Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

Tips To Build Your Finances For Your Start-Up Without A Job

Building your own start-up may probably be one of the best decisions you have ever made. On one hand, it is great to have a stable job and receive money every end of the month. However, there is not much growth in that type of setting. Having a start-up, on the other hand, has the potential to earn much more than you could imagine.

Having said that, building a start-up is not a walk in the park. You may often hear entrepreneurs telling you about their success and how they are earning. What many do not tell you are the sacrifices, the money, and the effort that they invested. It is especially hard when you don’t have deep pockets.

That said, here are the best ways to earn extra money for your start-up:

1. Crowdfunding.

Crowdfunding has become quite popular in the business world. Entrepreneurs can create an account, and pitch their business idea in online communities that have business investors or like-minded people. These people will then make a pledge to support the start-up and donate money after. Check out Kickstarter, AngelList, CircleUp, Fundable, and CrowdFunder. If your business model piques the interest of investors, you could potentially earn a ton of money.

However, crowdfunding has its cons. There could be a chance that people may not see your business model because of the number of people doing the same thing. Also, there may be other people who have the same business model and yours will be rejected. The idea is to come up with a unique business model that people will be willing to give their money to in order to see the idea become a reality.

2. Angel investment.

There are plenty of online angel investment networks out there. There are also local investors that you can pitch your business model to. The idea is to target investors with a high net worth and convince them that they should invest in your business. More often than not, if they approve the investment, these angel investors mentor you on how to become a better entrepreneur. They believe in your idea and they are willing to go the extra mile by giving you trade secrets.

In order to convince an angel investor in your business idea, you need to come up with a truly innovative idea and have a plan on how you are going to go about it.

3. Tutorials.

Doing tutorials is one good way of making money to fund your start-up. Tutorial companies pay good money even to part-time tutors. The best thing about it is that you do not have to go out of your house when you have a class. You can do it in the comfort of your living room. Online tutorial allows you to have time flexibility. You can schedule your classes at times that you are free and not working on your start-up. All you need is a reliable computer and a strong internet connection. There are different subjects that you can teach and all the resources are available for you online through the school’s system.

4. Writing.

Are you a good writer? There are many companies that pay a lot of money for good copywriting or web copies. You do not even have to be an expert on a particular niche to be able to write about it. If you have great writing skills and you like doing research, you will most likely find writing gigs easily.

Being a writer is convenient for you because you can work any time of the day as long as you meet the deadline. This type of gig will not interfere with your work on your start-up, you can do it anywhere, and you may even learn a thing or two when you are doing research that could be beneficial for your new business.

5. Affiliate marketing.

If you have a lot of followers on social media, affiliate marketing could be the answer to your dilemma. Affiliate marketing is selling someone else’s online product through your affiliate link and you get a commission every time there is a sale. There are a lot of influencers on social media who are earning tons of money only through affiliate marketing.

Conclusion.

Starting a business is almost always a good idea, but there will be challenges, especially if you don’t have a job that could support the expenses needed in such a venture. Each of these tips has its own pros and cons, so you need to find out what will work for you. If you can get someone to invest in your company, that is well and good. If that doesn’t work out, the part-time gigs mentioned are also great options.

Share

Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

Tagged as: , ,