People think of the traditional methods of funding such as pitching to investors or taking out loans when they’re starting a business.
But what if we told you there’s another way – a way that gives you more control over the direction of your business and is more sustainable in the long run?
You need to forget everything you’ve been told about funding your business and follow my radical approach that will help you think outside your wallet.
Let’s dive in!
The Benefits of Self-Funding
First, let’s talk about why self-funding is a great alternative to traditional funding methods.
1. One of the main benefits of self-funding is that you have more control over the direction of your business.
2. You don’t have to pitch to investors or rely on loans, which means you don’t have to compromise your vision for your business.
3. Self-funding is more sustainable in the long run.
4. You won’t have to worry about paying back loans or giving up equity in your business.
How to Learn a Skill for Free
The first step in self-funding your business is to identify a skill you can learn for free.
Fortunately, there are many resources available online, such as YouTube and MOOCs (massive open online courses).
You can also network with experts and peers in your industry and practice, practice, practice.
When I started my digital marketing business, I didn’t have a lot of money to invest in formal training & learning the skill, so I turned to online resources and practiced every chance I got. Eventually, I became skilled enough to start charging for my services.
How to Create a Valuable Service for Free
Once you’ve identified a skill you can learn for free, the next step is to create a valuable service for free.
This involves identifying a need in your community and creating a minimum viable product.
For example, if you have a skill in graphic design, you could offer to create free logos for local businesses in exchange for exposure. You can then leverage free marketing channels, such as social media, to get the word out about your service.
How to Generate Free Traffic to Your Business
Finally, you’ll need to generate free traffic for your business. This involves utilizing social media marketing, content marketing, and search engine optimization (SEO).
When I started my blog, I focused on creating valuable content that would attract readers and help them solve problems. I then shared that content on social media and optimized it for search engines. As a result, my blog began to generate free traffic, which eventually led to paid opportunities.
Investment and Scaling
Once you start generating revenue from your self-funded business, it’s important to invest that money wisely.
You can reinvest it into your business to continue scaling or save it for future opportunities. When I started my digital marketing business, I reinvested my earnings into hiring resources and building marketing materials, which helped me attract more clients and charge higher prices.