Once you have started your new company and have had a few sales, it’s an obvious step to make to start thinking about growth. However, the challenge is, how can you do that when you don’t have much money to spare on funding it? It certainly isn’t easy – but it is possible. In this guide, we’re going to take a look at some of the things you can do to grow your business without spending a fortune.
Now, before we get started, there’s an important distinction to make. If you want to take over the world, then you are going to need money. A lot of it. And, this article probably isn’t for you. But if you want to make the first of many incremental steps towards achievable growth, then read on.
1. Give Stuff Away
Everybody likes free ‘stuff’, so much so, that it rarely matters what it is. So, for a small business looking to get their name out there, it’s easy to give something of value that people will love. If you can give something away that your core audience will be interested in, then they will be more likely to go for it – and hold you in good stead.
For example, let’s say that you want to grow your email list. You could use all of your most-viewed blog posts and combine them together to create an ebook. If it has value, people will sign up, at little cost to yourself other than time, and you have an expanded audience.
2. Reduce Your Overheads
As we mentioned above, you do need money to grow – and every little helps. So, one of the best ways to get more profits is to look at where you can save costs. The next time you need to buy some equipment for your business, think about leasing it instead.
It reduces your spending and improves your cash flow, which can then be put into other areas of your business. Also, think about the costs of where you work. Instead of renting an expensive and flashy office, why not look at cheaper alternatives?
You could work from home, or rent space in a business incubation centre. You could even try hiring a modular building if you need a more professional looking space. Check out midlandsportablebuildings.co.uk to see the kind of thing we are talking about. You can cut costs in almost every area of your business quite easily – you just need to look at everything in a different light.
3. Reach Out To Your Local Community
While the Internet has been fantastic for small businesses, it has taken one of the principles of business growth out of the limelight. Face-to-face meetings and events are a better way to get to know your public – especially when it comes to your local community.
All businesses need a stable and robust base before they grow, and getting your face seen locally is a great way to achieve this. Go to more community events, sponsor local sports teams, and head up charitable events. It all counts towards your image, and your client list will grow, without the need to spend a fortune.
Do you have any low-cost growth tips? Share your knowledge in the comments section below!