Eight Low-cost Ways to Advertise Your Small Business

For the SOHO warrior, advertising your business with limited funds can be one of the most frustrating aspects of being a business owner. But we know that in order to be successful we have to advertise. The good news is we don't have to spend a large amount of money to do so. Let's look at a few low-cost, and in some cases no-cost, ways to advertise your SOHO business.


(1) Word of mouth- Without a doubt, one of the most effective and cost-effective ways to advertise. How often have you purchased goods and services based on the recommendation of family, friends or co-workers? When someone buys your product or use your service, don't be ashamed to ask them to recommend you to others who may have similar needs.


(2) Networking- You don't have to network in order to run a successful business, but it certainly helps. Start by attending business to business events sponsored by your local Chamber of Commerce or other business organizations. Get our there and mingle as often as possible. Have a ready supply of business cards and/or brochures with you, but don't simply walk around the event passing material out like you're in some kind of marathon. Talk to people. I mean really talk to people. When you find someone who you think is a good prospect, show them how your product or service can help them solve a particular problem they may have.


(3) Cold Calling- You can mass mail to potential customers or you can cold call and qualify your prospects first. In the long run you'll save on postage and printing costs by not sending your material to every Tom, Dick, and Harry you think might want to buy your products or use your services. And although some people may tell you to go ahead and send the information just to get you off the phone, you'll still fare better than mass mailings. Make sure you get the information in the mail as soon as possible, the next business day, is ideal. You'll want to do this while you're still fresh in the prospects mind.


(4) Speaking Engagements, seminars, demonstrations and teaching classes- If you have the gift for gab and you're not afraid to use it, consider giving a seminar or demonstration or speaking engagements. Most associations and clubs welcome guest speakers. You may also be able to teach a class in your area of expertise. Check with your local college or university to see what adult education classes they offer. With just the right proposal you may find yourself on the faculty roster. As an added bonus, you'll make money from teaching the class, either a flat fee or a percentage of the tuition from each student. Although you can charge for seminars, you'll get more participants if you'll able to offer the seminar for free. Demonstrations are often done in conjuction with other businesses. For instance, if you're written a cookbook, you may be able to arrange demonstatrations at your local bookstore.


(5)Cooperative advertising- This is another excellent cost-effective way to advertise your business. In cooperative advertising you and other non-competing businesses advertise the products or services of the other. Even the big boys do it. Open any of your bills and you're likely to see an insert from a company offering their goods or services to you. If the big companies can do it why shouldn't you? And there's no need to spend money on four-color mini brochures. You can be just as effective using your business card or a flyer or coupon you create on your PC.


(6) Shared advertising space- The cost of advertsing in print publications can sometimes bring tears to your dry eyes. Put away your hankie. As an alternative to the high cost of advertising you can share advertising space with other businesses. Your group can purchases a full page ad and then divide the space by the number of participant. This can be a better solution to small space ads that often are overlooked.


(7)Joining a professional organization- The benefits of joining a professional organizations should not be overlooked. There's opportunities to network, free or low-cost seminars and training. Most will also have a members only directory and newsletter. These two tools can be your ticket to getting more business to business sales as well as referrals. Newsletters especially are on the look out for copy to fill each issue. If you, as a member, have an announcement they will certainly be happy to trumpet it for you, at no cost. You can also use the directory to contact members either by cold calling or if you prefer, direct mail. Either way, the fact that you belong to the same organization will establish that you have something in common and you won't be viewed as making just another sales pitch.


(8)Unsold advertising space- Psst, want to know how you can get cheap advertising in print publications? Earlier I mentioned the skyrocketing price of advertising space. Sharing the cost with other businesses is one way to get your message out but it's not the only way. Publications want to sell advertising space at the rate specified on their rate card. However, if at publication time they have unused advertising space they will sell it to you at a fraction of the cost. Before you make the call be sure you have your ad ready to go. The best time to call? Close to the publication's ad deadline. You'll be in a far better position to bargain for a good rate. Afterall, the publication would rather have an ad sale at a cheaper rate than no sale at all.


And there you have it; eight simple but cost effective ways to advertise your small business. But don't stop there, many other opportunities exist if you use your imagination.