There is a growing myth out there that you need lots and lots of money in order to start a new business or a big budget in order to sustain and grow your business.

You would have probably been questioned at some point  or another during your business journey as to how you could possibly think of doing your business when you have little money or budget to cover the start-up costs coupled with the fact that you have bills and expenses coming out of your ears. Concerns from loved ones will normally be warning you off using your salary to invest or grow your business, thinking it all to be a waste of time.

Well they are simply wrong. The myth is just what it is – a myth. Not proven at all and  you will be the proof that you in fact do not need thousands upon thousands of £s of $s to build a successful business.

No matter what circumstances you are in now, whether you are still full time employed, retired or a student – you have the means and the opportunity to build your business. Don’t be fooled or limited by the myth.

You can easily build a business these days with limited start up monies by just being creative and efficient. However  you do need to be quite disciplined and make sure that you are not throwing all of your limited investment into fruitless activities.

With growth being the name of your game and ultimately being the end goal that you are aiming for with your business, would it not be brilliant if you could explore ways to build your business without necessarily having to break the bank or your budget.

We have come up with 4 sure-cert ways to grow your business – the inexpensive way….

1. Give something away. — No matter what kind of business you’re operating, take a look at your competitors and see how you are unique. What is your Unique Selling Proposition? Ultimately, you need to place importance on growing your email list because your email list is effectively your audience and within your audience is going to be buying clients. Include incentives for your target audience or ideal client such as when they sign up offering them a freebie. This is a great way to reach out to prospects.

Thereafter, you have the chance to upsell inside of that freebie by offering other related items at cost.

2. Get smart about your online presence. — It’s time to take a serious look at your business website. Your website acts as your window into your business. A chance for you to capture the very essence of what you are about alongside your product or service.  You don’t have to spend too much money but we readily encourage small businesses to go beyond a basic page. Entice site visitors with a call to action.  Your aim is to ideally get them to purchase something online, download something or contact you directly, therefore, this is your chance to include a call to action on nearly every page on your website.

3. Reach out to your target market. — Social media is and will always be a huge component of marketing, and it is essentially free marketing! If you use social media in an efficient way it can drive a ton of business your way. All you need to do is build a distinctive brand image across all the popular platforms like Facebook and Twitter. Building a powerful brand is straightforward but just like with your website, your messaging will need to develop and change as your business model evolves. Make sure that you are just yourself – it is important that this shows through across all your media and website platforms.

Also take into account that online social relationships do take time to mature and yield the rewards that you truly want. The earlier you start the better.

Alongside, social media push promotion – you also need to be proactive by physically getting out there  and meeting your prospects, actually learning about them and creating relationships. Meetup or Eventbrite is a great place to reach out and meet your target audience – sign up to attend conferences and networking events and make sure you show up!

4. Ask for referrals. — A great way to continue to build your business on a budget is to set up incentive programmes to offer  customers a reward, cash or gift if they refer your product or service onto others.

For example, you could them to share your promotion across social media channels or tag 5 other people into a reply post and be in with a chance to win xyz. This is a fun way of rewarding your customers or audience as well as getting your brand, product or service out there.

If you would like to receive more helpful advice like this then sign up to our weekly Small Business Growth Newsletter here (bit.ly/SmallBusinessGrowthNewsletter)
Have Your Say
Leave a comment below on how you are managing to build your business on a budget.

 

If you would like to book a complementary 30 minute power call to discuss were you are in your business and receive some quick win strategies you can implement straight away then book a call here:  http://1lessstressconnect.co.uk/power-call/

 

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