Everyone knows the saying: You’ve got to spend money to make money. Usually, it’s spat out with the twang of a New York accent, but other times it’s tinged with the desperate self-confidence of someone who knows this is their last chance.
The problem is that it has become more of a cliche. The more it is repeated, the less impact it has. That’s how cliches work. However, there is still time to breathe new life into old sayings, and if you’ve started a business now or ever before, there are always lessons to learn.
As the business world has evolved and morphed into something that would be unrecognizable to Archibald Business (the very first businessman, don’t you know), it has caused the idea of spending to grow into something different.
Smart Investments
No, we’re not talking about the DOW or anything that crawls along the bottom of your screen during the morning news. Investments for businesses are something you shouldn’t think about until you are a little more established. No, what these smart investments really mean is the personnel and the workspace.
Hiring the best people for your business is beneficial for several reasons. For one, you bring people into the workplace who want to help the company succeed. Their enthusiasm can be contagious, and even if there’s a hint of competitiveness, you can use this to your advantage as it forces everybody to be better.
As for the workspace, you can’t operate from your spare bedroom for the rest of your life, so finding somewhere that’s easily accessible for both employees and clients and also offers plenty of space for work and breaks and natural light is going to be a winner. This will make your employees and clients more comfortable and ensure everyone is a little happier.
Promotional Products and Freebies
Raise your hand if you’re not a fan of the freebie. Exactly. No matter where you go or who you see, their day will be improved by getting something for free, even if they have no use for it right now. You can take advantage of this compulsive need for something free by investing in promotional products complete with your name, logo, and contact details to spread awareness of your business.
One of the best ways to do this is finding companies that offer such services, and you can pay them a visit to see what items you can find that fit your brand or don’t fit your brand if you’re going for something that catches people’s attention.
While you’ll need to buy in bulk, these promotional products can spread the world about who you are and what you do. Even if you won’t see an immediate return on the investment, the indirect marketing strategy means your brand will reach more eyes by merely being something that everybody needs, such as pens, air fresheners, or USB drives.
Write an Ebook
An ebook is a superb way to make some money with little effort. You don’t need to write a tome that parallels Ulysses in both length and complexity, but something that outlines your opinions on your industry, or even an instruction manual that highlights why and how you built your business are decent avenues to take.
Most founders who write ebooks will often give them away for free on their website, and this is an excellent marketing tactic. However, if you want to make money from it and genuinely enjoy writing, then the time you put into your work should, at the very least, be compensated.
If you consider yourself an expert in your industry, then there’s no reason you shouldn’t be paid for the book. If you market it correctly, you could be able to make money throughout the day, even when you are not trying, which could further awareness of your brand and bring in more customers.
Outsourced Solutions
If you’ve never heard of outsourcing before, we are about to blow your socks off. Outsourcing is a fantastic way of saving while spending and can also give your business those extra hours in the day that you thought were impossible to uncover.
There are many different outsourcing options available, but one of the most popular is IT consultancy and service. You can also think about payroll and marketing options to enhance your standing.
While it seems counterproductive to spend money on services that you can do yourself, you fail to consider how much time this will free up for other operations in your business. By outsourcing duties to external firms, usually cheap, your team can increase productivity and do more in a single day than they ever thought possible.
Unique Marketing Strategies
Every brand should have a marketing strategy in place, and being unique is bound to bring more eyes to your product. However, there is a fine line between an unusual but effective approach and one that leaves customers more confused than they were before.
This is where months of research, focus groups, and surveys come in. You need to spend the money to understand your customers because if you don’t, then your competitors will.
Understanding the customer puts you in the best position possible and allows you to reap the benefits of this hard work sooner rather than later. You will be able to determine precisely what they are looking for in a service, and then provide them that service every single time. While these strategies may be unique, they are also carefully curated to appeal to the individual and the group, which will make people feel special but also attract as many eyes as it can.
Cliches Are Cliches For A Reason
There’s a reason people still use the same cliches over and over again, and it’s not because they are lazy like so many Creative Writing lecturers around the world grow red in the face saying. Instead, it’s because even though it may not mean as much anymore, people still get it. So if you’re hoping to grow a business that excels at every angle, spend money and make money, but make sure you spend it in the right places first.
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