S1E10: Live for Less to Raise Business Capital
In this part number 3 out of 5-part series on Raising Capital, we reaffirm the notion of raising capital without loans. Specifically, we wanted you to bring out your inner Marie Kondo by living for less.
Believe it or not, living for less truly helps you raise short-term business capital for your small business — especially when you're building it as you're planning to leave your full-time job. I can't wait for you to listen to this episode!
Listen to the Episode below:
In this episode, you'll hear about:
How you can bring out your inner Marie Kondo in this exercise
Clean house & make money at the same time for your capital
Listen to all the episodes from Raising Capital Series:
Welcome to Fempreneur Secrets, where business secrets are revealed. This is a five part series on how to raise capital for your business. We started off this series simply on the notion that you can raise your capital without having to take loans.
We began part number one with how much you need to raise capital for your business. Then we moved on to part number two which is changing your lifestyle so that you can set aside that amount of money into your capital bank.
In today's episode, part number three of the five part series on how to raise capital for your business we will be focusing on how to live for less so that when you are living for less that savings that you have gained will be able to be set aside in your capital bank.
Living for less is one of the best ways for you to raise capital for your business simply because I've tried this. I've done this a lot of times in my businesses and I've seen that this is one of the best ways for me to raise capital no matter how small the amount is. Tune in because this is a really important episode for you.
There are a lot of things in our house that we can live without.
It is time to bring out your inner Marie Kondo, clearing out the things that don't spark joy can become handy and useful for you, especially when you are trying to raise capital for your business.
There may be some clothes that you always keep thinking, "Hmm, perhaps I'll wear that one day." But that day doesn't seem to come.
Or we have some devices that we no longer use. I've been guilty of that.
I know for sure that you definitely do not need the latest mobile phone for you to look trendy because you're already trendy enough.
The first thing that can help you with living for less is to go down to your own personal habits.
Live for less.
Search for things of value around your house.
When I was raising capital for my handmade stationery business, I started off by looking at the devices I already own.
I had two mobile phones but was only using one. As much as I wanted a standby device in case my current phone screws up I knew that I could earn more money from the unused phone.
I sold that off, that's $200 right there, and set the money aside into my capital pool.
I also had a musical keyboard which I didn't play on anymore. I decided to let that go and earn an easy $300 dollars because of its value.
That's $500 right there already from valuable things you already own.
I repeated the same exercise as I was raising capital for Blissful & Co by downgrading my mobile phone from an iPhone to a Huawei, sold my used iPhone for $600, bought a Huawei for $200.
Totally worth it.
Next step, you will need to let go of the things that you don't need or can survive without.
Have 16 blouses? You could get rid of 11 of them and keep the best 5 instead.
Look at your bookshelf. Any books that are worth to be sold off? Perhaps they are in very good condition that will be worthy to pass on to new owners. Sell them off so that you can earn something.
College textbooks — I know we have lots of them. Sell them off at 20% less than you purchased them.
Letting go of things you don't need could help you raise between $200 to $500 depending on the quantity and quality of items you already own.
In Singapore, I use Carousell app to let go of the things I don't need. There are lots of bargain hunters here so the products stand to move faster on this app.
You might find some similar apps in your region and in your country. Take advantage and find out how you can sell off all these used items and gain a profit from it.
Now it is your turn.
Look around the things in your house that has some value to it. If the item is available enough and you see that there is a market for it consider selling it off at a lower price than what you have purchased it but keep the money strong and set aside that money into your capital bank.
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!
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I'll see you in the next episode of this five-part series in part number four on bootstrapping your business.
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