The Starving Entrepreneur’s Guide to Making Rent When You’re Broke
Every year, nearly 7 million Americans become entrepreneurs. With a failure rate of 50%, many of these new businesses will have failed and dissolved completely. The struggle to succeed is punctuated with financial woes that ultimately require most entrepreneurs to throw in the towel.
Are you feeling the crunch of running your own business and need money for rent?
Finding ways to eke out a living will keep you in the game as your entrepreneurial competition begins to dwindle.
In the digital age, there are a vast number of simple services you can provide to help pay the bills, and also a collection of helpful institutions that can keep you on your feet during this financially insecure time of your life.
Here Are 6 Easy Options if You Need Money for Rent Today
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Complete Online Tasks
If you find yourself just one or two hundred dollars short every month, there is an entire industry of small businesses that pay for the completion of simple tasks from the comfort of your own computer or phone.
Just how simple are we talking? Take an academic survey. Test the responsiveness of a new website. Label the components of a picture to help train a new AI algorithm.
They’re that easy.
The most popular of these websites include:
- AmazonMechanicalTurk
- UserTesting
- Prolific
- SwagBucks
While these websites are not avenues for amassing a significant amount of bonus income, they are so thoughtless that many consider them to be passive earnings.
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Need Money for Rent? Just Clean Out Your House
…and get paid for it. Many people hoard possessions they know they’ll never use again. Stuffed into closets or corners or hidden under our beds, their only purpose is to waste space.
Stop stockpiling these items when they could be making you cash.
Clothing, books, and furniture are easy items to sell and can help you turn a quick buck. This option is great in a pinch but is not a replacement for actual forms of additional income.
If you have a consistent and gradual need for more money on a monthly basis, our other options may be better for you.
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Find a Side Gig
Everyone has a unique set of skills. Which skill of yours is in most demand?
Tutoring is a fantastic way to earn additional income. An average tutor can expect to earn $40 an hour or more. Just five hours tutoring a week, or one hour per weekday, will net you nearly $800 a month. That’s some serious rent money.
Other popular side gigs include dog walking and babysitting, which both pay between $10 to $20 an hour. While not as lucrative as tutoring, it also requires little to no experience.
Consider also some gigs such as Lyft and Uber, though note these generally require more formal certifications and paperwork, along with your own vehicle.
You could also use your business savvy as a freelancer through sites such as Fiverr, Freelancer, or Upwork. By proofreading, building a website, or providing another helpful service or product, you can make some serious cash on the side to pay your rent.
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Reduce Your Expenses
The best way to make money is to save money. By living more frugally, you’ll have more cash remaining for your monthly rent check.
Shop around for better deals and save money by changing internet providers. Look for cheaper car insurance, or consider trading in your vehicle for something more affordable.
For those who live in urban areas, you may find public transit to be a reliable (and significantly thriftier) option.
Do you eat out often? While food is supposed to be only a small portion of our budget, people who eat out even just once or twice a week often pay twice, or more, than a standard budget allows.
Don’t let your food budget bloat. Keep it simple and easy with home cooked meals that won’t break the bank.
You can also split your expenses by finding a roommate to share your space and cut your rent burden by half.
Sometimes, it’s also possible to negotiate with a landlord to temporarily reduce your monthly rent, or postpone its due date. But know that this may damage your trust and relationship with your landlord.
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Get a Small Loan
Nobody wants to take out a loan or borrow money from friends or family.
But sometimes it’s the only choice.
As long as you have the credit, direct lenders will be happy to provide a small loan for whatever you may need. Since you’ll need to make monthly payments, it’s a great option for a quick fix, but it’s not a long-term solution.
If you’re uncomfortable taking a loan from a creditor, you can always utilize your family connections. But be warned: you risk damaging your relationships when tapping your network for money.
Consider setting up a repayment plan with them rather than attempting to borrow outright.
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Contact a Charity
Charities exist to serve those in dire straits. If you’re afraid you can’t afford rent, that’s certainly proof of hardship.
The Salvation Army will pay for rent and other basic amenities if they consider you to be in need. They, along with other food banks, local charities, and religious centers also offer free meals, which can help reduce your financial burden.
Believe in Your Business
You may need money for rent now, but it won’t always be this way. The longer you stick it through as an entrepreneur, the more likely you’ll be able to succeed.
Stay resilient. Be persistent.
Let us guide your way while your startup continues to bloom. Check out our business blog for more content you’re sure to love.
