Startup entrepreneurs should know the risks involved in starting their businesses. Money plays a significant role in the success or failure of a startup. 90% of startup entrepreneurs are expected to fail. But does this mean that you shouldn’t chase after your dream?
There are simple yet cost-effective measures that low-budget startups could adopt in their business practices. Here are some effective low-budget hacks that entrepreneurs could start to implement.
1. Build solid content online
Quality content makes a significant difference in how a company is perceived online. Content has been considered the king for quite a while, and there’s no sign of it changing soon. Low-budget startup entrepreneurs should start investing in an effective content strategy to get the attention of their niche.
This simple yet effective strategy has been proven to build a company’s reputation. It can also potentially increase your conversion while attracting the right people.
Is it cheap? Hiring content creators may not be as cheap as you expect. Big companies are willing to pay $100 or more for high-quality content. For low budget startup entrepreneurs, they could start building their content. Using tools such as Grammarly.com, the content can be proofread even without the help of a professional copywriter/editor. If not, they can hire online freelance writers to get the job done. Freelancers offer a budget-friendly solution to this type of concern.
2. Delegate the simple and mundane tasks
Startup entrepreneurs commonly make it a mistake to micromanage and perform mundane tasks. Startup entrepreneurs could save more money if they focus on the more essential functions in their company.
So who should cover the simple and mundane tasks? If you don’t have the money to hire new employees, you can start having a virtual assistant to get things done. Some businesses also allow on-the-job trainees to be part of their organization. On-the-job trainees are young college graduates or students trying to gain experience in a relevant industry.
3. Invest in a modern and responsive website
Whether or not you have an office or a physical store, it is imperative to have a modern and responsive website for your startup company.
A responsive design allows the user to have an optimized website view on different devices. This type of design responds to the available viewing space.
Now that 48% of mobile users have started using the internet on search engines, Google has decided to adapt its algorithm to this trend. Aside from providing a superb user experience, responsive websites are given an edge over Google. This design increases the chance of landing on the first search result page.
4. Study the industry/market well
As a rule of thumb, every startup entrepreneur should never get into something they don’t know. Investing in an unknown niche increases the risk of failing.
Market research is something that businesses of all sizes shouldn’t forget. By studying your industry and market, you’ll be able to determine the startup’s potential. Is there a demand? Who are our competitors? Is the market already saturated?
5. Branding consistency
Branding is the key to being easily recognized by your audience. An effective branding strategy can help get the message across effectively. Small businesses should be able to understand the value of using consistent designs. Branding isn’t just your logo. Branding is also about the voice, colors, fonts, and your website’s layout.
6. Develop a social media marketing strategy
Social media has leveled the playing field for a lot of businesses. Even small companies have been able to get the same exposure as their larger counterparts, thanks to social media. And the good part is that it can be used for free.
With billions of accounts floating around on different platforms, social media should never be ignored, especially by small entrepreneurs. According to one study, consumers tend to buy products from brands they follow (64% of Twitter users and 51% of Facebook users).
But of course, not all social media campaigns can yield positive results. Learning effective social media marketing strategies is crucial to maximizing reach and engagement. This includes establishing the correct type of voice to balance the promotional and non-promotional posts.
And, of course, you must understand that the social media platform algorithms are also changing. It has been a concern among social media managers when Facebook changed how people see posts on pages.
The average reach of Facebook publishers in 2015 was only 2.27%. On the other hand, in 2012, publishers organically reached 16% of their fans. This only means that small businesses should also consider sponsored posts to help boost their reach. But more importantly, it is imperative to reevaluate the content shared on social media.
7. Take the customer feedback seriously
You may have heard Steve Jobs downplay customer feedback saying that customers have no idea of what they want until they have seen it. But for startup entrepreneurs, keep in mind that word-of-mouth advertising is still among the most effective means of advertising.
Word-of-mouth advertising can either help or destroy your business. It is crucial for a virtually unknown brand to get as many people to recommend your products or services. 84% of consumers say that they trust recommendations of either friends or family regarding products. The same is true for online opinions made by consumers.
So what should you do if you face negative feedback online? This is where startups need to have a protocol for managing negative comments and reviews.
8. Analytics
Every startup entrepreneur should consider the numbers. Analytics provides startups a reality check whether or not they are doing the right thing. For starters, check the social media’s engagement, and reach. Compare which posts have the highest reach and engagement.
Next, look at your site’s traffic. Are you hitting the expected number of visitors? If the numbers are met, are you beating the demographic? For local businesses, for instance, the searches must come from where they operate.
Conclusion
Becoming a startup entrepreneur can be a struggle. The lack of capital can significantly affect how your business operates. But the lack of funds doesn’t mean you should forget about your dream. Today, there are many ways how you can run your business even if you only have minimal funds. It is about how you use your available resources as a startup.
