Developing a marketing strategy for a startup is a lot like developing a marketing strategy for any other business, but there are some distinct differences. One of which is finding the necessary funding to make it a success. Startup businesses, by their very nature, have to be frugal and efficient, and finding the finances to market your idea can be tough in the beginning. With that being said, here are our four top tips for getting the capital you need to make your startup dream a reality.
Keep the startup as a side project for as long as possible
Maintaining a full-time position as a company employee while trying to get your business idea off the ground is going to be difficult, but at least it means you’ll have guaranteed income every month. However, if you’re on a shoestring budget, finding the time to juggle a job while nurturing your business to prosperity could very well be your only option. Our advice here is to be sensible with your time and not to take on too many ambitious obligations. You’ll need to accept at some point that your time is limited and make a choice between regular employment and the business. Up until that point, make the most of a steady income to support your growth.
Apply for a low-rate business loan
Applying for a loan can be difficult for a new business, particularly if you’ve never had credit before. One of the most significant single factors to being denied credit for a new business is having a bad credit score. You might need to do some research if you’re reading this and thinking, what is a bad credit score? Essentially, having a poor credit score will make it difficult to borrow money to get your business off the ground, and you might need to think of alternative options.
Look for investors in the local business community
If you’re just getting started in the ruthless world of business, then chances are you’re probably not familiar with where to look for investors, so here are a few ideas. Try getting in touch with business schools in your city. Not only are they an excellent place to meet people in the local business community, but they may well be able to put you in touch with investors willing to stump up the capital necessary to get your ideas off the ground. Be clear and concise with your plans and be sure to back up everything with figures. Nothing will send potential investors running to hills faster than a disorganized pitch that’s lacking in detail.
Make the most of cost-effective marketing channels
When it comes to marketing a startup, there are ways to make use of low-cost channels to quickly spread the word about your business idea. Social media and digital marketing don’t need to cost the earth, and if you’re willing to put the time and effort in, much of this can be self-taught online. Keeping the costs to a minimum is one of the most sensible ways to go about marketing any business, particularly one which is just starting out. Luckily, there are a number of great free tools for anyone starting a new business available online.