How to Finance Your Online Business
When starting a new project the most difficult question that pops into one’s mind is "who is going to pay for it?" Savings? Well, obviously not if you don’t have any - it might take months or years to save enough. Even if you do have savings - I don’t know about you, but I don’t like to spend too much of my savings. What if something goes wrong and you lose the money?
There is a saying (attributed to Warren Buffet, but I cannot confirm that): "cover your downside; the upside will take care of itself." I’ve been always taught, that a business is born and dies with cash-flow. If you’re unable to generate cash-flow the venture will fail.
That’s why I always try to find ways to generate cash-flow streams that will finance a new project. Here are a few ideas. If possible, the best choice is offering complementary services. For example, if you want to build and sell a product related to photography, you can hire yourself out as a photographer. That way you not only generate money to finance the building of your product, but also get a name for yourself in the field.
The second option is freelancing in general. You, like most people, have valuable skills - use those to make some extra money. You can stop when your new business starts generating cash-flow if you want. The good thing about freelancing is that the more you do it, the more your work is worth. Plus it builds your own confidence in your ability to earn money skills your skills, not your time.
The third thing you can try is building and selling websites (website flipping). I’ll be writing a series on this later on, but it’s really a simple thing. You build a website, list it on a marketplace (e.g. Flippa.com), someone buys it, you get the money. The more visitors and income the website has, the higher the price; but people also buy good websites with no traffic at all.
I really appreciate that you keep coming back to my site, it's loyal people like you that make what I do worth it. If you have any questions feel free to email me at Tony [at] BeginWorkingOnline [dot] com. If you like what you read, and find it helpful, make sure to share it with a friend - they'll love you for it! Remember, this blog is not about me, it's about you - so participate in the discussion, let me and the other readers know what you think and how you're doing.
