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If you want to get your start-up idea off the ground, but you’re not financially stable enough to risk an attempt, then it’s time to look at your budget and see how you can save money. There are a lot of funding options out there today such as Kickstarter and good old investments from family, friends, and investment funds, but that typically won’t be enough to cover all of your early expenses.
So how can you make up for that extra slack or fund it all yourself? Here are a few ways that you can save money to fund your dream start-up company.
Develop Your Game Plan
You first need to start by mapping out your game plan. Do some research into purchases you’ll need to make including any office supplies, product development, development space et cetera so you can gauge your first six-months or so of expenses. This can vary from industry to industry as someone selling coffee won’t have the same start-up costs as an.
Once you understand how much you need to save up, it’s time to figure out available ways to fund your start-up, including a week by week savings plan to get your idea off the ground. This takes us to the next step.
Pick Up Extra Revenue Streams
You need to pick up extra revenue streams to pad your savings account. There are a number of awesome ways to find extra work through freelancing. If you have a specialty such as writing, graphic design, web design, or something else there are hundreds of well paying jobs out there on sites like Freelancer and Upwork. If you don’t have anything you feel comfortable doing, there’s always easy work like data entry.
If freelancing just isn’t your thing, consider hitting up craigslist ads to help people move, find part-time work as a barista, or with a local group in your area.
Keep Your Day Job…For Now
Jumping straight into your start-up is rarely a good idea, so while you’re in the process of launching your start-up keep the day job. Work on your start-up in the evenings and on the weekends. This will be an exhausting period of your life, but it will be well worth the extra effort. This is also a good way to gauge how viable your product or services are in the market. If you pick up early traction with consumer interest, you can rest more comfortably before the big launch.
Move Back Home With Mom And Pops
This one never sounds fun, but it works. You’ll be able to drastically cut your expenses by moving back home with your parents so that you can funnel a lot more money directly into savings. This isn’t going to be something permanent, so don’t approach it like it is. Focus on saving your money and it might be kind of nice to spend some good ole quality time with them again.
Sell What You Can Part With
Follow the art of minimalism and part with everything you don’t need to save up big chunks of money at a time. Do you need a couch? Probably not. Are there any instruments lying around that you haven’t touched in five years and have no idea how to play? Sell them. Selling your things can actually be a pretty freeing experience too. It’s not quite as bad as it seems.
Cut Back & Budget Yourself
Even the little things add up big overtime. Sure, it’s not as effective upfront as selling your furniture, but it pays off after a few months. When you no longer buy a Starbucks coffee every day or eat out for lunch because you pack your own, you’ll save money every single day. After a month, those savings will turn into hundreds of dollars that you can use to buy something your start-up needs.
Choose A Co-Founder
Don’t do this alone if you can avoid it. Take some time and choose a co-founder wisely and they’ll help you to split start-up costs by pitching in too. It’s fun to have someone to bounce ideas off of and someone who will work together with you on this passion project. Don’t rush into finding a co-founder though, you want this person to be as dedicated to this start-up idea as you are.
Launching a start-up is a game of risk and it’s best done with a little extra padding in your bank account. By following these tips you’ll be able to save a lot more money to launch the company of your dreams.