A general belief among many is that starting and growing a business can be an extremely costly affair. However, with some creative solutions, this start-up and growth period can be attained on a shoestring budget.
1. Choosing a business carefully is the first step. There are some businesses which inevitably require large capital and large budgets. Choose wisely.
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2. Choose a business that has enough demand. This is especially important on a shoestring budget.
3. Set realistic goals relating to growth and profits. Although it is possible to grow your business on a shoestring budget, ambitions that are too high may not get realized very soon.
4. A lean budget means that you cannot spend on fancy office space. Home offices are a great alternative, since you can then focus more effort, time and other resources on your business needs.
5. Save on items and services like stationary, phone, electricity and other expenses that can easily be curtailed. Make your own office marketing and communications products (letter head, flyers, postcards, etc.). And use energy efficient products plus cut back on usage of them; turn them off when not in use, for starters.
6. Looking like a professional business is the key to attracting and keeping clients. Make efforts to look professional.
7. Be creative to extend your resources as much as you can.
8. Inexpensive marketing strategies like referral incentives, newsletters, flyers and coupons can help ensure good business and low expenses.
9. Providing great personal customer service can lead to your existing clients bringing in new prospective clients and repeat sales. Word of mouth can take your business to new heights plus it is free.
10. Have a rule of putting a certain percentage of your profits into a savings account. This can help ensure you always have extra money saved for any kind of emergency.
60 Second Tip - Top 10 Ways to Grow Your Business on a Shoestring Budget LOWES 10 PERCENT OFF COUPON
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