Running a business with no external funding may just be the most challenging feat an entrepreneur can tackle. Luckily, it’s not impossible. There are proven ways that can help you generate qualified leads and drive more sales on a bootstrap budget, some of which you can start leveraging right now.
Here’s everything you need to know about growth hacks for aspiring, but frugal businesses.
- The Power of Unpaid Marketing
“Build it and they’ll come” no longer works, but there are other marketing strategies you can employ without having to invest in expensive ads. Social media is your best friend when it comes to acquiring new customers – your ideal buyers are already there, you just need to delight them with your offer.
One way to accomplish this is with 10x content.
Instead of money, you can invest your time in producing high-quality informational articles and engaging video content. Creativity is crucial, so put on your thinking cap and showcase your field expertise with unique, visually grabbing, and data-driven posts. Engage your audience to get shares.
- Free Tools That Boost Efficiency
Why should you do everything by yourself when you can automate much of your day-to-day operations? Online software providers offer you a myriad of business tools that can help you increase productivity and efficiency without asking for a lot of your money. Some of these solutions can even be used for free.
- Budget Management That Counts
Of course, budget control is still the most effective growth strategy you can employ.
Before you invest in any improvement or upgrade, go through your business plan to see whether or not it includes hidden costs that may hamper your progress along the way. Keep your everyday costs low and operations lean by figuring out viable methods for cutting all your biggest business expenses.
Whenever you can, take a frugal approach.
- Consider Getting a Business Loan
If you absolutely need to expand in order to make your business work, it may be a good idea to consider applying for a loan. Business loans are available for nearly any type of business – they can empower you with tools and equipment and help you with day-to-day expenses and improvements.
Other ways to grow your business on a tight budget include attending local and digital networking events, offering free seminars, creating intern programs, building relationships with other small businesses, and engaging with charities and local organizations.
They are all free, so why not try them all?
About Author: The author of this blog is a content marketer who formally worked at Business-Informer. A writer by day and a reader by night, he loathes discussing himself in the third person but can be persuaded to do so from time to time.