It’s all good and well having an idea for a stellar marketing campaign, but sometimes there’s no getting around that they can be expensive. You need to do your research, you need to make it look good with graphic logos, the content needs to be well written, you need to check that it’s been successful, and so on. All of these things cost money, and add up quickly. If you’re planning a large campaign, then your eyes might water at the final figure. Ouch. How will you afford it? You have a number of options, as we’ll see below.
Company Credit Cards
Depending on how much cash you need, it might be a good idea to use a company credit card to fund the campaign. Company credit is a good way to maintain your cash-flow when the big costs come in. They can be relatively easy to get, too, so look at applying if you haven’t already got one. More than just your campaign, you’ll find they come in handy for many other things relating to your business, too.
A Business Loan
Credit cards won’t cover everything, however, and if you’re planning a large scale campaign, then it might be better to get a business loan instead. You can use a business loan calculator to find the loan that’s right for you; pay attention to the size of the loan, the interest rate, how frequently you have to make payments, and if there’s a startup fee. Once you’ve got the loan in your bank account, you’ll have all the capital you need to begin your campaign.
Crowdfunding and Investors
The internet has opened up many ways to fund all aspects of business. If you’re looking for an injection of cash, you might want to consider crowdfunding or appealing to investors. Crowdfunding is especially popular at the minute, because you usually just trade goods for the money. There are rules to crowdfunding, however, so make sure you’re thinking long and hard before taking this route - it’s a time-intensive campaign in its own right.
You don’t have to go down the ‘business’ route. If you qualify for excellent personal loan rates, then you can look at using your personal loan to fund your campaign. This is a less popular option, but may be suitable for certain business owners.
Finally, is it possible to divert any of your operational cash to fund your campaign? If you can successfully fund a campaign without hurting your day-to-day operations - this is very important - then it might be the right way to go. Generally, though, it’s better to secure other funding.
The cost of marketing might not be as cheap as you’d like, but there’s a reason why companies outlay the cash: they work. Whatever figure you end up spending, you can expect a handsome return, providing you’ve planned everything correctly. So don’t let the costs put you off. They’re just the starting point, it’ll come back to your business and then some eventually.