5 Tips for Bootstrapping to Success in a Niche Market

 Janet Anthony
  Nov 07, 2016

When you’re low on money you’ve got to do things differently. You can’t just throw out a massive marketing campaign and wait for the customers to come rolling in. Instead, you’ve got to rely on other assets you’ve got.

The thing is, you’ve actually got plenty of other assets. People seem to get distracted by money. They seem to think it’s the only resource they’ve got. There are plenty more ways that you can boost your business. Today we’re going to look at a whole bunch of those so that your business can become a success on a budget.

Get out of the building

When you’re low on money, then one of the best assets you’ve got is you. So make sure you use it. Set meetings, talk with people, attend conferences and in other ways put your face out there. The connections that you’re likely to make will serve you well in the days to come, when you need something or when you’re trying to get a message out there.

Don’t just try to make new connects either, but also take the time to refresh old ones. Don’t do this when you need them. Then it is far more likely that they’re going to say no. Instead, simply reach out, let them know what you’re up to and turn a cooling connection hot again. You’ll never know when that person can offer you a vital resource that you need.

Have a plan

The less money you’ve got, the more worked out your plan needs to be. When are you going to monetize? Who is going to be your clients? How much are they going to be able to pay? These are all questions that you need to try to work out in as much detail as possible. In this way, you’ll have a much better idea how far away you are from breaking even.

What’s more, if you ever do run into somebody who might be able to invest in your idea and let it take off, then you’ve got all those facts ready for them. This will make you seem far more impressive and will make it far more likely that they’ll actually invest.

Connect with free experts

Up in step number, one might have met people who’ve got a lot of knowledge that might be useful. See how much you can get out of them, as their advice might be incredibly useful.

Alternatively, if you’re not meeting a lot of experts or have need of specific skillset, connect with universities. There are countless professors who can give you information. This is particularly true if you’re in a niche where they might otherwise not have access.

Often, they can give you valuable insights into how to run your company more efficiently, if you give them access to doing research on your company. This won’t cost you anything and can be incredibly valuable. After all, universities often have a huge number of connections in other industries.

Then they're the students that they’ve got studying in their departments. These are constantly looking for internships and other opportunities. That’s exactly the kind of people you’re looking for if you’re trying to keep your budget under control. The best part? Because you’re working with the university already, you’ll be able to figure out which students are actually worthwhile and which are only dead wood, thereby avoiding one of the biggest problems most businesses have with new graduates.

Engage in content marketing

When you’ve got a limited budget for marketing and other purposes, make sure that you devote some of your resources to content marketing. This is because if it is done correctly, dollar for dollar it is one of the most effective forms of marketing. This is particularly true if you’re in a niche where there isn’t that much content out there yet.

After all, when other forms of marketing run out of the budget, they’re done. That doesn’t need to be the case with content marketing. Good content written for the long run will be useful for months to come and can be pushed through social media and other means several times.

Of course, the operative words here are ‘done correctly’. If you don’t make sure it’s insightful and well written, you’re not going to get a great deal of traction. Fortunately, there are plenty of tools to help you along that are cheap or free.

  • Google analytics will give you insights into what content is working well and where you have to tweak what you’re doing.
  • Grammarly will help you fix most of your grammar and spelling mistakes for free.
  • Writingdaddy can help you write your texts or edit them, to take them to the next level.
  • Moz’s keyword explorer will make sure you’re actually focusing on the right phrases to get you ahead.
  • Yoast will make sure your texts are actually optimized for the best SEO results, thereby making it that much more likely they’ll show up on Google.

Focus on the customers you already have

Did you know that marketing to your current customers cost less money per dollar earned than new customers? So make sure you’re always there for them. If you make sure that you engage with your customers regularly and are always available to make sure they’re happy, then they will be engaged with you.

The result? You’ll have some of the best marketing people out there working for you for free, as they’re liable to tell anybody else that is interested in your niche why your product is the right product.

For that reason, focus on the customers you already have and let them focus on the ones you don’t have yet.

Last words

Sure, it helps if you’ve got a lot of money for your company. It is, however, not essential. Provided you’ve picked the right niche, you can get very far indeed with spit and sweat. Even better, if you do manage to show that you can do it without a great deal of money and that you can pull yourself up through effort alone, once you’re ready for investors you’re going to be investment gold.

For that reason, make sure you find your own way. That way, you’ll know the ins and outs of the business, you’ll be indispensable to its running and you’ll have the cards in your hands when it does become time to get the investment you need to corner the market.

5 Tips for Bootstrapping to Success in a Niche Market

Janet Anthony

Janet Anthony is a blogger from Kansas City who has been writing professionally for five years now. She mostly writes about blogging, internet marketing, and entrepreneurship. Her motto is “What you do today can improve all your tomorrows”.

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