Home-based businesses generally lack the large
marketing budgets of bigger companies, but a smaller budget
doesn't have to stop you from engaging in clever and effective
campaigns.
When marketing on a budget, you need to "think outside the box"
and go beyond the obvious marketing approaches. Direct mail and
banner ads, for example, are one way to go, but if your
competition is using similar methods, you need to differentiate
yourself.
Below you will find a few unique ways to boost the exposure of
your home-based business and generate more sales without
depleting your budget.
Without a steady cash flow, your business dies.
This means that you need to be focused on your cash flow
situation at all times: you need to know how much cash you have
and how much is coming in. If you can see that you're likely to
have problems, the time to take action is --- NOW.
This constant awareness of your finances is especially vital for
creatives. Writers, artists and designers are in a unique
situation. Not only are we creators, we're also marketers and
salespeople. Combining these functions is so difficult that at
times it feels as if it’s impossible. However, it can be done.
Whether you're starting your own business, or have been in
business for a while, here are some ways to keep the cash
flowing when business is slow ---
=> Start your business with six months' worth of expenses
If you're going fulltime in your own business, you need a
cushion. It's best to have at least six months' worth of expense
money to keep you going. Then, when you've been in business for
a year, always keep at least three months' worth of expense
money in your account. Do whatever it takes to get that three
months' cushion.
=> No cash? Moonlight until things improve
Business works in cycles. It's always either feast or famine.
You either have more work than you can handle, or not enough. If
you're going through a famine cycle --- and these can last for
several months --- moonlight. There's a reason actors and
actresses work as bartenders and taxi drivers.
=> Consider working part-time for someone else
Just because business is slow at the moment, it doesn’t mean
that your business idea is terrible. To ease the situation, take
a part-time job. Although you'll be busier than you'd like to
be, the fact that you have money coming in regularly lets you
relax, so that you can enjoy working in your business again.
=> Get an anchor client or product
You need an anchor client. This is a client who brings in a
quarter of your earnings --- you may need three or four clients
to achieve this. These are regular clients, the bedrock on which
your business is based. They pay your expenses, and keep you in
business.
If you’re a writer or designer, you may also have an anchor
product. This may be a book which brings in royalties every six
months, or artwork you've sold under license for which you
receive royalties.
It's worth working sixteen-hour days for a few months to create
an anchor product. Once you've created it, the anchor product
works for you.
=> Follow up on slow/ no payers
You can't afford to let people owe you money indefinitely. This
means that you’re providing interest-free loans. Worse, if
someone owes you substantial money, you're an unsecured
creditor. If they go down, they'll take you with them.
Chase up slow payers. Send a friendly reminder email or fax once
a week --- every week, until they pay.
=> Don't pile up debt
Try not to go into debt. It's not worth it. It's better to work
part-time for someone else, or to cut back on expenses, rather
than go into debt. You don’t know how long the slow period will
last, and saddling yourself with debt is a dead-end solution.
It IS possible to run your own business, and be relaxed about
it, knowing that you can survive the bad times. If you need to
go and work part-time, don’t look on this as failure --- it's a
win.
You're doing what you need to do, to keep your business
viable until the sun shines and the good times roll. You can do
it.
=================
To read more articles by Angela Booth, visit the Digital-e Web
site--Information for writers and creatives. Ebooks, free
ezines, Creatives Club. Love to write? Turn your talent into a
business!
http://www.digital-e.biz/
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