From the archive: This episode was originally recorded and published in 2021. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.

Leo Kanell and his team have secured funding for thousands of entrepreneurs for hundreds of millions of dollars. He’s the founder of 7 Figures Funding & authored The Business Funding Formula.

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Resource

The Business Funding Formula – Get Your Free Pre-Approval From our Proven Funding Marketplace… with Rates as Low as 0% for up to 20 Months!

3 Value Bombs

1) Mentoring and coaching helps business owners so much. They not only need to pay for coaching, but they also need to have the extra money to implement the growth strategies.

2) In order for a business that doesn’t have financials to get financing, we need to look at the individuals personal credit history.

3) A mixture of different financing types on your personal credit will be pivotal in qualifying for the 0% interest rate.

Sponsor

HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: How to Launch Your Venture with 0% Funding & Profit by Helping Others

[1:05] – Leo shares something he believes about becoming successful that most people disagree with.

Most people think that debt is wrong and you need to avoid it at all cost. All of my three successful businesses launched with some debt. Debt for personal reasons doesn’t get you anything. Business debt is completely different.

[3:17] – Leo talks about the difficulty in obtaining funding for new businesses.

Venture capital and crowdfunding only works in about 5% of businesses.
Your local bank being the source of financing makes up for another 5% of businesses.

[5:11] – How do we make our businesses fundable?

One factor is, people want to see that your business is legitimate.
In order for a business that doesn’t have financials to get financing, we need to look at the individual’s personal credit history.
It’s important to keep the day job to help you qualify for additional financing and funding options.

[8:47] – Leo shares his funding formula that has helped successful entrepreneurs.

Start with building a good credit score.
Build relationships with lenders and funding sources. Relationships are what matter.
It is very helpful to have a funding advocate on your side who does the hard work to get the financing

[13:49] – A timeout to thank our sponsor!

HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!

[16:22] – The possibility of qualifying for funding at 0%.

For your business to qualify for 0% interest for up to 15-20 months, you need to start with the foundation. Your business needs to be in compliance.
After looking at business compliance, we can start looking at personal credit history.
A mixture of different financing types on your personal credit will be pivotal in qualifying for the 0% interest.

[19:24] – Leo talks about how you can get free pre-approval to see all the options before signing up for anything

You can get a no-impact, pre-approval from their company called “soft credit pool”. They run your information and have it compared with underwriting systems from the thousands of people they’ve helped, and that’s what generates a pre-approval based on your credit, or on your verifiable income from your job, or your sales on your business.
You can visit The Business Funding Formula and get a free pre-approval, schedule an appointment with a funding team member, find out all the options in the funding marketplace, and then you can decide what’s going to work best for you.

[22:12] – How can the addition of funding increase a business coach’s sales?

You can provide financing and funding options at 0% interest to your customers so you can help more people
Mentoring and coaching helps business owners so much. They not only need to pay for coaching, but they also need to have the extra money to implement the growth strategies.

[24:51] – Leo’s key takeaway and call to action for Fire Nation!

In The Business Funding Formula, not only will you get pre-approved for funding in the entire marketplace, but you’re going to get a copy of Leo’s book The Business Funding Formula for free!

[26:15] – Thank you to our Sponsor!

HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

How to Launch Your Venture with 0% Funding & Profit by Helping Others with Leo Kanell: An EOFire Classic from 2021

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