The way of working was restored in a way that was never possible. The expectations of getting a job and staying for 40 years are long gone, and that you are the only job and are welcome are the illustrious sideline occupations. It’s no secret that the road to wealth is to create multiple sources of income. Passive or active, people build their sideline jobs outside of their main source of income in order to secure themselves or to pursue their passion, and can you blame them after the last year?
You may already be well on your way to establishing your sideline or you may need funding to get started. Whether it’s creating content or selling a product or service, optimizing your business for profit is usually not free.
Crowdfunding is a method of making money by drawing attention to your sideline and generating an impressive amount of money. It works by providing details about your sideline business and letting people choose whether to donate to your business. This method of fundraising works best when you have a specific goal in mind and are focused on funding a specific product or service rather than paying for the basic cost of your business as a whole.
Crowdfunding platforms like Go Fund Me can be used to facilitate crowdfunding and often have a charitable thought or offer something with a story. For example, if you’re working on a new health product and need funding to bring it to a wider audience, this is a great way to find out what your product will do for a community. Since this type of crowdfunding is based on donations, you need to be transparent about what you use the funds for.
Platforms like Kickstarter or Patreon may be better suited for your sideline. These types of websites allow people to donate funds in exchange for a share or subscription to your content or products. It’s also important to be transparent here as people will part with their hard earned cash because they love your content or believe in a product.
(Image source: Statista)
There are many global grants for innovation and great ideas and you need to be there to win them. If you think your side hustle meets the criteria of a specific scholarship, then creating a detailed presentation could get you the money you need to take your side hostel to the next level, or even invest in something that you need for your side hustle. By simply doing a little research on the scholarships in your area, you can find the scholarships that you think are best suited to your company’s needs and submit your application for them.
Loans are something that people often shy away from here. You also undertake to repay them. However, there are a number of loan options that you can commit in the form of microloans instead. A microloan is for those looking for limited funding for the smaller part of things. While this is smaller than a typical loan, you should still proceed with caution and make sure that you research your loan before committing to it.
Budgeting to the extreme
This option is extreme, but could your current lifestyle be downgraded in any way to take advantage of this open-minded avenue towards your sideline? It might be a start to starting small by canceling memberships and limiting nightlife, but serious cash freeing up could come in the form of a temporary move to a smaller house to invest in your sideline business. If you are unable to downsize your home, you can start clearing it out and selling any excess you don’t need and using that money towards your sideline fund.
Other secondary occupations
Taking up a part-time job outside of your main source of income can serve as a means to an end. Whether it’s working a few hours a week for a remote part-time gig or taking on a short retail shift, when you have a limited amount of money to invest in your sideline business, this could be an option for you. Although you will need to invest more time if you can do it and you can find a part-time gig that works for you, this could be all you need to make the money you need for your sideline.
There are a number of options you can try to secure funding for your sideline. You just have to find the one that works for you.
This guest post was written by Daglar Cizmeci
Daglar is a serial investor, founder and CEO with over 20 years of industry experience in the aerospace, logistics and finance sectors. Graduated from Wharton School and MIT. He also runs a personal blog where he shares actionable business management and finance tips.