It is a tough job to grow your business, especially in today’s time. Entrepreneurs who have been into 1-2 years in business particularly face this problem. Many businesses want to expand at a particular stage.
Booming sales and high customer demand are inadequate to predict whether the time has come for expanding the business or not. Simply because your customers are not averse to the idea of spending more, does not indicate that profitability will be selling more or not.
You might have saturated the existing market, have innovative ideas about a new product, or want to broaden your attractiveness. Every time, there is an array of opportunities elsewhere. It takes money to grow your business but capital is not so easy to find in the prevailing economic climate. In case your planning is proper in the sense that there is money in your bank, it is great.
However, you may be taking a risk if all your savings go towards an attempt to expand the business. At the same time, we are not trying to insist that you need to put a brake on your business expansion plans. Instead, we are suggesting you be creative while financing.
Check out these unconventional means you may expand your business without breaking the bank.
1. Sponsor Sports Teams of your School or Community
The economic climate in current times is such that schools are going through a severe cash crunch. The cutbacks are certainly doing to affect your community.
You may get in touch with community sports groups or local schools for offering a sponsorship. For instance, you could purchase their uniforms and adorn the jerseys with your brand name for greater brand visibility.
Are you into publishing? You might then publish complimentary programs for school plays, music shows, or graduation ceremonies. Additionally, include your brand logo and contact number on the magazine or publication’s back page.
2. Use Virtual Services
You almost always heard about outsourcing when it comes to resource-saving, but have you ever thought about virtual services? Ranging from virtual office services to virtual addresses to virtual receptionists, you can access the all-important setup in the new location without breaking your bank.
Getting virtual office prices that are affordable, a fancy virtual address (usually in your location’s main street or business district,) or receptionist(s) representing your busisness who are actually know what they are doing – all are available at your disposal.
3. Provide Educational Sessions for your Potential Customers
Do good publicity of your brand and make your potential customers know about your business. You can do this by hosting a community event. You do not have to spend a lot to conduct such an event.
Simply discover a free or affordable space by interacting with the staff of a library or senior center or speaking to the local parks. You may choose a topic based on your expertise.
4. Think About Doing a Publicity Stunt
How about getting people to discuss your business? You may also stage a publicity stunt to get the attention of the media. You do not have to spend a lot of bucks to do this. S
imply take an open-air vehicle on rent and hand out samples of your product during the ride. Visit an open space or a crowded park and hire a theater troupe of your locality to prepare a small skit to promote your business.
You may also use live models in the shop instead of mannequins. Try it put for the front display window and see the difference.
Ask your staff to be dressed in identifiable and bright company shirts and clean trash in a poor neighborhood or in a park. However, approach the local authorities for all the necessary permits. Finally, you should also upload a video on your YouTube channel.
5. License The Product
Do you have a fabulous product? You may then contemplate sharing it with your business rivals for a good price.
You may offer the product to them and offer for licensing. Charge on a monthly basis and demand royalties. Alternatively, you may ask for a one-time charge for a specific time period. It is an innovative way to get exposed to new customers. Someone else distributes your products for you and you wait for the checks to come regularly.
6. Create a Website for your Business or Expand Online
In case you do not have a website for your business, it is time to create one. You will come across innumerable cheap and free do-it-yourself websites on the net. Take your pick from any of them. Alternatively, you can also hire a professional to create a website for your business.
Make sure that there are links to informational blogs or articles, which can be educative and interesting for your customers. Have a section or a dedicated web page where your content customers can post their reviews and testimonials about the business.
With time, you may expand your business offerings i.e. selling your products online, as well as, reaching out to new consumers. Ensure that your web pages look interesting by having content that is relevant to your organization and your consumers.
7. Use Social Media Platforms
No one is unaware of the impact and potential of social media platforms today. It is a proven and inexpensive way for business promotion.
You may create an exclusive business page on popular social media platforms such as Facebook. Then add “like” or “follow” links from your business website to the web pages. Thereafter, send emails to all your contacts, asking them to become your followers to make your website go viral.
Even your contacts’ friends can see your website and join in, thus exposing your brand to a whole set of new audiences. Many of them can eventually become your new customers.
8. Initiating a Fundraiser or a Charity Event
Hosting a charity event can be a great way to grow your business without breaking your bank. Any charity can cap in raising funds and this is also a good public relations move to show that your business and you believe in philanthropy.
Get in touch with a local charity and ask how your business can assist in publicizing an event for the benefit of the charity. You will find that by working for a charity, your business will also prosper.
9. Form Collaborations and Alliances
Organizations often need the help of other companies to grow. Contact the people you trust and are aware of to expand your business.
For instance, if you are into Italian sauces, get in touch with the local pizza joints for selling your items to their consumers or clients. You may help them by distributing one of the signature items of their eateries.
Gotta Try ’em All!
There you go – nine unconventional ways that you can make use of for expanding your business on a budget. Not all may suit your business needs, but you should give some a shot – you’ll never now how they pan out!