Where to spend and where to save when growing your...

Where to spend and where to save when growing your small business

Starting a small business is a huge step. It can be much easier today than it has been in the past, but, it’s always a risk. When you step away from a stable job, or even a successful career to go it on your own, you take a leap. You’re doing something for yourself, you are trying to make money doing something that you love, and you might not have another income to support you, it has to work.

Getting started, however, isn’t always the tough part. At some point, you need to grow. You’ve set up, you’ve found your feet, you’ve got a few regular clients and customers, but now it’s time to think bigger. Because in business, if you sit still, you quickly get outdone and left behind. To do well, you need to keep on growing. You need to reach a new audience, build your business, offer new services, improve your products and generally, do more without sacrificing excellent customer service and fantastic products or services.

Most of us face a bit of a dilemma when it comes to growth. You might still be working on a small budget, but there suddenly seems to be so much to spend. People are offering to help you at every turn, but always for a fee and you certainly can’t afford to say yes to everything. So, you need to know where it’s worth spending a little more to grow, and where you can save money by doing things yourself. Let’s take a look.

Invest in Tools and Equipment

If you produce a product or even offer a service which means that you need equipment, you may have started with the bare minimum. You might have second-hand computers and machinery. You might be using the cheapest supplies going. This is fine when your business is small and slow. As you grow, you need to be able to do more, faster. It’s worth upgrading to a gravity die casting process for your parts, investing in new equipment and computers and finding the best suppliers that you can afford.

Save on Digital Marketing

Marketing is crucial to the growth of any business, big or small and it can be tempting to blow your budget on marketing teams and services. But, when it comes to online marketing, there’s a lot that you can do yourself. If you do want to spend a little, consider hiring a VA, who can help with all areas of online business, and paying for some scheduling tools to save you money.

Spend on Market Research

If you are going to run your marketing campaign yourself, it’s a great idea to give yourself a head start. Spend on market research, with focus groups, trials, and questionnaires, and you’ll save a lot of time and money going forward by getting things right before you release a product or campaign.

Save on Staff

When you start to grow, it can be tempting to hire straight away. But, it’s crucial to ensure that your growth is sustainable first. Outsourcing can be a much better option than permanent employment.

Spend on Web Design

Anyone can design a website nowadays, and it’s certainly not something that you need to pay for. But, if your skills are relatively basic, it’s worth getting someone else to do it so that yours stands out, works well and makes an instant impression.

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