The economy is not as good as it used to be even though the quality of life has improved tremendously from say 50 years ago. Now, the U.S. national debt ceiling is ridiculously high, many people are buried under huge personal debt, and the purchasing power of the greenback is practically cents on the dollar. Many people are now being forced to downsize their lives in order to stretch each dollar that they earn. Many more people are taking on second and third jobs just to make ends meet. Either that, or they decide to find a side hustle.
4 Creative Ways to Find a Side Hustle
Interestingly, entrepreneurship via side hustles is becoming a solution for many folks because of its potential to open up new sources of income. Unfortunately, you’ll often need some amount of initial capital to get your side hustle off the ground. You’ll also likely need expansion capital down the road to optimize the full potential of your side hustle.
If your side hustle is not a “serious” business in the traditional sense of the world, you might find it incredibly hard to raise funding from conventional sources. This piece provides insight into 4 create ways to raise funding for your side hustle.
For people whose side hustle is in the arts, asking for donations might be a great way to fund your hustle until it becomes strong enough to pay you. You should consider creating an online presence with a blog or website, and you should also strive to build up a decent social media following. If your art is good and resonates with a sizable audience, you can put up donate buttons on your website or social media pages. There’s nothing shameful in creatives asking for donations, and you’ll be surprised that people will actually be willing to assist you if you ask for their help.
2. Speak to online lenders
If your side hustle doesn’t sound like something that traditional banks will be willing to fund, you may want to consider raising financing from online lenders. Online lenders have less overhead costs than traditional financial institutions and they are not subject to the same regulatory process; hence, they are more likely to take a risk on your “unconventional” business.
You might also find online lenders such as Lending Club to be more reliable when you need short-term financing. Some lending club reviews suggest that the lender doesn’t charge extra fees such as application fees and maintenance fees; hence, the cost of loans from online lenders might end up being cheaper.
3. Apply for entrepreneur grants
The government and some other organizations understand and appreciate the roles that grassroots entrepreneurs play in economic growth; hence, they have different programs created to support entrepreneurs in the journey. You may want to check with your state or city council on the availability of entrepreneurial grants.
You have a decent chance of getting a grant if your work has a measure of social impact or if you work in the creative industry. The process of getting an entrepreneurship grant might be riddled with much bureaucracy; but then, it is a grant that you won’t need to bay back.
4. Barter your skills
No business wants money for the sake of having money in the bank, you need money for the things money can buy. In getting creative with your business funding, you can bypass the process of getting money to buy stuff by bartering your skills to own such things. For instance, if you run a digital marketing side hustle and you need a new camera, you can offer to provide digital marketing services to a shop that sells tech gadgets in exchange for a lease, discount, or outright purchase of a camera.
Are you trying to find a side hustle? Which avenue will you take to get it to the next level?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.