I’m writing this article on What To Do When You’re Down to Your Last Few Hundred Bucks because it’s been a common theme lately with some of the small business owners I’ve met, and even some of my own clients when they first start working with me.
None of us want to get in business to fail. We certainly don’t want to go back and get a J.O.B. either. So what do you do when your business just hasn’t produced a lot of revenue yet or you started out and maybe invested the money you did have in some of the wrong places?
No one likes to talk about this either, like it’s not happening or something. Don’t be embarrassed if this is you because it’s pretty common. Entrepreneurs are starting businesses with less and less money all the time. And while building your business on “a shoestring budget” is totally possible, it’s not necessarily a good plan.
- Do you quit the business and go back and get a J.O.B. quickly to make some steady income? Maybe but from what I’ve seen it can take just as much time to find a good new job as it is to seriously do what it takes to ramp up a business for positive cash flow.
- Do you sell stuff in your house, garage or storage unit? Maybe if you can, I have!
- Do you ask relatives or friends to borrow some cash to get you by? Maybe if you can, I have done that too a couple times throughout my eleven years in business so far.
- Do you contemplate bankruptcy or which bills NOT to pay? I’ve been there too…
- Do you stress out, stop taking care of yourself and argue with your loved ones? Hopefully not, as that won’t really help the situation. It’s hard not to though I know.
I suggest you do some or all of the following (and possibly some of the above as well):
- First, you want to have faith. Have faith that you’re meant to do what it is that you’re doing, that the clients and money will come, that you will be able to pay the bills and have faith in yourself to be shown what to do to make it happen.
- Second, you want to take advantage of whatever is right in front of your face for fast cash or savings. What can you sell? How can you reduce expenses in your business or your household? Cancel a few things for example.
- Third, I’d recommend you dial for dollars…meaning call everyone you know, business or otherwise and initiate some sales, offer special deals to buy this week, ask for referrals and more. Remember these are WARM calls, not cold calls when you already know the person or are in the same organization, etc. This includes calls to your social media “friends” as appropriate; don’t just send a message when you need to create cash though, pick up the phone.
- Next and actually concurrently, I’d recommend getting out networking. When you meet or see people in person, those who could potentially become a customer or client, the relationship building process goes much faster and you can usually get clients pretty quickly if you meet enough people each week. Make sure you have something they can buy today when you find a hot prospect.
- Finally, it truly may serve you best to spend a few of your last dollars on the right training you need to learn how to do all this if you’re not sure how or what to say or sell. Free stuff will only get you so far. Having a real business and marketing plan that you can follow and focus on week after week will ultimately lead you to a much more successful business. There are affordable options, you just have to look for them.
Of course there a couple dozen other marketing strategies you can try as well but these are the fastest path to cash in my opinion. Then once you do all of this, you can add other lead generation, marketing and sales strategies to the mix for long term business sustainability and profitability.
For more information on how to jumpstart your business, your marketing and your life, come and talk with me in a complimentary business strategy session. You’ll be surprised how much clarity you’ll get out of just this one session. I can help you look at the big picture, goals all the way down to the smallest implementable detail. To sign up for this, go to www.AskKat.biz.
About the Author
© Copyright 2013 K. Sawa Marketing international Inc.
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Katrina Sawa is known as The JumpStart Your Biz Coach because she literally kicks her clients and their businesses into high gear. She works with highly motivated women entrepreneurs that want to maximize their business to make more money, enjoy more free time and fully embrace your happiest life ever. Katrina uses online and offline strategies to leverage your resources, contacts and your expertise; plus she kicks you in the butt to implement it all too! Katrina is an author, speaker and coach and she has been featured on the Oprah and Friends XMRadioNetwork and is a regular Business Expert on News 10 in Sacramento. Get her Free Entrepreneur’s Success Kit online at www.JumpStartYourMarketing.com!