Strategizing Your Rise Through the Stages of Early Business

Therefore, in the same way that you might use your business plan as a way to inform how you move forward in general, you might think more specifically about some of the specific situations you could encounter here in order to prepare yourself in advance. If you can get to the point where it’s easier to sustain yourself, you might feel more confident in the capabilities of your company from that point forward.

Cutting Costs

When you have limited funds to work with, a natural step could be to examine where costs could be cut. This doesn’t necessarily mean cutting out entire aspects of your business or doing anything dramatic that could severely impact your ability to function – even if this is where the temptation might lie with certain large costs. Sometimes, though, cutting smaller costs can have less of a functional impact and still allow you to save money. A prime example of this is looking to LTL freight if you need your goods shipped, allowing you to share the shipping space with other businesses or services that can allow you to spend less on your space.

Business Partnerships

You might find that there are merits to the idea of getting into the orbit of larger businesses so that you can gain the awareness of their audiences. A sound plan in theory, but in order to get to that point, you have to collaborate with another business – meaning that you have to have something to offer them in return. Usually, this works out to be a sharing of audiences, creating a promotional event that helps to drum up publicity around either brand. This might still apply, but depending on how small your business actually is, it might not seem too advantageous to other brands, meaning that you might have to work with other businesses of a similar size, or perhaps with social media influencers to whom you can offer a sponsorship or promotion.

Your Marketing Methods

One of the biggest concerns that you might have as a small business could come in the form of a slight contradiction. This is when you need to raise your brand visibility the most – letting your audiences know that there’s a new contender on the stage. However, it’s also when you have the fewest number of available resources to help you get there. How do you overcome this hurdle? 

As with anything in business, there’s no strict correct approach, but you might find that you aren’t as limited as you think you are. Social media is a tool that could quickly come to mind, helping you to reach a much larger audience, as well as granting you access to tools like polls or the ability to share posts. If you do have an available marketing budget though, it might become about prioritizing where this money is spent.

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