You are aware that you have to have money in your business for it to be successful and that a chunk of that money will go to getting exposure and new clients … to Marketing.
And now it is time. The marketing projects are looming – branding, website, a launch and you can’t put it off any longer. You know that putting money into marketing is critical to your business and you want to be smart about it.
The investments that you choose will be as unique as the business you are running. Create a plan for the marketing initiatives you want to implement, how much they will cost and when you will do each one. There’s a ton of information out there on how to do it, or hire a marketing specialist to help you.
Be clear on what your Return on Investment will be. How much will it cost and what can you expect to earn from that investment now and in the future? Then decide how you will pay for it.
Here are the four key ways to fund your marketing initiatives.
Save for it
Decide how much you want to spend on marketing each quarter or year and save money towards that budget on a monthly basis. Many small businesses direct 3-5% of their projected gross revenues towards marketing. If you don’t spend the money in that month, put it away for biggest projects in the future. When you are ready to do a big project, you will have reserves ready for you to use.
Pay As You Go
Free Up Money from something else – take a look at your business expenses, and then at your personal expenses. Where could you free up some money to put towards marketing? For example, reduce the extra payments you are making to debt for a short period of time and reallocate that money towards the marketing initiative with solid ROI. Boost your payments back up when the new revenue comes in.
Alternatively, you could make arrangements with your supplier to pay in installments towards a project. Focus on generating the revenue you need through your business for each installment. This works well for larger projects completed over time.
Create a quick influx of cash through heightened sales via a special offer or VIP Days to your existing client list or to new clients.
A new and interesting way to create an influx of cash is through Crowdfunding. This is where you fund a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. Check out this article to figure out how to choose a crowdfunder.
Of course, you can always borrow it. Use a Line of Credit or credit card, or go to the bank for a loan. You may be able to access government or association loans or grants at reduced interest rates or for some other offer.
If you are going to borrow, be clear on your Return on Investment, and factor in the cost of the interest and any fees on the loan.
Good luck with your marketing! Pop a note below to let us know what has worked for you.