Entrepreneurship often means making personal sacrifices for the sake of your business, and money is no exception. Nicole Pomije, the serial entrepreneur behind NB Talent Services and The Cookie Cups, was carrying a lot of credit card debt when she started her first business. She soon realized it was necessary to cut down on her personal expenses to grow her company.
“When you are starting a new business, you are going to have a lot of expenses to consider, which can be harder when you are in debt,” Pomije told Business News Daily. “By keeping your bills low, you will save yourself a headache and free up the extra cash you need to invest in the new business.”
While Pomije relocated from notoriously expensive New York City to Minneapolis to cut down on her bills, there are some less drastic ways you can pare down your expenses. For example, smart meal planning can reduce your reliance on pricey restaurants and takeout food, and refinancing your car or home loans can lower your interest and payments. Eliminating or scaling back your use of subscription-based television services can also add up to significant savings, as can finding a cheaper mobile phone plan.
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Key takeaway: Cutting personal expenses – even small ones – will reduce your debt load and make it easier to bankroll your business. You won’t get rich from a side hustle, but taking on one or more can help you reduce your debt faster and/or provide cash to fund your business, said Peter Koch, co-founder of DollarSanity.
Consider driving for Uber or Lyft or delivering food through services like Uber Eats and Grubhub. You could also register on TaskRabbit to provide busy consumers with services in more than 50 categories. There’s a one-time $25 registration fee, but you get to keep all of your earnings.