Hundreds, if not thousands of people put off starting their dream business all the time. They have a niggling feeling that it’s something they should do, but they keep on pushing it away – usually with an excuse like they haven’t got any money to do it. Well, if you really wanted to start your dream business, there are likely numerous ways you can find the cash to do it. It’s also worth noting that many business ideas can be started online these days, with little overheads if you choose to work from home. You can later expand when you have more money saved up. Below, we’ll take a look at what you can do to get the ball rolling:
1. Put Away As Much Money As You Can From Your Current Job
If you have a job right now, make it your mission to put away as much money as you can. Stop wasting money on things you don’t really need, like clothes and the latest gadgets, and instead, aggressively save up. Ideally, you’ll have a few months of living expenses saved up so you can afford to get going, as well as some money needed for things like a basic website, supplies, and anything else you might need.
2. Create A Plan So You Know Exactly How Much You Need
Creating a plan isn’t something that is compulsory, but it will definitely help you. Taking the time to do this can help you to stay focused on your long term goals, and keep you going when things get tough. You should also be able to figure out how much money you need to get started when you have it all laid out. This will also help if you want to get a loan or attract lenders later on down the line.
3. Look Into Your Financing Options
If you know you’re not going to be able to fund all of this yourself, you should look into your financing options. You can approach banks, look into peer to peer lending, try crowdfunding, or even see if you can get a loan from your family. Bear in mind that some options can be more problematic, especially loaning money from people you’re close to (you should only do this if you’re 100% sure you will be able to pay them back, and you know it won’t ruin your relationship in the long run).
4. Get A Business Credit Card
Having a business credit card can help you when you need to pay for expenses, but you shouldn’t plan to rack up debts without paying them back regularly. A business credit card is good for emergencies, or if you know you’re going to be able to pay it off regularly, it can be good for keeping all of your business expenses in one place. Very helpful when it’s time to do your tax return!
5. Get Into A Better Money Mindset
Getting into a better money mindset can help you to start spending and saving wisely. When you feel better about your money situation and more positive when it comes to money management, you’ll make smarter choices. You won’t feel the need to splurge your money on unnecessary purchases, as these types of spending sprees usually come from a place of lack. It takes work, but it’s so worth it!
6. See If You Can Create Multiple Income Streams To Help Fund Your Dream
In some cases, you might want to look into various income streams so you can fund your dream. For example, some people like to start a blog and incorporate ads and affiliate links, while others do the same with a vlog. There are all kinds of ways you can bring more money in – even by advertising on your car! Look into these options and before you know it, you might have the funding required. Just do your best to keep the work you have to do to a minimum, as time is one of your most valuable assets when you want to start a business.
7. Stop Eating Out
Eating out can be one of the most costly things you decide to do, and could be eating up more of your budget than you’d like to admit. Instead, make meals in bulk, and use all of your left overs. You’ll be making the most of your cash this way, and you’ll always have something to grab when you haven’t got time to cook.
8. Audit Your Spending Habits
Take a close look at your spending habits. If you’re serious, you could even visit a financial advisor. Maybe you spend too much on coffee like a lot of millenials do, or you’re prone to buying random things that you haven’t really thought about. It’s time to become mindful of these and stop them.
9. Switch Utility Bill Providers
If you haven’t switched bill providers for a while, it could be time to do so. They do all of the work for you, all you have to do is find a suitable deal.
10. Shrink Your Lifestyle
Maybe you need to shrink your lifestyle for a while so you can begin to live the life you really want to in the future. You could get a cheaper car with cheaper fuel and insurance, or even get a smaller place to live with less to pay out for. You could also potentially refinance your home using cash out refinance. Weigh up the pros and cons of your options so you can make a good decision.
11. Test The Waters
You could always start it on the side and get as much feedback as you can on your business. This way, you’ll build confidence and you’ll be in a better position when you launch the real deal!
12. Always Find Ways To Reinvest
Make sure you re-invest your start-up profits into learning tools, like courses and/or ebooks, and marketing strategies so you can level up your business. Don’t squander the money you make on things you don’t need. You should be putting it back into the business so it can grow!