Facebook with Latestnigeriannews  Twieet with latestnigeriannews  RSS Page Feed
Home  |  All Headlines  |  Punch  |  Thisday  |  Daily Sun  |  Vanguard   |  Guardian  |  The Nation  |  Daily Times  |  Daily Trust  |  Daily Independent
World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  More Channels...

Viewing Mode:

Archive:

  1.     Tool Tips    
  2.    Collapsible   
  3.    Collapsed     
Click to view all Entertainment headlines today

Click to view all Sports headlines today

I started my successful bridesmaid-for-hire business with $2,500 that I saved in just a few months

Published by Business Insider on Tue, 23 Feb 2021


<p><img src="https://static6.businessinsider.com/image/5f11a5f619182429d36bf389-1600/jen%20glantz%20party.jpeg" border="0" alt="On rare occasions, Jen says she remains good friends with clients. Courtesy of Jen Glantz" data-mce-source="Courtesy of Jen Glantz" data-mce-caption="On rare occasions, Glantz remains good friends with clients."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>When I finally decided to become an entrepreneur, I was determined to start my own business without tapping into my <a href="https://www.businessinsider.com/personal-finance/what-are-the-best-savings-accounts-right-now" target="_blank" rel="noopener">savings account</a>. I wanted to minimize risk and try out my business idea with as little cash as possible. Since my business was service-basedI'm a <a href="https://www.businessinsider.com/hired-bridesmaid-what-happens-after-wedding-2020-7" target="_blank" rel="noopener">professional bridesmaid for hire</a>and I didn't need to shell out any money to design and store a product, I knew I could start this business for a very low amount.</p><p>I determined how much capital I needed by analyzing all my initial costs (website, logo, marketing materials, advertising, etc.) and decided that I would need a total of $2,500 to get my business up and running and take on a few clients. Once I had money coming in, I could optimize and grow the business.</p><p>I decided to come up with $2,500 without touching my <a href="https://www.businessinsider.com/how-much-money-to-save-in-emergency-fund-rules" target="_blank" rel="noopener">emergency fund</a> or dipping too much into my personal finances. Here's how I was able to do that in less than a few months.</p><div><style> #div-gpt-ad-1579713650634-0 > div > iframe { width: 100% !important; min-width: 300px; max-width: 595px; } </style><script async src="https://securepubads.g.doubleclick.net/tag/js/gpt.js"></script><script> window.googletag = window.googletag || { cmd: [] }; googletag.cmd.push(function () { googletag.defineSlot('/1035677/Business_Insider_', [[1, 1], [300, 139], [595, 139], [300, 250], [595, 250], [300, 360], [595, 360], [300, 475], [595, 475]], 'div-gpt-ad-1579713650634-0') .addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().setTargeting('category', ["Banking"]).setTargeting('subcat', ["Savings Accounts"]).setTargeting('post_id', []) .setTargeting('post_url', []) .setTargeting('keyword', []) .setTargeting('company-product', []) .setTargeting('post_title', []); googletag.enableServices(); }); </script><!-- /1035677/Business_Insider_ --><div id="div-gpt-ad-1579713650634-0"> <script> googletag.cmd.push(function () { googletag.display('div-gpt-ad-1579713650634-0'); }); </script></div></div><h2><strong>I took on freelance and side hustle work</strong></h2><p>I had a full-time job at the time and was making a good salary, but I didn't want to use a lot of that money toward my new business costs. I was already stretching that salary to afford my rent in New York City and my <a href="https://www.businessinsider.com/how-to-manage-your-money-expert-budgeting-tips" target="_blank" rel="noopener">strategically organized budget</a>. So instead, I decided to take on a few freelance and side hustle projects for other people, temporarily. I wanted to make around $750 from this work, so I spent two months working on small projects to make that happen.</p><p>This allowed me to hold onto my salary and use it for my personal costs and financial goals while also bringing in a little bit of money on the side to put directly toward starting my business.</p><h2><strong>I edited my personal budget</strong></h2><p>I was very conscious about not letting my new business venture make a dent in my personal finances or savings account. I had just stopped making a ton of money mistakes, and I wanted to maintain the new, good habits I had put into place. That's why I decided to add a line item to my budget that was for monthly savings for my business.</p><p>I decided to save $200 a month (for three months) and put that money toward starting my business.</p><p>This meant I had to edit my personal budget. I found different areas to cut back my spending so that I could spend $200 less a month on personal items. I <a href="https://www.businessinsider.com/personal-finance/buying-frozen-food-cut-grocery-bill-2020-9" target="_blank" rel="noopener">lowered my food budget</a>, beauty budget (hair and nails), and fun activity budget (weekend trips or happy hours with friends) each by around $25 to $75.</p><h2><strong>I put aside a chunk of my yearly bonus</strong></h2><p>I had the idea of starting my own business floating in my head for a couple of months before I had my annual review at my full-time job. When that moment came and I found out I was getting a $3,000 bonus for the year, I secretly celebrated in my head. I decided to take a chunk of that cash (around $1,000) and use it to help me start my business. I used the rest for my personal finance essentials (paying bills, rent, and adding to my savings account) and my future goals (retirement and emergency fund).</p><p>Soon after I got that bonus, I ended up getting laid off from that job. Looking back, it makes me happy that I took a piece of my bonus and used it to help set something up for myself that I could then lean on after getting laid off from my job. I used to spend my entire bonus on something fleeting, like a vacation or a new wardrobe, but that year I used it on something that ended up allowing me to start my own business and earn money from that business soon after.</p><h2><strong>I tapped into passive interest gains</strong></h2><p>One final way I saved up the cash to start my business was by collecting interest on my <a href="https://www.businessinsider.com/personal-finance/why-keeping-cash-high-yield-savings-account-despite-rates-2020-10" target="_blank" rel="noopener">high-yield savings account</a> and using some of it (around $150) to help me meet my set goal of $2,500.</p><p>I spent a couple of years working hard to increase how much I had in my savings account and it felt like a good reward to not have to deplete that account too much to start my new venture and instead tap into the passive income I was making on that account. While the money I took wasn't a lot, it helped with some of the lower-cost setup items (like business cards and smaller promotional items for networking events).</p><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-savings-coverage" data-sheetname="More Savings Coverage">Related Content Module: More Savings Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/started-bridesmaid-for-hire-business-with-savings-2021-2#comments">Join the conversation about this story &#187;</a></p>
Click here to read full news..

All Channels Nigerian Dailies: Punch  |  Vanguard   |  The Nation  |  Thisday  |  Daily Sun  |  Guardian  |  Daily Times  |  Daily Trust  |  Daily Independent  |   The Herald  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  New Telegraph  |  Peoples Daily  |  Blueprint  |  Nigerian Pilot  |  Sahara Reporters  |  Premium Times  |  The Cable  |  PM News  |  APO Africa Newsroom

Categories Today: World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Columns  |  All Headlines Today

Entertainment (Local): Linda Ikeji  |  Bella Naija  |  Tori  |  Pulse  |  The NET  |  DailyPost  |  Information Nigeria  |  Gistlover  |  Lailas Blog  |  Miss Petite  |  Olufamous  |  Stella Dimoko Korkus Blog  |  Ynaija  |  All Entertainment News Today

Entertainment (World): TMZ  |  Daily Mail  |  Huffington Post

Sports: Goal  |  African Football  |  Bleacher Report  |  FTBpro  |  Kickoff  |  All Sports Headlines Today

Business & Finance: Nairametrics  |  Business Insider  |  Forbes  |  Entrepreneur  |  The Economist  |  BusinessTech  |  Financial Watch  |  BusinessDay  |  All Business News Headlines Today

Technology (Local): Techpoint  |  TechMoran  |  TechCity  |  Innovation Village  |  IT News Africa  |  Technology Times  |  Technext  |  Techcabal  |  All Technology News Headlines Today

Technology (World): Techcrunch  |  Techmeme  |  Slashdot  |  Wired  |  Hackers News  |  Engadget  |  Pocket Lint  |  The Verge

International Networks:   |  CNN  |  BBC  |  Al Jazeera  |  Yahoo

Forum:   |  Nairaland  |  Naij

Other Links: Home   |  Nigerian Jobs