Many started their own small business during the pandemic. Some opted to do dropshipping. Others make their own products, have their own inventories, and handle everything from marketing to shipping customer orders.
But what if you have a one-man business and you are currently broke? Is there are any way to turn things around and still foster business improvement with little-to-no money? The good news is, there are certain things you can do so you can start scaling your business on your own even if money is tight.
Find Ways to Raise a Capital
Growing a business will require more money. You will need to reach more audiences, create more inventories to cater to your clients, and boost your marketing to reach more audiences. As your business starts to grow, so will your business needs.
One good way to finance business growth is to find ways to get funded. You have numerous options to consider, including the following.
Seek Monetary Help From Your Loved
Not many people, even your loved ones, will be willing to spare their money just to help your business. The trick is to convince them into believing in your brand and what you have to offer. Make sure to draft a pitch, list down your business plan, how much you need to borrow, and how you plan on paying them back.
Even if you are dealing with people you know well, make sure to keep communications and documents formal. Manage your expectations and try to borrow smaller amounts from different loved ones. You are more likely to succeed in getting their support if you solicit small sums of money.
Pre-selling is a popular buzzword in today’s real estate. This happens when one sells an item that is not yet completed. This helps finance the project while ensuring each order will sell upon completion.
What you can do is to pre-sell your products to prospective clients. You can start with your family, friends, neighbors, coworkers, and neighbors. This way, you can be sure you have the funds to finance your project and customers waiting for their fulfillment.
Ask for Donations
Now is not the time to be shy about letting other people know you need the money to finance business growth. More often than not, strangers would be willing to provide financial assistance to people they don’t know. This is for as long as you can entice them with a compelling story and the reason you are asking for help.
Set up an account on different fundraising pages. You can also use social media to let others know about your financial dilemma. Some make use of a personal blog to ask for donations while others send email campaigns to keep on raising money.
Improve Your Packaging and Shipping
One good way to grow your one-man brand is to ensure your customers are happy in terms of how you pack their orders and how fast and efficient you can deliver their packages. Start by looking for sustainable packaging options so you can entice eco-conscious consumers into patronizing your brand.
For instance, you can consider turning to colored poly mailer bags. Wrapping orders in such an aesthetically pleasing packaging will make their unboxing experience a lot more exciting. These are also a lot more economical than other packaging options.
Find another shipping company that can offer better shipping rates but faster delivery. You want to ensure your packages are well-taken cared of and won’t cost you and your customers too much just to ship and receive the orders. Establish great relationships with your packaging supplier and shipping partner so you can enjoy better deals in the future.
Take Advantage of Online Marketing
There is no point in trying to pay for expensive advertisements if you have no funds to pay for these just yet. You can start by listing your brand on numerous online directories and claim your brand on Google My Business.
Aside from putting your offers on different social media platforms, consider promoting your brand on Reddit. It may be an old community, but you can drive sales from the massive number of free traffic on the platform.
No one hates free items, so why not run a giveaway contest on social media? This will help you get rid of your extra inventories while promoting your brand in a fun way. All you need is to use your existing business social media pages and set clear guidelines to share with your followers.
Make sure your giveaways are related to your business. These can even be your most in-demand products. Set a time frame, use the right keywords, images, and hashtags, promote the contest, get in touch with your followers and be transparent when choosing the winner.
This goes to show that it is possible to grow your one-man business even with a tight budget. You just have to be creative in getting more funds and in tapping the buying power of your target audiences. Improve your brand in the best way you can and you can start scaling your business in no time.