Know More About Reinvest in Your Business
Your business doesn’t have to go full steam ahead right away. If you can’t afford to go all out right now, start slowly, Pomije said. Get the ball rolling with small, inexpensive tasks that serve to establish your brand’s presence. “Create a logo, set up your social media accounts, [and] even buy the domain name for your business,” Pomije said. “These are all things you can do at a low cost that will help get your new business up and running.”
You can even start marketing your business with some creative, low-cost strategies. Tayne suggests personable, memorable and eye-catching social media campaigns. “Images speak louder than words,” she said. “Create a [visual] advertising campaign that makes an impression. This can be low in budget and gain you more clients.”
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Key takeaway: If you lack the funds to fast-track your business, engage in inexpensive initiatives, such as social media campaigns, to establish your company’s brand. Although it may be tempting to use your profits to pay down your personal debts, Tayne said your business’s growth needs to come first.
“Don’t spend the money you make right away,” she said. “Invest your profits back into your business before paying off any debt. This is crucial and will keep your business going – it will also save you in the future. Wait until you are making a steady profit. Then you can put more money towards your debt and spending.”
Key takeaway: Reinvesting money in your business, rather than paying down personal debts, is a must for your business’s long-term growth.