12 Badass Ways to Fund Your Business Idea
Everyone that I know that has gone into business always asks… “but how do I find the money to do this!?” Seriously, there are a million other things that you’re going to run into that is probably more important than finding the money to start your new business—especially if it’s an online business (they have very little overhead). However, you’re probably wondering how to get the cash money to get your shiz up and running. So let’s just dive in!
Let’s be honest…
#1 Shut the F&$@ Up and Just Do It, You Don’t Need Money to Get Started
This is a popular one! Seriously, most businesses can be started without much for upfront cost. I think you can go to your local city hall and get a DBA (doing business as) for $25, open up a bank account and use your current laptop to start making money. There are expenses that will come up in the future, and things you’ll want to invest in, like probably a desk (yes the floor is nice but at some point you’ll upgrade).
Anyway the point is just to get started. People always come up with loads of excuses to not just get the f*#% in and do it! Just start! I promise it’s the best thing that you can do. And you probably need MUCH LESS than you think to actually get started. Find out what you need as a bare minimum and do that.
#2 Ask Family for Help
If you have a good family-relationship and think that your fam may be able to help you with your new venture, ask! There’s no harm in asking for a little help, and if it’s a no-go I’m sure they’ll let you know. You can even ask for a family-loan and create terms to pay them back in a certain timeframe.
#3 Understand EXACTLY what you’re selling and WHY it’s important—then Crowd Fund it
Enter… crowd funding. This is a terrific way to raise money for your business if you have a great idea that the market digs. Don’t just open up a Kickstater though and expect people to chip in to help you build your first freelance business… probably won’t happen. Crowd funding is best for products and items that solve a great need in the market, or have “awesome appeal” (ie. you didn’t think about it before, but now you think you can’t live without it!).
There’s Gofundme for projects that are more like: “this is something new I’m doing, help me raise money for it.” This is pretty much where you guilt everyone you know into giving you $20.
#4 Get a Loan from a Bank
Okay, first you’ll need a crazy bombin’ badass business plan. So, make one of those okay? If you don’t know where to start, I recommend you find the nearest branch of SCORE. SCORE is a government program of retired fortune 500 consultants that volunteer to help small businesses and people get an edge, and get into business.
Once you have your business plan set, your finances in order and a real business model—you can go to a few banks and ask for money. Just a heads up, this one isn’t the easiest of ways to raise money.
#5 Create a Business Now and Use Paypal to Accept Money—then Leverage Your Current Sales to Get a Loan from Paypal
Paypal has a program where they will extend a business loan to you based on your past sales with Paypal. If you have a way of working with low overhead, and from your computer—just start your business and collect money via Paypal. After a few months of taking on accounts and doing some work, apply for a loan.
#6 Sell Everything You Don’t Need
Sift through everything you own and sell anything you don’t need. Everyone probably has almost $5000 sitting around somewhere in items we’ve stashed. Dig in, and ask yourself if you really need the 3rd guitar you own, that old Louis Vuitton bag, 18 dresses or a Chanel clutch. Ebay is a great place to start ditching things you don’t need (that are sellable or somewhat in demand). Have lots of shoes in descent condition? Ebay’s the place! Sell on, broski.
#7 DOWNSIZE. Less is more
Isn’t looking good to make loads of cash to start a business? Then downsize! Actually, you should definitely do this anyway—no matter what. Reduce your expenses. It’s a tremendous help when you’re starting off. Get a smaller apartment where you save more money, plan to eat cheaper food for the year (like rice and beans). Remove any additional expenses that you possibly can.
#8 Pre-Sell a Product or Service
This is the time to think ahead. You’re starting a business… what better way to raise funds than actually SELL STUFF!? Am I right!? Take the time you need to create your packages.
Have a clear idea of what you can offer in exchange for money.
Build 2-3 packages that you can sell (either for consulting, new products, or even freelancing like web design or logo design). Know what you would normally charge for something like this. Then offer all your pricing at 50%. Contact everyone you know and pre-sell your services, online courses, and products. Tell them you’re starting a new business and you’re looking to gain clients and get it off the ground, and this is why you’re offering this amazing deal.
Make sure you’re really clear about the benefits of working with you and what you can do for them. And yes, you can totally even do this without a website. Get that hustle on!
#9 Work Another Job & Stash Away the Cash
This is pretty simple. Need money? Get another hourly job. While you’re working to gain the extra income you can work on your business in your free time. Take the money you earn at the other job and put it away to start your new business.
#10 Start Freelancing to Build Up Cash Reserves
Freelance gigs can work around other full time jobs and are generally more flexible. It’s not “guaranteed” work and will require it’s fair share of hustling your face off to get, but it will certainly do the trick!
You can find out all the ways to start freelancing and get more work as a freelancer in this article. Oh! Here’s a sweet free workbook too for ya: the Freelance Designer’s Success Guide.
#11 Create a New Package and Sell It
This is pretty blunt. Okay, maybe you don’t want to pre-sell anything. Well, get off your a#$ and just sell your services! Are you an epic life coach? Perhaps you’re the cat-whispering type.
Create a new package for your service and get on the phone! Start making calls and close those sales. If you have something new to offer, you’ll have renewed enthusiasm to sell it, and many people will be excited for it! People love new…
Hop into Facebook groups with people that would be interested in what you have to offer. Connect with them, make conversations and see if they could use your service. (This is a little social media marketing hack to start getting in front of people that may need you!)
#12 Get Some Flexible Side-Hustle
This is like some of our other answers above involving getting another paying gig. The point of this one, is you can create your own schedule so it’s more flexible. If you’re in a metropolitan area, take your hand at doing Uber, Lyft, Handy, Postmates or Task Rabbit.
Now that you’ve made it to the bottom of this article… go make some cash money, baby! Maybe puruse our blog a little bit and get a sense for what you’ll need to do for marketing. Then go and make money! Or visa versa… I’m just biased in that I’d be oh so flattered if you would read more of our articles 😉
If you liked this article, then check out these too:
How to Start an Online Business in 14 Steps
How to Have 1,000 Leads Before You Even Start Your Business
How to Become a One-Man PR Team
How to Build a Brand Strategy Template