Between 2009 and 2012, global crowdfunding initiatives grew by 63 percent annually, according to a World Bank report. The report also noted that the U.S., by far, has more crowdfunding platforms available to potential entrepreneurs than any other country. That’s good news if you’re looking to organize and execute your own crowdfunding campaign. However, it will take persistence and effort, and waiting for funds requires patience and sacrifice. Many startups have liquidity issues in the beginning. But there are ways to stretch those precious dollars while positioning your new business for early success once it’s fully funded.
Design Your Logo Now
Children too young to read can easily identify a company or brand based on its logo, according to a study featured in Psychology & Marketing. The participating children, who were between 3 and 5 years old, even recognized logos like Toyota and Shell, which are not necessarily companies targeting that demographic.
A well-designed logo not only sets your business apart from competitors, but also provides your brand an ID card of sorts. The logo should encompass the tone and convey the overall nature of the business. Those with deep pockets pay graphic designers substantial amounts to create the perfect logo for them, but on a startup budget, a free logo design service from a company like Logo Garden is just as effective. Plus, it’s fulfilling to mention you created your own logo when the business becomes successful.
Government Liquidation Equipment
Your new office space is going to need furniture and shelving, and you may need heavy-lifting equipment for a warehouse. Oftentimes, it seems impossible to afford these things on a startup budget. That is where Govliquidation.com comes into play. The website is an auction platform similar to eBay that sells surplus equipment from the U.S. Department of Defense. You can buy bulk computers and desk chairs as needed, and you can even buy old military vehicles and boats. Govdeals.com is another option to consider.
Focus on Free (and Cheap)
The Internet has created an abundance of free services, and many exist without you even knowing about them. Suppose you need to design your website and want authentic pictures of the Caucasus Mountains featured on the landing page. You may be able to find two individuals to complete both jobs for less than $10 total at a place like Fiverr.com. Surfing the site for available services may even give you new ideas for your business as well.
Etsy is an excellent platform if your business focuses on homemade jewelry, textiles and/or clothing. And of course don’t forget all the free marketing tools that are inherent with social media platforms like Facebook, Twitter, Pinterest, etc.
Put Your Kids To Work
Hiring your children, or even nieces and nephews, is a great way to keep the wealth in the family and save on taxes. David L. Scott, author of “The Guide To Saving Money,” told Entrepreneur.com that hiring your kids (14 and older) is basically a vehicle to transfer business income and save money. Of course, you’ll also be getting them involved in the business and teaching them work ethic early in life, which can only benefit both parties.