Getting Funding for Your Side Business
You’ve decided to increase your streams of revenue by starting a business part-time. The idea of being able to work on something you’re passionate while still maintaining the stability from your full-time job seems to make the most sense right now. You’ve done your research and have some ideas on what type of business you’d like to start, but quickly realize you’re going to need cash to get it off the ground. Before you give up on your dream you should know that there are lots of creative ways to gain access to cash to start your side business.
Ask for Donations
You’d be surprised to learn how many organizations and individuals in general that are willing to lend a helping hand to start your business. You just have to know how to ask. Start by developing your business plan or pitch. The idea is to show those that you’re asking for money what your company would be about and essentially where their donations would be going. Then, send out letters, email blasts, and social media posts asking for donations to launch your dream.
The truth is that most banks and popular lenders won’t give hopeful entrepreneurs a loan to start a side business. As most businesses fail within the first five years, it would be a huge risk for lenders to give out thousands of dollars to something that has no proven record of success. As such, you may find it easier to search for an advance loan. They don’t do credit checks, and only require that you be 18, have a job with verifiable income, and a checking account in good standing. You could receive up to $1250 to invest in your side business.
It really doesn’t take a ton of money to start a side business these days. You may come to find that you already have the funds you need. Though it may require you to alter your lifestyle a bit, finding the means to launch your business without going into debt is the most economically wise decision. So, take a long hard look at your budget. Determine if there are any expenses you can eliminate or reduce. You may need to eat out less, cancel your gym membership, lower your data plan, or ditch cable television services, but it’s for a good cause.
Sell Some Things
If you can’t squeeze enough money from your personal budget you can always consider the option to sell some of your belongings. There are vendors that will buy used jewelry, cell phones, cars, clothes, and just about anything else of value. Go through the rooms in your house and gather anything you’re not using anymore. You can sell directly to vendors or have a yard sale and bargain your way to the highest bidder.
Reduce Business Costs
You can dramatically reduce how much it costs to operate a business with a bit of research and creativity. Some ideas might include bartering, using free software, working from home, and buying used furniture or technology.
Having a business on the side is a great way to increase your income streams and safeguard your future. If you’ve been holding off on the idea of starting your own company because you believe you can’t afford it, think again. As you can see from above there are plenty of avenues that can be used to fund your dream. Choose one or more that work for you and continue to push until you have what you need to launch successfully.