Getting started on a new business venture no matter how small can be a daunting challenge, there are so many unknowns ahead. Even if you have decided to take the plunge regardless, oftentimes sufficient capital is a major constraint holding most entrepreneurs from starting a new business.
We already have had a series of blog posts about places small businesses can get funding in Nigeria. However, if you do not want any external funding and would rather bootstrap your business, this is how to launch that business on a tight budget.
1. Get online
Get online and open your business to customers looking for what you offer. You can either create a website or register on a business engagement portal like VConnect that even provide a free website and online promotion tools to leverage the benefits of being online. This way you save costs from advertising and promotion, saving you expenses on your already stretched budget.
2. Add a blog
You might not be able to spend a lot of money on online promotion, you can still get high google search rankings if you have a blog and post regularly.
Your blog should be related to your business but also helpful to readers, you could have tips about your business or how-to posts related to the kind of business you do.
Include links to your business page from the blog post and get better organic search rankings.
3. Promote the business online
There are a number of ways to promote your business for low costs or even for free. One of the ways is by having a blog which I already talked about, social media is also a great place to promote your business online. Choose a strategy and platform and get the word out about your business. How to promote your Nigerian business online for free.
4. Save costs
It might be tempting to ‘look the part’ when starting a new business, so you spend on making your outfit look good. The truth is, you shouldn’t. Outsource what you can, barter for what you can, get help from friends and family who will work for reduced pay or for a stake in the company.
5. Work from home
Understandably, a new shiny office would be great to work in. However, if your business doesn’t require that space, then you should save your money by working from home. This one step can save a huge amount in overhead costs.
Join a business organisation and get to know other entrepreneurs. You can get clients and valuable insight from being part of business networks. Attend business events every chance you get, not only do you get to meet people, you also give your business much-needed exposure by having your brand images displayed at such events.
7. Focus on what you are good at
This should probably be at the top of this list. Test out your business and determine what you are best at and focus solely on that. That way you might not have a large customer base but you have a large number of repeat customers which is important for your business.
Do you ever feel like you had to choose between growing your business and holding on to your life savings? Well, that fear ends now. With VConnect for Business, you can connect with more than 2 million ready-to-buy customers. VConnect doesn’t charge you to use its dashboard that tells you what people are visiting your business and what they are doing on your page. Start connecting with real customers. Claim your business to get access. Start here.