5 Tips for Overcoming Cash-Related Setbacks in Your Small Business
Guest post by Chelsea Lamb
Investing cash in a new business idea can sometimes end in disaster. The good news is, you can always start again — and smarter this time around. Regardless of the financial setbacks you’ve experienced in the past, there are ways to build a new business model without investing a ton of cash. Solomon Bruce Consulting explains how below.
Invest in Your Online Image
No matter what kind of business you hope to launch, positioning your brand in front of your intended audience is a priority. Today, the best way to get eyes on your product or service is to head online. In fact, 91.9 percent of businesses use digital means of marketing, says Statista. Not only is it free to promote your business via social media, but you’ll also learn more about your customers while interacting with them.
If you do have funds to invest in advertising, targeted social media ads are an affordable option to start marketing with. While many social media users report being “tired of” ads on their favorite platform, an impressive 51 percent admit to clicking, says SurveyMonkey. That means your ad dollars might be well-spent.
Should your brand need a bit of a facelift, now is also the time to reinvent your logo. A fresh look shows you’re making changes, and can send a “new and improved” message. When trying to keep costs low, logo design creation can be handled without spending a fortune. Online tools like free logo makers provide features that make creating a new, unique logo a simple process.
Modify Your Messaging
Being the new business in town may be a bit nerve-wracking. Keep in mind the reason why you’re pursuing entrepreneurship and modify your messaging to suit. The bottom line? You’re an expert in your field — and your customers need to know that. Whether you’ve been in business for five months or five years (or longer), showcasing your expertise to your audience is a priority.
So, how can you make it happen — and on a budget? Apart from social media, another great way to connect with potential customers (and returning ones) is by establishing an easy-to-navigate website. Your site should explain who you are, what you do, and provide evidence of your expertise.
Whatever your niche, blogging could turn out to be the key to keeping customers coming back. A blog can help you secure leads that can turn into valuable sales. Regular posts encourage visitors to subscribe to your newsletter or sign up for special offers, and quality content proves you’re a complete expert. The good news is, you don’t have to be a master of creative writing to maintain a website and blog.
Prioritize Those Pesky Details
While paperwork is the unglamorous side of business ownership, it’s a necessity if you hope to operate an above-the-board organization. Plus, establishing a solid business structure helps you look more professional, too.
You may also discover potential tax benefits with options like forming an LLC. Using a formation service helps you avoid lawyer fees, and you’ll have less paperwork, liability, and tax responsibilities with an LLC. Of course, depending on your location, you may also need other paperwork like a local business license.
Think about the other documentation you might need and tick all the boxes so you’re covered legally, financially, and otherwise. It might be boring, but it could save you money in fines and fees later.
Utilize Useful Tech
In order to propel your business forward, you’ll need to budget for some high-tech products like smart devices and software. For the latter, turn to software that will simplify tedious tasks such as payroll. With dedicated software for payroll services, you can set up automated payroll, track employee time, enjoy automated payroll tax filing and can even implement same-day direct deposit. Being able to take your business on the go can help you stay on top of operations so that you avoid setbacks and don’t end up with too much on your plate when you return to the office.
Accept Help If It’s Available
Even if you’re hoping to operate on a shoestring budget, there’s something to be said for having a backup plan. Whatever your startup costs, think about pursuing loan or grant options to pad your business coffers. Extra cash upfront can help you purchase equipment, rent commercial space, round out your inventory, or hire employees. Of course, trimming overall costs is a smart step, too.
Research potential loan programs and take a hard look at your credit before applying. Loans like a Small Business Administration (SBA) loan have specific credit and other requirements, so your personal finances can impact your business, too.
Remember too the importance of connecting with a financial advisor. Many small business owners suffer a hit to their own finances in times like this, so a professional’s advice can make all the difference when you’re trying to recover your losses.
Though it’s not easy to make a comeback after experiencing financial challenges in business, it’s not impossible, either. With some smart — and thrifty — strategies for promoting your business and drawing in customers, you’ll be able to grow your audience and start off strong in your niche. In no time, your company will be in the black, and you’ll be on your way to a rewarding entrepreneurship experience.