Startup Survival When You’re Short On Cash

You want to start a tech company but you’re short on cash. Opinions are all over the place over how you should proceed. Some say you shouldn’t even think about starting a company until you have a year or two of savings, others say you’ll never get your business off the ground if you don’t start right now. But in all the noise presented to would-be startup founders, there are some useful pieces of advice that can help you get your startup into gear wherever you are financially.

  1. Get a Side Job

You need money to come in somehow and a side job may be the thing you need. It’s a controversial subject. Some say you’ll never have the time to devote to your own company but others say it was the only way they could have done it. Consulting and freelancing are great ways to preserve your independence and still keep money coming in. Learn how to market those skills and avoid platforms that undervalue your work.

Some startup founders encourage you to find a side job that you hate. Even with money coming in, hating your job gives you the motivation to succeed. You’ll be more likely to save your energy to devote to your business and give you the push to take it to the next level so you can leave all that behind you.

  1. Don’t Expect Funding

It’s easy to think that with a great idea, you’ll get VC-funding in no time. Then it’s nothing but smooth sailing, right? Getting funding comes with its own problems, but even then, it can be several years before you see any funding come in and even longer until you start turning profits. Be prepared to keep your business running from your savings or a side job.

  1. Be Prepared for a Personal Emergency

Emergencies happen and they will find the worst possible time to strike. Home repairs, car repairs, a family emergency, or a surprise bill can threaten to sink your dreams when you’re running a business on fumes.When you’ve put everything you have into your business, you might not have the resources to cover a personal emergency. And as a freelancer or startup founder, you might struggle to get traditional loans.Don’t be blindsided when it happens – get an online loan and get on with it. A cash advance can help you bridge the gap, and now with online direct lenders like MoneyKey, you have a temporary lifeline. Online direct lenders like MoneyKey provide financial services for people who don’t fit in with what traditional banks want in a borrower.

  1. Learn How to Wear Many Hats

As a startup founder, money will always be tight and you’re going to have to be versatile. Besides your core business, you’re going to be forced to be chief marketer, content creator, accountant, and more. When you can’t afford to hire anyone, you need to do know how to do it all.

There’s no easy way to start your own company. When you’re short on cash, it’s even harder, but it’s far from impossible. You need every strategy survival in the book.

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