Episode 609: “Do you recommend self funding or external funding for getting your business started?”

Today’s episode was recorded on a boat during an activity day in Costa Rica during a Diamond Mastermind, with Diamond members Paul and Sheryl Lloyd who live in Michigan in the USA. Paul and Sheryl want to know my recommendation for funding for your business and if I think it is better to self-fund or to look for external funding.

I talk about some of the advantages and disadvantages of each option and note that each option has its time and place.

I discuss how I self-funded my business when I was first getting started by using the money I had saved my whole life; but how eventually, I ran out of funds and had to look at additional options.

I explain that it depends on your personal situation and share some of my personal actions whereby I use current operating funds in order to fund my current MOBE business; however, I intend to use external for the development of our new resort in Fiji.

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