﻿Day 5

Subject: [firstname]: This is what it's all about.

Hey [firstname]!

Devotees of the movie and stage show Mamma Mia will be familiar with the song Money! Money! Money! - and money, money and more money is what you're going to need to turn your idea into a successful business.

While just throwing a ton of money at a business does not guarantee success, not having proper financing in place can pretty much guarantee failure.

So where can you get the money from?

The most obvious place is from your savings.  After all, if your money is just sitting in the bank and earning a paltry rate of interest it makes sense to invest it in something that you expect to generate a good income.  Be aware that no matter how much planning you have done there is always the possibility that something could come out of nowhere and sink your business, so don't invest 100% of your savings.  Keep some cash back for a rainy day.

Another source of funding is from investors or crowdfunding.  People will decide whether to invest or not based on your business plan, so you need to make sure it's top notch.

You can always apply for a bank loan, but some caution is necessary here.  Banks don't like to take risks and will probably ask for some sort of surety (usually your house is you own one) before they will lend you the money.  If your business flops, you might end up losing your home as well, so be careful.  

A popular method if financing a business is called “Bootstrapping”.  This method is popular with online businesses.  In this scenario you run your new business as a side hustle while working a regular job.  You live off your paycheck and invest all the profits back into your business until it reaches the point where you can quit your job and work in your business full time.  The great thing about this method is it avoids any debt.

Talk soon!

[Your Name]

PS. Your copy of my guide to turning your idea into a business is waiting for you here: [link to sales page]


