There must be a secretive excuse manual for those looking to start a business, but don’t want to commit to making their vision, dream or empire happen. One of the first excuses people tend to tell me is “I do not have extra income or money in general to fund my business.” Today, I want to share six creative ways to save money in order to fund your small business. What’s great about this advice and a majority of the advice, I provide is, I used it myself for my small business.
My first business was started in July 2009 in a small apartment in Arlington, Texas. At the time I had the luxury of not having more than $600 in bills including rent and making close to three thousand a month. At the time I was horrible at managing my money and my student loan debt could’ve been paid off by now. That’s another story for another time, but I have talked about my student loans a couple times. Anyways, when funds got a little tight I started doing these things to make extra income, one of the items of this was my business model for my original business. This list is full of affordable luxuries that you really need to determine do they matter more than funding your dreams.
Okay, I use to be a person who got her hair and nails done every two weeks like clock work. So many people will frown upon going to hair school to get their hair, facial or manicure and pedicure, done but guess what the person you go to now went to school. They did not wake up one morning and was a master who charges you $65 for a silk press or $15 for a trim. They attended school for one year or more. If I was to get my hair done twice a month that would be $120 a month, which is $1,440. Pause for a second and think about how you could invest that in your business right now.
Selling On eBay
My first business was an online high resale boutique, that I sold all my designer stuff. When I was trying to fund my business I took my clothes to two of my favorite consignment shops in Dallas. When they offered me $50 for a $800 Gucci jacket, it was a wrap. This was the aha moment for my business model, removing the middle man and selling directly to my audience. If your closet has a surplus of items that you have barely worn, never worn or items you just have then sell on eBay is a great option for you.
Coffee At Home
If you follow me on social media, you know I am a regular at my local Starbucks. Funny thing, my addiction started after college. In college, I was a barista and never drank coffee. Well, Starbucks coffee has increased pricing drastically over the years just like other coffee shops. It is time to grab you a coffee put or a Keurig for the low, low and brew it at home. I was at the pawn shop the other day with a friend who wanted to buy something. They had coffee machines in there for $30 and up. I do believe coffee shops are amazing places to network. Nothing wrong with bringing your own tumbler from home and still connecting with others.
Running Errands For Others
You are spending gas going to a billion places during the week, just burning through money. This is the perfect opportunity to either work as an independent contractor for TaskRabbit, Lyft, Uber or Insta Cart. I have a friend who does Uber four days a week to help her fund her business, by bringing in $2500 a month doing so. You already out buying groceries or running to Starbucks before hitting the mall, might as well make money doing those things.
Save X amount of Money
Mid 2016, I decided to stop spending my change altogether. I was rather surprised how much money I had at the end of the month when I deposit the change at my bank. The amount ranged from $18 to $45 in change a month. On social media, I have seen others save their $1 or $5 bills by the end of the year they had thousands. Pick saving your change, $1 or $5 as an option.
When I first started my business, I lived in Borders in West Village or Starbucks in Highland Park. When in Borders, I would sit on the second floor by the window with a stack of books. I couldn’t afford to buy new books so I sat there with my yellow legal pad and took notes. Today, most kids don’t even know what a card catalogue is let alone a book store. Google is your best friend in the world. Yes, the information people can be wrong at times, but it’s important to find a crediable source to rely on. When I wanted to make my Youtube videos look awesome I spend an hour a day on youtube learning about thumbnail, editing, lighting and more. In addition to that, there are free workshops in your city if you look online on eventbrite or meetup.com
These are all fun creative ways to save you money when it comes to funding your business. Start brainstorming some ideas you can implement today to help increase cash flow into your business.