Ways to start new business without putting yourself under debt

How exciting a thought it is to start a new business, enter the world of entrepreneurship – be one’s own boss! But as enticing as this idea is, it is equally daunting.The biggest question a budding entrepreneur would ask himself would be, “but what about money?” Leaving a comfortable job, a steady paycheck – and instead choosing a risk, however calculated one it might be – can be frightening for anyone.

Plus, kickstarting your business requires funding, notwithstanding the losses that your business might incur in its first few phases – requiring you to take care of your venture from your own pocket, or taking a loan.

Loan is probably the easiest way to get started, and ironically the easiest way to put a damper on your business. The repayment of the loan has to be personally guaranteed by the entrepreneur against a collateral which increases the risk factor by many counts.

So, instead of downright quitting your day job, you could try some of these ways and start your venture while keeping your job going on the side.

Create an Online Store


If it’s products that you’re looking to sell, then your best bet would be a SAAS-based ecommerce platform like BuildaBazaar, Shopify, Zepo etc. Without having to worry about handling the technical aspects of both creating as well as maintaining the web store, you can create a store at an extremely reasonable price.One of the major benefits that this option offers, is that you won’t be forced to leave your current organization. Not just cost-effective, but eCommerce Software are exceptional with its team and makes your workload minimum, hence this option, a time-effective one.

Whether it’s an online florist or a baker that you’d like to be, or whether it’s books, electronics, etc. that you’re selling; whether it’s something that needs immediate delivery, or something that isn’t as keen on a shorter shipping time as it is on the number of locations covered by the shipping solutions – BuildaBazaar with its in-house shipping partner Shipdroid remains the best choice.

So, you’re not just able to effectively focus on the core competencies of your startup, including business development, customer acquisition, ecommerce digital marketing, and so on – but also target on your present job. Plus you are also able to spare some time for your own self.

Be a Freelancer

If it’s software development that piques your interest, or if it’s an author that you’ve always wanted to become, or whether it’s graphic designing which is your calling, you’ll find absolutely no dearth of people or organisations in need of someone like you.The upsides of course are that you wouldn’t have to leave your full-time job and that you’d be able to earn some quick money on the side. Also, you would be able to choose the kind of work you would like to do, depending upon the nature of the work, and the amount of time that you can spare for it.

Plus, there’s no accounting for the experience that you’d be getting from working this way, and then who knows – you could eventually end up working full time in that exact field, and be able to do away with your current job.

Teach an Online Course

One of the other ways to both learn more about a field or a specific topic, would be to impart the knowledge you have to others who are keen on learning about it. While teaching someone in person is definitely time consuming, and would be difficult for you to keep up with an already going on full time job, there are always online courses that you can teach.You just need to make yourself a profile, get registered at one of the websites that provide virtual classrooms, or simply make your YOUTube channel and upload your own video tutorials on it, and ultimately have live videos to interact with your students in real time.

This is again the kind of option that allows you to decide on your own schedule, as you can plan your lessons according to your timetable, or keep the video tutorials recorded and post them as per your calendar.

Dropshipping

There are some things that are very important for running an online store – Having a physical location to store the products or a warehouse, packaging and shipping the products or logistics, and knowing whether there is a market for your products or not. The biggest advantage Dropshipping offers you is that it allows you to do away with these things.

With Dropshipping, you can work from anywhere you like – your house, a cafe – anywhere. You don’t have to worry about the inventory – because as soon as someone makes a purchase on your website, you make an order for the same product on the source website. So, you don’t have to worry about maintaining a warehouse to store your products. Also, it is that source web store that has to take care of logistics and fulfillment of the product to the customer – so that’s another thing that you don’t need to distress yourself about.

These are just a few examples of how you could go on setting up your business without risking a job, and a debt. Until it’s a job that you’d better quit than be in; unless you have already decided that leaving your current job would be the best course of action for you – the best advice for a budding entrepreneur would be indulging in their venture on the side. After you have tested your business idea; after you have actually started earning revenue and then making some profit on the top of it – you can go on to become your own boss, full time.

Source: SaaS GeeK

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