(This is a contributed post)
If your business is going well, and you would like to expand, but you still haven’t built up quite as much working capital as you would like, don’t feel too disheartened because there are actually lots of things you can do to expand your business without blogging your budget, as you will see below:
If you want to expands but you don’t have a lot of money in the bank to spend on marketing, then see what you can do to help out a local team or event. Often, you can sponsor local children’s sports teams or community events for a few hundred dollars, maybe even less, but the number of people who will see your name emblazoned on their shirts/banners could be huge. If your business is local, this could even be the best way to market because it will create a lot of goodwill with your potential customer base, as well as getting your company’s name out there.
If you don’t have the money to buy lots of the fancy new equipment you need to be able to expand your capacity, see if you may be able to retrofit your existing equipment to bring it up to date instead. This is something you can easily do with a switchgear, so no doubt it is possible to do it with a range of other things too. Research your existing equipment and see what can be done to bring it into line with your new requirements and save a whole bunch of money in the process.
If, in order to expand, you need access to skills that your current team does not already possess, but you also can’t afford to blow your budget on hiring a new employee or three, think about freelancers. There are lots of great outsourcing websites and services currently available where you can find people with the exact skills you need and pay them per project. Because these sites are global, it is often possible to find someone who is willing to work to a high standard for far less than you’d need to pay someone local, and of course, you won’t have any employer taxes and such like to pay out either – it can be a real lifesaver.
If you are looking to expand, you will need more supplies to make that happen. If you don’t have the money for that, try renegotiating with your supplier. Let them know your plans, and inform them that you will be looking to purchase a higher volume, and chances are they will strike a much more favourable deal with you because most suppliers don’t want to lose a client, and if they can see that you have big plans, they will really want to hold on to you and do their best to keep you on board.
Expanding your business without blowing your budget may not be quite as easy, but as you can see, it is perfectly possible to achieve.