S1E8: How Much Capital Should I Raise?
If there is one thing I need to know when I was starting out, it was this exact question: How much capital should I raise for my business, before I jump off from my full-time job?
This is a really interesting episode because we talk about how much capital to raise. I've also included a fun sheet for you to follow through, which you can get from The Secret Vault. I can't wait for you to tune in to this episode.
Listen to the Episode below:
In this episode, you'll hear about:
How much to raise for your business while still being in your full-time job
Listen to all the episodes from Raising Capital Series:
Today I'm answering a question from Veronica. She asked if I knew any way to raise capital for her new business, especially when she's holding a full-time position.
“Do you know how to raise money if you’re just starting out in business?”
Veronica, I really love this question so much, so I'm going to answer your question in this episode.
This episode comes accompanied with a fun sheet so you can follow through. Go on now to fempreneursecrets.com/vault.
When holding a full-time position with aspirations to start your own business, you would want to start building your business capital. That's completely understandable. I've been in the same position as you when I was starting my handmade stationery business, and then the same position again when I was starting Blissful & Co, my videography company.
In the previous episode, we talked about the three things that you must do before you leave your full-time position. So in this episode, those three things applies as well. So if you have not listened to the previous episode, go on back and listen to episode number seven and then continue listening onto this episode. It will really help you a lot.
Raising capital for your business can be daunting at first, but it is crucial that you raise enough capital to get your started to earn your first sale. It's not that difficult for you to raise your capital when you know exactly how much you need to raise, basically setting the right goals to raise your capital.
I've been in both product and service-based business. I can share with you the challenges and the joys of being in both. Now here's the time for you to take out your fun sheet and go through these questions with me.
What does your business sell?
What tools or equipment would you need before you can start? List down all the things you don't already own that are critical to starting your business. Write down the cost of that.
What kind of inventory do you need to have before you can start? If you're in product-based business, will a two-week supply suffice or will you need a month's supply? Consider meeting your production minimum as well. Write down the cost of that.
Do you foresee any operational costs like rent, utilities, transportation, or even potential salary that may incur to your business at the beginning? Write down the cost.
Now add them all up and add a 10% safeguard margin for miscellaneous expenses.
See that number? That is the amount of money that you need to raise as capital. Do you think that's achievable for you right now?
If the total amount that you need to raise is less than $10,000, you can actually follow the steps that I'm going to share in the next four episodes, because this will really help you get started.
Now that you know how much you need to raise for your capital, the next few episodes will really help you with strategies on how to do exactly that, especially doing so without loans.
That's the end of the first part of this five-part series. All you have to do next is to tune into the next coming episode, where we will be talking about the first thing that you need to do to improve your lifestyle habits so that you can set aside the money for your business.
What do you think?
I'd love to know what you think of this episode. Do you plan on leaving your full-time job soon to start your business? If so, where are you now in that plan? Share with me in the comments below!
Here's How to Subscribe & Review
Want to be the first to know when new Fempreneur Secrets episodes are released? Click here to subscribe in iTunes!
Also, podcast reviews are really important to iTunes and the more reviews we receive, the more likely we’ll be able to get Fempreneur Secrets Podcast and message across more women entrepreneurs (something about iTunes algorithms?). I’d be extremely grateful if you left a review right here letting me know your favorite part of this episode.
#FempreneurSecrets
Loving our podcast? I encourage you to use the hashtag #FEMPRENEURSECRETS to share with our community of Fempreneurs what you’re inspired by. As a bonus, you’ll get to go through all the posts to find women entrepreneurs who are in your similar industry — get inspired to collabore and go beyond competition. I’ll be reposting some of my favourite posts too!
Keep learning and keep believing in yourself, because the world needs an inspiration just like you.
Thank you so much for listening to Fempreneur Secrets, and I'll see you in the next part of this five-part series.
Love This Post? Pin it!
