Ready to start a new business?
Looking for money to grow your existing business?
You can find the money to accomplish both without taking out loans. Here are some things you can do to find the money to grow you business.
Lower Personal Expenses & Save
The lower your personal expenses are the less you need to make to cover your expenses! Which in turn means you need to make less money, yet when you do make more money then all the extra money can go to growing your business! This is an often overlooked fact that the more money that can stay in the business will help you grow the business.
If you have not started a business yet, you can use those funds to start a savings account that you can live on when you do start your business.
Reduce Overhead Costs
Expenses that are not directly linked to creating more revenue should be minimized. The less it costs to run the business the more you can direct those funds to creating more revenue – or taking more profit! So while that great new course on time management might seem like a needed expense, you should really analyze how much it will increase your revenues.
A better use of the money might be to investing in an advertising on Facebook class.
You may be interested in this article on when to invest in your business.
Get a Partner
While this is not always an option, if you can get a business partner and want a business partner, then it is easier to get the funds you need to start or grow your company. There are two of you pitching in to increase revenues or to save money to get started! Just make sure you can work with them and that you have a solid agreement in place.
Crowd Funding
For the right business you can use sites like Kickstarter to get the money.
Start on the Side
Start your company on the side of your day job. This allows you a steady stream of income while you test the market to make sure the concept will work. You can grow the business to your needed level of income before you jump to full time self-employment.
The biggest caution with this is ensuring that it does not cause trouble with your employer. Don’t let it affect your performance at work and make sure if you are doing the same line of work that you don’t violate policies or lose your intellectual capital to your company. The last thing you want is a legal battle or to burn bridges!
Now for your action step:
If you own a business go through your overhead expenses and see what you can eliminate so the funds can go to growing revenues. If you don’t have a business yet, figure out what expenses you can cut so those funds can go into a savings account for when you do start your business!
