How do you pay for it?
Today we’re talking about MONEY.
This isn’t talked about enough in online business. We hear about the big, flashy numbers. The launch that brought in tens of thousands in a few days, the entrepreneur who is making 6- and 7-figures in their sleep (spoiler alert - there is more to those stories!). But we don’t talk much about the practical, nitty-gritty of funding a business, getting it off the ground, maintaining it, or the general costs of running the business and where to find that money.
Businesses today are easier to start because you don’t need as much capital to get started. But you do still need capital. And the really successful ones or those faster success stories you hear about usually started out with a lot of capital. That money enabled those entrepreneurs to hire experts, strategists, and implementors to do more, better, and faster than one single person can do on their own.
So how do you fund your business? How do you amass the capital to launch, keeping going, or take it to the next level when you’re not blessed with a pile of discretionary spending?
Once again, there are so many options available to you. My favorite ones are the least obvious, the clever hacks, and the opportunities that seem uniquely created for you. I’m listing a few here to give you ideas, but get curious with your own situation. What’s available to you that you’ve never considered?
- Fund your business with other paid freelance projects. Many entrepreneurs I know are multi-talented. They’ve had many careers and many experiences. They are paid handsomely for that experience, even if it’s not directly related to the business they are building. They use these jobs to fund their new business. If you need more capital for your business, what side projects can you find in your wheelhouse?
- Stretch the capital you do have by hiring dual-role positions onto your team. You may not need a full-time admin position for your business and you may not need a full-time nanny for your kids, but can you find someone willing to split their time between these responsibilities? It’s a great position for a college student! What other tasks have you identified needing to outsource? Can you imagine which ones go well together and if there’s a person out there to fill this unique role?
- Use your current business to fund your new one. Business owners are an ambitious and creative crew. We’re always seeing new needs in the market, new opportunities, and ideas to pivot. Many times, owners will shutter their current operation to focus on the new one (yes, I did that!). While it’s an obvious choice, it may not be the most strategic. An established business can keep running by bringing on the right team and developing your leadership skills. I shied away from this option thinking a team would be too much responsibility. In retrospect, I wish I’d stepped into the leadership opportunity. It comes for all of us and I promise, you’re more ready than you think.
There are plenty of other funding options including business debt that I do think women (in general) tend not to leverage enough. But my main take-away is this - while your business may not need much capital to run, it still needs some. You need to pay for your tools, your contractors, your childcare, and you need to pay yourself. If your business isn’t self-sustaining yet, it’s time to take a look at where that money can come from to bridge the gap. Many of the big companies we idolize are not making a profit. It’s not a reason to quit your business. It is a reason to get creative. The world is full of possibilities.