7 Genius Ways to Fund Your Creative Side Hustle

7 Genius Ways to Fund Your Creative Side Hustle You have the ideas, you have the motivationbut the money isnt all there yet. Fortunately, there are plenty ofSince there are many platforms out there, youve got to know which ones are right for you (luckily, we haveKickstarter (about 13 millions monthly views) andIndiegogo (about 9 million monthly views), both offer similar services and charge fees of 5% and 4% respectively on the money youve raised if you reach your goal.Paypal or credit card processing fees are between 3% to 5%. If you are hoping to reach an international audience, however, Indiegogo offers more flexibility in payment options compared to Kickstarter. And, most importantly, withIndiegogoyou can totentotenstill use the partial funds raised, even if you dont fulfill your fundraising goal by the expiration date.Then theres the more recent platformPatreon, which takes a 5% fee (plus payment processing fees) for its unique subscription service that allows fans of your work to donate per month or per creation. This is great for sharing with the social network you already have in place.2. Creative Entrepreneur GrantsAcross the country, various arts councils are catching onto the growth ofCity of Chicagos Individual Artist Program offers up to $2,500 under its Professional Development track, with the goal of supporting professional artists and creative entrepreneurs to develop or deepen artistic, administrative or organizational skills to become more competitive in the creative marketplace, according to the website.In June,Colorado Creative Industries, the states arts agency, awarded 12 grants totaling over $22,500 to support self-employed creative entrepreneurs.TheCreative Economic Development Fund in gemma Angeles will offer $100,000 in grants to those, including self-employed artists, whose work will make a positive economic development impact in the city.You can checkhere for arts councils at the state and regional level,here for national level art c ouncils and privateartsfoundations in the US, andhere for arts councils all over the world.To apply for any of these grants, youll need to figure outhow to correctly and convincingly fill out the grant application forms. The Ohio Arts Council offers more advice for successful grant-writinghere.And dont forget to find out if your grant is considered taxable, although the grant giver may provide you with that information and can direct you to the appropriate tax forms.3. Small Business MicroloansEveryone lovesborrowed money is also a feasible option to help get you going in your creative venture.Unless youre a startup offering equity, you probably wont need to seek out venture capital money to fund your business. You could hit up a family member or friend for a small loan, but that could potentially land you in an awkward situation.For a small-scale creative business, a microloan may be a more fitting solution if you are seeking a limited amount of funding. Microloans can be anywhere from $500 to $50,000and you dont need a perfect credit score. However, keep in mind that the interest rate may be a bit higher on microloans compared to larger loans, and there may be extra fees involved. The Small Business Association (SBA) offers amicroloan program, as do private lenders likeAccion andCAN Capital.Especially when you are starting out, a loan, even amicro loan, isnt something to take lightly. Be sure to carefully read the details of the loan program and ask plenty of questions before you start an application with any lenders. The Denver geschftszimmer of Economic Development offers a helpful10-step approach to setting up and financing your small business.Grants and loans arent the only way to fund your creative business. Initially, you may have to rely on your own financial resources. Youre a creative person, so its time to get creative about how you can uncover hidden cash in the different facets of your life4. Downsizing Your LifeIts not a new idea, butminimizing your lifestylecan truly open up more mind space for your art to flourish and free up some major cash that you can invest back into your business.If you arent ready for dramatic changes like cutting up your credit cards, getting roommates, moving into a smaller home (a tiny home perhaps?) or ditching your car for a bike, you still have plenty of money-saving options.You can de-clutter your home and sell off items you no longer need on sites likeEbayor Craigslist, disconnect your cable service and use Netflix (or watch nothing and spend that time on your growing your business), borrow library books instead of buying them on Amazon, enjoy meals (straight fromyour own garden) and drinks with friends at home instead of going out and use cleverapps to help you save money in every aspect of your life.5. Part-Time Gigs on the SideAlthough it may not be your ideal scenario, working a side job on top of your full-time job or business could give you that much-needed financial security in the e arly stages of your creative business. Some creative entrepreneurs like to pick up part-time jobs or gigs within their industry as a way of getting in extra practice, learning new skills and even connecting with potential clients. Plus, its aperfectway to pick-up extra income. Need a pro tip? Develop an extraordinary web presence with6. BarteringDont have the cash to buy new chairs and desks in your photography studio? There might be someone in your community (a furniture shop owner, a furniture maker, a business owner getting rid of used office furniture) who has just what you need and is interested in your photography services to help them promote their own business. Go forth and make a trade and offer up what you know best Dont be afraid to ask around in your business community. After all, which business owner isnt interested in saving money?7. Ask for DonationsIf you have a professional blog or website with a decent amount of followers, put in the time to write a few posts about the process of setting up your business, and then add a donation button to your site.To help attract more attention to your site, you can try a few, youve got to figure out how to set yourself up in a way that will connect you with those people who are just waiting to throw money at you and your art (obviously).Its true that there is a lot of competition for funding out there, and the process of applying for grants and loans isnt always simple. But the most important thing to remember is that there are always more ways to scrounge up some cash than you thinkThose same creative powers and that This article originally appeared on CreativeLive.