How You Can Grow Your Business On a Budget
Business growth is reliant on two factors – time and money. If you’re an entrepreneur or a small business owner just starting, you may feel stunted by your finances. The good news is that you no longer have to spend to achieve business growth. Online tools and software make it easier than ever before to grow and market your business all by yourself. Find out everything you need to know about growing your business on a budget with these super effective tips.
The only way you know for sure that your business is succeeding is if it grows consistently. But business growth can’t be achieved without spending money, right? For decades, businesses had to invest in expensive advertising campaigns to generate brand awareness and reach consumers.
But the internet has changed all that. Today, you can promote your business from your home, from the office, even while commuting. Furthermore, you don’t need to spend a cent to do it. Social media platforms like Facebook, LinkedIn, Twitter, and others make it easy for you to connect directly with your customers whilst expanding your business network.
Modern conveniences now allow you to grow and develop your business on any kind of budget. But how successful your business might be will depend on how much time and energy you’re willing to invest in your business’ growth.
Money is a resource you can still budget and manage while you’re growing your business, and here’s how you do it.
1) Build a Website for Your Business
Whether you own a retail business or an online business, you need a website. With more than 3.8 billion people now using the internet, a website lets you welcome potential customers from all around the world.
People are more frequently searching online for products and services they need, so a website is a must. To ensure that your customers can actually find your site using a search engine like Google, you need to integrate SEO.
Search engine optimization involves using frequently searched keywords in your website and content. This increases your ranking in the search engine result pages. Since people don’t travel more than a few pages into the search engine archives for any search, you need your company to appear higher up on the search results page.
In 2020 and going ahead, written content simply won’t be enough. Now, you also need to integrate video content. You can do this by creating a brand profile video, how-to videos, and product reviews.
2) Social Media Marketing
Social media platforms have everything you need to find your consumers. But to achieve any real success through social media marketing, you need a marketing plan. Instead of making accounts on every social media platform, select those that are frequently used by your target audience.
Select no more than two or three social media platforms, and create profiles there. Focus on these, and cross-promote your content and posts across them as well.
Some social media platforms like Facebook charge a small amount to let you better target your audience, and this is an opportunity you should leverage. Budgeting a small amount of money to use in your marketing plan can bring you heavy returns on your investment.
3) Client Testimonials and Referrals
A great way to get new clients is by asking your existing clients to refer you. You can likewise ask your loved ones. But be selective of those you ask, as repeatedly being asked for referrals can also be perceived negatively.
Engage with those clients who are happy with your product or service, and ask them to leave behind a testimonial or review. These go a long way in increasing conversion rates, so it’s also a good idea to place them on your website.
Another way to get referrals is by joining a networking and referrals group online. Other businesses in your industry that aren’t your direct competitors can also point you towards potential clients.
4) Attend Networking Events
Working together with other businesses in your industry is a great way to get the name of your brand out there while collaborating with key players in your industry.
Most cities tend to have networking events and meetups for business owners. Attend these to learn about what’s happening in your industry. You can also find new business partners and associates who can help you grow your business. A business partner who welcomes you as a guest blogger and contributor on their website can help you reach new audiences.
5) Get Your Business Insured
If you’re worried about money, then insurance can be a real lifesaver. Depending on the kind of business you own, you may also be required to have certain types of insurance in place.
As a business owner, you should consider what type of insurance is suitable for your business, this could include cover like:
Professional Indemnity*: cover for losses claimed by third parties and defense costs due to alleged or actual negligence in your professional services or advice,
Public Liability*: cover if a third party claims that your negligent business activities caused them personal injury or property damage. Also includes defense cost coverage for covered claims.
Business Insurance Pack*: A business insurance package designed to provide cover for your business contents, stock, tools, and commercial premises when an insured event occurs. A Business Package can also include cover for your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances.
Get Professional Indemnity and Public Liability insurance from BizCover and help protect your business. These five tips are all you need to start growing your business today. Put time and energy into your business every single day to see steady and sustained growth.