4 Tips to Starting a Business on a Tight Budget

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While you may be eager to start a business, your bootstrap budget may be holding you back. You have products or services to sell — you want to reach new customers and enter new markets, and you certainly want your business’s name to become well-known.

While money may be tight, keep in mind that many of the largest and most successful businesses today actually started out rather small and limited. In fact, some even started in a garage. It’s not about what you don’t have; it’s about the tools and resources you do have, and knowing how to use them to your advantage.

1. Utilize free marketing tactics

Believe it or not, there are a ton of free marketing tools you can use to brand your business. For example, you can utilize social media to promote your products and reach customers. If you own a local business, list it on local sites like citysearch.com and yelp.com so that people know where you’re located and can easily find you online.

2. Know where to spend

Since you want to get your business’s name out, figure out where you should be spending your money. One specific example of something that you should devote a decent amount of your budget to is setting up and maintaining your website. Since this is your most important online profile and people can easily access it, make sure it contains informative and engaging content so audiences can learn about your business and your products or services. Make sure you add some quality pictures. Since you want to bring in customers, make it easy for them to contact you by providing a form and phone number on your website.

3. Turn part of your home into an office

Although you own and operate a business, you don’t need an actual office to be established as one. Reduce your expenses by setting up a home office or take it from the professionals and use your garage. In fact, Micro Solutions Enterprises began by operating as a one-man shop from current president Yoel Wazana’s apartment; it has since grown to become a nationally recognized provider of OEM-alternative printer cartridges.

4. Rather than hiring, outsource

While having a team of employees is very helpful, it also comes at a cost. Although you will eventually want to hire a team of dedicated employees to work for you, since you’re in the early stages, you can hire independent contractors and freelancers and outsource the work. Although contractors and freelancers may get paid more per hour, businesses don’t have to offer them benefits like insurance and can also avoid the cost of office equipment and supplies for them.

 

Posted on March 26th, 2014 by admin

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