Starting a business is overwhelming enough that adding the issue of cash flow to it might just wear you out. However, cash flow is important because how do you survive when you are still setting up and have only few or no paying client yet?
In this post, I share 10 ways you can solve this problem without entering into debt nor giving up on your dreams.
10 ways to survive while building a business
1. Work on the side
This might seem hard but you can scale it. At the setup stage, make your business a side hustle and set aside substantial hours of the day to work on it after your day job. The secret to doing this successfully is to carefully plan what you would be working on after your day job. Having a plan will help you maximize the little time you are able to set aside.
2. Save before you start
Make a rough estimate of how much you can survive on for two years, then save as much as you can before starting your business. This method will help you focus on your business when you eventually start.
3. Do side jobs to make quick cash
To avoid being broke, consider taking jobs that require less commitment but can pay the bills while building your business. Some jobs you can do are:
- Joining brand activation programs
- Promotion jobs
- Cleaning shifts
- Event staff
- Part time modelling
- Errand jobs, etc
4. Live lean and plan your budget
Only spend on necessities and avoid luxury. Always be on the lookout for coupons, discount sales and giveaways so that you spend minimally and save as much as you can for the rainy days.
5. Take a routine job
Routine jobs require less thinking to accomplish. With this type of job you will be able to think well for your business and also get money to run daily activities.Examples of these jobs are clerical jobs.
6. Get help from family and friends
You can rely on your family and friends to see you through the humble days either in cash or kind. Just make sure you are neither too demanding nor too needy. Also, be appreciative whenever they assist you.
7. Leverage on your network
Your network is a rich resource for getting almost anything done, so make good use of it when setting up your business. You may ask them to spread the word about your business to their connections. To be successful in this, you should offer a trial service or sample product so that the people in your network are confident and persuasive when they mention you to their connections
8. Build your social media profiles and monetize
Honestly, this is quite some work but if you do it well, you will enjoy great rewards. The key to monetizing is to always post valuable content and be consistent. Also, avoid having a chaotic feed especially on Instagram. You can monetize your accounts by doing influencer marketing, sponsored posts, affiliate marketing, etc.
9. Join affiliate programs
No, you don’t need to spend money on building an affiliate website. You can promote your affiliate links on social media, by word of mouth and on your blog. Just make sure to agree with the company/product owner on how to track sales that come from your efforts.
10. Outsource/use a virtual team
If you’ve grown your business to the stage where you can no longer work alone, then you should hire a virtual team or outsource as much as you can. This will save you a lot of costs such as office space, employee benefits, office welfare, etc.
What have I left out? How did you cope/how are you coping with finance as you set up your business?