6 Steps That Will Help Grow Your Business on a Budget

You’ve outlasted the hiccups of starting a new business, from branding to budgeting. Congratulations! But now that you have that budget set and are committed to sticking to it, trying to grow your business may be your next hurdle. While a strong financial backing does help, it isn’t always necessary, and you can do it on a budget. Here are six steps to do it.

1. Focus

Growing your business requires a discovery phase. Take time to focus on where you want to grow and where you should spend your efforts. For example, if you specialize in waterproof outerwear, do you want to sell more soft shell jackets or do you want to decrease the cost of producing them? Do you want to reach a bigger audience, or do you want to focus on selling more products to your existing audience? Write down the specifics and focus on a few of those areas instead of making vague goals. Goals that are too vague are likely unattainable, especially without a plan.

2. Give Freebies as Rewards

When you’re growing your business, it may seem counterintuitive to give something away for free, but it can actually help boost your business to offer incentives to potential customers. For example, when people sign up for your email campaign, you can reward them with something enticing to get them to stay on your list and learn more about you. Just make sure you’re offering that freebie to your intended audience. It also helps if the freebie is something related to a product on which you can upsell them. For example, start with a custom promotional towel. They may find that they love the quality so much that they’ll naturally think of you when they need a new set for their bathroom.

3. Consider a Partnership

Don’t see competition as the enemy. Businesses that have the same target audience as you can prove highly useful in growing your business. This is especially true if they’re already established and trusted. Don’t assume they won’t be interested in partnering with you, either. If you sell a related product or service that they don’t sell, they won’t necessarily see you as competition, but instead as a source for more customers. For example, if you sell cupcakes, contact that coffee shop down the street so you can cross-sell your products.

4. Be Social Media Savvy

These days, no marketing strategy is complete without social media. But it is also easy to get caught up in it and waste your time on platforms that aren’t productive. You need a social media strategy where you post on a regular schedule to allow for optimum engagement. Make sure what you post provides some benefit to readers so they keep coming back. That way, they’re more likely to remember your name when they need a product or service that you sell.

5. Seek Referrals Within Your Target Audience

It’s only natural that your target audience would know people who have similar needs and interests. So why not look to your target audience for referrals? Attend local networking events or conferences in the area you market. You may even learn something about your new audience that helps you improve your product offerings. Of course, you can seek referrals the old-fashioned way, too, by offering current customers an incentive to refer new customers to you. Give them a discount on a future service or a freebie like a custom company umbrella with your logo on it.

6. Use Free Marketing

While a marketing team can be a great investment, not many small businesses have the capital to invest in one. That’s why it’s important to use free marketing resources when you can. For example, you can use LinkedIn to connect with people in your industry, and, as a result, with their customers. You can also use certain email address finders to reach people who may be interested in your product or service. Another way to market yourself is to rent a booth at a trade show and hand out promotional items that represent your brand.

Whatever you do to grow your business on a budget, don’t get discouraged. Even the most profitable businesses started off small, using whatever resources were available. It might take a little work in the beginning, but there’s no reason that growing your business should break your budget.