.It is highly recommended that you invest your own money in your business. It will give you the extra push to work harder (after all, it’s your money on the line) and make the business succeed. Plus, even banks and investors — if these are options for you — always look to see if the business owner is invested in his/her own business.
But what if you are financially strapped yourself?
Tamara Monosoff, in her book Secrets of Millionaire Moms: Learn How They Turned Great Ideas Into Booming Businesses” lists several ways you can bootstrap your business:
- Use what you have – If you’ve been saving for a “rainy day,” this new business might just be that rainy day you’ve been preparing for
- Cut corners in your everyday life – from your Starbucks habit to magazine subscriptions that are not relevant to your new business, cutting “little” expenses can add up and give you more resources for your business
- Become a better shopper – hunt for the best buys and bargains around
- Stretch your current work situation – Stay in your current job for as long as you can, try to earn overtime or find extra money to help you save up for your business
- Stretch personal savings and business revenue – Spend as little as possible and spread it overtime