We are a strong advocate of starting small and growing your business in as natural a way as possible. We highly recommend that you do this without incurring too much debt, cost and overburdening your finances.
However, we always also recommend that you realise the essential expenses that are directly tied to the revenue and success of your business. Promotion and marketing is one such essential business expense. The great news is that you do not have to put away a lot of money to cover this cost of the business start-up.
One of the strongest promotions for craft business is ‘word-by-mouth’. The number of people who make the first contact with your craft rapidly spread the news to others, especially if they like what you make. Your marketing expense is about getting more and more people to make that first contact with your business.
These are the reasons why you need a marketing and promotions budget for your craft business.
- Grow your business base exponentially. Spend on one prospect and gain many more through word of mouth publicity.
- Recover the cost of investment faster. The business will become profit-making and self-sufficient in a shorter time. If done properly advertising a business is an investment that pay for itself many times over.
- Early detection of customer taste and possible problem allows you to carry out various correctional methods and avoid costly mistakes.
- The cost of marketing and promoting for craft business is quite low.
- Build the right brand reputation. With the right marketing and promotions, you can build a great image for your business, price your crafts at a better price and make more profit per sale.
- You can generate more revenue, expand and start hiring the people to work for you.
- Gain financial and personal freedom that much quicker.