Question

How do you plan on promoting your new business? How will you manage the costs of running a startup? in 500-700 words

Answer 1

This is an ear of start ups and entrepreneurs. Companies are coming up with innovative ideas and start up business growing at faster speed but starting a business is not easy, it takes lot of efforts and money.

Promoting your new business- I will promote my new business in following ways:

1. I will promote it online through making a blog so that we can directly connect to our end consumers and can know their wants and expectations from the product and in this way, we can improve our products and increase our sales.
2. We can promote out business by online listing, our company should be in the latest listings so that it can be easily found on Google places and maps.
3. We can make a community on social media so that customers can share their experiences and word of mouth publicity will bring new business for us.
4. We should give discounts and offers to promote our business specially in the initial days.
5. We will ask for reviews and ratings, we fill do surveys so that we can come to know about our existing product or service and also can know the customer's satisfaction and perceived benefits.

Managing the costs of running a startup- Cost is the vital part of any business, each and every company wants to keep the cost low so that profit can be increased. We can manage the cost in following ways:

1. We have to raise the capital for our business that we should take from the source that has lower rate of interest. We should compare the available alternatives and should choose best one. Firstly we should look for money, around us, we can take money from our family members and friends.
2. We should manage the things, manage the cost and benefit. We should use the available resources optimally so that we can achieve economies of scale and cost can come down.
3. We should monitor the credit, we should timely pay the interest and loan so as to save from the penalty and charges.
4. We should make cost budget so that expected cost can be known and it can be reduced where needed. Actual cost can be compared to the expected cost and variance can be known.