As a small business start up I have a limited budget, therefore my initial three priorities were to develop a logo, business card and website, and should be designed by a senior graphic designer with a long-term view of what the business would look like. I was surprised about what a kick-start it gave me. By having good looking and professionally designed branding tools I was able to hit the ground running, and was initially surprised about how many people thought the business had been around for some time for this reason alone. It meant that customers and sales came along quicker than I had anticipated and all delivered on a shoestring budget.
Do you ever think as a small business owner on a shoestring budget that your business isn’t significant enough for a supplier to take you on? A recent report by Design Victoria titled ‘Five Years On’ found that small to medium sized businesses make a significant contribution to the design industry accounting for almost 90% of dollars spent on design in Victoria and is 39% of all design consultancy revenue. Consequently, as a small business owner the spend on design and in the industry is a significant factor in its overall success. Therefore there are many companies, including Next Marketing, who want to work with people just like you, and subsequently your participation and billable income counts. So there is really no excuse not to get involved by creating a good-looking brand and relationship with a company who really wants to work with you and your business.
Is design supporting your business? Do you think you have the ‘right’ look and feel for your brand? Do you have a shoestring budget? As the end of the year approaches, it is a good time as a business owner to review your branding, logo and marketing collateral and take a realistic view of whether it is up to scratch. If you decide that it is time to make some changes, then my recommendation is to get back to basics and start with reviewing your logo first. It is just like building a house – start with the foundations and grow from there. It is certainly much easier to create good-looking design applications, such as websites, brochures, e newsletters and signage, with a high quality professionally designed logo. It is the most important aspect of your brand and if you can afford nothing else, it is crucial to get that right.
However, if you are looking for some low cost tips to help you get started then keep reading!
Work with the ‘right fit’ suppliers.
When I presented at a conference earlier this year, I was surprised to note that the definition of a shoestring budget varied strongly amongst the speakers and businesses that presented to the audience. So how do you ensure that the suppliers/partners that you work with are on the same page as you and your business? My recommendation is that you be upfront and honest about your business, budget and limitations and what you need to do to deliver for your spend. This will flush out who is a good fit for you and your business and in my experience will save you time and money in the future. Getting the right fit can take time, but it is worth it in the long term.
Working with Students
I recently spoke to a company who had spent their entire launch budget on a shop fit out and inventory which had left no spend for sales or marketing activities. This restricted the growth and launch of this new product as marketing tools were required to explain what made this product innovation different etc. The business owner did get some traction through seeking out and engaging the services of design students. Although there is a degree of chance involved here, I was impressed with what they had been able to achieve for a few hundred dollars. How do you find students to work with? I would recommend calling your local university or TAFE College and asking what the process is to put a note up on a noticeboard. If you were willing to spend some time and money with a student, then I would highly recommend giving it a go.
Contra deals
I know of many small business owners who successfully and often swap goods and services on a contra basis. I am personally not a fan of these types of arrangements, as I have seen first hand where business critical projects have been left in limbo for weeks in contra deal arrangements when one supplier puts the job on the backburner due to a high ‘paid’ workload. Perhaps though, a well-managed contra deal with the right business is a great way to get things done when you don’t have the cash flow to fund it yourself.
Payment Plans
If you have a large project, you may be able to arrange a payment plan schedule with your nominated suppliers. This also comes back to my first tip, which is working with suppliers who are the right fit. If you outline your cash flow restrictions then you are more likely to be able to negotiate payment plan options. In the Next Marketing business we offer credit card facilities, which opens up opportunities to spread payments in weekly or fortnightly recurring cycles. Payment plans do need to be a win win for both parties, therefore it is important to negotiate an outcome that suits all involved.
Blogs
IP of your logo (Australian Audience)
My final tip is the importance of protecting your logo and/or brand through a registered trademark. IP Australia is the regulatory body that oversees the registration of trademarks and patents etc. in Australia. I know that engaging an IP lawyer is out of the reach of most small business owners, and if this applies to your business, then I would highly recommend trying the IP Australia TM Headstart Program as a low cost method of registering trademarks, such as your business logo. I have used blogs as a way to obtain tips from other business owners who have used this service and would highly recommend it.
Using design in your business is a very powerful way to create a distinctive and unique competitive advantage. Just because you have a shoestring budget doesn’t mean that you can’t be involved in the process of ‘looking good’. Drop me a line if you need any help. Until next time!
Design on a Shoestring – To learn more about this author, visit Jo Macdermott's Website.
