Wondering How to Finance Your Small Business or Side Hustle?
Having a small business or side hustle can be a great way to increase your income. Even though the old saying goes, "It takes money to make money," what if you just don't have the extra cash on hand to put things in motion? Below are some tips to help you kickstart your new venture on a shoestring budget.
Consider Affiliate Marketing
If you have many social media followers, you can take advantage of your reach by promoting other products or services on your channels. You can earn a commission for each sale by using referral links on your posts.
Open a Service-Based Business
By offering services that require little to no upfront investment, you can start earning (and pocketing) cash immediately. For some side hustles, the extra income may be enough on its own. For others, you can use this money to reinvest in your business instantly.
Service-based businesses that don't require much, if any, cash to start with can include freelance writing, website design, tutoring, consulting, social media management, house cleaning, or dog walking.
Look Into Drop shipping or Print on Demand
E-commerce businesses can be a great way to earn money while using existing infrastructure. Drop shipping companies sell products to customers without holding inventory themselves. You provide a platform for order and payment and then arrange for the products to be shipped directly from the manufacturer to the customer.
Similarly, print-on-demand services let you create and sell custom-designed products manufactured elsewhere. You no longer need to own a silkscreen press to make a T-shirt: just upload your design to a website, add a payment link, and get paid whenever a customer selects it.
Sell Products on Online Marketplaces
Many online marketplaces let you list items for sale for free or for a small fee or commission. Whether you're selling your own creations, cleaning out a relative's treasure trove of antiques, or buying items at a discount for resale, sites like Etsy, eBay, and Facebook Marketplace can advertise your products to a worldwide market. You can also sell your services online through platforms like Fiverr, Upwork, and TaskRabbit. With their low barriers to entry, these platforms let you reach a wide audience for very little out-of-pocket cost.
Barter or Trade
You can exchange your skills for goods or services when you're short on cash. You may even be able to barter your way into the equipment you need to start a business. For example, if you have mechanical skills and want to get into carpentry or woodworking, you could exchange vehicle repairs for tools.
Finally, look into cooperatives in your area. These groups are made of people with various skills who are interested in developing trade relationships instead of just exchanging cash for services.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by WriterAccess.
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