A Lightbulb Moment: Tips to Launch a Business on a Budget
August 23, 2011By Christina Valladares

It starts with a vision in the most unlikely moment - on the drive to work, in line at Starbucks - you have a lightbulb moment and you get an idea for an invention or business that you are sure will be lucrative.


Yet, with little to no capital, you wonder if your idea is nothing more than a daydream.


"The experts will tell you when you are starting a business to try to get money from the three F's - friends, family, and fools - but there's a much smarter (and less insulting) strategy to get money for your venture," said Robert Pagliarini. In his article for moneywatch.com, Pagliarini explains that youdon't need investors or a fairy godmother.


"You can start a business with no money and get people to work for you for free. Impossible? It's not. I've received "free" help from world-class graphic designers, web programmers, PR pros, marketing gurus, consultants, and other service providers many times and you can too."


Yet, how should one begin?


Many business owners have started successful companies with limited finances. Simple concepts and service companies that don't require a lot of initial cash outlay are best candidates for this startup strategy.


Stop making excuses. Go for it. Here are some simple tips to launch your small business on a budget:


1. Using Social Media to Promote your Small Business

In the past few years, business trends using social media exploded onto the market. Everyday, thousands of people join social networks such as Facebook and Twitter, making it a breeding ground for advertising. Here are some of the best social media sites that are being used by people to promote their small business:

  •  Facebook


Today, Facebook stands as the largest social media site with over 600 million users and growing everyday. Any and every business can use Facebook as a tool to promote itself. The process is simple. Sign up for a Facebook account and start making friends. You can join communities, invite new people to become your friends, get into discussion groups, create a fan page for your product and participate in many activities that can help you expand your network of contacts. As people get to know you, you begin to build a network.


  • Twitter


Twitter stands beside Facebook as one of the world's most popular social networking sites, and can also be a tool to help you promote your business online. You can sign up for either a business account or a personal account. You can actually open both types of accounts to help you expand your network faster. A business owner can start "tweeting" or sending out brief messages to friends to update their "followers" about new products, discounts and special offers.


  • Blogs

Blogs are a new part of the phenomenon that have been attached to business websites. Blogs typically include features such as comments and links to include interactivity for your fans and patrons. For example, if you are a small local taco restaurant, you can start a blog that talks about Mexican food preparation. If you are a small organic store, you can start a blog that talks about the benefits of organic eating. In each blog post, provide a link to your website, and make sure to advertise your business while being subtle about it.


  • YouTube

YouTube is one of the world's largest video sharing websites and millions of users visit it every day to check out the millions of videos. YouTube can work for you if you create your own account and post videos about your business. At the end of the video, add a link to your website, and be sure that you add another link to your site in your comments section. The more links you place on your YouTube site, the more traffic you will be sending to your website.



2. BARTERING

One of the biggest challenges first-time business owners face is paying for the products and services that can sustain their start-up business; this is where bartering can come in handy. Bartering is the exchange of goods or services without using money.


A first step is to join a trade exchange, an organization that introduces barter-friendly businesses, allowing them to trade using "barter dollars"--the currency of trade exchanges. Historically, exchanges have been regionally-based for the most part, hooking up buyers and sellers locally. With the ever-expanding internet, business owners can barter across the country or around the world.


To find one of the 500 trade exchanges in North America, check with two industry associations: the National Association of Trade Exchanges and International Reciprocal Trade Association.



3. SEO

What do you do when you know very little about social networking sites or how to create a website for your business? This is where an SEO, "Search Engine Optimization," consultant can come in handy.


An SEO consultant is an expert in online research methods who helps a client's websites be found more easily by Internet search engines like Google and Yahoo.


According to a 2009 article in Marketing Sherpa (2009), search marketing continues to see an increase in interest and dollars by 18% from January 2007 to March 2009.


By increasing a website's visibility and search rankings, the website traffic, sales, and productivity will generally increase. An expert SEO consultant will analyze the client's goals, marketing strategy, target audience, and website to determine a strategy. The consultant may then offer recommendations, teach the client what to do to improve SEO, make marketing and website changes, or a combination of any of these valuable option that will enhance the productivity of your business.


Jonathan Alonso is an SEO consultant in Miami, Florida. His company, Jon Geek Marketing, specializes in helping small businesses maximize sales through web exposure.


Alonso's top three tips for any small business is:


  • Make sure that your website is properly coded, and it is properly designed, if not search engines may not even pick up your site for consideration.
  • Content. Content is key. Proper about us. Proper descriptions of services. Adding RSS feeds (Industry news). The more information your site has the better.
  • Make sure to have proper SEO tags on your site. This includes the repetition of certain keywords per site page. For example, "Miami Kitchen Cabinets." Make sure that your headers, title, and descriptions contain that keyword a few times.


"An SEO Consultant will help you reach your goals and can help you establish an internet marketing "road map," said Alonso. "Learning internet marketing is a process. A business owner needs to focus on their logistics and internet marketing can become overwhelming. We can help."



4. Launch Parties


A launch party is an event that will introduce, or re-introduce your business or product to the market.


"They are great ways to introduce yourself because they allow you to create an entire experience for your audience to remember your brand by, and because it may allow you to have some in person interaction with your target clients,"  said Feyisola Ogunfemi, the founder of Statuesque Events, an event consulting, planning and decor firm based in the metro NY/NJ area.


Some key benefits of having a launch party to launch your business are:

  • Publicity: If you are able to get the right publicists and press to your event, news of your new product can travel very far. Press is free marketing.
  • Branding: By creating a custom experience through the event, you can create a very distinct impression of your brand that will be lasting.
  • Make it personable: People love buying things from people who they like. So, having a launch party where you get a chance to shake a few hands, and take pictures with attendees brings you closer to the audience and makes your brand more likable.


In today's economy, starting your own small business is risky business, but with today's technology, and inexpensive marketing methods, it is definitely a risk worth taking.


Visitor Comments (1)
Great
Posted By ALICIAR on September 1, 2011
I'm glad that there are so many outlets available with info to help newbies get a head start on becoming an entrepreneur.

I agree that budget is definitely key. Although business is not my cup of tea, it's really great to see others successful in it.
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