Many budding entreprenuers walk around with the burden of not knowing how to start or grow their business without much cash or stress.
An average entrepreneur is often worried about how to get his product or content across to a larger audience. This is a problem especially, when it comes to content marketing.
According to Brian Honigman, the CEO of Honigman Media, “Successful content marketing can be a challenging strategy to master, even for the largest organizations. Throw this strategy to a business with a strict budget and minimal resources, and you can likely expect an uphill battle.”
However, I have highlighted four different ways to increase your business capacity without breaking the bank as follows;
- Build Collaborative Teams
Wise entrepreneurs know when to create a merger between small and medium businesses to create a single mega company or corporation. Entrepreneurship does not have to be a one-man show. You must know when to collaborate. Delegate your power between collaborators and employees.
If perhaps you don’t want to relinquish your independence, then partnering with other corporations is a valid option as well. Demand results from whoever you give responsibilities. If they are your partners, let them contribute equally in financing or contributing to the business just as you do. This enhances their commitment to the cause.
If your collaborators are in form of employees, give them duties and hold each one accountable. Give them research works to do or send them to talk to prospective clients.
- Syndicate Your Contents
To reach a much bigger audience with limited capital, consider getting your content syndicated if possible. Develop beneficial relationships with popular publishers in the mass media sector.
Also, you can collaborate with social media influencers to share your content with their large fan base and followers. It is cheap and most times even free. For instance having content shared on a twitter handle with a massive followership can cause a quantum leap.
Meanwhile, it must be noted that there might be some difficulty especially for a new or budding entrepreneur to secure a syndication partnership with popular publishers. But there are sure ways to go around this encumbrance.
The first step would be to highlight those top publishers who are going to be interested in your area of business or your targeted buyers/audience. Second step would be to start the process of producing contents or products that will meet the needs of those multiple parties.
A good example is when a tech company writes a ground-breaking article or give an exclusive interview on a new product they’re designing which promises to change the industry. Syndicated contents are effective as it drives traffic in bulk and afresh to your brand every time there is news about your company.
- Consider Low-Cost Paid Promotions
With the sky-rocketing reach of social media and the increased power inherent in internet marketing, it wouldn’t be a bad decision to make use of the social channels.
The difference between older businesses and newer businesses often is in how the new businesses harness the potentials in online content promotion. This sees them get more engagement from social media channels.
Meanwhile, try to determine which of these numerous channels best suit your business goals and most importantly conform to your budget. When you start using the channels, measure the success on your business within the first one month and decide if you want to continue.
- Developing A Strong Business Strategy And Plan
Sometimes, entrepreneurs are scared by the mere sound of the phrase “business plan”. It invokes the picture of a big, complex, theoretical and unrealistic plan. Of course, some big-time entrepreneurs have made it without ever preparing a business plan. Some have without even a single strategy. But that is extremely dangerous for your growth and longevity in business. We’ve also seen projects with a 100 page business plan and still no success because the project was not coherent or realistic enough.
According to the United Nations Conference on Trade and Development as Held in New York and Geneva (2002), “The business plan describes the past and present status of a business, but its main purpose is to present the future of an enterprise. It is normally updated annually and looks ahead for a period of usually three to five years, depending on the type of business and the kind of entity.”
As an entrepreneur, it is highly crucial for you to develop a business plan for your organisation. Especially if you plan in the long term to involve business partners who don’t have your dream in their heads or hearts.
With these tips, you can all work in one accord, be able to generate enough cash flow to satisfy everybody on the team and keep your account green.