The chances are that if you have just started up a new business, you will not have lots of cash lying about ready to invest in it. It is a tough balancing act, trying to make sure you have everything in place to get your business off the ground and making money, but without spending an absolute fortune at the same time. Fear not, however, as here we have looked at just a few of the ways you can begin to get ahead of competitors when you have little money.
Advertise your business
Marketing your business and attracting new customers is your biggest priority. When you are new to the industry, you simply cannot expect people to discover your business and come running. You HAVE to put effort into putting your name out there and reaching as many potential customers as possible. The problem with this is that it can very quickly eat into your already small budget. Luckily, if you are smart, you can adopt some of the free methods of advertising and use them to reach your target audience until that cash starts to flow in. This includes utilising social media. Setting up a page for your business and posting engaging content is a great way to reach a range of people for nothing.
Import goods they can’t get anywhere else
This, of course, depends entirely on the industry that you are in, but one of the best ways of getting yourself known and jumping ahead of competitors is by offering your customers something they cannot get anywhere else. Sadly, this often means importing from abroad, which can be costly if you are not smart. Instead of buying freight trucks outright, you could look at quality truck leasing, which can save you a tonne of money.
This is linked to our point above about marketing on social media – one of the best ways to get yourself noticed is to go viral! It is not the easiest thing to do, but if you can create some content that is going to make people want to share with their friends and family, you can find yourself becoming an overnight internet sensation and bringing people flocking to your business.
Create honest relationships with your customers
The most important thing for your business is your customers and your relationship with them. Businesses these days are usually so set on getting ahead that they forget about this. Spend some time on creating honest relationships with your customers, and you will soon find the effort pays off. One of the best ways of attracting new custom is through word of mouth and recommendations, so if you give your customers the respect they deserve, you will find that they will mention you to their family and friends.
Start a loyalty scheme
Reward your loyal customers with a rewards scheme or vouchers. Not only will more people sign up to get hold of the rewards, but you will guarantee repeat custom if they can only spend their points or vouchers with your business. They are getting a bargain; you are getting their custom – it’s a win all around!