Green - money of your own

Money: It’s what every business needs to survive. However, getting the necessary finances to fund a new project, pay for a product launch, or even just keep the lights on for another month can feel like an uphill battle. There’s, unfortunately, no secret formula that’ll help you get the magic number your business needs to thrive, but there are some things you can do to make dollars that make a whole lot of sense. Here are 5 ways to help you see green:

1. Don’t throw good money after bad: Most business owners have been faced with a failure, a marketing campaign that didn’t pan out, an event that was poorly attended, or anyone of a dozen little disasters that left them with less money in their bank account. When you’re in this place it can be tempting to think that the simplest solution is more money. After all, more money means that things can be bigger, better, or spread out to a broader audience. Resist this urge until you critically assess the situation though because you may find that the solution isn’t to spend extra but instead to rework or even scrap the idea altogether.

2. Consider a microloan: Sometimes, especially if you have a small business you don’t need a major influx of funds. In those situations, it can feel as if you don’t have anywhere to turn since depending on the exact amount it may not feel worth it to go to the bank. This doesn’t mean that you have to give up on whatever the idea is though. Instead, you may want to look into microloans, once place for you to start is Fundera* (https://www.fundera.com/business-loans/guides/microloans).

3. Get a Patreon account: If you’re in a creative field and/or are an artisan who feels that you have a handle on how much money you need to make every month to survive then Patreon (https://www.patreon.com/) may represent a viable funding option for you as it allows for multiple individuals who appreciate and follow your work to donate small amounts on a monthly basis to help fund your creations.

4. Downsize: One way to limit the amount of money that you are expending and potentially increase your profitability is to limit your offerings or accessibility. While it may seem counterproductive to scale back your product offerings or shutter one of your brick and mortar on online storefronts doing so slashes your budget and gives you more time and energy to focus on what you know is working.

5. Cut costs: Many business owners have items that they overpay for and so periodically it’s important to critically look at your expenses to see where you can cut costs without sacrificing quality. For example, maybe your current business cards are full color on both sides but would look just as good with black and white on the back, or maybe you use a particular supplier because they’re close to you house, but there’s one only a couple of miles away that could meet your needs for half the costs. Taking the time to research these things could help you save enough money so that you’re not scrounging to find the funds the next time you want to do something for your business.

Finding the necessary funds to sustain or grow your business can be a hassle, but it doesn’t have to be. Consider solutions like the ones above as a starting point to helping you get the capital you need.

* Successher is not affiliated with nor do they necessarily endorse any of the websites linked in this blog post. Do your own due diligence before proceeding.