How to Build a Business on a Budget

Getting a new business started can be exciting and a little scary. This can be compounded if you have limited funds, (and who doesn’t?) to expend towards marketing and advertising. If you want to earn money quickly, retailing is your best option. This is where you make your list and work your warm market.

If you are in a network marking type of business, then you know what your warm market it. You were probably told to make a list of all the friends, family and people you know when you were just getting started in your business. This is your warm market.

Make your warm market list and start to introduce your them to your product line. When they fall in love with your products they will start to share information about you and your business with their warm market and so on, and so on. Using your warm market has the potential to double your amount of “Free Advertising”.

Word of mouth is a great affordable way to advertise any product of service and its free. Make phone calls to your warm market, send them an email and share with them in person.
Depending on what type of product you are marketing, you could suggest your product line for personal use or as a gift giving item. Its possible that your product line could be used in a fund raising effort. You will want to make sure this is ok with your company first. Fund raising is an excellent avenue for retailing your product and generating income. You can quickly get your business into profit without expending a large amount of money.

Visit local shops, car washes, veterinary clinics (anywhere people mill around and wait) and inquire with the owner or manager if they would be interested in carrying your product line on consignment (where you split the profit). You can ask that they pay for the product up front for sale in their store and you’re into instant profit. Some stores will only want to pay you once the product sells which means you have inventory sitting on the shelf before it sells. Long-term income will come with repeat retail customers.

You may want to consider offering a discount for those ordering in multiples. Your buyers may opt for the discount which will round out your required order more quickly and possibly result in more sales overall.

The key to selling a large variety of products when you have limited funds to purchase stock up front is to conduct “Pre-Sales”. With pre-sales you take orders and collect the money at the time the buyer places the order. With this method you collect the cost of purchasing the product and your profit up front. You will have to actively workto sell the required minimum order in a relatively short amount of time so tht your customers don’t have to wait too long. If your customers have to wait longer than 7 to 10 days, they may not order from you again.
If your company offers a product catalog this would be a good investment when your funds are tight. Working a business on a budget is something that anyone can do and everyone should do. Get out there and Share your Passion!

Mindset is Nothing without Action!

Cherrie