Have you got a great idea? Have you got the funding to get it off the ground? As well as the obvious sources of finance and investment. As an influencing. Leading entrepreneur; rather than spending thousands on flaunting your name through the mass media or devoting too much time to searching for investments. Consider more cost effective, money saving methods to grow your business startup.
Within the current economic uncertainty it’s important to consider future relationships with stakeholders and how they’ll develop after occurring events such political decisions and the rise of developing countries. For instance, Donald Trump once a major leader in American business, with all the media attention, what’ll happen if he becomes elected. Will your American relationships stay the same?
Although if you read other small business and business startup blogs online, a common theme from British entrepreneurs and start up innovators are the regular visits to America to hold down firm relationships. Whilst possibly driving investment opportunities and most importantly to engage with potential customers after a product launch.
Firstly, start by listening to your customers, perform rigorous research into your market. Look at competitors, their products, and read online reviews for similar products and services to yours. For instance, within the energy industry, to further improve our service, we’d look at the frustrations typical customers might have. Such as receiving estimated bills. To abolish these we would administer a plan to counter attack estimations.
We do this in numerous ways, regularly reminding customers to submit meter reads and offering Automated Meter Reader installations.
Furthermore, investigating the market provides a pivotal tool to help increase customer engagement, you’ll be able to determine your customers’ exact needs and provide a solution for their intuitive problems. Engaging with the right audience is extremely important. You might have an innovative new product; providing a demanding solution, but are you targeting your material at the right audience?
Cost effectively promote your idea
Consider these methods to cost effectively target your audience:
Target Facebook interest groups
Social media can provide a cost effective and modernised alternative to the newspaper column. For instance, start by setting up a group and target attendees with particular interests. For example, if you manage a High Street jewellery store in Manchester, your group could be titled “Discounts on Jewellery in Manchester.” This accompanies your Facebook business pages encouraging organic post engagement and more product/service reviews.
Outsource a blogger
Blogging and actively discussing your products and services to your target audience is important. Therefore, by outsourcing influential bloggers, you’re able to geographically target different groups in the UK or abroad, depending on your audience. For a small fee or a free sample, they’ll endorse your product linking to your website or promoting your psychical store.
Use Twitter hashtags
Furthermore, research Twitter, discover new online trends, comment on the news, tweet 8 times a day about popular culture and your industry. That way you’ll easily reach potential customers free of charge. Eventually as you tweet enough your presence will grow, your own hashtags will begin to generate their interest, further pushing users to your profile.
Localised advertisements – Radio or Print
To consistently fit in with online social media marketing, localised campaigns are a great way to promote your business. Consider sponsoring a charity event on your local radio or even purchase local advertising space. If you’re running a High Street store, with Christmas round the corner this is one of the best ways to attract local visitors. Whilst backing up your online campaigns up with a local radio advert, give out a freebie or coupon anything to get more visitors through the door.
Attend trade shows & networking events
In the USA trade shows and networking events are more popular and beneficial. In the UK, this isn’t the case. However, I’ve noticed a steady rise in the number of events and industry seminars which are readily available for influential business leaders. By attending you may feel like a travelling salesman, but despite the avid rise in technology. That face to face meeting is still important when networking and maintaining relationships.
Managing those finances
First of all crowdfunding is a great tool to get your idea of the ground, there’s no longer any need to produce a dreaded Dragons Den style pitch to encourage investors. Instead simply create a page on a crowdfunding website and offer the general public an opportunity to support your idea. This is a great way to present a non monetary incentive to your “investors,” there’s no need to have others on the payroll at the business startup stage. Just offer a small percentage of profits for each major donation.
That way you’ll have more psychical cash at your disposal. Although, more conventional financial sources are helpful, crowd-sourcing and offering an incentive avoids those dreaded debt warnings and interest payments. It doesn’t matter whether you’re a starting up your business or have been running for years, start crowdfunding instead of loaning.
Ensure your business start up turns a profit
Furthermore, your utilities are a crucial cost to your business. Everyone needs a base, an office, a shop or a warehouse. With every premises comes a utility bill. Therefore, you’ll need to consider an approach not only to find the cheapest prices, but to find a supplier that allows you to monitor your business energy easily and online.
Keeping track of your business gas or electricity supply is important; because as an ambitious business start up, if you’re just paying on a direct debit, as you’re receiving the invoice you could miss it. If there’s a problem with your account: such as an estimated energy bill. To avoid this frustrating situation, keeping a “therm eye” on your energy supply by checking your business energy account online and utilising the latest metering technology, creating a smarter office.
Now you’ve got a few additional benefits, to help your promote your new business startup ideas cost effectively and manage your finances to ensure you avoid, excessive interest rates, unrestrained debts and estimated energy bills.
These are only a few tips to help you startup and hit the ground running. However, we feel they are vital to ensure you maintain a profitable cash flow, keeping unnecessary, avoidable costs to a minimum.