Being an entrepreneur comes with number of benefits as well as drawbacks. One of the big drawbacks is that you’re pretty much guaranteed to be financially unstable every now and then. Many entrepreneurs, particularly those who are just starting out, find themselves in need of supplementing their business’ cash flow with side operations. If you’re a little worried about the way money is moving through your business, here are a few ways to supplement the company’s income and get some piece of mind.
- Use Invoice Discounting
Many business owners don’t know that outstanding invoices are considered an asset class, and can be used as a tool for securing a loan or cash advance quickly. If you’re running a B2B company, and your sales cycle has worked out so that one of your clients owes you a payment, agreed upon in a valid invoice, you may be able to use this document to free up some capital using an invoice discounting service. This is essentially a form of financing, in which you’d sell your outstanding invoices to a discounting company, which would in turn give you a loan, on the condition that you would have to pay the whole amount by a due date. Typically, you lose out on around 10% of the invoice’s actual value, but this can still be a quick and convenient fix to any financial issues.
- Invest in Real Estate
While there are number of people who make a full-time occupation out of a real estate portfolio, there are many ways to make money from property that don’t require too much of your time and effort. With listings like this: http://www.skyfiveproperties.com/condos/South-Beach/650-West-Ave it’s easier than ever for anyone with an internet connection to compare the stability of different areas and comparable sales, and access useful insights about where the future property market is going. While ensuring you make a return on property investment can be one big headache to start with, the resources that are available to the modern-day entrepreneur makes managing property assets on a part-time basis easier than ever. Start doing a little research into your local property market, and see if property investment could be a smart move for you.
- Freelance
This is another great opportunity to supplement your business’s income, which has become much more accessible in recent years. In fact, a fairly high proportion of modern entrepreneurs started off running their own solo freelance operation before expanding. If you possess some kind of marketable skill, such as copywriting, graphic design, video editing, coding and so on, you can sell these to supplement your business’s income, taking individual freelance jobs in your spare time. Platforms such as Odesk and Fiverr can be helpful for connecting you with prospective clients for these services, but you’ll be up against a lot of competition. Some business owners find it more effective to attach their freelancing services to their existing, larger brand through their online marketing materials. This helps you stand out from the crowd which saturate conventional freelancing platforms. You can read more about freelancing at http://yourfreelancecareer.com/10-tips-to-become-a-more-successful-freelancer/ .
