Here's how to fund your side hustle without going broke
based on their amount of revenue. Side hustles typically fit within the first category, since they normally make less than $3,000 a month, she told Insider.
Loren shared her tips for funding your side hustle and how to choose the best option for your needs. You can use some personal savings or dip into your monthly income to pay for initial startup costs, Loren said. But she advises waiting three months before taking larger amounts ofEntrepreneurs should use those three months as proof of concept: Determine whether you have enough consistent sales to keep the business going. If you don't, cut your losses.
For example, if you invest $1,000 in social-media ads to get your sales up to $2,000, that capital investment has now doubled your profits."No one should be taking out capital unless they're really clear about their numbers," she said. Then, you should calculate how much funding you'll need. A side hustle allows you to be more conservative about the amount of capital you take since it's not a full-time business, Loren said.
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