Looking to found your own startup but short on cash to kick things off?
You can of course opt for traditional financing, but that may not always be available at the right lending terms to suit.
You can get investors on board, but that often comes with the downside of giving up equity in the business which may not be appealing.
If you’re desperate to launch your business and are not afraid of doing some work to self-fund the business, here are ways to generate cash flow or upfront capital to invest in your startup.
1. Upload Videos to YouTube
Good quality video cameras are not expensive nowadays and by uploading your videos on YouTube, you can achieve two goals: First, regularly vlogging allows consumers to learn more about you and you can gain more followers who can potentially become your customers. Second, you can make some money on the side using advertising and there’s no doubt that the video advertising industry is only going to continue to grow.
2. Acquire an Online Business
The buying and selling of online business nowadays is a hot market. Online brokers such as FE International, Empire Flippers and Flippa lead the way in terms of the best places to buy from. The good thing about existing online businesses is that you are often buying an existing revenue stream. With a bit of elbow grease, you can potentially improve the business and then take advantage of the improved cash flow or sell the business for a profit.
3. Sign Up at Cashback Websites
An easier way to make a small profit is to join cashback sites. This is especially useful as a way to generate a small amount of income because you can often receive discounts or cash back on purchases you were going to make anyway. Ebates is arguably the most well-known and often recommended. When making your purchases, simply use these sites so you can get discounts, rebates or earn some of your money back.
4. Start an Online Learning Program
Find your niche or expertise and make a learning course that you can conduct online. Naturally, your course will sell more if you find the right market and address a current need. You can create videos, tutorials, exercises and ebooks. Udemy is a fantastic platform to utilize.
5. Place Ads on Your Car
Your vehicle can also double as a means of profit when you let businesses put their ads on your car. If you’re not too particular with how your car looks, this can be an easy way for you to earn money. Just make sure you regularly take your car for a drive so that it can be an effective marketing platform.
6. Create Digital Artwork and Sell It Online
Any artwork or design can be sold on most online shopping websites, but one of the most popular sites is Etsy. If you have a flair for creativity, you can sell your creations on this site. There are many products you can make, from wallpapers and printouts to planners and party décor.
7. Build a Website and Use Affiliate Marketing
Affiliate marketing means placing ads on your website and when your followers or readers click on the ads or links, and then make a purchase, you receive a commission. There are plenty of affiliate programs available. Of course, the learning curve is such that it will likely take you many months, perhaps a year or more to generate revenue. However, there are plenty of training courses and free information available where you can learn.
8. Use Credit Cards With Cashback Programs
When you plan to pay for purchases or bills with a credit card, as much as possible, use those cards that offer cashback and rewards programs. Accumulate more points and convert these to rewards to offset living expenses. To optimize your use of this card, check that it has a lower annual fee than your other cards.
9. Rent a Room
Many people are now turning to rooms for rent when they go on holiday instead of hotels. Use this opportunity to turn any spare rooms in your house or apartment into a source of income and allow people to rent it. One of the most well-known and trusted sites for short-term renting of property is Airbnb.
The list above is by no means exhaustive, but those are nine simple and effective ways to make some extra money. One or a few could be all you need to self-fund your next startup.