10 ways to survive while building a business

March 28, 2020 10 Comments
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Starting a business is overwhelming enough that adding the issue of cash flow to it might just wear you out. However, cash flow is important because how do you survive when you are still setting up and have only few or no paying client yet?

In this post, I share 10 ways you can solve this problem without entering into debt nor giving up on your dreams.

10 ways to survive while building a business

1. Work on the side

This might seem hard but you can scale it. At the setup stage, make your business a side hustle and set aside substantial hours of the day to work on it after your day job. The secret to doing this successfully is to carefully plan what you would be working on after your day job. Having a plan will help you maximize the little time you are able to set aside.

2. Save before you start

Make a rough estimate of how much you can survive on for two years, then save as much as you can before starting your business. This method will help you focus on your business when you eventually start.

3. Do side jobs to make quick cash

To avoid being broke, consider taking jobs that require less commitment but can pay the bills while building your business. Some jobs you can do are:

  • Joining brand activation programs
  • Promotion jobs
  • Cleaning shifts
  • Event staff
  • Part time modelling
  • Errand jobs, etc

4. Live lean and plan your budget

Only spend on necessities and avoid luxury. Always be on the lookout for coupons, discount sales and giveaways so that you spend minimally and save as much as you can for the rainy days.

5. Take a routine job

Routine jobs require less thinking to accomplish. With this type of job you will be able to think well for your business and also get money to run daily activities.Examples of these jobs are clerical jobs.

6. Get help from family and friends

You can rely on your family and friends to see you through the humble days either in cash or kind. Just make sure you are neither too demanding nor too needy. Also, be appreciative whenever they assist you.

7. Leverage on your network

Your network is a rich resource for getting almost anything done, so make good use of it when setting up your business. You may ask them to spread the word about your business to their connections. To be successful in this, you should offer a trial service or sample product so that the people in your network are confident and persuasive when they mention you to their connections

8. Build your social media profiles and monetize

Honestly, this is quite some work but if you do it well, you will enjoy great rewards. The key to monetizing is to always post valuable content and be consistent. Also, avoid having a chaotic feed especially on Instagram. You can monetize your accounts by doing influencer marketing, sponsored posts, affiliate marketing, etc.

9. Join affiliate programs

No, you don’t need to spend money on building an affiliate website. You can promote your affiliate links on social media, by word of mouth and on your blog. Just make sure to agree with the company/product owner on how to track sales that come from your efforts.

10. Outsource/use a virtual team

If you’ve grown your business to the stage where you can no longer work alone, then you should hire a virtual team or outsource as much as you can. This will save you a lot of costs such as office space, employee benefits, office welfare, etc.

What have I left out? How did you cope/how are you coping with finance as you set up your business?


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Toyin Adekola

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10 Comments

  • Clarice Lao | Camping for Women April 8, 2018 at 4:47 pm

    Hi Indrani!

    These are wonderful tips. I would have to agree that starting a business is not that simple. I am almost there in reaching my savings goals so, I am so excited to get started. Will keep all the other tips in mind. For now, I am relying big on the help of my family and friends.

    • Toyin Adekola May 2, 2018 at 11:36 pm

      Good luck with your business. Yes, friends and family are the best, you get help without complaint 🙂

  • janna conner April 9, 2018 at 3:35 am

    all useful tips but would be hard to do many of these if you are a parent.

  • kanishka April 9, 2018 at 5:02 am

    I think you have put together some great points to remember and I think some of it i would apply in my life too!

  • lucicoo April 9, 2018 at 10:07 pm

    This is a really helpful post for those who are new to the blogging game or starting a new business.

  • Deborah April 10, 2018 at 1:10 am

    All good tips. Working on implementing them is the thing. Speaking from experience – you need something inspiring for when things are hard.

  • Beth April 10, 2018 at 4:18 am

    These are some great suggestions. One thing I would also recommend is having a good budget for your business. Know what is worth splurging on. If your business or marketing is online, then the investment spent towards great photos and social media is probably worth it. Figure out where your potential clients are and get there.

  • courtneynicoleheathcock April 10, 2018 at 2:52 pm

    This is really good advice and insight. So many of these things I didn’t think of like asking your friends and family for help. That’s so smart, but often times we neglect asking for help, especially when it’s something we’re passionate about.

  • ajmobley April 13, 2018 at 3:30 pm

    Thanks for these awesome tips!!! – Taylor Mobley

  • […] your business fails?I wrote a blog article on how you can survive while starting a business. Go here to read it, it will help you answer this […]

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