Money is an ever-present concern for new business owners. Without some cash flow early in the game, many businesses fizzle before they get off the ground.
Investors and loans are helpful, but they’re not one-size-fits-all solutions. You need to understand the average cost of a small business startup and ways entrepreneurs like yourself can earn money and market their business, including starting a YouTube channel, working social media, and marketing a crowdfunding venture.
Read these tips to market and fund your new business:
1. Promote Other Products
This may seem counterintuitive, but keep reading. One easy way to make income from your internet presence is to capitalize on your own content by using it to sell other people’s products.
It’s crucial to understand how you deliver these promotions. Do not just spam social media with links and expect people to click. After all, would that work on you?
Make the content something people want to consume. Reviews are a great way to accomplish this, because once you use a product, you have the knowledge to promote it.
People who follow you will listen because you are sharing something that will benefit them. You can write a blog post or do a quick YouTube video, but make sure you do it well.
2. Craft-Advertise Your Own Products
Make something useful and find new ways to distribute it.
Have you spent some time writing a blog review of a product or series of products?
Repackage those articles into an e-book. If you have enough content, consider giving the first chapter away for free, to push the sales of your new product.
Don’t know how to make an e-book?
Never fear, as sites like Amazon’s KDP program, Gumroad, and more have made creating and selling an e-book easy. Just make sure you understand a platform’s particular method for getting their share of the revenue..
E-books aren’t your only option. Turn your long-form blog into an audio series. If the content plays well as a demonstration, record yourself doing just that.
Have you spent months producing and distributing a podcast?
Repackage it as a single audiobook and sell that.
Let what would entice you guide you throughout this process. Make content you would want to consume at a quality you respect, and your consumers will notice.
The extra time spent will pay of in the long run.
3. Use Visual Media
If your product falls into the crafting category, meaning you are making something, and you’re not already turning the process into consumable visual media, you are missing out on a huge opportunity.
If you make your product, your process adds value to the final version. This goes beyond taking pictures to post to Pinterest or Facebook pages. Don’t neglect that process, but the real value lies in bringing your followers, and any future consumers into the actual creation of the item.
Bring in a friend or co-worker to co-host or moderate your chat. Turn the creation into an event, drawing your customers into the product and encouraging them to buy it.
4. Promote Other Services
If you have the experience to consult, offer those services on social media. Don’t underestimate your talents and sacrifice a potential stream of income.
Have you played an instrument your entire life? Worked on computers?
Can you demonstrate expertise and credentials for these skills?
All of this can lead to more income for your channel. Your customers will buy into a service you offer and then be drawn into your larger business enterprise.
Don’t set geographic limitations on your services. Many coaching services work well in video-chat conferencing, giving you the chance to earn some extra money without leaving your home.
Do your research to find a fair price to charge for your time and effort. If your internet isn’t up to snuff, consider upgrading your speeds as an investment in your work.
If you do enough work from home, you may need to look at having a second ISP for work, claiming the costs as a business expense.
Take advantage of the coaching service to offer other content, like an e-book or video series you’ve made, to further complement the coaching you offer. You can give your customers more content without a constant drain on your time.
5. Become a YouTube Partner
Creating a YouTube channel will require a lot of work, but done right it can be a valuable source of income. Converting your following from other platforms isn’t always easy.
You’ll need content they want to encourage them to click over and hit the subscribe button. Once you have a following, or if you’re just determined to create one, the YouTube Partner Program offers another path worth looking at to make money on advertising.
You will find many prominent YouTube creators earning a sizable flow of money using a program like this. However, these people are the exception; you won’t be realizing those kinds of returns out of the gate.
Expect this to be a long-game that requires careful planning, time spent preparing off-channel, and some luck to make serious money with YouTube.
The key, as before, lies in making content that people want to see. Like advertising, the money will only flow when you get increased views and mouse clicks.
6. Harness the Crowdfunding Power
Several sites exist that offer ways for you to bring your project to the masses by enlisting the masses to fund it. The problem with this approach stems from a common problem in advertising in general: too much noise.
With so many sites clamoring for attention and donations, your future consumers are starting to tune out the noise, much as we have done with TV advertisements.
The VCR, TiVo, and On-Demand TV exist, in part, because consumers were tired of watching advertisements. AdBlock software is an extension of that. People are tired of advertising and that extends to crowdfunding promotions.
Don’t underestimate the power of Kickstarter, Indiegogo, and more. Done correctly, these platforms allow consumers to indicate what products they want to own.
It engages them in the same way live-streaming your crafting process does. The problem you need to overcome stems from the mounting distrust in these platforms, specifically in campaigns that fail and take all the money with them.
How do you fight that?
For one, follow a model like Mifold, which separated the success of the campaign from the money being raised.
The founder held two rounds of investment prior to starting the campaign, raising $1.8 million and funding the development phase for the prototype. The crowdfunding campaign followed, run as a way to build excitement and create demand for the product.
You may not have the resources to do something on that scale. However, you could carefully plan your finances as you expand your income sources and pair that with some modest outside investment.
Do all of this during a campaign founded on building your social media presence and product following, culminating with the penultimate step on the way to success: a crowdfunding campaign designed to send your product into the market with a bang that will ripple throughout your network and beyond.
Look for Ways to Expand Your Market Influence
Numerous routes exist to boost your income streams using your social media presence. Nothing is guaranteed or simple, but don’t let your entrepreneurial goals be hampered by limiting your scope of influence.
Take the time, do the hard work, expand your network, try multiple things, expect some failures, pick yourself up, and do it all again. Success is there for the taking.