It’s no secret that the price of doing business often comes with unexpected expenses that can throw major wrenches into your plans at a moment’s notice. If you’re still at the stage of needing to work a day job while you build up your business in your spare time, encountering such budget-breaking surprises can be a real bummer, especially when you don’t know how you’re going to afford your personal expenses and the needs of the business simultaneously. Fortunately, there are a number of ways to come up with enough funds to cover moderate expenses quickly, including the following three methods:
1. Get a Pay Day Loan
If you’re working a full-time job alongside running your business on the side, you could use your stable employment as leverage to obtain a loan against your upcoming paycheck. Many times, simply speeding up the process of getting paid can help you avoid late payment fees, service cancellations, and other business hiccups. If you’re concerned about your ability to obtain approval for any kind of loan due to your credit, your best option would be to look for payday loans with bad credit from Loan Pig USA, as these are typically available to anyone who can show proof of income.
2. Liquidate Some Assets
Selling some of your personal belongings or company property might not seem like an ideal outcome, but it may be better than letting certain expenses go unpaid. Make a list of items that you don’t absolutely need to facilitate the continuance of the business and list them for sale. If your goal is to receive the funds as quickly as possible, selling the items locally through classified ad sites or social media groups would probably be the most reliable route to take. While selling fast is your top priority, try not to set your prices so low that you take a significant loss on your investments. As a rule of thumb, don’t drop your price to less than 70% of what you paid for an item unless you absolutely have to.
3. Offer Discounts
Offering discounts and taking less profit when you’re trying to come up with more money might seem counter-intuitive, but any step you can take to quickly increase revenue might be worthwhile. Send some of your most loyal customers and clients an email offering a limited time discount on your product or services. As a result, you’ll probably see a temporary increase in sales that may help you bring in the cash flow needed to address the emergency expense you’re facing.
Try Asking for an Extension
Asking for an extension on paying the expense isn’t exactly a way to come up with the money for it, but it is a means of postponing your obligation so that you can have time to fully utilise some of the methods above and any other contingency plans you may have on standby. You might assume that there’s no way to have an extension granted, but simply calling in and speaking to the right manager or supervisor could help you obtain the leniency needed to get back on track.