Funded Proposals Turns Waiter Into Millionaire

I had seen the business model of using a funded proposal before, but the best example I’ve come across is Mike Dillard’s business model. Mike Dillard used to be a waiter and he turned into an information marketer in order to build his MLM. He used what’s known as a funded proposal to build his income up and became a millionaire.

So what exactly is a funded proposal?

For starters, it’s a way to cover your marketing expenses, although I think of it as a business on its own or another income stream. Here’s the overall idea applied to the MLM industry though. Instead of promoting your MLM opportunity which means you are trying to get people to spend $1,000 upfront or even more in some opportunities what you do is sell generic information that would appeal to your target market.

This generic information can be something like our MLM Downline Building Program, or Mike Dillard’s Magnetic Sponsoring.

What that is doing is teaching our target market how to build a business.

These people don’t necessarily have to join our business, but once they see how well our system works and how they can use our same system to sell the product, they will more than likely want to join our business opportunity. Notice one thing on my blog… you won’t find anywhere what network marketing company I promote. Why? I have a different website that promotes the company and we sell the product primarily, not the business opportunity. Our downline uses the same system plus the training from this website to build their business.

We do recruit people from here, but we are very selective on who we allow on our team. I guess that’s a privilege you earn once you have developed a true marketing system that can help people build a business with known metrics and an established business plan.

This same business model can be applied to many industries.

I’m currently undertaking a project where I’m helping a friend build an online business that has to do with researching health topics. We are going to have a funded proposal, which is going to be a helpful entry level product (DVD) and from there we’ll build a database of clients to enroll in other membership sites and do interviews with experts on different topics, get conferences going etc.

The model is the same, we sell information and that helps us generate more leads to sell more products like membership sites or seminars which are higher commitment or big ticket items.

Not all will buy the big ticket item but many will buy the entry level product and that’s the power of having a funded proposal to build your business.

Tags: funded proposals, marketing my online business, online business