Earlier this week, we posted an article about how to launch a successful business without a lot of cash. We received such a great response that we decided to publish a second installment, featuring more of our customers’ favorite tips for turning a few dollars into a successful venture.
Don’t Be Afraid to Delegate
When your operating budget is small, you’ll likely feel pressured to do everything yourself. After all, there won’t be a lot of money to spend on hiring employees or consultants to take the pressure off of you. Choose wisely, of course, but don’t hesitate to spend some money on these things. If you’re terrible at managing your budget, hire a part-time bookkeeper to keep things in line. Is managing your social media presence eating up too much of your time? Perhaps a high school or college intern could step in to assist. The benefits will far outweigh the financial expense.
You Can’t Predict What Will Happen!
Even when things are going well, disaster might be just around the corner. Um. Let’s rephrase that. What we mean is, even when profits are high and you have more customers than you can handle, resist the urge to fling your newfound wealth around. Reinvest in your business, reward your hardworking staff, and try a few new crazy experiments, but don’t forget to plan for when things aren’t quite as good as well. Your rainy day fund will help you buff through the tough times, so don’t let it get low even when everything else is going great.
Figure Out What You Can Do That Costs Nothing
Advertisers and marketers (not surprisingly) tend to push products and services that are flashy, exciting, and expensive. From Facebook ads to billboards, chances are you’ve been enticed by at least one “can’t miss” opportunity that cost a significant amount but promised incredible returns. While these methods of attracting customers might work, your cost per lead is likely going to be through the roof. Focus instead on what you can do that costs nothing at all, like starting up an email newsletter or posting regularly on social media. Once the business starts humming, you can start experimenting with more high-risk/high-reward methods of customer acquisition.
It’s OK to Bootstrap
Silicon Valley entrepreneurs experience a lot of pressure to impress investors, but that’s a silly place to start. Don’t be afraid to bootstrap your way to success – in fact, this method has some significant advantages. Since you’re spending your own money, you’ll be less likely to blow it on things that don’t matter and save it for the things that do. You’ll be keenly aware of how much everything costs, which will help you keep your budget in check. Plus, when you finally do have some more money to spend, you’ll be better prepared to spend it intelligently since you’ll understand how hard it was to earn.
You Have to Love It
This is probably the most important tip out of all ten that we’ve shared this week. If you aren’t absolutely head over heels in love with your business, you’re not going to be able to put in the hard work and make the tough decisions necessary to grow on a shoestring budget. You don’t have to adore every little task about running your business, but if you’re not passionate about the key mission and ideas, you’re going to be in trouble.
It’s All About Community
You don’t have to launch your business all by yourself! The vendors and partners with whom you choose to work should put your success above theirs and focus on educating you rather than cheating you. At 360 Payments, we pride ourselves on finding ways to help our customers navigate the complex and opaque world of credit card processing. Give us a call at 1-855-360-0360 or drop us a line on our website. We’d love to show you how we set ourselves apart from our competition.
PS – Psst. Here’s the number one secret to a high-performing startup team.
PPS – Here’s how to say NO more – and get more done.