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One of the biggest hurdles that mompreneurs have to face is a lack of funding to start a business. Moms have a lot on their plates, whether married or single. God and family come first, period.
And when things come up, you have to make it work with what you have. Sometimes that means pouring it all into your baby.
Now, some married moms have more financial support from their spouses, but that doesn’t mean everyone starts off being able to dump money into their business at their leisure.
I know what it feels like for your dreams to outstretch your dollars, but don’t let that kill your vision or vibe. I’ll tell you a story about why in a minute.
Stick with me to find out how you can nurture your business “baby” even if you’re starting with nothing and how to find business funding for startup companies.
Moms Start Businesses With No Money All The Time
My project partner for The Mompreneur Manual, Chassity Parrish, and I have similar stories when it comes to starting our business with little to no money. I started off as a blogger, which led to becoming a website designer, consultant, and content marketer.
You can start a blog for free or as little as the cost of a domain name, which is exactly what I did. I took that time to learn as much as I could, some by research and other things by trial and error.
While I was building and growing, I offered paid blogging services to other companies. To sum it up, I used my skills and knowledge to make money as I planned and grew my business.
Here’s how you can start small to scale also other ways to get larger sums of money to invest in your business.
Get a Side Hustle to Bootstrap and Put Money Into your Business
This would be preferably a job or contract that’s flexible so that you can set your hour or work from home. You don’t want to drain all your time and energy to the point that you’re too tired to work on your business or be attentive with your family.
Side hustles that I have worked on in the past are blogging and freelance writing, social media evaluation, and data collection. This blog has 10 more side hustle ideas, plus you can grab a free list with tons more flexible and high-paying work-from-home jobs.
Take Advantage of Crowdfunding for Business
You might need to how to secure business funding in a larger amount for marketing, to build your team, or for help with product development. If financing isn’t an option, try an alternative such as crowdfunding. It works by pitching your idea and compelling story to people who believe in your mission.
Those supporters are willing to invest small sums of money that combined, adds up to a larger pool of money. What’s in it for them, you ask? It depends on the crowdsourcing platform that you are using. Some platforms don’t want anything, some lend them money, and some want the product or updates on your progress.
Pre-Sell The Product That You’ve Already Created
If you’ve already developed a product or are in the process in the near future, pre-selling can help you raise money to grow your business. Creating and pre-selling a digital product is an affordable way to get money to continue building.
To kill it at a pre-sell, you need to build trust with your potential customers. They are paying you upfront with the expectation of receiving their product at a later date.
Be consistent, do what you say you will do, and keep them updated throughout the process. It’s easier to keep pre-sell customers informed through e-mail marketing.
Don’t Give Up on Qualifying for a Business Loan or Investment
Remember when I said I had a story for you? Well if you’d like to hear it, here it goes. Several months ago, I wanted to get some additional help for business tasks and also continue increasing my business knowledge.
Of course, that requires some dollars. In the past, I would have shrunk up and made a decision for myself without even seeking help. My limiting beliefs would have kicked in about why I wouldn’t qualify, why they would say no, and why I shouldn’t even try.
NOT THIS TIME. Instead, I applied for financing and asked for what I needed. The possibilities of a positive outcome pushed me forward instead of thinking about what could go wrong. When I didn’t hear back after months rolled by, I didn’t think any more of it.
It wasn’t until I had basically forgotten that I applied that I heard back from the lenders and I was approved for funding! The moral of the story is, don’t be afraid to ask for what you need. Even you don’t get funding the first time, try again.
Maybe the next time, you can try with a business plan so that they fully understand where your business is going and how they’ll get their money back.
Use your Personal Savings to Fund your Business
You have options for ways you can invest in your business using your personal savings. You don’t have to deplete your savings and you may not even have to touch it at all.
Chassity used a unique strategy where she saves funds from her day job to use on business expenses as she grows. Another alternative is to apply for a secured loan, where you can use some or all of your savings as collateral.
Some people call this “borrowing against” your savings. You can also do this with a credit card called a secured card.
The difference between a secured loan and a secured card is that the card will be revolving debt that you can continue using and paying off. That also means you won’t have access to the collateral (the deposit to secure the card) right away.
Collaborate With a Business Partner
Two are better than one and they can help each other succeed. This paraphrased Bible verse can apply to so many areas of your life when you’re working to improve and impact others’ lives.
Your small amount of resources and network added to another person’s small amount of resources and network can do big things.
You may be able to qualify for a loan that you couldn’t alone or your partner may have skills to enhance what you’ve already done.
Just make sure that you do your due diligence in selecting the right business partner for your collective vision, mission, and goals.
Get a Business Consultant or Coach
Using one of the options above for how to get investment money for business, is only half the battle. You need to develop a solid plan for how to use business money, grow it, and retain it.
A consultant can help you with the most important parts of a business plan, including helping you set and track goals. They will give you updates on the latest programs for loans, grants, accelerators, and funding pitches.
Business consultants can also guide you through breaking down where to invest business money or put you in touch with the right mentors and experts.
The learning process never ends, so investing in your education about business should always be a part of the strategy.
Options such as the Small Business Administration (SBA) offer consultants to help you at no monetary cost. You just need to invest your time and willingness to take the action.
How Bad Do you Want to Start a Business, With or Without Money?
As moms, we go after what we want and need. The attitude should be no different when it comes to financing your passions, gifts, and visions. Do what it takes to raise money for your mompreneur dreams by using your time, knowledge, and skills.