If you happen to have a creative mind, the chances that you have not considered starting your own brand are rare. Nowadays, it is easier than ever for people to establish an online business. Spectrum Internet availability along with other service providers offering their Internet packages have made it easy. However, there is one very important thing to worry about – the funding
Here are ways by which you can finance your creative side hustle.
Crowdfunding
You can use crowdfunding to raise an impressive amount of money. This is in exchange for rewards, of course. Crowdfunding can also help you to raise awareness about your product. But before you think of opting for this option, have one thing clear in your mind. Crowdfunding is meant to fund your product only. This means that the fund does not provide you money to deal with the operational costs of your business.
Crowdfunding will work for all those who have a very specific idea in mind. However, you must also be sure as to the fund you would turn to. This depends on your type of idea. For example, the best platform for artists is Kickstarter and Indiegogo. Do keep this in mind that you will have to pay a 4-5% fee to the company that funds you upon reaching your goal.
Creative Entrepreneur Grants
Various art councils are supporting the artists and creative individuals across the States. These councils see art as a powerful economic and cultural force. And encourage it by providing funds to creative individuals. Some of the funds that you can consider include:
- City of Chicago’s Individual Artists Program- Offers a grant of up to $ 2,500 in order to support professional artists in their quest to improve their skills.
- Colorado Creative industries- The state’s art agency has awarded 10 grants so far totaling $22,500.
- Creative Economic Development Fund- A fund started by the city of Los Angeles that will award $100,00 to an artist that makes a positive economic development impact on the city.
Small Business Microloans
Of course, the best option is free money or extra cash granted to you to help you bring your idea to reality. However, if a grant does not come through, you can always borrow money? No, not from a friend or a family member. If you are a small-scale business, then a microloan will suffice.
Microloans can be anywhere starting from $500 and go up to $ 50,000. The best part? You do not need a perfect credit score to borrow money in this way. However, the interest rate might be a bit high when compared to other loans.
One thing that you should always keep in mind before opting for any type of loan is asking a lot of questions. These questions should pertain to the policies and rules that the loan comes with. Because anything left unclear can create troubles for you later.
Collaborate
When nothing works- collaborate. Yes, it is a very workable option. You can opt to collaborate with like-minded individuals. You might be a gifted individual but the chances that you are an expert might below. Therefore, collaborating will help you.
If you lack experience or skills in certain areas does not mean that you have to give up on a lucrative opportunity that comes your way. If your side idea involves a big project or some major clients, then you might not be able to do it on your own alone. Therefore, collaborating with people who have similar ideas to you can help. The financial help will also come as a bonus.
Adopt a Minimalistic Lifestyle
One of the many ways that can help you finance your creative idea is altering your lifestyle. Adopt a minimalistic lifestyle. That will help you to save up the money that you spend elsewhere. And you know where exactly will you be using the money that you saved.
This might look like a tough option. Because let’s face it, many of us would not want to alter the way we live. But if you look a bit closer and analyze this option, you will realize that it is actually not that hard to do so. You can easily save money. For example, you can cancel the gym membership that you no longer use but keep paying for it every month.
For me what also worked cutting down the monthly costs was resorting to Spectrum Internet deals to watch Netflix. You can try that too. Also, choose home-cooked food over junk food. Say no to impulsive shopping, or at least try.
There are many options when it comes to financing your creative idea. However, the best amongst them all is, of course, saving money and funding your own creative idea.
