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?

Network Marketer? You need a funded Proposal.

If you are a network marketer then you know that it takes time to grow your business and that it takes time to generate good quality prospects for your business. It also takes time to build a business. This is NOT get rich quik. It takes time and effort. Most people don't start to see real residual income for 2-3 years. The problem is lots of people quit before they start to see results.

One of the biggest frustrations that people have in growing a business is in finding good quality leads. And in a effort to get people to join their business they are actually scaring people away by using old school methods and high pressure sales tactics that don't work.

What works is attraction marketing. The best leads are the ones who come to you. Wouldn't it be great if you could attract prospects to you who are looking to join a business. Better yet what if you got paid even if they didn't join you in your business? This is why I use a funded proposal. A funded proposal is when you offer an inexpensive information product in order to gain the persons contact information. What you end up with is a list of people who are looking for what you have to offer. You can create your own system or you can use one that is already created like Magnetic Sponsoring. This is the one that I use. It is only 10:30am and I have already earned an extra $20. The benefit of using a funded proposal is you get paid even if the person never signs up for your business. It is a win win for everyone. I get to help people and give them good quality information to help them with their business plus I am being paid for my time and effort.

Attraction Marketing Reviewed

In Network Marketing you are constantly learning new things. You also learn a lot of lessons. Here are a few of the lessons I learned in 2008.

The first lesson was that old school methods like buying leads, home parties and bugging friends and family don't work. People don't want to be prospected. So I learned to become the leader that people would want to follow and people began coming to me.

I also learned that you need a proven duplicatable system to grow your business. This way your new prospects can easily follow you.

So I began researching different systems and signed up for two of them.

Both systems were very similar. They both focused on attraction marketing. They both had wonderful resource's to teach you the skills you needed to be successful. I loved them both and learned a lot from both of them.

Now in 2009 after incredible statistics and results I have decided to only use one of those two lead generation companies. Can you guess the name? It is Magnetic Sponsoring.

How did I decide? Well it was pretty much a no brain-er. First of all I don't have to pay for a website (The other system charged 19.95 a month). Second, I get paid to prospect. What this means is I get a check whether the person signs up or not. Last January I earned over $400 from Magnetic Sponsoring.

Learn how you can attract Prospects and distributors for Free.
Click Here for Free Video.

~Wendy Krick