Starting a business with investors and without are very similar paths. However, if you do not have outside financial backing, you must be prepared to spend more of one thing in particular: time. “When starting a company without investors, you must put in the investment of time,” said Grech. “There is a trade-off between the financial commitment investors can provide with the time it takes to start your business.”
Invest your free time into your side hustle – Since starting a business without investors can leave you strapped for financing, it may be wise to keep your day job while you develop your new business. Grech and her husband did this by volunteering at events on the weekends to gain industry knowledge, insight and network connections. Grech went to work early so she could leave early to meet with vendors and clients, as well as to work on her website, marketing and planning materials.
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“I worked for free, with any free time that I had,” said Grech. “The more time I was able to focus on LLG, the more time I was able to dedicate to the business.” Learn how to take on every job title and responsibility – Growing a business without investors comes with additional responsibility and pressure, since you are likely your only employee. In the beginning, you may not have the capital to hire employees, causing you to take on every job title and responsibility by yourself.
“You learn to become your own lawyer, accountant, secretary, etc., and you run every department until you acquire enough money from your sales to hire talented and specialized personnel,” Grech said.