Entering the realm of entrepreneurs requires you to have the capacity and desire to learn many skills that will let you bring an idea to life. However, coming up with an idea and turning it into a business is no easy task. Even for those with the motivation to build a business, marketing and self-advocating may not come naturally and can be one of the hardest parts of entrepreneurship.
Learning to manifest your own original idea may be second nature to you as an entrepreneur, but you are bound to struggle through some, if not many, of the rigorous challenges that come with the job. Learning to get others to be as excited about your idea as you is one of the most difficult parts of the process for many.
Starting up a business usually means you are the one in charge of everything: billing, invoicing, marketing, and advocating for yourself. When planting the seeds for your business, it is crucial to get others to believe in it and to find investors to fund your startup. Once your business is running, you’ll need to find how can best run the marketing, promotions, and billing cycle for your company.
Financial Practices for Good Marketing
In order for your finances to remain up to snuff, you need to maintain an organized financial system. Finding ways to save money and keeping a well-organized financial system are two financial practices that will help you make the most out of marketing.
There are many ways to save money when running your own business. Though it is necessary to have some sort of marketing budget, you don’t need to send any of your business money down the drain. With marketing, one option is to do it yourself. Looking at tutorials, guides, and attending seminars can get you learn the free knowledge and skills required to do your own marketing.
In addition to that, you can hire freelancers to fill in any gaps you might still have. For example, you can hire a graphic designer to design a logo for your company or a poster for an important campaign.
With this, as with all financial matters, it is crucial to ensure that Accounts Payable (A/P) and Accounts Receivable (A/R) matches. One way to make sure they do is with structured invoicing. Try making a payment contract and invoicing for half the payment due before and another half after the job is done to help level out your cash flow.
Find the Best Resources
When building up your business, everyone will have some advice for you. Whether it is your parents, friends, or business peers, it is likely that everyone will try to influence the way you run your company. However, not everyone will have the best advice.
To ensure that you follow the best advice, you should learn when to listen to their advice and when to ignore it. Deep Patel, a serial entrepreneur, and author suggests entirely separating personal relationships and business relationships and advises extreme caution before going into business with anyone.
Another way to make sure that you get the best resources for your business is to surround yourself with the best people. Experts at the Collat School of Business advise you join a network group instead of listening to a single mentor. This will provide opportunities for self-advocacy that are more natural and valuable. Regardless of who you are talking to, you should always think twice about the suggestions others make and ensure that they are right for you.
There are innumerable ways to develop marketing strategies. You can choose from social media invites, crowdfunding, promotions, and more. Each of these can be done in many different ways, offering a wide variety of options to choose from. For example, when marketing through social media, you might think Facebook is the best platform, and while it is a great option, other venues that may not come to mind at first, like YouTube, can be great options.
How you decide to go about marketing depends on your knowledge, your target market and audience, and what you want to accomplish. Financial expert Taylor Litle also recommends using online tools such as Google Analytics to performing regular SWOT analyses to “check your sales to determine your strengths, weaknesses, opportunities, and threats.”
Developing a strategy for marketing is not easy, but you can make it happen with some focus and determination. As in any situation, to get the best marketing, it is important to surround yourself with the best resources that will help you achieve your goals.