How to Fund a Part-time Business
According to recent data published on smallbusiness.co.uk, a staggering 40% of the small businesses founded during the last year were established with £500 and less.
This highlights just how the business market has changed in the digital age, as the models such as e-commerce have enabled entrepreneurs to launch new ventures while actively reducing their overheads.
As a result of this, we have also seen a rise in the number of part-time entrepreneurs who launch a business while also retaining a day job, in a bid to boost their earning potential and save for their futures. Here are some ways in which this can be achieved:
- Develop a Passive Income Stream
This is the best way to launch a start business, and passive income can be accrued alongside a full-time wage without diverting too much of your time. The key is choosing the right vehicle through which to earn passive income, as ideally you will choose a platform that can deliver regular, short-term gains.
Trading the financial markets offers a relevant case in point, as this can be done through a virtual platform and largely automated with a clearly-defined strategy. You can also trade and access various asset classes through your mobile, making it easier to execute trades and capitalise on sudden market shifts.
This also enables you to build a diverse portfolio, and one that can deliver consistent gains over time.
- Market Your Skills as a Freelancer
Depending on your job and work-ethic, you may also be able to fund your part-time business by actively increasing your earning potential.
You may have a marketable skill that is in-demand, for example, and this can be effectively promoted to earn freelance work and create an additional income stream. This may even lay the foundation for future career development, but in the short-term it enables you to earn as much money as possible and divert this to your proposed business.
Just remember that this requires you to work exceptionally hard over a sustained period of time, while you may also need to confirm your plans with an existing employer depending on the precise terms of your contract.
- Embrace the Thrift Market to Build Income
On a final note, you may decide to leverage existing assets in order to build additional income streams. If you have unwanted items, for example, these can be effectively marketed and sold through sites such as Ebay, which allow you access to a vast audience, reliable customers and secure payment options.
In recent times, we have seen the thrift market boom across the globe, as some people look to make additional money while others seek out low cost items. This growth has also triggered a rise in the number of specialist thrift operation throughout the world, making it possible to sell items such as books, clothes and furniture to targeted audiences.
With reasonable pricing and a viable selection of goods, you can quickly accumulate large sums of capital. These can then be invested incrementally into your new start-up, while boosting its cash flow as you begin to take orders.