Launching a solo business gives you a lot of freedom. You get to create an enterprise that is built on your values or your passions. Unfortunately, it’s not unusual for new small business owners to have limited resources at their disposal.
This can certainly present some hurdles as you approach your launch. You’re unlikely to be able to invest in professional marketing campaigns or provide a lot of free products in giveaways. The good news is that, with a few key strategies, you can build momentum that results in engagement.
Optimize Your Finances
Even if you have limited resources, optimizing your approach to accessing and using your finances helps you to get the most out of them. This enables you to support your business as you build and maintain momentum while launching and beyond.
If you’re still some way from launching, this should include optimizing your finances in a way that enables you to better access sources of funding. Many entrepreneurs are surprised to learn that their personal lives can impact their professional prospects, even financially. For instance, business lenders and investors will often check personal credit scores. This occurs both for gaining capital and getting lines of credit from suppliers. Taking actions that mitigate negative personal impact can put you in a better position, such as:
Rebuilding your personal credit by paying down debts and settling household bills on time.
Settling outstanding taxes and fines so that the IRS doesn’t garnish your business capital and profits.
Creating a personal emergency fund you pay into each month to avoid going into debt for unexpected issues.
It’s also wise to optimize your business finances when you start to gain loans, investments, and capital. Set a strict budget for your business. You can also keep a real-time running account on the income and outgoings of the business so you can adjust your actions quickly and effectively.
Prioritize Customer Needs
One of the ways you can build and maintain momentum on your launch journey is to prioritize customer needs. The better you can understand your target demographics, the more likely you may be to capture their attention and start forming meaningful relationships with them. This not only results in sales but can also influence recommendations.
There are various areas you can lean into customer needs, including the following.
Product Design
In all likelihood, you already have solid ideas about your core products or services and how they can fit into consumers’ lives. This should be led by solid market research. Nevertheless, you can’t always guarantee that these insights alone will immediately result in hit products. If you misjudge what customers want, you may have to redesign, retool, and relaunch. This can put a strain on your limited finances.
One solution is to implement prototyping during product development. You can create relatively cost-effective samples of your product with computer-aided design (CAD) software and 3D printers. This provides access to multiple tangible versions that you can test and introduce to focus groups. As a result, you can get informed opinions, spot flaws, and make adjustments to meet customers’ needs before going into full production.
Customer Experience
It’s not just the product itself that should reflect customer needs. Their experiences during their interactions with you are vital, too. One recent study found that 65% of respondents reported that customer experience (CX) was more influential than advertising when it comes to retention. You can begin with getting the basics that contribute to good CX right. Clear communication channels, shared ethical values, and user-friendly services are important here. It’s also wise to issue surveys and examine existing market research to better understand what specific elements of CX are meaningful to your target demographic so that you can lean into them.
Generate Brand Buzz
To build momentum as you launch your business, you have to reach out to your customers. More importantly, they need to be enthusiastic about what your company has to offer. This doesn’t have to be an expensive process or involve a team of marketers.
Some of the methods of generating brand buzz as a solo entrepreneur include:
Social media: Social media is a powerful and accessible buzz-building platform. Start by identifying the social media channels your demographics use and create branded accounts on these. You can then start to “tease” your products and business with eye-catching imagery and behind-the-scenes videos. You could also consider partnering with micro-influencers – defined as individuals with less than 100,000 followers — in your niche to produce content that exposes your brand to new audiences.
Have a presence at events: Events — such as festivals and industry conventions — can be great venues to build buzz. You can set up a small booth with samples of your product and chat with consumers about what is important to your business. This helps customers experience your brand first-hand and get enthused about it.
Remember that generating buzz isn’t just about doing anything to go viral. Tactics that feel inauthentic or forced can put consumers off. Ensure that the strategies you use are in keeping with your values and image, creating a solid foundation of trust for relationships with customers.
Conclusion
When you’re launching a solo business, building momentum effectively relies on careful planning and mindful use of resources. This involves everything from optimizing your finances to adopting cost-effective marketing that you can largely perform yourself. Remember to be realistic in your expectations, too. With limited resources, you may not become the hottest brand immediately. However, focusing your efforts on gradually developing modest groups of loyal and engaged consumers can be key to growth and longevity.