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Home > Tips &
Advice > How To Use Other People's Money
How To Use Other People's Money For Your Business!
"Money is a terrible master but an excellent
- P.T. Barnum
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
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:
- When you use other people's money, especially within the parameters
corporation, your debt is assigned to your business, and your
debtors can make no claims against your personal finances; and
- 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
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.
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