or business taxes? All you have to do is access
www.irs.ustreas.gov/prod/bus_info-bus_help.html.
You can also obtain a free 26-page book on the Internet called
The Credit Process: A Guide for Small Business Owners. It's
written for small business owners seeking financing for the
first time. It covers sources and types of financing; funding
resources; preparation of a business plan; preparation of loan
applications; and action to take if a loan is denied. It also
contains an especially useful and comprehensive glossary of
finance terms, agencies, and fair lending regulations.
Matthew Lesko is a New York times
syndicated columnist, and author of 2 New York Times
best-sellers. He is regularly featured as the nation's top
expert on government freebies on TV programs such as Larry King,
Oprah, David Letterman, Jay Leno, the Today Show and Good
Morning America. His latest book, "Free Money for Entrepreneurs on the Internet"
identifies hundreds of little-known sources of
free government money for "net-repreneurs" and reveals the
secret formula for easily obtaining the money for your business.
Go to: http://home-business-jobs.com/freemoney.html
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