Kiss & Tell: Kiss Your Excuses Goodbye and Cozy Up to a Life You Love!
by Christina Waschko
You know what you want, your dream is burning a hole in your heart and you are holding yourself back from going for it ‘cause you don’t have enough capital?
Money is fun if and when we have it. It’s fun to spend it on ‘stuff’. And it’s frustrating not to have it. Money is the one thing that makes the world go round. And don’t let anyone tell you otherwise.
“I started my business without any money” is a lie! You can start a business without having any previous experiences- but without having money? Forget it!
It all depends on what kind of business you want to start, for sure. The home based solo-preneur saves on rent and municipality costs but still needs to invest in a computer, a website, a printer, paper, perhaps even in a copy writer, a web designer etc. These costs are less high than starting a brick and mortar business. Still, these are costs.
Here are a few ideas on how to come up with the cash you need to make your dream come true!
- Calculate exactly how much you need. List everything from rent, furniture, equipment, to daily/monthly running costs (be really conservative in your estimates)!
- Do a personal inventory of all your bank accounts (-savings-, daily-investment- accounts).
- How much money exactly is missing?
- List institutions and individuals from where the funds could be coming from!
- Check on government loans and grants for small businesses or newcomers! Are you eligible?
- Start your personal saving account, labelled ‘dream-fund’!
The big question is, what personal sacrifices are you willing to make? Are you willing to go out less, buy fewer clothes, less shoes, and go on less expensive trips? Would you downsize from your big car to a smaller one? Change your shopping habits at the supermarket? Shop at a less expensive supermarket even?
- Brainstorm ideas on how to earn extra money: Do you have time for a second job? Could you rent out your second room? Could you bike to work instead of driving? Carpooling? Eat at home vs, eating out? Sell unwanted clothes at a flea market / garage sale?
- Be careful and selective who of your family members and friends you could trust asking for a loan!
And last but not least, a few words about banks:
Banks normally give loans to individuals who can offer a guarantee or guarantor.
They also want to see how much personal investment you have.
- Loans specific to your field might be available.
- Rates vary, compare banks.
All in all, it is not impossible to gather your start–up capital together. Keep your eyes and ears open, become creative and make personal sacrifices! And you will be one step closer to your dream!