How to turnaround your failing small business & stop
SBA loan default
If you are like many small businesses, you eventually hit a financial
roadblock. It may be because of the economy or because your customer's
needs have changed. But while you are struggling to survive, you
are not only dealing with cash flow problems but also facing SBA
loan default. If this is your case, you are not alone. Hundreds of
thousands of small businesses all over the country apply for and
get new SBA financing every year. And the majority of these will
go out of business during their first five years. Facing SBA loan
default is common.
So what should you do about it? Should you just default and not
pay back your loan? After all, the SBA or Small Business Administration
financially backs up all SBA loans through the bank. The bank stands
to lose nothing, so why should they pursue you?
The
3 vital factors you must know before filing for business bankruptcy
The 4 Major Enemies to Online Success Copyright 2005 Chris Stirling
For any of you just starting in online marketing you will soon learn it is not as easy as you probably first thought. If you are like me you signed up to a affiliate program and just expected the money to come flying in. Unfortunately this is not the case, but do not be discouraged, there is hope. As the story below illustrates if you are patient, persistent and not distracted by the 4 enemies to success soon enough the money will start rolling in just as it does today for Mark Yarnell.
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Mark Yarnell, minister in a small town in Texas, was headed for bankruptcy and just about to lose his car and home. He looked for a way out and discovered Network Marketing. Luckily, he had a wise sponsor. The sponsor gave Mark "THE PROMISE": THIS BUSINESS CAN SET YOU FREE FINANCIALLY IN ONE TO THREE YEARS. But he also gave him "THE PRICE": TO SUCCEED, YOU WILL HAVE TO FACE AND CONQUER 4 MAJOR ENEMIES. Mark said, "It's a deal."
Mark then invited 200 friends over to his house to watch a video. 80 said "No, not interested."
Mark had encountered ENEMY #1: Rejection.
He thought, "No problem. My sponsor warned me about that. I've got 120 people still coming over." Guess what? 50 didn't show up.
He had just met ENEMY #2: Deception.
Mark thought, "No problem, my sponsor warned me about that. I've got 70 people who watched the tape." Guess what? 57 said, "Not interested."
He had just encountered ENEMY #3: Apathy.
Undaunted, Mark thought,"No problem. 13 people signed up." Guess what? 12 of them dropped out of the business shortly.
ENEMY #4: Attrition had left Mark with just one serious associate.
To this day, that single distributor earns Mark over $50,000 per month. You may have heard of Bill Britt, one of the most successful distributors in Amway. Some years ago, 20/20 did a feature story on Amway. They spent 19 minutes interviewing whiners and complainers - several distributors who had failed and showed the garages full of products they couldn't sell. During the last minute of the show, Mr. Britt was interviewed in front of his palatial home. He was asked, "Mr. Britt, this business has obviously worked for you. What's your secret?" He replied, "There is no secret. I simply showed the plan to 1200 people. 900 said, 'No.' and only 300 signed up. Out of those 300, only 85 did anything at all. Out of those 85 only 35 were serious, and out of those 35, 11 made me a millionaire."
Like Mark Yarnell,Bill worked through the numbers.
(*) Jason Boreyko, now president of New Vision, told this story recently. When he was a distributor in Matol, he signed up 50 people. He heard a lot of "Nos." on the way to those 50. Jason took one man, who he knew would be terrific in the business, to lunch, told him about the business and the man said "No." Jason took the man to lunch again the next month and told him the updates. Once again the man said, "No." Jason sent him some more information and took him to lunch again the next month. And again the man said, "No." That went on for six months. The seventh month, something had changed for the man, and he said, "Yes." That man made Jason over one million dollars. Jason also worked through his numbers.
(*) According to Richard Poe in "Wave Three", while starting Amway, Rich DeVos and Jay Van Andel, America's eleventh richest people, recruited 500 people. 495 dropped out. The five that didn't quit built Amway. All $7 billion of Amway's business was built under those 5 people. Jay and Rich had to work through their numbers. There are many similar stories.
Here's the lesson: Your success is directly related to the degree to which you are willing to work to find others like yourself who are committed to succeed. Mark Yarnell's odds were 1 out of 200. Bill Britt's were 11 out of 1200. Jason Boreyko's odds were 1 out of 50. Would you be willing to go through 200 people to find the 1 who will make you $50,000 a month? Or go through 200 people to become a millionaire? Or hear uncounted "No's." to sign up 50 people to find a million dollar person? I hope you will.... It's easier when you know the odds up front. But here's the catch: You have your own set of odds and you won't know what they are until AFTER YOU'VE SUCCEEDED.
So if you've gone through 50 or 100 people and you haven't found 1 serious person yet, you can either give up and assume the business doesn't work, or recognize that you are working though your own numbers.
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This story applies to everyone of us! I don't know what my umbers are yet but I will know soon. Are you willing to find out what your numbers are? Keep up the good work & keep the faith!
Be a self-motivator and continue moving forward towards the goals you want and deserve.
About the author:
Chris Stirling's website is geared for people who are interested in finding an online work at home opportunity or starting a low cost or free Home Based Business. If you would like to learn more visit his website at: http://www.stirls.com
For his Top Picks Home Business Newsletter visit http://www.stirls.com/bizopps-newsletter.html
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The
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The debt defaults that you made in the past are not ready to let go of you so easily. It continues to show itself in the credit file, earning the debtor an adverse credit history for the nest six years, sometimes even larger. A group of loan providers, who would like to ensure maximum safety of the secured loan first, offer little recourse to the borrowers with adverse credit history. The options available to borrowers with bad credit history are relatively lesser (the options are not extinct. . .
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