7 Tips for Starting a Business on a Budget

If you want to start a business but you have limited funds, you’re not alone. There are so many great ideas that could and should be promoted. But how do you get your business off the ground if you are limited in your funding?

One thing people sometimes do is to get a business loan. But Mark Cuban, the famous billionaire said in an interview that it is not a wise move to get a loan when you are first starting out. That’s because you need to work on building up your capital at the beginning so that you can expand later. That way, you will be able to build your business as you can afford it.

Instead of getting a business loan, you should do some other things to get your business started.

1. Create your own website.

By creating your website, you are helping to create and define your brand. Your website is like your real-world store. It is your identity and presence in the virtual world. But to create your brand and your presence, you need to make sure that your website captures the essence of your brand in the best light possible.

One great solution is to use an automatic website creator to create your blog from scratch. This easy 4-step website creator will create a website for you quickly and efficiently using automated technology that puts it all together for you. You can also easily preview it and see what it will look like in multiple devices, including mobile devices.

In addition to using a custom solution, the option is always there to build a site through WordPress. Unfortunately, these sites simply aren’t looked at or treated in the same way as a professional site with it’s own hosting and domain name if you not professional enough. The link above can serve as a great walkthrough to get it done properly.

2. Index your site.

Once you have a website created from either an automated type online site builder or a basic web hosting solution, you will want to make sure that have your site properly indexed. Neil Patel talks about the importance of this step and shows you how you can index your site properly, so it will be more easily associated with your key words and it will help you locate the people who are most interested in your company.

3. Make your site Google-friendly.

You should make sure that your site is Google-friendly by checking to see if it is optimized. Some web hosting servers have some tools to check your site to see how it could be improved. If you don’t have those tools on your hosting server, you can go here to test to make sure your site is mobile and Google-friendly: Google Optimization Test

Here are some additional tips for making sure your site is compliant with Google’s standards.

4. Keep a regular social media presence.

Another important tip when starting your new business is to keep a regular social media presence. Social media is one of the most important factors in the success of business. But where many new business owners miss it is that they think having a social presence is enough to make an impact.

It’s a start to have a social media account and profile. But you also have to post regularly and keep your business on the radar of those people you wish to target for your business. Post regularly on Facebook, Twitter, and Instagram. Post about any new items you are introducing in your business and upload photos that will engage your audience and make them want to share. Of course, include video as well because it engages people at a much higher level than photos or text alone.

5. Use LinkedIn to increase your presence and power. 

LinkedIn is a social platform that is more focused on professional careers, portfolio-building, and business connections. You can use the power of LinkedIn to leverage the power of networking and connections to promoting your brand without paying a dime.

LinkedIn has now also increased the number of features they have available such as writing blog posts, sharing video, and other media.

It also allows others to endorse your brand so use this feature to have others endorse you, in return for the same favor. You could also guest blog on other’s blog posts and share their links as well. The relationships you develop with others through LinkedIn can pay off big over the long run, and it keeps your brand on the radar of your prospects and potential customers.

6. Use webinars and free incentives to encourage sales.

Webinars are a very effective way to build your brand and get your business noticed if you are on a limited budget. You can market the webinar weeks before you go live and then post your broadcast on high-profile platforms such as YouTube and LiveStream, to name two of them.

People love “live video” these days. Facebook has allowed people to use that platform to stream live video to potential customers on their mobile devices. These types of broadcast tools are essential in staying present in the minds of potential customers.

One thing to keep in mind is that you may not always make the sale. Branding is about more than sales. It’s about building your credibility, generating leads, and customer acquisition. On a better note, modern webinar solutions have incorporated a myriad of features and tools that make the process of webinar setup, management and tracking much easier.

In these early days of your business, you should think about leveraging the power of your brand anyway that you can without going over your budget.

7. Create a workable budget and business plan.

Create a budget that allows you to meet your monthly expenses while expanding little-by-little as you can afford to do so. A budget is necessary as you are building your business so that you will have a guide to follow that will keep you working toward your goals without losing money.

Having a business plan is equally important. You may not ever follow your plan exactly. But you need a road map that will serve as a guide for where you want to go with your idea. You should set some short-term and long-term goals.

How to Set a Budget

Pool your resources

Following these tips will help you fine-tune the important elements of building a business while keeping your budget at bay. When you are an entrepreneur, you are on your own. For this reason, you must always be aware of potential threats to your business and have a plan for dealing with them.

Financial problems are the main reason people go out of business within one year. It is a challenge to secure the funds to be able to grow your business in the way you want to do, especially when you are just starting out.

But if you stay practical and do only what you can afford, saving back some each month toward your business goals, you’ll make it!

Hang in there and remember that it will be worth it in the end!

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