The most important step in helping you launch is having the capital to do so – money does matter. You don’t however, need huge amounts of money to begin, below are 6 realistic suggestions that can make it possible for you to launch.
1. Friends & Family
When you are just starting out, reaching out to those closest to you can help – you may just be surprised at how much they believe in you and your vision. Create a business plan and deliver a presentation to your family and friends – treat it as seriously as if you're pitching to real investors. In the presentation, include various realistic options of repayment (for e.g. instalments, equity or in full with interest) although some of them will invest because they believe in you without expecting anything back.
2. Sell a Skill
What skill do you have that you can teach to someone? What knowledge do you possess that someone else may benefit from? You could create a course, write an eBook, deliver a webinar or even offer to tutor. You only need to be one step ahead of the person you want to teach.
So, you’ve been designing and building a portfolio of your work – pick a few designs and share them. Use social media to your advantage then build a temporary site so that those who are interested can pre-order (purchasing before a product is made). Use the money from pre-orders to fund your manufacturing costs. Remember you must deliver on your orders – build a brand on integrity.
4. Credit Cards & Overdrafts
Despite being a quick and easy option – it is a short-term solution to get you started. Do your research and make sure it is a risk you can afford to take. Only consider it if you have checked and calculated the consequences (such as interest rates) and can pay back in a reasonable time - late payments can affect your credit score.
This is the best way to invest in your brand. If you don’t have any there's no need to worry. Putting money aside every time you get paid and can help build up your capital or, if you've already started, you can invest in your brand straight away.
6. JUST START!
Start with what you have! You can re-invest whatever you make into growing your brand as you go. You may start with custom orders or designing a piece that you know people will purchase and use the profit to grow the brand. Creativity is the key!