The #1 Method to Fund Your Small Business; It's Not What You Think
Posted on November 24, 2020 by Niquenya Collins, One of Thousands of Business Coaches on Noomii.
Many entrepreneurs think applying for grants and loans are the best ways to raise business capital but they are literally leaving money on the table.
If you’ve attended any of my Grants & Opportunities for Small Businesses webinars, then you not only learned about all the different ways to raise business capital is with FREE MONEY but you also realized the #1 method to fund your small business is through your sales.
Yes, sales!
Sales are the lifeblood of your business. Having consistent, ongoing sales is a sign of a healthy business. If you want a steady stream of capital, then sales should be your primary focus to fund your small business.
Not only are sales required to sustain your operations, but sales also prove your business concept works. Sales demonstrate that your products and services actually do meet the needs of your target market.
Are you getting sales?
If not, then your business is in serious danger of failing!
Everybody knows that one out of five small businesses fail within the first two years of operation. This is overwhelmingly due to low or no sales. No amount of grant money will help a flailing business that hasn’t figured out how to convert prospects into paying customers.
In fact, without proof of your business concept as demonstrated by consistent sales, you will have a very difficult time securing any type of external funding whether it be grants, loans, or even investors. Funders want to see that your business idea works before they consider giving you any money. Nobody wants to throw money down the drain.
Everybody knows that most businesses begin to provide the owner with freedom – time freedom, creative freedom, and financial freedom. I know you didn’t start your business only to make no money. As a business owner, your number one focus should be on sales.
How do you get more sales? Well, by delivering tremendous value to your target market!
One of the easiest ways you can quickly create value and increase sales is by following up with existing customers. The fortune is in the follow-up!
I challenge you to reach out to your current customer list today. Remind them of your offers and ask them about their needs. This is also the perfect opportunity to get important feedback about past purchases and to solicit new referrals. Remember – word of mouth is still one of the top marketing channels that produces new business.
Try it out now. While you have your email open, go ahead and shoot a quick message with your latest offer to your customer list. You might be pleasantly surprised at just how well this strategy works to fund your small business.
