If you are one of the people facing unemployment, you may be looking at generating a new stream of income. Many will look for a near-equivalent job, working for yet another employer, but those who are smart will consider all of their options. This includes looking at self-employment.
You may find it difficult to believe that you can create your own job for yourself, but starting a business isn’t that hard. While you may be tempted to finance your business with loans from Wonga.com, it’s not always necessary. There are many ways to fund a new business idea.
Borrowing from Family – While I normally advise against funding a new business idea by borrowing from family, it might be a great way to preserve your credit and still get the necessary start-up funds. Make sure that you business idea is a “sure-thing” before creating a difficult situation between family members.
Build it Slowly - Another great alternative is to build your business slowly. This means starting with as many minimal capital expenses and slowly building up a strong client base. One you have a strong enough demand for your service or product, you can take a little more risk.
Half-and-Half – A third alternative to creating a new business is working part-time while also working on your business. This sounds very attractive to me because anyone can handle working 20 hours a week at a job, even if they don’t like it, if it means they are able to do what they are passionate about. Working a part-time job will allow you to make enough money for the necessities while also not putting off your dream of building up a business. A small business often takes years to establish itself and by performing both at the same time, you are getting rid of the waiting period.
Starting a small business is all about being creative with the situation that you have. The strategy that you employ will always depend on the promise of your product and your motivation for success.