So you don’t have a job now. Or your business isn’t doing well. Or you simply just failed to manage your finances in the previous month and your bills are starting to pile up. Overdue notices have been slipping under your door while you are sleeping.What are you gonna do now? Should you immediately borrow money from a loan shark?
Here are a few suggestions that you can consider if you are cash-strapped today.
How To Generate Cash When You Literally Have No More Cash On Hand
1. Liquidate or Sell Your Assets. My friend and legendary Pinoy music icon Joey Ayala once told his workshop students, “If you are not in a good survival mode and if you don’t prosper, you end up selling what you treasure.”
You can look around your house or office for gadgets, furniture, apparels, shoes, books, jewelries, appliances, or even your car that you can sell online or to your neighbors and friends.
What you need to improve on: Establish an emergency fund. You can slowly build this savings basket to help you in troublesome situations like this.
2. Find A Second Source of Income or Sideline Business. If your earnings from your current job or business are just enough to cover your basic needs and you have to pay for other bills outside your regular budget, then it’s high time to consider looking for a second work or business.
You can offer consultancy work based on what you know or what you are good at. You can also consider selling products or services online so you won’t have to leave your business office. You can also do this during your free time at home.
What you need to improve on: Be active on social media. Join online groups and support clubs that help and educate members about entrepreneurship and personal finance.
3. Look For A Joint Partner. Your startup business may be a gem in the making but your funds are not just enough to sustain its potential. One solution is to look for a person with a good background in marketing and improving the bottom-line of a business.
Starting a team with a partner should be able to combine strengths and specializations that will pump up a business. Be upfront and honest with your partner on what your current struggles are.
What you need to improve on: Join seminars and conferences to meet like-minded people. Network with entrepreneurs and investors who can see opportunities in startups.
4. Borrow Money From Friends or Business Partners. This should not come as a surprise as our last recommendation on where to get cash to pay for your bills or to infuse capital on your dying business.
Again, be honest to these people as to your intentions on why you are borrowing money from them. Be professional enough to present to them your repayment scheme or business plan. Doing this will most likely make them say yes to your proposal.
Make sure, though, that you prepare a contract containing the terms that you and your friend or partner have agreed upon.
What you need to improve on: Establish a good reputation within your family circle and community in terms of borrowing money and paying on time, if not ahead of agreed schedule. Period.
Do you have any other suggestions on how to make more money? Write your comments below and help more people become more financially knowledgeable!
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