According to the saying, it takes money to make money. As it stands, that axiom is most unhelpful since it does nothing to help you figure out how to get the money to make the money. Instead of being helpful, the saying is really quite upsetting. It suggests that you shouldn’t even bother trying if you don’t already have seed money. Making money is only for those who don’t actually need it.
I wish I could say that is completely untrue. Yet the persistent income gap suggests otherwise. The rich really do get richer, and at a faster rate than before. The poor really do get poorer. Just consider the demographic that has suffered the most during the pandemic. Those who weather such storms are the ones in the best position to do so.
For all too many people, the job they were in before the pandemic no longer exists. If you were in the movie theater business, your entire industry is on the brink of collapse. Surviving means taking the reins of your future and starting your own home-based business.
That puts us back at square one. How do you get the money to make the money, especially after your savings have been depleted? There is no turn-key solution or corporate bailout to rewind the clock. But there are a few useful tools for you to consider:
If a consolidation loan is what you need to fund your next venture, Patriot Funding is a potential solution to the problem of finding the extra money needed to get you started. First, understand that a consolidation loan is not a small business loan. It is a loan that pays off all your high-interest debts and gives you a single bill to pay at a lower interest rate. This means your monthly savings can be quite dramatic.
What you do with those savings is entirely up to you. There are many businesses that do not require a lot of seed money up front. You could be in business for yourself in just a few months of savings. Here are some of the businesses you might want to consider:
There are plenty of businesses you could start for under $1,000. One of the easiest types of businesses to start are those that involve one of your skills. It is just a matter of you taking an inventory of your talents and exploiting the ones that are marketable.
If you are a fast and accurate typist and a good copy editor, you could do well building resumes and cover letters for other job seekers. The best part about this type of business is that it requires no inventory or a showroom or even an office to meet clients. It can be done entirely online. Most of your expenses will be related to marketing.
Do you groom your own dog? Perhaps it is time to think about grooming other peoples’ pets. With or without a pandemic, dogs have to be washed and groomed. You could get a mobile grooming setup and make very good money.
This might be the perfect time to start a membership-only blog or podcast to share your expertise with those willing to pay for it. If you are particularly skilled in day trading, you might make even more teaching other people how to do it. It might take a little time and persistence to build a sizable audience. But what it doesn’t take is a whole lot of money.
If you don’t think you have any marketable skills, there are still options. You can easily and inexpensively start an affiliate business where someone else has already done all the work. All they need is for someone like you to take on the marketing. They source, warehouse, and deliver the goods. You are basically directing traffic.
Amazon affiliates never have to think about the products they sell. All you need is a website about something interesting. It can be something like Star Trek trivia. You can use your Amazon affiliate link to post products people can buy on Amazon. When they purchase through your affiliate link, you get a small piece of the sale. It takes almost nothing to get started.
With your tenacity plus a little creativity, you will get through the pandemic. It might not be with your old job. But that’s okay. Start by lowering your monthly debt service and banking the savings. While you are building capital, start sketching out a job you create for yourself. If you do it just right, you won’t even want to return to the old job. The axiom for you to remember is that fortune favors the bold.