Determining how to fund your business is always a hot topic when it comes to starting a business and day to day aspects of business. Definitely one of the top things people mention to me. “I can’t fund my business,” and “How did you get the start up capital?” Finally, “I have no money to invest in my start up – why can’t I get an investor?”. I hear everything on the spectrum from social media inquires to the consultation courses I teach. However, money is a tool you do need to sustain your business for the long term. Here are a couple ways to infuse your business with cash
Donation Pick Up
This is something I shared with a client a couple weeks ago as an actual A La Carte option to her new business. It’s very simple because it’s that time of year people do spring and summer cleaning. Usually the stuff never makes it to the donation centers, it just forms a new pile on top of the old pile in the garage. Here is where you come into play. Make flyers for your neighborhood, local coffee shop and more saying you’ll pick up their donations for $30. Limit the number of bags and boxes and no big appliances. The perk is they will receive the donation slip from you, simply get all their information and then you can mail the slip back to them. If you did 5 picks up every Saturday of the month — if there is only 4 Saturdays, you’d end up with $600 extra dollars.
Courier For Hire
This has become a big business in the last couple years. People starting businesses that will pick up stuff and deliver it right to you — from Nordstrom purchases to Green Goddess juice from Wholefoods. However, you are going to do it as a means to fund your business. When I was in college, I needed extra money so I went to a local retirement community asking the residents if they needed any errands ran, which they did. Some just need Advil and some need new socks or more. I would come Tuesday’s and Thursday’s, ready to take their orders. They would give me a white envelope with cash and I wrote what they needed. I charged $10 per person. I would work for 20 or so people a week. That brought in $200 a week – $800-$1000 a month.
Everyone Loves Food
A couple of weeks ago they had a national lemonade stand day where kids all over the United States set up shop and learned how to be their own business owner, I met a sweet little girl that day. I actually gave her $5 for her .50 cent lemonade because I was impressed with her and her parents for fostering this brilliance. As an adult you can do the same thing. Are you good at baking, cooking or something of that nature? Then set up shop. Most stores just require you to ask permission to set up in front of them, no real permits to my knowledge are needed from the city. There is a man who makes ribs and turkey legs, he is in front of the Tractor Store every Saturday and Sunday. He is doing it to raise money to open his own store front. Every time he is there, its a LONG line. Raises hand slow, I am in line waiting too. Also you can vend at your local farmers market. This is a way for people to learn about your business, if you are trying to launch a cooking company.
De-clutter Your Own Home
Last month I did a closet edit and I tweeted about it. People were amazed at all the stuff I had with tags on it, from DVF dresses to Escada skirts. Carrie Bradshaw was right, I was seeing my money hang in my closet and it should’ve been in my wallet. I took almost 40 pieces to my local consignment shop, I normally generate $500 from selling to consignment. Next I went into my garage, took photos of all the furniture and stuff just sitting there. I then listed every thing on Craigslist for a total of $400 worth of stuff. Next, I found every electronic device that was collecting dust and took it to best buy. Roughly $1200 just laying around my house.
These are all great and easy ways to fund your business without distracting you from it. Make sure the money you earn goes into a savings account to earn interest, especially if you are not launching within the next 6 months to a year.
What ways have you tried to source extra funds to fuel your business? What are your thoughts on these listed above? Something you are willing to try?