How to Support Yourself Financially When Starting out on Your Own
If you want to start your own business or have already started, you will agree with me that you need a better support mechanism than someone who is working a job alone.
This is because the business needs your money and attention to be able to stand and grow.
In this article, I have provided you with certain ways that you can utilize for financial support and assistance.
Get a Job
I know this sounds funny and contradictory since we are talking about you starting a business. But there is no sorrier sight that one trying to build a business on an empty stomach. You won’t build a thing before you die of kwashiorkor!
So if you don’t have a job or know where the next meal will come from, it might be wise for you to grab a job to earn some income that will help you stay alive and fund your dream.
It might equally be nice if you get a job in the industry you are trying to play. It will give you a lot of industry insights.
Start a business on the side
If you are already working, it doesn’t make any sense for you to quit your job before knowing what business to start and all.
The only time you should quit your job for a business is when you are making at least 50% of your salary from your business. At such instance, it becomes very wise for you to quit and go concentrate on your business to grow and scale it.
So while doing your job, a smart way to support yourself is to save. If you have a business to build, you really don’t have money for a lot of frivolities.
Your target should be ongoing lean while saving up as much as you can to support you and what you are building.
If you have access to low-interest credit, use it
Some jobs have credit facilities that they give to staff at very low or zero interest, use that if you can to support your business.
I have a friend who works with the ministry and takes a single-digit interest loan from the cooperative yearly to grow his business.
The loan and interest are both paid back by the business cash flow. This is a smart way to support yourself and your business financially.
Use your savings wisely
It is only foolish people that knock saving money. Every rich and wise man that I know or have studied saves or does so without knowing it.
You don’t save money from January to December only to blow everything on shopping or travelling to your village.
You don’t also save to buy a car or other luxuries of this world when you have a business to care for.
Postponed certain money suckers for now and stay lean while you build. Though it might take you a little longer to have a wife, buy a car, move into a nice and bigger house and all, the wait will be worth it as “better thing no dey finish”
A business is like a baby, you eat after he has eaten. That is if you want peace and profit in the first place.
Let your partner hold fort for you
If you have a good spouse who has your interest and progress at heart, you can beg him or her to hold down some family expenses while you channel your resources to your business.
But this is on the assumption that you have sense and responsible enough not to pay any good with evil.
Having a supportive partner who can step in big for you in times of building is one of the precious assets that many ignore, don’t use or don’t get the privilege of having.
Use this if you can.
Move-in with those that love you
This could be a winning strategy too. But it needs to be done right for it to work and it doesn’t need to be for a long time.
So if your parents, uncle, friend or even a stranger love you enough not to mind or hate you for it, you can move in with them and use the money for your rent to fund your business till it picks up.
I used this strategy to start my Research Business. After I left university, I moved in with my mentor who loved me. I lived with him till my savings and profits went up and I could stand on my own.
You too can try this strategy out.
If you have the option of overtime in your place of work, seize it and put all the money that comes from it into your business.
That means you don’t see this money as some extra cash to spend but as an extra opportunity to fund your venture and get it fired up.
Take a part-time job
Take up an extra job and channel all the income from that job to your business. This too is a very smart strategy.
It doesn’t have to be anything too fancy or big that will now turn major and become a distraction.
I have a friend who runs a tech company. He takes up development jobs and builds websites to rake in money into his business from his skills.
Another friend of mine teaches weekend classes in a polytechnic to bring in some money into his business.
You can explore this possibility to see how it works out for you.
Have a safety net
The smart safety net I always recommend is for you to put your money into a profitable investment that is dedicated to feed you and keep you afloat while you build your business.
This is one of the first things you need to settle early on so that you can have the peace of mind and personal financial stability to withstand business droughts.
Knowing that there is something else that feeds you will help you to give your business the necessary time to pick up.
The fastest way to know what will work is to try it. so you can pick a few of these points and see how they can fit right into your situation at the moment and help you while you build that which your heart desires.
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