3 Tips for Getting Your Small Business Venture off the Ground When You’re Low on Cash
It’s one thing to be an entrepreneurially minded person with a great business vision that you’re convinced will take the world by storm, and to have enough money set aside to throw yourself into pursuing the adventure full-time, right off the bat.
Sure, the road ahead is certainly going to be rocky (as it always is) and you can’t take anything for granted. But at least you’re making things happen, and are in the process of chasing your dreams actively.
It’s quite another thing, however, to be an inspired would-be entrepreneur, but to lack the cash required to develop your business idea.
Here are a few tips for getting a small business venture off the ground when you’re low on cash.
Seek out potential investors
The first and most obvious course of action when you’re low on cash but have a great business idea you want to pursue is to set up your company in prototypical form and seek out potential investors.
These days, it’s easier than ever before to connect with angel investors such as Kris Duggan, and venture capitalists of various types, and with various interests and inclinations.
Of course, your idea will have to be quite intriguing in order to attract the attention of potential investors. But it could be a big help to have someone with money behind you.
Start your business as a side hustle, focus on quality, and get ready for the long grind
This is the path that most ordinary people will likely take when trying to get a small business off the ground, and it’s by no means a bad approach, either.
By starting your business as a “side hustle” while still keeping your day job, you allow yourself to begin making incremental progress on it, without having to subject yourself to complete financial insecurity. Of course, the money from your day job will also perform the vital function of funding your small business.
This approach takes a great degree of focus and discipline, not to mention expertise at time management. But if you can juggle things properly, the transition from your day job to working full-time on your business (once profitable) can be seamless.
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Try and switch to a remote working or freelancing arrangement, and use your newly freed up commuting time to hammer away at your business
Perhaps your day job doesn’t allow you the flexibility you need in order to really make progress on developing a small business as a side venture.
In that case, it might be a great idea to try and switch to a remote working arrangement, or even trying to set yourself up as a remote freelancer if you can manage it, in order to maximize your available time and become more flexible.
Speak to your boss about working from home on a regular basis, at least for a couple of days a week. Even just the time you free up as a result of not having to commute can be used to hammer away at your business plan.
