Growing a small business is tough in any field, but it can be hardest in a field that’s growing fast. When trends are identified, entrepreneurs flock to a field, which means the ones with the most opportunity are frequently the most crowded. Right now, SEO and digital marketing are hot industries, so finding the extra capital to expand without compromising your current position can be tough for a smaller firm. Here are three ways you can expand your services without compromising your cash flow.
1. Invoice Financing
Sometimes customers don’t pay promptly. When that happens, you can be stuck waiting on the debt while your own bills come due. Invoice financing gives you the opportunity to access part of the money without selling the invoice.
Your clients pay the financing company, and after their fees and the advance are subtracted, you receive a second-round payment after the job is done. When you use the first round to do the outstanding work you have on hand, it’s easy to calculate your profits by the size of that round two payments.
2. Subcontract Extra Work
If you’re looking to expand the services you offer clients, you don’t necessarily have to expand your staff or in-house equipment. Working with an SEO reseller gives you the chance to access professionals who will do the work to your quality control specifications at a wholesale cost.
Set your rates where they need to be to make your profit and you don’t need to expand in-house services at all unless you want to. You can even use this method to raise the working capital you need for a bigger team or more equipment in-house, responding to trends in new services nimbly as they arise.
3. Use Your Own Product
Remember, digital marketing is important in every field, but for your field it’s crucial. Your ability to reach clients looking for marketing services is directly related to your investment in your own tactics. If you’re not reinvesting significantly in the strategies you sell to clients, they’ll notice, and it will affect their orders. If you see a new trend, demonstrate it by using it to gain market share, bringing in more orders and helping your pitch at once.