How to fund your creative business!

Tuesday Talks with Sarina....

Did you miss our LIVE???  If so check out the replay here!

The #1 question I get asked is "How do you find the money to start your creative business?"........and that my friends is a loaded question. 

First and foremost, this blog is not going to talk about how to borrow money, how to take a loan our or how to use a credit card.  These are not practices that we preach nor do we feel like they are a good idea when just starting off. There is a time and place when capital is needed in your business (purchasing a building), but as creatives most of us won't be needing to venture to the scary world of lending anytime soon!

So let's chat about how you can start a "side-hustle" to generate the extra cash you need to take your your business from a hobby to an actually income stream!

PRODUCT BASED BUSINESS

This type of business is one of the most expensive to start and to maintain.  There is a constant need to buy more product, more supplies, more storage, more everything.  As creatives, most likely we are sitting on product because you were thinking that it's time to take your hobby and become an actual business! 

So where do you get the capital to move from a hobby to a business?  Here are some suggestions to get you the cash you need to pay for your business license, LLC, insurance, marketing materials, website and more product!

• Sell old inventory or supplies that you are not using or have been sitting around collecting dust.
• Look around your house and have a tag sale and DE-CLUTTER!  A cluttered home is a cluttered mind!
• Start a service based business to fund your product business.
• Get a part-time job (ewww)!
• Find affiliates that you can be part of that are inline with your business goals.
• Look at incorporating drop-shipping platform to lessen the amount of money needed for inventory. 

So what about starting a little "side business" to fund our big idea business?

SERVICE BASED BUSINESSES

A service base business is one of the least expensive to start up and often times it's more time than money!  Service base business also start generating income almost immediately.  Ideas for quick start up cash:

• Babysitting 
• Dog Walking 
• Car Detailing
• Errand Runner
• UBER or LYFT
• Virtual Assistant Services (Fivver, Upwork, etc)
• Launch a course on a topic you have mastered

You just never know when your service base quick cash idea actually becomes your business!  

AFFILIATE MARKETING

Affiliate marketing is great ONLY if there is a product that you really love and stand behind!  Why not get paid for sharing the love?  This stream of revenue can be a super slow start, but eventually with enough time it can very well generate income to dump into your own business!  Most bloggers get paid through affiliate marketing.  

DROP-SHIPPING

This is another great way to make a little extra cash for some start up cash!  HOWEVER, it can take some time to set it up, find products you believe in, and stand buy.  The most common form of drop-shipping right now is Print on Demand T-Shirts!  The profit margin on this time of business is very small (about $4-8 per shirt) however, if you can get it tie into your product business then it could end up being a nice stream of revenue down the road!

DIRECT SALES

I'm not a big fan of direct sales!  I have often found that you end up spending more on their monthly fees and product on hand than you actually ever make!  However, if you can find a product that compliments your's then it could be a win win!  Such as...you are a foodie blogger and your sell Pampered Chef?  or you own an online clothing boutique and you sell Paparazzi! 

INVESTING BACK INTO YOUR BUSINESS

Developing smart financial habits is what's going to keep your business going year after year!  You have to invest BACK INTO YOUR BUSINESS!  You can't be spending it on things like $5 Coffee's!  NOT YOU CAN'T!  My suggestion would be to take 100% of all your earnings the first year and invest it back into your business!  YES 100% for the first year!  That 100% should bring you 200% gain!  More money, more inventory, more marketing, more everything!!! INVEST IN YOU!

What if you could take your love of Crafting and create a source of reoccurring revenue?  No really?  In the September of 2018, I spent $200 to launch my $5 Paint Club membership group.  YES, $200!!!!  We are excited to hit 20k in revenue the first year! Not too bad for a side "hustle",  Want to know how to do it??  Watch the live and stay tuned for our Passion to Profit Course landing Sept. 2019!!!

I hope this live and blog helped you see ways that a "side hustle" can fund your main hustle! 

Much love,

Sarina