5 Ways to Use Your Stimulus to Grow Your Business
Photo by Ketut Subiyanto from Pexels
One of the hottest topics since the start of the pandemic has been the stimulus checks. Ranging from around $600 to $1,400, Americans have been recipients of these government-issued sums of money to help keep citizens going through these hard times. We’ve all heard one or two accounts of how people have spent their money already; things such as bills or rent, a new TV, food and groceries, or even the stock market has been a pretty common answer. But, how can YOU, as a business owner who qualifies for a stimulus check up to $1,400, use the money to better your company? We’ve got a few ideas.
1. Build your website
While having a Facebook business page is a good way to go free, having your own professional website will make your company look official and adds both authenticity and credibility to your brand. Several sources say that a small business will spend anywhere from $1,500 to $10,000 on their website. Of course, there are a lot of variables that add to the cost of making a website, but a sum of $1,400 can go anywhere from nearly paying for the whole creation to taking a chunk out of a large bill.
Some of the items that go into a website are:
Domain name (the named address of your site). This can be pretty cheap, and you can expect to pay around $9 to $20 a year for it. However, a higher price could mean faster access to your site via showing up more often in searches, which means more opportunity for customers.
Website hosting (having your website stay up and running). Like the domain, this is relatively cheap: $3 to $15, to start. As well, you can choose to spend higher prices for more features and hosting strength. This is something to consider when you grow in traffic, or if you decide to have your own email service for employees and clients.
SSL certificates (security encryption programs). This makes sure clients can do business without the fear of having their information compromised. Some go for as low as less than $10, but mostly average out to around $50 a year. Like most other components, you can choose to get spendy and get beefier protection.
These are just a few different things you can expect to pay some money for your business’s website. There are other things to consider as well, such as page design, app integration, marketing and SEO capabilities, how many pages the website will use, and other technical facets, but the ones listed are some of the most basic parts of getting started. If you’re looking to make something yourself, but don’t have the precise knowledge or experience of how to make a website, there are also sites that allow you to build a website without the technical know-how for free, or for a low price. Here’s a good list of some of those sites that are worth checking out.
Even if it doesn’t cover all expenses, $1,400 goes a long way in covering the basics of a business website.
2. Design or redesign a logo
Time and time again we are reminded of the importance of a logo, and important it definitely is! McDonald’s wouldn’t be McDonald’s without its golden arches, Twitter wouldn’t be Twitter without the little blue bird, and so on and so forth. Having a logo means building a brand, and building a brand is creating the image of what your company is like in your customer’s mind. So, let’s build a logo!
What are our options for making a logo? For those looking for something with a low price tag, there are logo generators where you can get something whipped up quick and easy. The designing is free, and the actual purchase of the logo can run anywhere from $10 to $50. But, as they say, you get what you pay for; the logos can look uninspired or generic.
Let’s bump up the price range to about $100 now; we’re beginning to see some more nuanced art styles and creative direction into the logo process, something original. Some claim that a minimum of $100 needs to be spent for a good basic logo.
Let’s go even higher: $500. This is where credible and recognizable logos can be made. A team full of creative thought can go into these considerably mid-ranged prices, such as the right type of color and shape, and form to catch a customer’s eye. As well, you can expect your logo to be customizable to fit various different positions, such as on a business card, a website header, or even a billboard, not to mention you can most likely get various different versions of the logo, depending on how you’d wish to tweak it to your taste.
As you might’ve guessed, spending upwards of $1,000 can net you a logo of excellent quality. A specialist company will determine how to best make an image for your brand that will be recognizable and distinguishable especially for you. You really do get what you pay for.
If you’ve had a logo for your company for quite a while, you could consider giving it a facelift. Updating your logo when it’s necessary—when it feels outdated or when it no longer properly represents your company the way it should—breathes new life into the look and feel of your brand. Depending on the depth of the
redesign, you could possibly pay some of the same prices it would cost to make a new logo.
It might be hard to believe, but your logo is the face of your company. Recognition, familiarity, and brand establishment are all facets of your company that are tied to your logo. Without one, it’s hard to put a name—your business’s name—to a face.
3. Pick up a class
Unlike nearly all commodities, knowledge can’t be replaced; it can only be expanded upon. One of the best ways to invest in your business is to invest in yourself and in your employees. The avenues to learn are nearly endless.
During the pandemic, you may have noticed the rise of courses and classes being taught by respected members of a particular craft. MasterClass is one such service. They have a wide range of topics to dive into and a variety of masters in those topics, ready to teach a thing or two, such as Neil Gaiman teaching writing,
or Gordon Ramsey giving insight on cooking. For an all-access single-person membership, you’ll pay $180 annually. If you’re looking for only a specific class, you can spend around $90, but your materials and videos are limited to that class only. There’s also a team discount if you’re looking to sharpen your entire team’s
skills.
Another service similar to MasterClass is Skillshare. While it doesn’t have the same powerful, widely-known teachers that Masterclass does, it does have a free version to start, with a premium, all-access pass at a little bit of a lower price (when charged annually). It also has a higher range of classes and crafts to choose from, whereas MasterClass has a more limited range of topics to learn.
Some other services include LinkedIn Learning (one month free trial, then $30 a month), The Great Courses (costs fluctuate for each course), and Khan Academy (free, but mostly specializes in academia).
If you’ve got the time and money, it might be worth it to pick up a few classes at a college or university. Local community colleges usually tend to be cheaper for classes, though this may differ with location. Of course, if you’re busy with your company, part-time classes can offer you a less expensive and easier
experience. Online classes have skyrocketed during the pandemic, so accessibility to college courses is higher than ever. There are certain colleges that are strictly dedicated to the online learning format. Prices seen in some of the more affordable courses start around $425 per credit hour. You can find a list of schools that offer such prices or lower here.
Taking classes helps us to stay current on trends in our fields of expertise and in business. Even if you’re not ready to commit to a class, you can download our eBook, Using Social Media Profiles to Scale Your Business Pt. 1, to further your business knowledge. Experience is one of the best teachers in our lives, but a textbook and teacher doesn’t hurt either.
4. Getting your business started
Okay, so, maybe you aren’t TECHNICALLY a small business owner yet, but always wanted to be one. The $1,400 could be one of your best ways to get started!
Lots of different things go into starting a company: what goods and services will you provide, where the location of your physical store will be (if applicable), the number of employees to be hired by your business, and much, much more. Typical starting expenses include advertising and marketing, the cost of borrowing loans, and starting wages. Again, keep in mind that the cost of this can change drastically based on the industry you’re starting your business in.
Here are some things to be aware of:
The one-time expenses against continuous expenses. Obviously, some expenses are one-offs whereas some others need multiple payments, such as subscriptions, property bills, and maintenance.
Your current assets. What you own right now that could help you in your business could cut back on expenses right off the bat.
Where your money is best spent. Certain things will help at the beginning, and other things will help you in the long run for your business; it’s good to consider where it’s best to save and where it’s best to splurge.
Unexpected costs. Sometimes, an underestimation or misunderstanding or a simple lapse of judgment in transactions can end up in a surprise bill. It’s good to ask questions and to estimate that you might need more than what’s being asked for.
One article states that, on average, most small businesses start with a bill coming out around $3,000. That’s almost half a total bill taken off with the stimulus check right there! With the right loans and proper help, you’ve got good grounding for starting off your business
If you’re looking to calculate the starting cost of your business, you can visit the U.S. Small Business Administration website and do just that.
If you’re unsure of how to begin a business, be sure to check out our article on getting started with your own LLC here!
5. Boost your Google/Facebook traffic
Sometimes, a little push is what we need to go forward. When it comes to an online presence for a business, Facebook and Google have paid options to project your business upwards and outwards.
Facebook’s capabilities are actually very customizable: you set your budget, and
Facebook will work within that budget to advertise your business. So, really, you come up with an idea of what you’re willing to spend, and voilà, Facebook is pushing your ads. However, what’s important to know is where your ads will go and who they will go to. Who is your target audience? Are your ads strong and
eye-catching? Facebook can spread them out, but it’s up to you to create ads that will get people to notice your business. Another good part about Facebook ads is that you get to see the analytics of your ads, so you’re able to see who’s taking interest.
In a similar way, Google Ads also boosts your company’s presence in the search engine; when someone searches for an industry related to your company, there’s a better chance your company’s name will pop up. Again, like Facebook, your ability for budgeting your costs is very customizable and negotiable. Yet again, like Facebook, it’s best to know where you want your ads to go and how quality your ads are. And, once more, you’ll be able to see how your ads are doing in attracting customers.
It seems really simple, huh? That’s because it is. Titans like Google and Facebook can do great things for advertising; all it takes is a sensible budget choice.
There you have it: a few different ways you can use the stimulus check to add to your business. While it doesn’t seem like much, $1,400 isn’t an amount of money to take for granted, especially for small business owners. These funds can help make pivotal movements in getting your business out there. While there are plenty of fun things to spend cash on, opportunities for funds like the stimulus check don’t come very often, and business owners & prospective business owners should be ready to make the best of it.