Easy Ways to Defray Expenses While you are an Entrepreneur
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Entrepreneurship today is definitely involved with costs and budgeting. You should be smart enough to manage your finances clearly wherein you allocate and spend your allocated budgets optimally. If you are a newbie entrepreneur having just begun your first venture (or startup), it becomes incredibly important to ensure that you derive income from secondary sources as well, mostly to defray expenses and ensure that you still have steady cash flow.
With income from secondary sources, predominantly part-time being the criteria, Entrepreneur India attempts at analyzing these possible and potential sources for you to ensure you have sufficient money to sustain expenses whilst managing your larger business venture. Check these sources out, below:
Writing your way to creative glory
When you are a newbie startup owner, or simply an owner of a small-scale business,, but with creative acumen, try to translate this into meaningful content for others. There are clients who pay you for your content writing services; you could choose to ghost-write for other business as well.
“Considering that India is a multi-language market, a majority of the internet businesses are making their app multilingual to tap the new local language users,” stated Raju Vanapala who is Founder and CEO at Way2Online.
For new entrepreneurs, the takeaway would be to leverage the potential that regional content holds within the digital world in India. If you are a vernacular geek, the time is now right to put out a RESUME indicating that you are open to receiving short yet effective content writing/translation assignments. You would be paid enough to sustain financially; at the minimum.
Hence, consider tapping into the regional content sector in India and offer your expertise on a wide range of topics.
Freelance at events
If you have an events acumen, you could even register to organize events on a freelance basis for major event management companies. Here, your event management skills would be the numero-uno criteria; also try to blend in a bit of your creative writing acumen into events and formulate content for gatherings; these could potentially ensure that “extra” amount of cash which you could always consider as reserve.
“When compared to the past, the roles in the event industry today have grown to encapsulate a far wider and more multi-faceted set of functions,” informed Mazhar Nadiadwala who is Managing Director at Dome Entertainment.
“The event industry today is known to encourage innovation and fresh ideas, with ample scope for experimentation,” he believes.
Hence, you could explore the events domain on a freelance basis; this could even potentially bring you closer to some contacts from your own industry as well.
Digitally market for others
The rapid penetration of smartphones has undoubtedly served as a shot in the arm for the digital world. With this trend predicted to rise continually, you could even delve into creating digital marketing campaigns for others (freelance) while you work on managing your own business; largely. You could use experiences and learnings from your own business to create effective marketing campaigns.
“ An effective digital marketing plan, encompassing campaigns on various channels including social helps brands grow with respect to conversion rates,” added Satya Narayan Satapathy who is Founder and Managing Director at Creation Infoways.
Here, prior knowledge of campaign creation for social media is a pre-requisite; you could also resort to doing email and SMS campaigns as well while you help your clients develop a voice for their brand. Your reward, apart from financial, is satisfaction of having contributed to a potentially successful brand.