Small Business Owner’s Finacial Problems
I am going to show you the easy and straightforward way to save at least $500 per month in this article.
If you’re starting a business, you’re certainly going to need funds to get it up and running. Even a simple info product business will require some funding for web hosting, autoresponder fees, web design, and similar tools and services.
Now it used to be that people would tell you to seek out venture capital funding or even angel funding to start your business.If you like to build your blog then check out this guide to build your first money making blog.
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Sure, that might work if you’re starting a big tech company (move over, Mark Zuckerberg!), but it’s not like venture capitalists are going to knock down your virtual door in a rush to fund your small business. And you know what? You don’t want to sell your soul to the venture capitalists anyway.
So what’s a small business owner to do?
- The first step is to tighten your financial belt a bit so that you can free up more funds to invest into your business.
- Secondly, you need to seek out creative ways to fund your business, which may include anything from crowd-funding to moonlighting.
The good news is that you’re about to get all the details on these two steps inside this report. So without further adieu, let’s jump right in…
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Freeing Up Resources
Talking about your budget isn’t exactly the sexiest funding topic on the planet – but it’s a necessary step if you want to get your business funding off on the right foot. So take a look at the following three strategies and start planning how to put them to work for you…
Don’t Quit Your Day Job (Yet)
I know what it’s like to drag yourself into a day job while spending every other free minute thinking about your business. You’ve wanted to start this business for a while, and you’ve been dreaming about the day you waltz into your boss’s office and quit your job.
But hold up there for a moment…
If you quit your day job, then you’re destroying the income stream that could be funding your business. Think about how much faster your business would grow when you have the funds on hand to outsource and invest in advertising.
So here’s the point…
Unless you have some other source of income that you can use for your living expenses as well as your business expenses, I recommend that you hang onto that day job for a while longer. If needed, cut back your hours to part-time in order to free up more of your time to focus on your business.
Tighten Your Financial Belt
Here’s another topic that doesn’t exactly put the “fun” in funding: budgeting. What I’m talking about here is your household budget. Because if you’re like most business owners who’re bootstrapping a business, you’ll need to use some of your personal funds. As such, it makes sense to free up more of your personal funds so you can invest them into your business.
So what you need to do is take a look at all your outgoing cash-flow and figure out ways to cut back. If you have other people in your household, then you’ll need to sit down with them to brainstorm solutions for cutting back expenses.
TIP: Remind everyone in the house that these aren’t necessarily permanent steps. This will make these belt-tightening measures easier to digest. You might even get the kids involved by creating a contest to see who can save the most money in the household!
Here are a few examples:
- Focus on conservation to save money. Turn off lights, turn the thermostat down, dial down the temperature of the water heater, etc. Also, look at your driving habits to see if you’re making unnecessary trips. Can you use public transportation or carpool to see some savings?
- Dial back the food and entertainment expenses. This means less eating out and less grabbing that $4 coffee when taking some from home would do. Look for other places in your entertainment budget to save money, such as taking vacations closer to home or dropping expensive hobbies for the time being. (E.G., if you restore cars, now might not be the time to drop a new engine into that muscle car.)
- Shave expenses. Look at some of the subscription plans you have for services such as cable/satellite TV, internet plans and mobile phone plans. If there are any services you can outright get rid of, do it. Otherwise, opt for less-expensive packages where available.
- Those are just a few examples. Take a look at your own budget to see where you can save money.
Reinvest Back Into Your Business
At this point, you’ve freed up some cash in your household budget and you’ve kept your day job (for the time being) so that you’ve had the funds you need for your business.
At some point your business is going to start turning a profit – and this could happen incredibly fast if you’re starting something like an info-product business.
You may be tempted to grab all the profits out of the business and spend like there’s no tomorrow.
Sure, treat yourself to a celebratory steak dinner – you deserve it.
But then commit to reinvesting your profits back into your business, as it will help you grow your business more quickly. You may invest all 100% of profits back into the business at first, and then go to 75% and perhaps 50%. Even when you’re well-established, be sure to keep reinvesting back into your business so business growth doesn’t stagnate. Check out these opportunities Paparazzi Accessory and to make money from home.
So what you’ve learned so far is the first step of this two-step process: namely, how to free up funds to invest into your business. This involves hanging onto your day job, slashing your budget, and reinvesting profits.
Now the second step of this process is to find creative ways to get the money you need to start and run your business. That’s what you’ll be learning about over the rest of this report, starting with borrowing money. Take a look…
Forget the venture capitalists who’ll want your first-born child in exchange for cash. If you need to borrow money, there are much better ways to do it.
Now, of course, the downside of getting any sort of loan is that you’re going to be paying interest and fees. It becomes expensive money, especially if you don’t shop around for lower interest rates. The upside, however, is that you can get the money in your hands very quickly – sometimes in as little as a few hours.
So if you’re thinking about borrowing money, check out these options…
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Don’t even think about putting business purchases on those high-interest credit cards. Instead, look for loans with lower interest rates and fees.
One good place to start is at your local bank or credit union. You may be able to open up a business line of credit, but be prepared to show a business plan if you’re asking for a large sum.
Another option is to get a personal loan or line of credit. Generally, you can secure lower interest rates if:
- You have good credit.
- You can offer collateral to secure the loan (e.g., offer something of value such as a house, car or other valuable).
You’ll also want to shop around online. If you have an online bank, check out their loan rates and fees. You can also check out sites like eLoan.com, which offer personal loans from a variety of financial institutions.
NOTE: A financial institution will need to run a credit check in order to determine your interest rate and loan eligibility. Every time someone runs one of these checks, your credit score gets dinged a bit. That’s why you’ll want to shop around and do your research first, and then only apply for those loans for which you’re eligible.
In other words, don’t use the shotgun approach or your credit score will suffer. Be judicious.
I hope these simple tips can help you to save at least $500 per month money and you can increase your cash flow in your online business.
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