Anyone who’s taken a shot at entrepreneurship will tell you it’s anything but easy work, and you should go into it expecting the worst while also hoping for the best.
Running a business takes a lot of time and dedication, and most importantly, a lot of money that you’ll have to put towards expanding and growing your business.
Between employee wages (if any), rental costs, and the many other expenses you’ll be facing, it’s easy to become overwhelmed with how many things the world is throwing at you all at once.
To help you deal with all this stress, we’ve compiled a list of strategies to help you keep your business thriving even when funds are limited, and you can use this article as a guide through your first entrepreneurship.
Even seasoned business owners sometimes need a tip or two, so don’t think you’ve already seen it all.
Where to even start?
The digital age has completely changed the way marketing works, and things have become much easier, which doesn’t always mean cheaper as well, as you’ll run into hundreds of options that may not fit your current budget.
For starters, e-mail marketing has been around for decades, and it’s made a name for itself as one of the most effective marketing strategies out there, with a return rate averaging around $36 for every $1 spent.
However, e-mails are somewhat outdated, and with everyone so focused on their social media profiles, it’s not uncommon for these e-mails to end up in the spam folder, never to be viewed again.
Because of this, numerous other marketing strategies have bubbled up to the surface, giving business owners nearly infinite options in terms of how they can market their business to a select audience, sometimes at a fraction of the cost of e-mail marketing.
While interacting with your target audience online is certainly the most effective way to market your business, sometimes it’s best to stick to the basics and do your marketing personally.
This means having a convincing pitch for your business at the ready, and whenever you see a chance to attract a potential customer or investor, you can present your business to them.
That being said, engaging the person is only the first step of the way, and once you’ve got their attention, you should try to sell them on the product or service you offer within the first minute, as any longer than that risks losing a client.
Remember that no one likes being bothered during their free time and that 15-minute coffee break at work can mean a lot, so deliver your idea in a quick and compact fashion.
In this day and age, knowing the right people goes a long way, and this is particularly true for marketing your business, as this will allow you to create connections with promising investors and clients without going out of your way to find them.
The best way to do this is to just go out there, meet some people and shake a few hands, and before you know it, you’re going to run into someone who may be interested in the product or service you’re trying to sell.
Of course, networking is a trial-and-error strategy, and you shouldn’t be surprised if your first couple of attempts at finding the right people for your business end up flopping.
Even if this does happen, remember that you did create connections, and those connections may just help you create a stronger network that will help support and grow your business through the early stages.
There’s no one out there that doesn’t admire free stuff, and it may just be one of the best ways to get your product on the market.
By giving out free samples or coupons for the service you offer, people are bound to engage with your business, and in the case of coupons, even if the person you gave them to doesn’t use them, there’s a high chance they’ll give it to someone who will.
This can create a lot of revenue for your business in a very short time, and if your product/service is high quality, returning customers will make these efforts worth your while.
Do make sure not to overdo it with the freebies though, as you are running a business, and that requires income to be done properly, so make sure that this marketing strategy isn’t a long-term plan.
Between the many online and offline marketing strategies, you’re going to have to try more than one in order to find that sweet spot that your business is looking for.
By engaging with the right audience and giving them a solid preview of what your company has to offer, you’re going to drastically increase your sales and grow your business at an astounding rate.