Tips for starting a business with little money
This economy might have you thinking about starting your own business or you might have had the idea for a while, and now you’re ready to take the leap.
But lack of money might be holding you back. Fear not because there are ways to get customers and clients with little cost. Here are some tips from Tanisha A. Sykes, financial guru of Essence magazine:
Know your audience. One thing to ask yourself: Can I best serve corporations, small businesses or individuals? Also, keep in mind that having your friends and family as clients will only take you so far. Let’s say you sell Mary Kay- consider asking them to host parties and offer 10 percent of the profits in return. (You can get more ideas like this from the book ”Built for Growth: Expanding Your Business Around the Corner or Across the Globe” by Arthur Rubinfield).
Set hours. Letting everyone know you’re available 24/7 isn’t realistic, so have specific hours of operation to prevent confusion and develop a customer/client base.
Make your ads specific. If you’re running more than one business, design flyers and other material for each business. Also, keep it simple: identify the product or service, its cost, the added value and where it can be purchased.
Sell wisely. Remember, your goal is to make money. Giving one complimentary service or free samples is okay if it creates some buzz, helps you get a new client or a major deal. So, budget for some giveaways, but don’t go overboard.
Get the word out for free. Some places you can advertise for free in your community: ads in church bulletins, grocery stores and bus stops. For online promotion, try forums, free directories, Google Ad Sense, YouTube and other social networking sites (Facebook, Twitter, etc.).
Please feel free to add your tips in the comments below!
Source: Essence,”Biz Basics”, December 2009
Photo from: cdn.woldcnews.com
