Your biggest dream is to finally start your own business, but you are afraid that your financial resources aren’t broad enough? You ask yourself how much money you will need to establish your startup and how you can earn this money? If so, this is the right article for you. Here we want to introduce you to different ways to earn money on the side while establishing your startup.
Is it expensive to establish a startup?
You will be surprised at how little resources some of the most successful businesses had when they started out. Let’s look at for example Airbnb: Now worth around 10 Billion dollars, Airbnb is one of the main platforms in the tourism industry. The founders didn’t come from money. They actually just wanted to sublet a room in their apartment in San Francisco and realized there was no platform to do so. Just with a website and a plan in mind did they start out with Airbnb. Sure, if you look at other businesses, especially the ones which aren’t online, you might need more resources. Let’s say you want to start your own restaurant. You need a location, probably some renovations, employees like chefs and waiters, advertisement, website, fresh produce, kitchen equipment, etc. As you can see, in this example you need a much higher budget compared to our Airbnb example. This shows that there isn’t just one answer when it comes to: How much money do I need to establish my startup? There are multiple answers.
The first step should be to calculate your possible expenses. Look at the questions below. These questions will help you to find out how much capital you need!
Answer the following questions: Is my business online or offline? Do I need help from experts? Do I need to buy products? Do I need to invest money into an advertisement? Are there ways for me to save money? Do I need to hire freelancers?
Tips to earn some extra money to establish your business:
Did you calculate your expenses? With a number in mind, it is easier to find new ways of making extra money. Here we want to introduce you to some options:
Offer your knowledge as a consultant
Do you have a lot of experience in marketing, or have you ever worked as a consultant before? How about starting as a freelance consultant? You can be your own boss and decide when and how much you want to work and earn money while establishing your business.
Start freelancing as a side hustle
Freelancing is great if you want to be flexible when it comes to your time. Work as a web designer, software developer, or choose one of the many options for freelancing. This is a great way to increase your startup budget. You can find jobs on platforms like Fiverr.
Title: How much money do you need to establish a startup?
You dream of having your own startup, but you don’t know how much capital you need to invest? Here we want to give you helpful tips and tricks.