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Lack of money and cash flow problems commonly
plague small businesses. Often, small and home-based businesses
find themselves in desperate need of cash!
Small entrepreneurs likewise face significant difficulties when it
comes to finding outside funds to support their company's growth
strategies. With limited financial help available, small
money-hungry businesses must think of creative ways to push their
business forward.
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1. Get on the Internet.
The Internet has allowed the small entrepreneurs to reach a
significantly huge market and serve their customers 24 hours a
day. For just a few dollars per month, you can market your
services worldwide. Who can beat that? But the greatest plus
of the Internet is its ability to "level the playing
field" between big business and small enterprises. A
well-designed web site can extend the range, size and scope of
your services, even projecting an image of a well-oiled and
established corporation, instead of a small business ran by a
solo operator. Develop a good website, and compete
side-by-side with the big boys.
2.
Hire cheaply but
effectively.
If you cannot afford to hire full-time
employees, you can do two things: hire commission-only sales
reps and/or hire interns. With commission-only sales reps, you
only need to pay them what they earn. Interns from colleges
and universities often work for free or next-to-nothing, and
get college credit in return. The drawback, though, is their
short-term availability, mostly during summer and spring
breaks only. Or you can hire dedicated people who are willing
to work for nothing in exchange for equity, should your
company succeed. There are a lot of talented people who are
willing to work for less in exchange for assurance of a slice
of the corporate pie once the company succeeds. This is
particularly true for Internet start-ups.
3.
Maximize networking
potentials by participating in business organizations.
Business and trade organizations are rich sources of contacts
- from potential investors, customers, partners or mentors.
Moreover, it would help you keep yourself updated of the
latest industry news and developments. For home-based workers,
participation in business and trade organizations is your
perfect excuse to step out of the house!
4.
Partner and join
forces with a complementary business,
allowing a
win-win situation for you. Work out a deal where you help each
other promote and market your products. If your business is
Internet-based, you can exchange links with your partner
organization, driving traffic to each other's sites. Or you
can do ad swaps regularly - he can advertise for free in your
classified ads page in exchange for free ad space in their
newsletter or website.
5.
Trade services with
a franchisee prospect.
You could work a deal, where
a potential franchisee's buy-in fee would be cut if they
helped produce the operations manual; this way, you use one
franchisee to get more franchisees. The payoff comes
later.
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6.
Find inexpensive
ways to advertise your company on a regular basis
(such as asking all family members with a car to sport your
company logo). Sending out press releases is an effective way
to give you publicity and free media mileage - without the
high costs of buying media advertisements. Maximize
your business cards as an advertising vehicle.
7.
Capitalize
on anything and everything that's free!
Get the
word out about your business by utilizing free resources on
the Internet. Participate in banner exchange programs. Check
the possibility of swapping ads with other newsletter or e-zine
publishers. Post
in newsgroups; submit free classifieds, and use
free-for-all-links.
8.
Make full use of
your expertise.
If you have successfully
established a reputation based on your name, you can
capitalize on your reputation as a solo practitioner and use
it to organize seminars, charging a fee for teaching others
your own skills. You can also expand your business by
accepting consultancy projects or speaking engagements. The
better known you are in your field, the greater the chances to
capitalize on your fame.
9.
Develop a program or
system for your business that can be marketed and sold to
others.
If you have written several high-quality
articles, you could write a book. Book publishing has become
more affordable with the advent of e-books. Instead of finding
a publisher, you can develop and market the book yourself as
an e-book. Another way is to develop a software program for
mass production, or compilation of your articles in a
CD-ROM.
10. Sponsor
trade shows or other events in your community. The
major focus of the tradeshow is to provide a familiar venue
for business professionals to research business products and
services in an environment focused on a specific vertical
market. Expositions such as trade shows allow your business to
exhibit and demonstrate your products to other businesses, but
sponsoring one can enhance your image as a market leader or a
trendsetter. On a lower scale, you can participate in your
community's activities, providing support to projects on
fund-raising for the poor. Both of these activities can
enhance your business' credibility, and entrench your role in
the community and industry.
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