If you’re a born entrepreneur, you’re all about side hustles and making businesses that generate passive income. Many aspiring entrepreneurs, however, are held back by limited finances. Luckily, you don’t need deep pockets to start a side hustle. Here are five ways you can do just that:
List Your Options
Nowadays, you don’t have to create something new and revolutionary to succeed as an entrepreneur. You can simply choose from existing businesses based on what fits your personality, expertise, and budget. Side hustles can range from part-time or independent contractor work i.e. dog walking and uber driving to buying and selling stuff online and running a dropshipping store. Narrow the list down based on what meets the aforementioned criteria.
Do The Ground Work Yourself
The do-it-yourself approach may take more time and frustration as you learn new skill sets, but it’s definitely an effective way to start a side hustle on a shoestring budget. In addition, it’s a great way to master the ins and outs of your business. If there is an internal issue later on, you can easily find the problem and fix it yourself.
Have a Business Plan
It’s common advice, almost to the point of overused, in many business-related articles. However, for someone with little to no startup capital, a business plan can give you access to third-party funding. You can approach banks and private lenders with a well-detailed business plan and get the loan you need to start.
Start a Crowdfunding Campaign
Platforms, like Kickstarter, have helped a lot of entrepreneurs bootstrap their ideas into full-fledged businesses as well as draw priceless attention to their relatively nascent brand. Start a crowdfunding campaign of your own. You’ll need a good sales pitch, marketing materials including video or at least images of the product/service you’re trying to sell, and a prototype.
Get Your Hands on Everything “Free”
Capitalize on anything that you can get for free – free marketing exposure, educational resources, zero-interest loans, business expos and conferences, customer leads, etcetera. Avoid paying for things that you can get for free.
There is a common misconception that businesses of any size and magnitude require high startup capital. Don’t let that get in the way of your entrepreneurial drive and spirit. Use the five tips in this article to build your money-making empire.