You may have been thinking about a starting business or side hustle to generate extra cash in 2018, but there is just one problem, you don’t know how you’re going to pay for business start-up costs. It’s not uncommon that money is a barrier that holds people back. Here are six ways to get started without breaking your bank account.
- Start with a service rather than a product.
While you may have a product in mind, you are going to need money to develop it. To generate cash, assess your current skillset and consider selling services first and use that money to grow your business. For example, write blog articles for businesses, become a virtual assistant, offer coaching services, social media management, etc. You can use websites likes upwork.com or fiverr.com to find work or customers.
- Sell stuff to generate cash you need for necessary business expenses.
The online world has made it much easier to make money without investing too much upfront. Start with stuff you have around house. You would be surprised by what people would pay for what you consider “junk.” For example, there are people selling old tape adapters on eBay and have made over $16,000. They buy the adaptors for pennies and resell them on eBay. Dropshipping (via Etsy, eBay or Amazon) has become a very popular way to make money online selling what you have first and then reinvesting the money in the business.
- Barter for your business needs.
If you have items you need to get your business off the ground, consider bartering. Barter your own skills for office space, products, equipment, or services you need but can’t afford. For example, providing coaching services for office space. It is also a great networking tool as well.
- Offer a free trial.
To get your name, service or even product out there, it may be best to find a few people (especially if they have influence with others) to try it out for free first. If they love it, they will upgrade as a customer and you can ask them to share it with their friends and family. For example, I offered a 25-day money savings challenge and then later sold an online course.
- Offer an affiliate program to promote your services or product.
Once you’ve offered a trial or had people experience your brand, pay them to market for you as an affiliate marketer. Affiliate marketing is where someone shares and promotes a product or service, and if someone purchases the item using their “affiliate code” they get a cut of the sale. For example, the FabFitFun box seen on social media use affiliates, and they offer you $10 on your first order by using their code. This is an inexpensive and cost-effective way to get your brand out there without spending any money upfront.
- Join networking groups to promote your business.
The only way to sell anything is to be sure your product or service is in front of as many people as possible. Get out there and network with others to generate leads. Try finding groups through the local chamber of commerce, attending the Osceola Woman’s luncheons or finding groups on Meetup.com.
Laura Royer is the Founder of Catch Your Money. She offers business and financial coaching services. To set up a free discovery call she can be reached at 321-209-1225 or Laura@catchyourmoney.com.