If you’re planning to start a new business, one of your main challenges will be working within your budget. The art of getting maximum results at low costs is called ‘bootstrapping.’ It’s a word you might have heard on those motivational videos you run into on social media, but it’s something that anyone can do.
In 2024, it’s much easier to bootstrap than it used to be. This is largely thanks to technology: various tools and platforms are allowing entrepreneurs to compete on a level playing field with larger companies at a low cost. For example, with the Adobe express app, your team can perform many graphic design jobs without paying for expensive software.
If you’ve got a startup idea, one of your blockers to actually starting the business might be money. You’ll be glad to know that it’s possible to get a venture off the ground on a shoestring budget, as we’ll demonstrate in this article.
Use Guerilla Marketing
Marketing is one of the most fun aspects of doing business because of the sheer number of possible strategies you can employ. There are lots of creative ways to do marketing without breaking the bank. But in a world that’s increasingly reliant on data and thus places growing value on consumer attention, using the right marketing tools and strategies is vital for ensuring the visibility of your brand.
Alongside ticking all the boxes regarding what constitutes a strong digital marketing strategy, startup entrepreneurs are also advised to think outside the box by embracing the understated powers of guerilla marketing. Guerilla marketing is effectively the art of bootstrapping your marketing efforts. It involves reaching the widest number of people at a lower cost. Examples include creating viral social media content, getting earned media placements like TV interviews and using eye-catching out-of-home advertisements.
For guerilla marketing to work for you, however, you’ll need to have a distinct brand. The only way people will notice you is if you stand out from your competitors in some way. You can do this on a countless number of fronts, including price, messaging and brand visuals. So think about what kind of graffiti art or urban poster design will best showcase your brand’s individuality. That’s the secret to any great guerilla marketing campaign.
Outsource Work
While full time employees are great for building culture, hiring and keeping them around can be expensive. For one-off tasks or tasks that aren’t time-consuming enough to create a whole job position out of, outsourcing might be for you.
One way to outsource is via freelancers. Freelancing is suitable for tasks like simple content creation, graphic design and voice recording. There are numerous sites on which you can find freelancers that may even come with reviews or client testimonials. These include Upwork, Fiverr and Onsite.
It can also be helpful to cast a wide net by looking for freelancers on various sites rather than just posting ads on one or two. This gives you access to more talent, and can potentially help you hire at lower costs. Just make sure you have adequate departmental resources for monitoring these multiple listings.
Another option is to work with third party agencies who specialise in doing the work that you need. Marketing in particular is a sector where getting this party help can be useful. It covers things like back linking, content creation, performance marketing and many, many more. The discipline is so wide that it’s almost impossible to hire an in-house specialist in everything you need to do, especially as a small company.
Work With Co-Founders
As mentioned, hiring people can be expensive. This is doubly true for c-level positions. One way to get around this is to work with co-founders with a diverse set of skills. By compensating them with company stock, you add valuable skills to your company while saving a lot on salaries.
Working with people who are just as passionate about your venture as you are is also a great way to move your company forward. They’ll also be a lot more motivated to make the company work if they have a stake in it.
Working with co-founders is also great simply so you won’t feel so alone. Having people in the same boat as you, people you can ring up in the middle of the night to bounce ideas off of, is a great way of avoiding burnout and sustaining your passion for your startup.
Leverage Technology
There are lots of tools and platforms available to small businesses that help level the playing field with your larger competitors. Rather than paying for expensive graphic design platforms, for instance, there are apps (like the aforementioned Adobe Express design app) that allow you to perform basic design work at very low costs.
Often, B2B softwares will offer a cheaper package for small businesses. Looking for these sorts of providers helps you save on paying the same amount big companies do. An example of this are email marketing companies that offer several price tiers for different monthly email volumes; if you have a smaller audience, you can pay less.
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If you’re an entrepreneur worried about your company’s finances, you’ll be thrilled to know that it’s possible to run a successful business on a budget. This has been proven time and again by startups all over the world. All you’ll need to successfully bootstrap your business is
Starting a company is incredibly exciting, and part of this excitement is down to the opportunity to try out creative solutions. In this article, we’ve gone through some ways entrepreneurs can bootstrap their new businesses. Start implementing them today and watch your business grow.
