So you’ve got the million dollar idea but not the capital to get you there quick. No worries! In today’s age of technology, you don’t have to follow your grandpa’s time-honored entrepreneurial rulebook. Granted, you don’t want to skip over sound advice, but if you are playing with limited start-up funds, there are several things you can do to get you from A to B without breaking the bank. Here are 5 ways to grow a successful business on a tight budget:
So, you are ready to start your own business! What is the first thing you need to do? Among other things, you’ll have to find a business space. Unless you are a bricks-and-mortar store, you don’t need to lock yourself into an extravagant lease for years. Instead, work remotely until you outgrow your living room or garage and hire a meeting room for major project days or that crucial face-to-face with a potential client. As you save and your business grows, you can find larger spaces when and where you need it.
When you’re starting out, the temptation can be there to try to do everything yourself. This is a surefire recipe for early burnout. Freelancers all over the world of varying skill levels are available to help without the weighty expenses that come with full-time employees. Of course, it is crucial to know when to hire a freelancer vs an employee, so you create the right relationships for the long run, but not all jobs need to be done in-house and in many cases can be performed more cost-effectively by a remote worker.
Social Media Marketing
Using social media to market has a vast number benefits, not the least of which is cost savings. Promoting yourself on various social platforms can be done at minimal cost to establish your brand, disseminate valuable content to your followers, and become a voice of authority within your field. There are millions of social media users out there constituting an almost limitless audience if you put the time and energy into creating a robust online voice.
There are a lot of necessities for running a business, especially in the early stages. Things like paper, professional photography for marketing, printing, office furniture and others can all add up. However, if you have a service other people need, consider trading with others who might be in need of what you provide. Bartering is a great way for start-ups to get into the game without running through their budget too early. Sharing is definitely caring in the business world, so don’t be afraid to send out emails to canvass your professional networks.
Another way to save in today’s business world is cutting out some costs entirely. We are talking here about paper. By reducing your paper waste and going digital with your bookkeeping and marketing, you can save money and appeal to the environmentally conscious crowd. Plus, reducing the amount of space needed to house such supplies can greatly reduce the cost on areas needed to rent. Whichever way you slice it, it’s a winning strategy!
Even in the fiercely competitive environment that new businesses face today, you can continue to get an edge without spending money you don’t have or could be better employed for other productive purposes. Frugality doesn’t have to mean cutting necessary corners to get by. What ways can you save without experiencing growing pains within your business?