I’m secretly happy that funding for Business Bitch hasn’t been easy.

Reason being:

I think we’ve created a financial environment too toxic for online entrepreneurs to truly thrive.

We get addicted to these out-there success stories about Entrepreneur A who got 10,000 email subscribers in 3 weeks, so then she was able to do her first-ever launch of her first-ever e-course and make $25,000 “over the weekend,” as she’ll claim. (Not at all giving credit to the fact that the work to set up the launch took two full weeks.)

Or about Entrepreneur B who had the rags to riches story of trying so hard to make his business work for ages that he almost had to–gasp! 😮–get a real job to pay his bills. Only to invest $15,000 he didn’t have in a coach that solved all his problems for him and now he’s making $10,000 a month automatically…. so clearly you should make that kind of investment too. 🙄 😒

We so heavily put our hopes on all of these “magic tricks” take care of our funding problems for us, because financial stress is so damn stressful that it almost always feels like we need a miracle to get out of it.

When the truth is, business funding isn’t always that easy. In fact, it hardly ever is.

For every massive success story, I’d reckon to say there are at least 9,000 typical stories of rising “slowly” through the ranks of credit cards and self-funding before the “break” finally happens.

And if you’re one of those 9,000, I want you to hear me:

There is NO SHAME in your story. You are normal.

In fact, we need more people like you to be vocal about what it’s like to be in business for yourself… not to discourage others, but to give them a more realistic picture. So they don’t feel like a failure when they don’t make $10,000+ in their first month, label themselves a failure, and want to give up forever.

The world needs them to stick with it and get over the initial “hump” of funding difficulties, because when you can stick with it and make the magic happen… it’s incredible what kind of positive ripple effects you can cause.

 

Business Loans?

Two weeks after Business Bitch, LLC officially became an entity, I filed paperwork with a local small business center for a VERY small business loan, and still haven’t heard a peep back from them.

When I set up my bank accounts for Business Bitch, I asked the banker what kind of business loan options they had.

Really, I didn’t want that much money: just enough to give myself a salary to cover my basic living expenses for three months, and pay for a few small things totaling about $300 per month for business overhead.

He told me banks typically don’t loan to businesses unless they’re so many years old and already wildly profitable. (In which case, why would you even need a loan?!?) And he told me that my particular credit union didn’t even do them… at best I could get a second mortgage or something. Except I don’t own a house. 🤷🏼‍♀️

But, he pointed me in the direction of this local small business center, and when I called them explaining my brand new business and my desire for a small loan, they assured me that that’s exactly why they existed. To help businesses like mine get that kind of funding.

I even got a “follow up” email from them before I had the chance to submit the paperwork, saying they had a lender who wanted to talk to me.

So, I submitted my paperwork, just knowing that everything would come through. (I mean, with my great credit score, how could it not?!?)

But then… crickets. 🦗🦗

Silence.

Not a peep back from them.

It’s fine, I guess… at least I’m not going into more debt. But I feel pretty confident in saying that maybe small business loans aren’t the best way for new entrepreneurs (or at least online entrepreneurs) to go about business funding. Especially when you’ve got a fire in your belly and you want to start NOW.

 

Credit Cards 💳

I know my mother would want to throw me under a bus for saying this, but credit cards are AMAZING.

Like, they’re really easy to get approved for, and while you may have to pay a little more in interest, it honestly isn’t that bad. Especially when you consider the fact that you can access the money you need to give yourself leverage now, and not have to deal with red tape and flaky bankers not staying in touch with you…. because f*ing bureaucracy.

The cost for BusinessBitch.com and my trademark filing went on a credit card, for example.

So did the first payment of some super high-end business coaching I did last year.

And yes, it can be really easy to just spend spend spend on a credit card, because they don’t come with any “rules” on what you can and can’t use them for. But if you use them with respect and only use them for things you KNOW will pay off in your business…. I’d say they’re a pretty awesome financial tool that can’t be beat.

The only drawback, though, is you can’t really use credit cards to pay yourself a salary…. so there’s that. You still have to have cash coming in from somewhere to pay your bills if you’re going to commit to this entrepreneur thing full-time.

Which leads us to the next avenue for business funding…

 

A J-O-B Salary / Self-Funding

In addition to credit cards, self-funding is the way I grew Copy Power… until it got profitable enough to pay for itself, of course.

I paid for it from either my savings or the money I was making as a freelance writer.

And though I thought I’d “grown” as a business owner beyond this point to “having” to self-fund with Business Bitch… I think this is the route I’m going to take this time.

Because honestly, Business Bitch has incredibly tiny overhead. After the ~$5,000 upfront investment I made in the URL & lawyer fees for the trademark, I pay $147 per month for marketing software, $125 for a desk at co-working, and $15 per month for two other things… and that’s basically it.

All I really need then is to pay myself so I can have a roof over my head and don’t go hungry.

But, of course, that’s my biggest expense.

And while I can live on fairly little and am quite frugal… I do hate feeling poor.

So I need some cash to make that happen. Multiple thousands per month, in fact.

And if a loan isn’t going to work out, then I need a j-o-b for it.

And yes, that j-o-b currently comes in the form of making money from my other company, Copy Power… but I’m also entertaining other options to make this cash flow as easy and as un-stressful as possible.

I’m starting to blog again for clients because it’s more reliable month to month, whereas before I almost exclusively worked on web copy and sales funnels, because those were the things I could make the biggest impact with. (And charge the most for.) But it’s not nearly as financially predictable.

Because here’s the thing:

When you have something you want to launch that requires as much of your brainpower as possible, you need to reduce the stress and thought processes as much as possible elsewhere…. which is why getting a j-o-b for the time-being (or going back to easy freelance gigs) isn’t a step backward in the entrepreneurial journey…. it can actually be one of your most intelligent and strategic steps forward.

 

Why I’m Secretly Happy About My Funding Difficulties

Honestly, at first I was pissed when the small business organization didn’t get back to me despite their promises.

But now, I’m secretly happy about it.

Because I don’t need their funding to make Business Bitch a success.

And I don’t need 40+ hours a week to grow a business from nothing into something really, really substantial.

I know, with full, 100% certainty, that I can grow a successful business on “part time” hours, and that’s exactly what I’m going to document in these behind-the-scenes post as the growth happens.

Plus, I think it’s way more realistic and grasp-able of a story for my target audience to grasp onto and have confidence in… and that they can see themselves doing. So I’m all about it.

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