Here's how to fund your side hustle without going broke. This premium story was unlocked by IndeedforSMB.
based on their amount of revenue. Side hustles typically fit within the first category, since they normally make less than $3,000 a month, she told Insider.
Loren shared her tips for funding your side hustle and how to choose the best option for your needs. You can use some personal savings or dip into your monthly income to pay for initial startup costs, Loren said. But she advises waiting three months before taking larger amounts ofEntrepreneurs should use those three months as proof of concept: Determine whether you have enough consistent sales to keep the business going. If you don't, cut your losses.
For example, if you invest $1,000 in social-media ads to get your sales up to $2,000, that capital investment has now doubled your profits."No one should be taking out capital unless they're really clear about their numbers," she said. Then, you should calculate how much funding you'll need. A side hustle allows you to be more conservative about the amount of capital you take since it's not a full-time business, Loren said.
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How to Get Your Side Hustle Off the GroundPeople pursue side hustles for all kinds of reasons: they want to earn extra money, they’re interested in starting a business, or they’re attracted to the flexibility of being their own boss. But these ventures often take capital to get off the ground. How can you get yours up and running? Here are five approaches: Set up automatic deposits into a savings account for the business. Regularly saving even a small amount over a period of time can help you chip away at those startup expenses. Open a separate business checking account. Especially if funds are tight, you’ll want to make sure that you can get every penny deducted as you can come tax time. Leverage your cashback. Instead of spending your cashback each month, move it to a savings account dedicated to raising funds for your side hustle. Apply for small business loans and grants. The Small Business Loan Association (SBA) is a good place to start if you do decide to opt for a loan. Pick particular times or days to devote to your side hustle. The idea is to work in small sprints rather than setting up a large chunk of time.
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