How to Use Your Startup Capital Wisely in the COVID Era

Startup Capital

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Make The Most of Your Startup Capital

If you’re dreaming of starting a business but are fearful of doing it right now, that’s understandable. After all, we live in times of significant economic uncertainty, and businesses of all shapes and sizes have been struggling and shutting down left and right. But there’s another side to business ownership in the age of COVID. There is now more access to people and talent available than ever before. Business loans are more favorable to entrepreneurs, as well, while consumers are more willing than ever to try something new.

If you want to start a business, don’t wait until things seem more “certain.” Not only do we not know when that will happen, but you could also miss out on a great opportunity that is present now. Of course, if you open a business, you must get the funding you need and use your money wisely in the early stages. Otherwise, you’ll be setting yourself up for failure before you get your operations started. From using the right resources like the Marketing Resource Blog to developing effective accounting practices, here are a few tips to keep in mind for managing your startup capital:

Know Your Funding Options When Looking At Startup Capital

First of all, you will need to secure the funding you need to get your business off the ground and positioned for healthy growth. The key is to obtain financing that can help your startup achieve long-term success — meaning, you can scale as needed while also making your payments on time. This requires you to conduct thorough research of your options.

Look into small business loans and programs offered by the Small Business Administration (SBA) and other sources. Research your options with venture capitalists and angel investors. Consider the potential of starting a crowdfunding campaign. And if you have friends or family members who are willing to back you on your business idea, don’t rule that out as a possibility!

Start Marketing Early On

As long as you have a solid business idea, it’s never too early to develop a marketing strategy. Not only will this give you an advantage when your product or service is ready to go to market, but it can also buy you more time to strategize where your money will go. For example, do you have a logo? Hiring a freelancer to design your logo is a cost-effective option that can yield great results.

Furthermore, do you have a professional website? There’s nothing more critical to your marketing strategy, and you can find qualified freelance candidates for web development and design that will provide you with a top-notch site. Are you engaging in social media to grow your brand? Interact with customers and potential customers on platforms like Instagram, Facebook, and Twitter. If you think it could help your long-term growth, consider hiring a social media influencer to promote your company.

Get a Good Team Together

Hiring people costs money, but your business will stand a much better chance of succeeding if you have a reliable team surrounding you. While freelancers can save you money on specific tasks and projects, there may be a time when you need the commitment of one or more full-time employees. Make this a priority because it can ultimately boost revenue and help you make the most of your capital.

Incorporate the Right Tools

Finally, technology is a massive advantage available to small businesses today. There are affordable tools that can help you run virtually every part of your business more efficiently. Research accounting software that can help you manage everything from payroll to cash flow, and make sure you have any communication and collaboration tools necessary to keep your team connected. Keep up to date with any other types of tools that can help you in your daily operations.

Take advantage of this moment by getting your dream business off the ground. Research all of your funding options, and start thinking about how you will market your business early in the process. Lastly, make sure you are surrounding yourselves with a reliable team, and invest in any cost-effective software tools that can benefit your business.

For more helpful marketing resources check out the previous blog posts in the category section on the right-hand side of this page.

Guest Post Written by

Derek Goodman – Entrepreneur who helps other entrepreneurs. Find tips, tricks, and resources so that you realize your business ability and potential now, not later in his blog at Inbizability.

Don't Gamble With Your Marketing

Don’t Gamble With Your Marketing

Bagwell Marketing helps businesses of all sizes with marketing, advertising, public relations, and promotions. From traditional advertising to E-Commerce Bagwell Marketing we can consult your business on everything Marketing.

How to Use Your Startup Capital Wisely in the COVID Era