"You Can Own a Business Today Even if You are Broke"

"You Can Own a Business Today Even if You Are Broke!"
Financial Basics of No Money Down
Throw out the traditional way to start or buy a business. We are going to replace traditional with unreasonable. This is contrary to traditional financing strategies and financial basics. You can read all of my "unreasonable" strategies in my new ebook Let's take a look at these strategies.
1. When first exploring a business to buy ignore the asking price of the business, at this point it doesn't mean a thing. The Seller is fishing or testing the water. In most cases he will be over priced. I always believe that he is over priced.
2. Don't pay much attention. to how much he wants down as a down payment. Usually when a Seller tells you how much they have to have as a down payment, they are looking for that amount to walk away with at closing. Now you know you are going to leverage the Seller's assets, so now is the time to be a great listener!
3. Lock up your cash. You don't need to use your own money. If you can't put the no money down deal together with the financial basics techniques that I will teach you, you have the wrong deal. Walk away and find another opportunity. Remember, when you walk, you're walking towards another deal. You may have to look at dozens of deals to find your fit, although I doubt it very much that you will have to look at that many. If you do, look at it as a learning experience. Now you are becoming a smart buyer or business start-up person.
4. Maximize the financial techniques. Use more than one technique to put your deal together. Usually it will take more than one or two financial techniques to make the deal work. I think no two leverage buyouts have the same financial structure. The best no money down techniques will depend on the deal and what's best for you.
Where does the money come from to buy or start a business? Ninety-seven percent of business loans come from sources other than banks. Most banks believe that small business people are a pain in the butt. They consider it risky and troublesome to lend on small businesses. They can lend their money in one large loan to a large business more profitably than thirty small businesses. Do you ever wonder why your bank is anxious to loan you money when you don't need it? It's because you don't need it!
Banks are not in the business of lending money. They are in the business of making money. Never lose sight of this when dealing with banks and bankers. They can be your best friend. Fortunately, the unreasonable Buyer learns early on that banks are vulnerable. Here is the best way to get past the wall of no's. Work on the banker, not the bank!
The 12 unreasonable sources of business money are in order:
1. The Seller
2. Suppliers and customers
3. Brokers
4. Equipment vendors
5. Equipment lessors
6. Venture lease companies
7. Credit cards
8. Companies in industry
9. Factoring companies
10. Family and friends
11. Angels
12. Home equity lines of credit