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Having looked at some options for starting a home business in last week’s post, today I want to look at raising cash for your business when on a tight budget. The first step is finding hidden money to invest in your home business.
The key is to look at not just your current budget but all of your shopping and purchase habits.
Here are a few questions to get you started:
- Do you take a packed lunch to work or eat at the restaurant or fast food joint down the block?
- Do you walk to the corner market or do you drive?
- Do you attend the matinee or the prime time showings of movies, or maybe you wait until they hit pay per view so you can view them for a fraction of the cost from the comfort of home.
- Do you buy books or do you check them out from the library?
- How about carpooling, or taking the bus or subway, cycling or walking to work?
- Do you take dry showers where you turn off the water while you lather and wash your hair and rinse as fast as possible instead of soaking or taking a water wasting bath?
- How about cold showers – very invigorating and save on your heating bill!
- Is your air conditioning set at least 2-3 degrees warmer during peak times from noon to 7pm?
- Is the laundry done before or after those times?
- Have you gone all energy star electric appliances?
- Do you own a solar panel?
- Do you have any subscriptions that you could cancel, including cable or satellite subscriptions? Spending less time watching cable TV and more time working on your business will save you money – and help you to earn money more quickly at the same time.
There are hundreds of ways to reduce household budget and spending, so ask yourself questions before spending money.
Having a clear sense of purpose about your business – what it will help you to achieve in your life in the future – will also help to motivate you to avoid wasting money that could be allocated to your business budget.
How to make the most of your Home Business Startup Budget
When looking into a home business you will likely be new to marketing both online and offline, so the biggest challenge is the learning curve.
As we said in our previous article on starting a business on a budget, affiliate marketing is the cheapest way to start a home-business. Even so, you can still find yourself wasting money on stuff that doesn’t work (typically, bad online advertising decisions).
If you are trying to build an affiliate marketing business, you can get free training with the Strong Future International Marketing Group, which is the affiliate arm of TripleClicks.com – an online shopping portal and penny auction website.
I explain the SFI business opportunity in more detail elsewhere on this blog. You might also want to Click Here to read about the monthly competitions I run for my SFI team. If you are not in SFI already, Click Here to Join My Team Free Today and start building your online business on a budget with our support.
Also, if you want to build an affiliate niche-marketing business around a blog platform (which is the model I use on this blog, HomeBizWeekly.com), you cannot beat the training provided by Wealthy Affiliate which specializes in niche-market focused business blogging.
Wealthy Affiliate is packed with many training resources, articles, videos, and a lively social networking and live-chat community, and also a lot of business building resources that you can use to grow your blog traffic. You can join free and still find a wealth of training resources available to you. Click Here for my review of Wealthy Affiliate.
What if you are on a very tight budget and cannot afford web-hosting?
Don’t worry! Wealthy Affiliate allows you to set up and run a free WordPress blog on their Site Rebux hosting service – and get all the training you need into the bargain, and upgrade to their full hosting and membership package whenever you are ready.
Other Ways To Train Yourself on a Tight Budget
You will continue to need more training as you develop your business. Instead of buying the hot new trending products costing anything from $47 to $297 (or more), you can learn most skills by watching YouTube videos or by purchasing e-books for less than $10 on the TripleClicks shopping mall.
You can also join Wealthy Affiliate as a free member and use their discussion forum to get the insights you need to move your business forward.
Social Networking & Industry Blogs
I also recommend that you pay special attention to social media marketing tips and make a point of dedicating part of each day on promoting your business through social networks, not least because that is an excellent way to make use of free resources to reach out to your target audience.
My last tip in this series is to subscribe to free industry blogs such as JohnChow.com, TheFreeGuru.com, and of course, HomeBizWeekly.com.
I hope you enjoyed this two-part series on how to start a home business on a budget. If so, please like, share, and leave a comment below this post. 🙂