Starting a business can be quite a bittersweet moment, isn’t it?
You’re about to start your own venture, which has probably been your dream for at least 5 years, you’ve managed to bring together the capital required after a lot of hard work and here you are. At the helm of actually beginning to run your own business.
But then, it dawns on you that you are pretty much on your own with this!
It can be a pretty overwhelming situation for anyone.
Your decisions can cost you much more than you started off with, especially regarding financial matters. In fact, “ Financial management is one of the first things that you need to learn and take control of, when you start off a business” Says Alp PEREZ founder of A Plus Digital; Montreal SEO services agency;
According to Statista, the US spending on digital marketing and advertising is expected to reach about $113.8 billion in 2021, which implies the fact that we’re going to have staggering numbers of digital marketing companies emerging in the coming years.
So for them and for all the digital marketing startups struggling with their finances currently, here are 5 quick tips that you could use to effectively manage and control your finances, while at the same time not compromise on running your business smoothly.
1. Have all your short-term goals and budgets planned out – One of the first things that you need to do before you even begin is to actually have everything you need to achieve in say 6 months down the line, clearly cut out! All you need to do for that is to read, read and read some more. Attend conferences and learn how to set smart goals. Figure out smart ways to achieve them yourself.
2. Create your own initial database – Collect any and all numbers and email addresses that you think might be useful for you and create a database. Then create your own email marketing campaign using a free email management tool. You can get a lot of good ones online like Benchmark and Reachmail. That way you get your first set of prospective clients to follow up.
3. Make some calls – Old fashioned business development calls hold very good in case of digital marketing, because every company will have at least a website up, and that calls for your service. Do an initial study of the company, find what they lack, call them up and make them a good offer yourself.
4. Have a website up and give out excellent content – As a digital marketing entrepreneur, one very important skill that you need to have is writing. Write and put out some engaging and relatable yet informative content through your website. Push them out through free social media as well like Facebook and Instagram.
5. Cut down on fixed expenses as much as possible – You don’t need a full-fledged office, you don’t need a fancy chair and you don’t need a catering service. You can have your first successful project without any of these. Stay low key and spend only on inevitable essentials like a great website.