When it comes to investing more money into a business you already launched, you want to make sure that you are spending wisely. If you are throwing money at old marketing tactics that are no longer working you are basically just throwing that money into the trash. You need to make a plan.
That plan needs to start with where you are going to get the money from. You could look into getting money from a lender, getting a traditional small business loan, or maybe trying that crowdfunding thing that is so popular these days. Once you have the money you need to market a little bit more, here is where you might want to be spending it.
Invest in your online marketing. Spending more money on a better website, better online advertising, and better views on Facebook can do a lot for your company. You will attract far more new customers if you’re more visible.
Use the Facebook boost feature, at least once, and see if it works for you. Look into advertising with Google to get a guaranteed spot on the front page. Make sure your website has plenty of space and good hosting and isn’t covered with random ads that bog it down.
If your business does any kind of work in the local area you want to make sure that you are also advertising locally. Internet marketing might be able to reach more people, but locals want to see you and be able to hold something tangible in their hands, like a business card. If you offer a lot of services or products you might want to invest in some brochures to hand out as well.
Attending local events, like business expos, is also a great way to market your local business. People will want some pens and coasters with your business name on them, though, so there’s another investment.
Creating New Products
Invest some money into new products if sales have gotten stale. Sometimes people just get tired of only being able to buy the same old things. If you introduce some new products that go with the stuff you already sell you may spark new interest in your business, from new customers and old ones.
Hiring Extra Staff
You might also want to invest in some new staff members. If sales have been down you may want to look at the individual numbers your sales people are doing. It may be time for some people to move on.
You may also want to start having some incentives to motivate your staff. Something like a gift certificate to a local spa can be a great motivator for salespeople to compete for salesperson of the month.