It’s not an uncommon for entrepreneurs to think it’s impossible to get the word out about their small business. It’s hard, that’s true – but it’s definitely not impossible. Word of mouth and marketing is essential in the growth of a business. Here are some proven and easy tips and techniques that entrepreneurs can use to get the word out:
Give things away
This may sound counterproductive, but many entrepreneurs have grown their businesses by leaps and bounds by giving away their products and/or services. In the long run, this can really pay off. Your problem is that people aren’t getting enough exposure to your product – people are more inclined to try something new if it’s free. These are all people who – if they like your product – can potentially be converted into future customers.
Sponsor an event
Many local events are not that expensive to sponsor. If your product and service is a good fit with the audience, you will get exposure every time the event organizer sends out an email and a mention every time they meet. Event attendees often remember and appreciate companies who sponsor their favorite organizations.
Attend or create an event
You aren’t just limited to sponsoring events. Frequently attending networking events will greatly increase your chances of getting your brand’s name out there. And if you don’t like any of the events you are attending, invest in your own. Create an event to connect with other young entrepreneurs in the city – you’ll be surprised how fast you can get your company’s name out.
No matter the venture, any entrepreneur should create a strong business plan if they’re looking to get financial backing from any investors. The simple process of outlining how your business will operate can be helpful to ensure that you communicate your vision to potential investors. A business plan is crucial to get support because it shows that you’ve spent time thinking through an idea, and that you aren’t just winging it. Here are four tips that you may find useful when writing a business plan.
Creativity is key
Be sure to include a creative element in your business plan so that you stand out from the crowd and grab people’s attention. You can always use a template business plan, but just don’t look too similar to the template. Do something unique and make your business plan your own.
You need to be honest with yourself in your business plan. There isn’t any room for embellishing the truth. Stick to the cold hard facts of your business, and consider the challenges and opportunities you face. If you have a good idea, stand behind it.
Don’t be afraid to use visuals
If used tastefully, it’s always nice to include some sort of visual in your business plan. Use charts, images, and graphs to bring your concept to life. Plus, it breaks up the wall of text and helps your business plan flow better
Get rid of all that filler. You should always be as concise as possible and remove any filler jargon from your business plan. It may make your plan sound nice and poetic, but it’ll clutter your plan and get you nowhere. Furthermore, investors don’t want to read a long drawn-out business plan. Get to the point quickly and communicate your plan effectively.
New business ideas are in no short supply, but finding the proper funding to bring them to life is another story. Small and medium sized businesses often have the lowest loan approval rate, due to the fact that they typically have less of a performance history and very limited resources to grow their business. It all comes down to risk. Small businesses can be a risky proposition to a lender. Here are 4 tips that you can use when obtaining business finance for your small business:
If possible, look for the longer term financing options. This will keep repayment costs lower in the short term and give you time and money to invest in your business for the long term.
When trying to get a loan for your small business, your personal credit plays an important role. Because of the risky nature of new business ventures, a lot of consideration goes into the individual and whether they can stand behind these loans if the business doesn’t succeed. No matter the type of financing you choose, you will typically need to personally guarantee most types of financing.
Get some skin in the game
Any potential finance partner will want to make sure that you’ve invested a significant amount of money personally before they will offer any additional financing. This shows investors that you stand behind your business, and that you’re personally invested and liable for its future performance.