Finding ways to fund a marketing campaign when you’re just getting a venture off the ground can be tricky. It may be some time before your company begins to generate income. And marketing unfortunately often falls down the list of priorities behind technical and operational needs.
But in order to start turning over a profit, you need to spread the word about your product or service.. So where can you get the money you need to develop an effective marketing campaign? If funds are tight, don’t despair. There are a number of different avenues you can try:
Save Up
Whilst it may seem impossible to put aside any cash when you have day to day running costs to consider, saving the money yourself is a great option. Just saving a little each month for a marketing budget will make a difference over time. And you don’t need to pay interest or give away shares, as with other funding options.
Crowdfunding
As when funding a start-up business, crowdfunding is a viable option. This involves pitching your business or marketing idea to willing investors from around the world. If they feel you have the means to succeed and like what you’re offering them in return – for instance, a stake in the business or a percentage of the ROI – they may be persuaded to stump up the cash you need.
Head to the Bank
With a sterling business plan and a good bank you could gain access to a business loan to fund your marketing campaign. Loans come with interest so you’ll need to factor these payments into your monthly cash flow. But if the figures add up, this is a great and straightforward way to secure a little extra cash.
Tap up Family and Friends
This may seem like an easy option but it’s often more complex than it might first seem. Family and friends may be willing to help you along with your business venture. But friends, family and money seldom mix. In order to minimise the possibility of false expectations, any loan or investment from someone close to you should be handled as professionally as possible. Draw up an agreement and make sure all parties are aware of their obligations.
Start Trading
Trading on the financial markets has never been easier. All you need is internet access, a little cash and a little knowhow. First you need to learn the trading basics. Then you should test the waters by using one of many trading simulators available. This will allow you to practice your strategy without risking any money. Then head onto the real markets and start generating some cash for your campaign.
Seek Out a Grant
Depending on your area of business it may be that government or charitable grants are available for your venture. Go online and find out which funds are handed out to small businesses just like yours, then put together an application to justify your slice of the pie.
Get an Advance
A key customer or allied company may be willing to give you an advance in order to get your marketing plans off the ground. If it’s in their interest for your business to be flying high, they may be willing to pay a little earlier than scheduled in order to reap greater rewards all round.
Always remember that any funding or investment for your business is a trade-off. You may get the short term money you need to start a marketing campaign. But you will have to pay for that money in the form of long term interest or lessened control over your company. Generating the funds yourself is always preferable.
However, a good business owner knows when risks are necessary. If your enterprise is stuck at square one unless you can develop a marketing campaign to attract customers and clients, you need to take the plunge.
Guest post courtesy of Alana Downer. Alana works at Canadabiz.net and she is an experienced blogger whose main interest lies in finances and new technologies. She might often be found online, sharing her insights into technology trends which shape the way both businesses and individuals function.