How To Create A Marketing Area With No Budget
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A marketing area is a segmented or segregated area of your business specially designated to market your brand’s goods and services. It is a designated working space for marketers to work and brainstorm ideas that will propel your business to the next level.
Marketing is the lifeline of a business as it is responsible for bringing paying customers and clients to a business. If you don’t have a marketing area, you can start one with a small business loan. A business loan calculator can help you calculate the total cost of the loan and other loan expenses. The rest of this article will tell you more about creating a marketing area with no budget.
Why a marketing area is essential for your business
A marketing area is essential for the following reasons:
Massive ROI
A marketing area will fetch you a lot of return on your investment. So, even if you have to get a business loan to build a marketing area, you can be assured that the loan was worth it. When hunting for a business loan, take your time and compare various loan offers using a business loan calculator.
Concentrated and focused brainstorming space
A marketing area helps your marketing team stay focused on the subject of marketing, away from the regular bustle of business premises. It provides a partition that allows them to think and cook up ideas that will fetch a lot of money.
It helps with business branding
Your marketing team has a prominent role in defining your business brand and how potential customers perceive you. Providing a dedicated space for your marketing team will do wonders for your business brand and redefine how you are perceived among other players in the sector.
Primary considerations you need to contemplate before starting a marketing area
These are the things that you must consider to start a marketing area for your business:
Available office space
The office space you have available will go a long way in determining the marketing area’s size, structure, and arrangement. Larger office space will mean a larger marketing area and vice-versa. If you don’t have enough space for a marketing area, you might consider moving your office to another location.
Number of marketing staff
The structure of the marketing area should depend on the number of marketing staff that you have. New small businesses may not need a marketing area until the business expands and the owner hires more marketing staff.
Meeting room for potential clients/partners and marketing staff
Some marketing areas need a meeting room for potential partners and staff to meet and discuss when needed. Otherwise, you can make do with a regular meeting room in your office.
Best financing options to start this area
You need to resort to other financing options when starting a marketing area with no or limited budget. Funding options include business loans, grants, venture capitalists, angel investors, SBA loans, and more. Here are the specific ways to use each method to finance your marketing area with no budget.
Business loan
A business loan can help you finance a marketing area for your business. Specify your need for a marketing area in your loan application and state the several ways the marketing area will help improve your business.
If you are taking out a business loan to fund the marketing area, be aware of all the terms of the loans. Factor in all costs, including opening costs, closing costs, servicing fees, and all other miscellaneous expenses. A business loan calculator can help you to calculate all those accurately.
Business expansion loan
A business expansion loan is different from a regular business loan. It is solely dedicated to business expansion purposes instead of the multiple-use cases of a standard business loan. If you apply for a business expansion loan for your marketing area, there is a higher chance that your loan will be granted than if you applied for a regular loan.
Grant
A grant can be used to finance the marketing area of a business. Apply for relevant grants in your industry and supply all required information. Once the grant is approved, use it to build your marketing area and advance your business’ marketing.
SBA Loan
SBA loans are government-backed loans with reasonable interest rates and lengthy, convenient repayment terms. These loans can be used for business renovation projects like improving existing office facilities, constructing new office space, modernizing and office space, etc. So, you can apply for an SBA loan if you want to create a marketing area in your office.
Business line of credit
A business line of credit can give you available money that you can use for quick, short projects like fast renovation. The business line of credit can help if you have some money on the ground for the marketing area project but need additional money. Interest is only paid on the money withdrawn from the business line of credit, and the credit line is restored every time the pending balance is paid. The line of credit helps to build a strong long-term relationship between a business and a lender. The amount of business line of credit you qualify for depends on your credit score, the duration of your business, and your monthly revenue.
Equipment financing
Many people think that equipment financing can only be obtained to finance manufacturing equipment and tools alone. But that isn’t the case. You can use equipment financing to purchase furniture, office lighting, and other things you need to build a marketing area in your business.
Trade by Barter
You can trade your services to other businesses that can help you with the market area project. You could offer your services to a suitable marketing staff hiring or outsourcing company, an office renovation company, an advert company and other businesses willing to help out in the project. This is a win-win solution that benefits everyone involved. You get your marketing area at minimum cost, and you help other businesses too.
Documents required to start a marketing area
You’ll need some documents to start a marketing area, especially if you require external funding. Here are some of the documents that you’ll need:
Here are some of the documents that you’ll need:
- Contracts tender and bids from competing contractors that will work on the marketing area project
- Company portfolio for loan purposes and to present to suitable marketing candidates that might be a right fit for the marketing area project.
- A budget for the creation of the marketing area
- Project timeline for setting up and completion of the marketing area
- Letter of consent from your landlord if you’ll be doing extensive renovations
- All necessary municipal, state, and federal permits
Conclusion
The importance of having a marketing area for your business cannot be overemphasized. It will do so much for your business. The tips in this article will help you build and structure your area the right way, even if you don’t have a budget. Select the right funding option for your business, do some research, apply and hope for the best. Once you obtain the funding you need, utilize the money judiciously to build a suitable marketing area for your business. Follow the tips in this article and tweak them as needed to suit your business.
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