Hey there, Lucky Bee!
Have you ever been tempted to get a bank loan or credit card to start – or up-level – your business?
Or maybe you’ve wanted to put an expensive course on credit “prove to the Universe you’re ready.”
Taking on MORE debt is something that really scares a lot of female entrepreneurs – especially if you’re not making much money yet.
Well, this week, I’m bringing you some Denise truth-talk about whether or not you really need a business loan or to take out more credit to finance your business.
And – spoiler alert – the answer is almost always “NOPE!”
Let’s talk about why, and I’ll share five different ways to come up with the money yourself, plus an awesome resource I personally use when I need to raise some BIG CASH-AROONY.
Prefer to listen? Click below.
In the past, business loans were pretty much unavoidable if you wanted to start a business.
Even just a few years ago, getting a simple website was really expensive!
No wonder most businesses couldn’t get off the ground without a loan or a gamble with your credit cards.
Nowadays, though? Not so much
The good news is there’s never been a better time to start a business… even if you have no money to start it.
With all the awesome tools available to us, you can start and maintain a business with very little start up capital. And your costs don’t have to increase hugely as you make more money.
My fixed costs haven’t changed too much from my early days, and I like to run business in a really lean way.
So get really honest about if you REALLY need a loan, or if you’re just procrastinating doing the work.
I’ve done it myself. I’ve been tempted to increase my credit costs instead of launching a new course, or getting out of my comfort zone, but there are many ways to grow your business without a loan.
I’ve got 5 tips for you today.
Tip #1. Embrace imperfection
Be discerning: not everything has to be professional right off the bat.
Back when I first released my Lucky Bitch Money Bootcamp, I recorded all the videos for it on my iPad at home in the spare room.
And I created all the graphics and design for my first website myself too.
Did they look professional? Um… no!
But they did the job; and at that point, that was all that mattered. I had a BIG message I wanted to get out into the world, so I made things super simple and focused on my marketing, instead of obsessing over what hex color my website should be.
This is otherwise known as procrasti-branding, so STOP THAT, and create what you can with what resources you have right now.
Tip #2. Practice the incremental upgrade
I talk about incremental upgrades a lot when it comes to living a Lucky Bee life. There’s a good reason for that: big leaps can happen, but most of the time, you’ll grow slowly but consistently.
You don’t need to go straight from a free website to a whiz bang $10,000 one.
You can take baby steps: just start off with something simple, and gradually upgrade each time more money comes in. That way, your profit funds your business, not your credit card.
Also – if you get a loan to create the SUPER COMPLICATED website straight out of the gate, you might not build the right thing. At that stage, you often don’t really know what your clients want.
Instead, get in the trenches now, and then upgrade things as you refine your skills and hone your marketing message.
Tip #3. Invest in things that bring in clients and money first
When you’re choosing between two possible biz investments, I always recommend picking the one with the biggest and easiest return. And that usually means the one that directly helps you bring in more clients.
So, for example, I don’t recommend spending a ton of time or money on your logo, business cards or website branding early on. All of those things can be great to have (although I still don’t use business cards!) – but they won’t necessarily bring the clients in.
So, get focused on INCOME PRODUCING ACTIVITIES and park the other ideas on a “nice to have” list for the future when you can fund it yourself.
Tip #4. Budget in other areas
You could decide to temporarily cut back on other things to free up funds
You might decide that you’re willing to forgo a holiday this year; or to say no to some other big personal expense. Then you can use that money to upgrade some parts of your business.
Now, I don’t recommend doing this too often or for too long. It’s one thing to prioritize, but having a Lucky Bee business isn’t about making yourself a martyr!
But skipping some personal expenses this year to create an amazing asset for the future is totally worth it.
Tip #5. Get into action
You might THINK you need to get a loan, but in reality, you could generate that money much quicker from your actual clients.
Write down your big money goal, and then work out how many of your products or services you need to sell to hit that goal.
Seth Godin famously said, “When in doubt, raise money from your customers by selling them something they truly need – your product.”
I’ve been tempted to put big expenses on my credit card before; but instead, I made myself hustle to make the money on my own. When you have a big goal and a deadline, the adrenaline forces you to come up with creative ideas on how to achieve it.
And I can honestly say that my business has grown so much more because I had no other option. That money had to come from new business, not the bank.
That philosophy has helped me create a million dollar business in record time.
To recap those five tips:
- Embrace imperfection
- Practice the incremental upgrade
- Invest in things that bring in clients and money first
- Budget in other areas
- GET INTO ACTION
Now – I have an awesome free resource for you. I recently re-recorded my famous “Make money in 24 hours” mini workshop, and I go through the exact process I use when I need to manifest money quickly without going into more debt.
You can listen for free at www.LuckyBitch.com/24hours
Sometimes, an opportunity to grow your business comes along that you just can’t refuse. And if you don’t have the money available, it can be really tempting to take on a loan.
Don’t do that! Instead of going into debt, listen to my simple process, and I’ll teach you the secrets of manifesting money super fast, without selling a kidney or doing anything dodgy.
I take you through an incredibly practical process that will empower you to make the money yourself.
Once you learn it, you can replicate that success any time you have a big money goal.
Listen to it right now at www.LuckyBitch.com/24hours
It’s your time and you’re ready for the next step.
Did you miss last week’s post? Read it here: How do you convert brain pickers into paying clients?