5 Tips to help you to start a small business with the minimum cost
1- Focus on Free Marketing by telling everyone around you about your startup and what you do:
Informing your family, friends, business contacts and past colleagues about your new business through calls, sending emails and making your new venture known on your social media profiles can help you spread the word, as well as have past business contacts who can introduce your brand to their professional connections.
2-Collaborate with established brands:
To partner with an established company which serves segment is one of the best and safest ways to grow a business. The concept of collaborative marketing is proved to increase the brand’s recognition, customer value, and customer retention for each.
3-Expand your Social Media Presence:
Social media marketing can introduce your business to your potential customers. Thus, increasing your social media advertising budget can add a lot of value to your company and ensure a high return on investment (ROI).
4-Think about Angel Investors and Crowdfunding:
> Angel Investors: These are wealthy individuals who invest in exchange for partial ownership of a company.
> Crowdfunding: If you believe your idea is good enough, why not take it to the masses and try to attract funding.
5-Start small, manage your finances and avoid unnecessary expenses:
Starting a business implies some unavoidable expenses through overspending can be a threat. Thus making frugality, in the beginning, a factor that decides between success and failure in a business. Focussing on a single service or product in the beginning also enables you to define a target audience, as well as build from there as the concept strengthens.