Small Expenses With Huge Returns:
The Best Places for Your Bootstrapping Business Budget
1. Conferences & Expos
The lure of industry conferences may fade over time, but these events can be incredibly lucrative for small businesses. In addition to connecting you with potential clients, an expo or conference could also help you build relationships with suppliers, experts, and insiders. Owners who do not plan on presenting at expos might still want to consider visiting a few of these events every year. This will give them a closer look at their competition and the state of their industry as a whole.
2. Email Campaigns
Social media accounts aren't the only cheap way to advertise online. Many small business owners never realize just how effective and affordable an email marketing campaign can be. One group of studies even shows that every $1 invested in email marketing has a return of $44. You might not hit those numbers immediately, but you should still enjoy a great return on investment. The key is to create emails with actionable content that are easy to digest.
3. Customer Support
Excellent customer support is vital in every industry, but it is especially important for smaller companies with a relatively small customer base. Instead of paying for live operators or outsourcing this job, many small businesses can leverage the power of technology to improve their customer support. Live chat software is more affordable than ever and will allow your clientele to reach you quickly and efficiently for any questions or concerns they might have.
4. An Eye-Catching & Responsive Website
Practically every single business in the world will benefit from having an eye-catching website. No matter what industry you are in, growth will be exponentially more difficult without a strong online presence. Even if you do not plan on making any sales online, customers should be able to quickly find your phone number, email address, prices, current offerings, specials, and information on your company. If you can find room for it in your budget, a small SEO investment can make a massive improvement to your online traffic.
No single budgeting tactic will work for every new business. That is why it is so vital for owners to start this process early so they know where every penny will be invested well before they open their doors.
I hope you enjoyed this article on small ways to invest in your lean startup that will pay big dividends.
Interested in more advice on budgeting for your startups?
Read My Posts:
- 5 Tips To Improve Small Business Efficiency
- 3 Tips To Improve Your Business Outsourcing
Best Of Luck In Business To You All!
Michael J. Schiemer of Schiemer Consulting
Enthusiastic Entrepreneur & Owner of Frugal Business
Digital Marketing, Social Media, & Entrepreneurship on a Budget
Bootstrap Business: Money - Marketing - Motivation
Mike Schiemer Builds Better Business
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