How to Fund Your Side Hustle
Side Hustle: There are many ways in which you can fund your side hustle. Trading casually in stocks, shares, cryptocurrency and other assets can be a great way….
Whether you’re building your own small business in the hopes of eventually working for yourself full-time or you just want to make a little extra money on top of your wage, you’re one of a swiftly rising number of people with a side hustle.
It’s important that you pay the correct amount of tax for all of your income. There may be other expenses involved in running your side business too, depending on its nature.
From tools and equipment to services, marketing and transport or shipping, the costs of your activities may leave you with a smaller profit than you had hoped, and you might just end up wondering if it’s worth all the effort. However, there are many ways in which you can fund your side hustle.
Trading casually in stocks, shares, cryptocurrency and other assets can be a great way to boost your funds, though there is always an element of risk involved. Be sure to do your research and don’t rely too heavily on your chances of success. If you take time to learn the ropes and trade sensibly and with discipline, however, you might just find yourself with a handy stream of extra income.
Refinance or Remortgage
You might wish to remortgage your home in order to release a little equity, which may help with your business expenses. It’s also possible to refinance any student loans with a private lender. As a result, the interest you have to pay and the size of the repayments you’re required to make may reduce significantly each month. This will help you to save money that can then be spent on your business.
Take Out a Loan
Bridging loans and other financial solutions of this kind are best used if you know you’ll soon have access to the funds you need and just need a little cushioning between now and that time at which they’ll arrive. Never take out a loan if you’re not completely sure that you’ll be able to pay the amount back, plus interest, in the time given. It’s also possible to apply to a bank for a business loan, as long as you have a good business plan ready to go.
Sell Unwanted Items
If you’ve been hanging on to belongings that you don’t particularly need, it may be worth selling them online or as part of a garage sale. You might be surprised at what you can make, plus, it’s often good to have a clear out. Every little helps when you’re trying to get a business off the ground, not matter how large or small.
Many successful start-ups were initially crowdfunded, at least in part. Make sure you have some great images and examples of your work to share with visitors to your crowdfunding page. Carefully cost your required amount using real-life quotes. The best crowdfunders offer reward tiers depending on the amount pledged. Why not offer donors an invite to your launch event, a free product or some nice branded freebies in return for their generosity?