Tuesday, August 18, 2009

Borrowing from your credit card to invest in your online business or home-based business: good idea or bad move?

This is a great question that was posted on Work From Home Board by Debby Stewart. I wanted to share my response here.

From Personal experience, I say don't do it.

In my first business 6 years ago (an MLM) I invested over $1500 in products that were difficult to move and I spent about $1000 a month in buying leads. It was a lesson learned.

Long story short. If I were starting all over again with very little money, I would start with free advertising like free classifieds, blogging, article writing, squidoo etc. and then I would roll the profits back into my business until I could start doing some paid advertising like pay per click.

The only thing worth investing in would be personal development products that would help to teach me the skills that I need or perhaps a proven system to help me be successful. For example 2 years ago I invested in Mike Dillard's Magnetic Sponsoring. Because I wanted to learn how to "attract Prospects" rather than buy leads. It was a great investment.

Make sense? So I would only invest in personal development and do free marketing until I gained the skills to be successful.

I hope this helps.

~Wendy


What do you think? Borrowing from your credit card a good investment or bad move?

20 comments:

Tracie said...

Thanks for sharing Money Management Help

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