Early one November day, it hit me what would it be like if I had an extra “$1,000” for my business in the new year. The thought of the extra cash flow made me think of the things I would love to invest in to help my business grow. In addition to that, starting the year with $1,000 could transform my business situation. Getting me months ahead verse covering month to month. Next, thought was how could I make this happen. Last month, I wrote an article talking about no limits and bold actions regarding moving yourself forward. All these thoughts, helped me outline how I can increase my bank account by $1,000 for 2017 business year.
The other day, I was in my bank doing normal routine stuff and happen to pop my head into Liz’s office. For the last three years of business Liz has been my personal and business banker at Bank of America. Our relationship started off by my former banker being promoted to assistant manager of the branch not leaving her with time to work one on one with clients.
Are you needing capital to fund your small business? That is a silly question right, everyone needs capital to fund their business if they want to keep their doors open. If money is not being made than its an expensive hobby. One thing, I hear new business owners talk about all the time is coming up with money to fund their ideas, passions, goals and dreams. Today, I want to share three steps to successfully crowdfunding your small business.
Have you ever thought you are lacking money to do xyz in your business or pay off your debt. I am betting that you never really thought about how the affordable luxuries are draining a hole in your finances verses helping you. Trust, I get the purpose of them they bring joy in the moment but those moments don’t last.
Running a business is hard work and making money to support your dreams matters. What matters even more is saving money. I use to be that girl who had no savings. Depending on her dad or siblings to bail her out of a jam. Thats not cool at all at any age over 21. Today, I want to share how I learned how to save additional $3000 a year without even thinking about it. There are a couple ways you can save or earn this money to save.
There is one thing I will never tell you to do and that is incur debt to start a business. My first response is to bootstrap your business and save up $1000 to $5000 before launching to help you run your business. There are too many people who will say oh put that on a credit card. Literally, I was at a coffee shop and a Mary Kay representative told a girl oh its okay that you cant afford to buy the $1500 outright, I can show you some great credit cards to put it on so you can start. Getting debt is like quitting. Once you start getting in debt you keep doing. Once you quit you usually stay quitting things. Hard habits to break.
As of recently, more and more Indie Go Go, Kickstarter, Kiva and Go Fund Me campaigns have been popping up for people wanting to fund their ideas. Crowdsourcing is something we have discussed before and how there is good and bad it just depends on the person who is doing it. Right now my friend Lauren of Stretch Recipes is trying to raise $25,000 for technology for her company through campaigns. A really great company needing help, with limited resources.
For some reason when people start out in business they shell out mounds of cash without realizing. As business owners we must be smart about how we spend our money, but more importantly, we have to learn how to save and grow our finances. In one of my previous articles, 3 Every Day Money Management Tools, I discussed how using certain software and websites have helped me take control of my personal finances. There is a plethora of ways to save money in business that can help you advance your business plus create emergency fund for it.
This month, we are going to continue on with our discussion of the various ways to fund your small business, startup, or venture. We are going to talk about how you can use freelance as a way to add extra cash to your pockets. We briefly touched on freelancing in the “Creative Ways To Fund Your Business” article. If you missed that article or need a refresher of those helpful tips you should go check it out or peruse it again at your leisure.
Here are a couple ways to help you become a freelance expert–(propelling your cash flow)–without taking your focus away from growing your business.
A couple years ago, I was reading Latina Magazine and they were discussing ways to save money to fund your business. They mentioned how in the Latin community, it is very common for family and friends to help each other get their business off the ground — they do this by funding it within the family or circle of friends. No outside banks, investors or anything else for that matter. I was really intrigued by this idea.
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
Last week we started the conversation on financing your dream business by using the bootstrap method. We are huge fans of financing your business this way but we also realize that this is not the route every business owner wants to go. As in our first article on the subject matter of finance, we are going to outline all the options you have.
Next on the list is writing your way to financing your dreams by business or elevator competition. This route reminds us of when we were in high school vying for the prestigious scholarships for college. Yes you can write your way into garnering funds for your small business.