3 Smart Ways to Find Cash for Your Business
By Space Coast Daily // November 5, 2021
Whether your cashflow has been anemic lately or you need the money to take your business to the next level, it’s not unusual as an entrepreneur to find that the revenue you’re bringing in can’t quite match your needs, especially in the early days or if you’re looking to expand.
The traditional answer is to look for loans, grants and investors, but what if you don’t qualify for the first two and can’t interest or aren’t interested in the third? Take heart. There are still plenty of options out there, and below are just a few.
Keep Your Day Job
You may have balked on reading this. After all, doesn’t this defeat the whole point of running your own business? Keep reading as there are plenty of good reasons to hang onto your day job as long as your company permits it. First, it may put you in a more powerful position as an entrepreneur. Since you aren’t having to scramble to make ends meet, you can make decisions based on what’s best for your fledgling company even if it’s not great for your wallet in the short run.
It’s also just far less stressful if you aren’t depending on your new business to put a roof over your head and food on the table. Of course, there are tradeoffs. It can be tough to juggle the two jobs. You may need to grow your new company much more slowly than you would have otherwise. However, there can be plenty of advantages to this approach, so give it some thought.
Sell Some Assets
If you’ve quit your day job and you find yourself in dire financial straits, another option could be to sell some assets. Most likely, you need more than you’re going to net in a yard sale or something similar or by cutting back on your regular expenses.
Borrowing against your retirement account is not always a great idea for a number of reasons, but do you have a life insurance policy? If it’s a permanent instead of a term policy, you may be able to sell it for cash. You can look at a guide on life insurance settlement companies and how to choose one that’s right for you.
Get a Side Hustle
This can be a good option if you didn’t hang onto or don’t want to keep your day job and you don’t have much in the way of assets to sell. Picking up a side hustle isn’t like taking on another job because you decide when you work. In a way, it’s the sweet spot between running your own business and getting a second job.
Whether you have a specific skill, like programming or design, or you simply have the time to drive people around or mow their lawns, you can get the money you need and you can pick up work as you have time. For many side hustles, you just need to sign up with websites online and clients will find you.
You might also find work through contacts or local advertising. For example, if you have tutoring skills and a college is nearby, you could put up a sign on one of their job boards.