Startups require funding, and not all of them can secure Venture Capital Funding, it might not be in their budget. Those startups which cannot afford VC funding, generally rely on self-funding to get themselves off the ground. In that case if you have a side hustles, it can really be helpful for you to earn a good amount of money and you will not have to compromise your dreams even. Although startups can prove out to be really difficult. If a person enters the world of an entrepreneur without a lot of strategies and bureaucracies of the corporate world. For example, Austin’s best SEO company was even started off as a startup by its owner and he self-funded himself and did not take any support. There are those entrepreneurs as well who self-fund their startup without VC funding and that is a real risk they take. Being an entrepreneur is not a smooth job and he is always on a grind. Here are a few strategies that can be used to supplement income while you are self-funding yourself in order to get yourself off the ground :
- It is not at all a bad idea of having a day job while you startup your business. If an entrepreneur does not have a big budget he can definitely rely on a day job. There are people who have a day job and still they open up a company which they manage after their office hours. No business gets to its highest level just when it is started, it takes time for anything to reach the grounds of success. In that case you must give the business some time to progress and by the time you can rely on your day job for the steady income for your family. Sooner or later the company will start giving out profits and then you can replace your income from the corporate world.
- Working hourly is quite a benefitting approach. Employees who work on a salaried position give their 40 hours a week to their office work. But if employees will work according to hours, it will be more helpful to them and some startups also which can hire them. The owner of the best company in Austin also started off his business with self-funding and his side hustle for making money was to work hourly and then work on his startup. Moreover the entrepreneurs who work in those salaried positions do not get enough time to work on their startup and that is why some entrepreneurs have taken out this hourly working approach which will not consume their whole day and still give out a source of steady income. For an entrepreneur it can be a big deal to pay out of his pocket for the benefits, especially when he has family to feed.
- Driving a cab can prove out to be a great side hustle for an entrepreneur. During the initial stages of an entrepreneur’s business, he can make an extra income by being a cab driver. In the day time he/she can work on their startup and in the evening he can drive a cab and earn money. As soon as the business seems to get off the ground then they can quit doing this side job and depend on their business for a profitable income.
- Working as start up teacher can be a good option as well. If you have your college degree then you can always apply for the designation of a substitute teacher. A full time teacher needs to do a lot of work and is responsible for a lot of tasks in the school, but in order to work on your startup you cannot manage to work as a full time school teacher. However, substitute teachers are always needed in schools and it is anyway quite a flexible kind of job.