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Getting the capital you need to take your startup to the next level can be difficult, especially nowadays when investors are protecting cash like it’s their baby. If you’ve attempted to raise capital but have failed may times now, you can actually self-fund your startup with sound money management and saving techniques.
1. Save Up For Core Expenses
In other words, put your money into business investments rather than liabilities. Identify what core components you need to operate as a startup. For example, if you have the first ever teleporting machine, getting a patent for it should be your main concern in order to protect its distinct utility or design. Since demonstration on how to use the teleporting machine is required due to its complexity, you’ll also have to secure airtime on radio stations or TV networks. Marketing should only come second since a unique product like this easily gains traction and creates a market through word-of-mouth.
2. Time Management
Managing time is equally important to managing money. For example, if you are working a part-time job to supplement the financial needs of your startup, make sure your daily schedules are well managed and that no hour is wasted. Know what time to do a specific task, whether it is related to the startup or to your part-time work. Being able to manage time efficiently avoids extra purchases like an overpriced lunch meal because you weren’t able to eat at home because you were late for work because you couldn’t set your alarm clock to wake you up at the right time.
3. Find Passionate Team-mates
Startups simply cannot survive with one person running it. People must face this reality or risk getting blown apart in the long run. Finding teammates who are as passionate as you are about the brand, product, or service gives you more manpower with minimal to no cost at all. Hiring professionals with Master’s degrees and experience working at Fortune 500 companies seems like the best way to procure your workforce. Unfortunately, this costs money, which is a resource you are currently short at.
4. Secure a Loan
Perhaps the most common way startups are born into this world is with the financial backing of banks. If you’ve been declined on your business loan application, you can opt for a credit card with a sufficient line of credit to meet your startup’s demands in its infancy stages. You might find the best credit card deal from a local bank but always be on the lookout for one that offers the lowest monthly interest rate and flexible repayment options.
5. Borrow Stuff
Don’t be afraid to ask for loaned equipment, space or vehicles. It’s surprising how helpful fellow businesses can be. Some capital equipment is likely to be beyond your price-range, to start, but that doesn’t mean you can’t get the use of it. Ask if you can use this kit ‘out of hours’ – offer to pay electricity and consumables costs.