For some reason, most of us all want to own our own company. It’s the “American Dream”. What they don’t tell you is how much work goes into it. Just because you are a great bartender doesn’t mean you will be a great restaurant owner. Just because you are a great writer doesn’t guarantee anyone will buy your book.
Thankfully, you aren’t necessarily destined to fail. Roughly, 80% of new businesses survive past their first year of operation. Don’t get too excited though. Around half of all businesses no longer exist after five years.
The reason is partially that business owners tend to underestimate how much money they will need to run their operations. Another reason is that they tend to overestimate how quickly their products/services will catch on within their markets.
I can’t help you with the funding but I can help you to get your products into the hands of potential customers. It doesn’t matter how amazing your products and services are if no one knows about them! How do you fix this problem? Marketing and advertising.
Like many startups and small business owners, you are probably trying to save money and do your own campaigns. However, how much time and money are you willing to spend trying to create the perfect ad that converts into sales?
Did you know small business owners spend an average of 20 hours per week marketing their businesses? This is in addition to running their businesses. That’s why you’re working so much. Marketing and advertising sucks up most of your time AND your money. So what can you do?
The good news is that you DO have options. Here’s just a few things you can do to save you both time and money:
- Automate. Automate. Automate. There are several social media management tools that can help you automate a lot of your posts on many social media channels, including Facebook, Twitter, Instagram, Google+, LinkedIn, and YouTube. Find them here: 7 Terrific Time Saving Social Media Automation Tools that you Have to Use!
- Hire your own marketing employees. Keep in mind the average salary of an experienced Marketing Manager is around $63,000 a year and the average salary of an mid-level Graphic Designer makes $42,000 a year. It’s important to note that doesn’t include the licenses to the various platforms, software and equipment they will need to do their jobs. Software alone can cost $1,000 per year in licensing fees…per YEAR.
- Outsource so you can focus on what you’re passionate about. Sometimes this makes sense. Sometimes it doesn’t. Here’s a great article that will help you decide when you should (and shouldn’t) outsource your marketing.
Ultimately, there is no “one size fits all” answer except that you didn’t start your own business to work harder and make less money. You can’t do everything yourself. You have to find ways to delegate and be more efficient. If you don’t, that fear of becoming another failed startup statistic may become a reality. Thankfully, when it comes to marketing and advertising, there are several options you can choose from so you can focus on running your business instead of it running you.