20 Feb Down Payment Seems Impossible? Here Are Some Ideas To Get You There
Whether you’re already in the market, preparing to be, or aspire to be for the future, an immediate hurdle is the down payment. As a fellow millennial, I understand that you may already swimming upstream in the game of life and the thought of saving for a home can be scary – though it doesn’t have to.
We all have a handful of friends who have ventured off to pursue a passion project in the hopes to earn a little extra in their pocket. Whether it be making jewelry, tutoring, or even buying and selling – all these various projects can help you save for your down payment. Though it might be daunting, surprisingly all you need to start is a passion, an idea, and some willingness to work.
That being said, I wanted to put together a list. From my experience, the following are just some components of most side hustles to help you supplement your saving strategy. There are definitely other resources out there which I encourage you to pursue if you would like to engage in your own project. Let’s get to it.
An idea (service or product)
Every hustle would not exist without an idea. An idea typically starts with trying to find a solution to a problem. The solution can come in various ways, but it will likely come by way of a product, or a service. There are many companies out there that have already solved problems, but not all problems have been solved, also many can be improved. Don’t discourage yourself before you begin.
In this process, I sometimes ask myself “What’s have I needed recently that I am well aware a company has not yet provided?” If you already have an idea, jot it down! Ideas can also surround your passion. If you’re passionate about something, it’s likely there is someone else who shares the same passion as you.
Your idea essentially is your product. There are other resources I encourage you to explore to determine your minimum viable product (What does “Minimum Viable Product” actually mean, anyway?).
Every project would be difficult to showcase without a website. We’re lucky the internet has given our society a platform to share information – a decade or two ago, starting a side hustle would probably have required a physical brick and mortar.
A website allows you to present your idea, your product, and the value you can bring to your customers. It also allows you to introduce yourself, and give you the opportunity to engage with them. Your website will give your customers the first impression of you, so make sure it counts.
Here’s a very useful blog post on how to start your very first site (How to Create a Website).
Ability to fulfill
So, how do you get the product or service to the customer? This is where many hit roadblocks. It’s important to work through the process and the workflow of your operations. Understand the steps: what happens after a customer inquiries? After they put in an order? How do they pay? And what happens after they receive the product/service?
Getting your product and service can be crucial for return customers. Execution can either generate you a customer for life, or a customers lost before they even buy.
Putting together workflows can be useful at this stage. Check out this free flowchart maker online (draw.io).
Once you have a viable model, it can be worthless if potential customers do not know about it. Getting your website in front of your demographic is key. There are various methods, a popular method are paid ads through social media. Other methods exist, such as print ads, trade shows, and promo events (the list goes on). It’s best to align the channel you use with the demographic you are targeting.
An important component to generating leads is constant relevant communication. Our generation is all about convenience. A customer buys when it’s convenient for them, not when it’s convenient for the business. Gaining the trust of a customer to obtain their contact involves sharing something relevant to them. Content such as blogs, newsletters, and infographics are all great examples. Keeping the content flowing is key because when the customer is ready to buy, they will open up their inboxes select the companies that resonate with them. If that isn’t you, you may have already lost out.
Our generation requires us to be creative when it comes down to saving. Our cost of living continues to increase so we have to find ways to increase out income to offset. Add in the burden of saving to be able to buy a home, and it becomes more difficult. This is why you see so many articles and posts about the ‘struggling’ millennial generation.
If you’ve ever had a dream of buying a home, don’t let the price tag stop you from achieving it. When there is a will, there is a way. If you have a passion or an idea, quit thinking about it and start doing something about it. Real estate continues to rise, and this can be a way for you to get into the market and be on the other side of the table.