Don’t get distracted. Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets.
Jas Bagniewski
20% of new startups fail within the first year of business. This can be scary for first time entrepreneurs. So, the more prepared small businesses are, the more they can survive especially as it concerns making bold marketing steps which require some upfront investment. That said, here are some ideas to counteract those costs for a new business owner on a tight budget:
- Leverage free platforms – For example, start a free blog, post on LinkedIn, use free webinar services, publish a podcast using free hosting.
2. Barter services – Exchange things like hosting an event or providing content in return for exposure from partnerships.
3.Get sponsorships – Seek sponsorships from vendors/partners to help fund events, ads, giveaways. Offer sponsor visibility.
4. Use DIY options – Design your own simple website, create your own flyers, give free talks at local libraries versus paid venues.
5. Offer packages – Offer bundles and multi-session discounts to incentive larger purchases to increase revenue.
6.Be guest instead of host – Guest blog, speak at other events instead of funding your own. Reduces costs.
7. Tap into your network – Ask connections to share content, provide referrals, submit testimonials, write guest posts.
8. Focus locally first – Start by promoting heavily just within your local community to establish proof of concept.
9. Only invest where needed – Don’t overspend on unnecessary items. Prioritize money only where it will derive direct value.
Essentially, the goal is to maximize existing free resources and opportunities where you can exchange services. The aim is to become creative in order to access cost-effective resources until you gain proof of return on investment, then you can increase spending.
Which of the methods have you used? Can you add another method that has proven helpful? Do share. We would love to hear.
Cheers!
