Big Budgeting: Financing Tips for Your Company’s Advertising
Sunday, November 3, 2013, 1:00 AM | Leave Comment
You can be a small business and still practice big budgeting. In fact, if you want to expand your business and you have a limited advertising budget, you’ll need to get creative when it comes to financing your advertising efforts. Finances could be the one thing getting in the way between your company and new business.
Here are some financing ideas you may want to consider to attract new business or build your brand.
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Ask the People You Are Close to
If you have a wealthy uncle or a business owner friend who supports you in your mission to start your own business, consider asking the people whom you are closest to for funding. Raising money by borrowing from relatives is a popular way to pay for many start-up costs, especially advertising. This informal funding option is more formal than you might think.
If you want to be taken seriously when you ask acquaintances, make sure to stress that they will be investors and they aren’t just giving their money away. Look to the community as well and promise more jobs and community events like this successful fitness center owner in Portland, Maine.
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Using Credit Cards
It might sound like the last thing that you want to do, but if the founders of Google can use credit cards to start what has become one of the largest businesses ever, then you can as well. Credit cards can help you get through a difficult time, but only if your advertising efforts are successful.
If you must resort to lines of credit and cash advances, make sure you borrow responsibly so that you can pay the principal back before it accumulates too much interest.
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Loans for More Established Companies
Just because you’ve been in business for two or more years doesn’t mean you don’t need financial assistance to pay for a new advertising strategy.
If you have a business that you want to expand and you have some type of tangible assets that you can put up as collateral, you may be able to fund your next advertising campaign by taking out a small business loan that is guaranteed by the Small Business Association.
Be sure to borrow enough to pay for the campaign itself and for other advertising methods such as branded promotional products that can be ordered at halo.com. These branded promotional products offer the perfect way to advertise your business and gain repeated brand exposure.
If you’re responsible for your budgeting, you’ll need to be creative, organized, practical and innovative. Not only do you need to pay fixed operational costs, you’ll need to pay variable costs associated with advertising. These funding options may come in handy when you have the perfect advertising idea that you don’t have the money to deploy.
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