Starting a new business can be draining on your finances. Getting a startup off the ground means suffering little or no profits, while pouring money into the company. Everyone knows you’ve got to spend money to make money. It couldn’t be more true. Without a little investment, you’ll never get your business moving. However, you can be so strapped in the early days, that it’s impossible to decide where to spend the money.
With such a limited budget, where will the money be best used? Where will it have the most impact. Is it marketing? Advertising? Employees? Premises? Of course, every business is different. Each has its own budget and necessities. Thanks to the internet, it is possible for companies to get started with as little as $100, sometimes less. If your budget is small, we’re here to help you decide the best place to invest.
Your product, idea or service is the single most valuable asset you own. It is the thing that will (eventually) bring the money in. Before you even start thinking about marketing, advertising and selling, take the time to get it right. Make sure the product is as good as it can possibly be before you hit the market with it. If that means spending a little extra cash, it will be entirely worth it. If it’s a website, spend a little on a great design. If it’s a craft product, spend extra on the materials and make it special. This will entirely depend on your business.
When you’re a small business, your name and your product is everything you have. All the value is in the potential of the company. For that reason, it’s time to protect that and secure your potential. It only costs a little to trademark your name and company. If necessary, apply for a patent on the idea or product. Finally, purchase the .com domain name for your company. This will give your company the professional look you need to engage in business.
Initial marketing and PR
Now that your product is honed, it’s ready for the market. A small marketing budget and PR campaign is vital to getting your product heard. Speak with specialists like Todays Growth about how best to spend your small budget. The best thing to do is targeted online marketing. Find your audience and spend a small amount on advertising to them. You’ll soon see if there’s a demand and if any changes need to be made. A good PR campaign will raise the awareness of your product and begin to entice the bigger fish.
Finally, if the business is showing signs of growth, it’s time to invest in yourself. Use some of the profits to support your own wage. Buy yourself the necessary time to get the business off the ground. In business, time equals money. There is no substitute for sheer hard work. Free yourself up and make it happen.
Hopefully you now have an idea of how to spend that small startup budget. Invest in yourself, your product and ownership. When the time is right, ensure there is money left to market your business. You’ll soon be pulling in the profits to reinvest.