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Raising finance through friends and family. Page 2

Your initial approach should be in the form of a letter. This is what I have done and it works. Write an intriguing but honest letter. "We have only known eachother for a few years, and I thought you'd be interested in a project I have worked on for a while."

Then give them a very brief outline of the business: "Basically, I have discovered that many engineers in our states have very poorly performing web sites. I know I can help these company grow their business by creating compelling web sites that will sell their services."

Then you go for it: "What I am proposing to you is to help me market this concet. To do this successfully I need some funding for a direct-mail marketing campaign. I am asking for $7,250 to spend as follows:.."

Then you must give them a carrot - a potential return on their investment. There are a couple of ways this can be done. I have used a percentage of gross (life insurance) revenues with success. This means that they get let's say 5% of gross revenues for a few years, and then the (mortgages) loan gets paid back. You have to estimate what that revenue can be before you settle on a percentage. So if you figure out you could make $100,000 the first year, and you are asking for $5,000 - a 2-3% of revenues is not out of line. Remember - you are NOT going to ask for a bank-rate loan. If you can get a bank loan - get one. If you need financing and you have bad credit - IT WILL COST YOU. And is should.

The bottom line is: They will lend you the money first because they like you. Because you are part of their group. They trust you. NOT because your business (remortgages) idea is so great. I have found that most people I have borrowed from don't even understand what I do.

Then you pay them as agreed - and you can go back many times to your own private bank for business financing.