Start Saving For Your Ideas NOWBest thing to do before considering the array of funding options you have before embarking on your journey is to simply start saving. Commit on a weekly or monthly basis to save and store away some money as you would when saving for a car or a house. You should do your utmost best to bootstrap the start of the journey. If I left my job today to start a business I would personally minimise the capital requirements needed by doing the following steps:
- Save as much as possible from my current job whilst figuring out what idea I am willing to spend the next 5 years on (or rest of my life).
- Figure out how I can live as cheaply as possible e.g. cut out unnecessary expenses, move back into my parent’s home temporarily, cancel subscription to my cable provider, etc.
- Calculate my minimum monthly income, the bear minimum to maintain a decent standard of living and cover my bills.
- Survive on savings or get a flexible job that allows me to dedicate the majority of my time on a winning idea, e.g., graveyard shift at Sainsbury’s or Tesco from 10pm to 4am.
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