Missed "Funding Your Side Hustle" at Impact Hub DC on April 25th? We've got you covered! Check out our tips below and sign up for the newsletter to RSVP for our next event!
One of the biggest challenges side hustlers face is finding the money to take their projects from dreams into action. Sound familiar? Here are 3 tips to help you think about how to get funding for your side hustle.
1. KNOW YOURSELF
Before asking anyone for an investment, take the time to do a self-assessment before you start. How committed are you? Is this a side project you want to do for fun, or does this have the makings of a business? Are you ready to make the time commitment to your side hustley? What about the financial commitment.
Pro Tip: You have to be your own first investor. If you don't care enough to invest your own money into it, why should anyone else?
2. GET STRUCTURE IN PLACE
As you get ready to seek funding for your side hustle, ask yourself what structures you need to get in place. Make sure your financial house is in order. Keep all business and personal expenses completely separate, and make sure you open a business bank account to separate your finances. Establish the appropriate structures for your venture (LLC, 501c3, etc.)
3. START DOING THE WORK
I know it sounds like a no-brainer, but the best way to get started doing the work is to... start doing the work. You can't wait for the money to come in to get started doing the work. Start to build the business, and the money will come.
Pro Tip: Knowing where the money is will help. Many people start off funding their side hustles with crowdfunding or raising a friends and family round of financial support. Sketch out a budget so you know exactly what you need. Be sure to consider all types of support, such as skills trading, pro bono service, and in-kind donations. You may find you need less money than you think to get started.
Have you funded your own side hustle? What tips and strategies did you use to see success? Share your story in the comments below!
Mehron Price is the Founder of Grants on a Mission, a DC based grant writing consultancy. Grants on a Mission provides nonprofits with high-quality support in developing exceptional fundraising strategies. Our vision is to see (and help bring about) a well-resourced nonprofit sector that is able to make strategic decisions based on their missions, not on the next funding cycle. For more information, visit www.grantsonamission.org.