Are you struggling to find the best way to market your business? Knowing how to market your business with no money is about understanding capital. In business, there are two types of capital.
Financial capital is how much money you have. The bills in your wallet and the numbers in your bank account are forms of financial capital. This is the type of capital most people are familiar with.
But the second type of capital is social capital. Social capital is about who you know.
The more people you know, the more social capital you have. Someone with a lot of business connections has a lot of social capital. They have a lot of social relationships and networks they can leverage.
If you want to become successful, you need to know how to use both financial and social capital. Marketing your business with no money means using all the resources you have. If you think you have no resources, you have a poor mindset.
You Can’t Grow A Business With A Poor Mindset
Most people with a poor mindset have limiting beliefs. They let their financial capital control what they can and cannot do. If they do not have enough money to buy something, they make excuses and say “I can’t afford it.” As a result, they never get what they want.
People with a rich mindset think differently. If they want something, they will find ways to get it. Someone with a rich mindset would not say “I can’t afford it”; they would ask themselves “how can I afford it?”
This is why the rich get richer and the poor get poorer. They have a different mindset when it comes to getting things done. A person with a poor mindset lets financial capital stop them from achieving their goals. Whereas people with a rich mindset look for other ways. They use their brains to gather resources. By tapping into other types of capital, they can achieve their goals.
If you want to learn about how to market your business with no money, read on.
Why Does Money Even Exist?
In old times, money did not exist. Instead, we used something called a “barter economy”. This is where people exchange “something” for something else.
Because money did not exist back then, we used forms of currency. These other forms include things like items or favors.
For example, let’s say you raise chickens and your neighbor raises pigs. In a barter economy, you might trade three chickens for one pig. It is a fair exchange, where you get what you want and they get what they want, and the deal leaves everyone happy.
Today, rarely anyone uses animals as a form of currency. Instead, we use money. Money is important in today’s society; our entire economy is based on it. And 99.9% of people want to have enough money to be able to call themselves millionaires.
Back then, bartering was a very common way of trading. Almost everyone knew how to barter trade.
Unfortunately, very few individuals today know how to barter trade. This is because people have become too reliant on money to trade with others. As a result, when they do not have enough money, they think they cannot trade. In reality, however, it is not about a lack of money; it is about a lack of knowledge.
In fact, the most successful people today do not trade using currency. Instead, they barter trade – which in today’s world means “negotiate.” They know there are many ways to get what you want without investing money.
Using Social Capital As A Way To Barter Trade
This is why successful people build a large network. Besides growing their financial capital, they also grow their social capital.
Social capital has to do with who you know. Thus, you can think of it as the number of favors your friends owe you. The more people owe you, the more social capital you have. This is because you can “collect” on favors in the future.
Someone with a lot of social capital has done a lot of favors for people. In the business world, this is known as providing value. For example, let’s say your friend is a lousy salesperson. So they contact you, a High Ticket Closer, to help them close a 6 figure contract.
Now let’s pretend you feel generous that day. You close the contract successfully, but do not charge your friend anything. As a result, your friend now “owes you one” in return.
If you had closed on commission, you would have received financial capital. They may have given you a 5% commission on the deal, which is money. Instead, you chose not to charge your friend anything. As a result, financial capital turns into social capital. And, oftentimes, social capital is worth much more than financial capital.
Learning how to market your business with no money is not difficult. People do not realize there are two types of capital. By providing others with value, you increase the amount of social capital you have. The more social capital you have, the bigger the favors you can ask for.
This is how successful people trade using social capital. Instead of using money, they use value.Rich people use social capital, poor people use financial capital. Click To Tweet
How To Market Your Business With No Money: The 5 Ways To Business Success
Using social capital is one method on how to market your business with no money. Here are 5 ways to market your business using social capital:
1. Offer Your Services For Free
The first method on how to market your business with no money is by providing value. You can do this by offering your services for free.
Most likely if you do not have money to market your business; you are just starting out. This means you do not have a track record of successes: no case studies, testimonials, or results you can present to prospects.
When you are first getting started, you need proof more than you need money. Focus on building a successful portfolio overcharging money. This is because a track record will grant a much greater return than small gigs would.
You can use a portfolio of success to convince prospects you can provide value, but cannot use the money to do the same. This is one reason why a track record is much more valuable. You can use a portfolio over and over again; whenever you meet prospects. Money, however, cannot be used repeatedly. . In terms of ROI, there is no comparison.
Offering your services for free is the first method on how to market your business with no money. You want to offer your services in exchange for proof that you are good. For example, you could close a contract for your friend. In exchange, they give you a written testimonial that highlights how good you are. Do this for ten people, and you now have a portfolio of ten testimonials you can use to convince prospects.
2. Joint Venture With Other People
The second way of marketing your business with no money is through joint ventures.
To do this, figure out who has access to the customers you want. This could be an influencer or successful entrepreneur. These people have already spent time and money on building an audience base. Doing a joint venture with these people allows you to tap into that audience.
So how can you convince them to do a joint venture with you? Offer them something in return: money, commissions, or an exchange of service. As long as you can provide them with value, that’s all that matters.
For example, in exchange for letting you market to their email list, you’ll help them with their sales page. This creates a win-win scenario for both parties involved. What’s even more interesting is that no money was exchanged in this deal. This is how successful people make things happen when they don’t have money. They know how to negotiate deals and make things happen – they are resourceful.
Joint ventures are an effective way to reduce risk. You don’t have to spend money – financial capital, to get what you want. You can simply perform an exchange of value – social capital to create a business deal.
Remember that financial capital is not the only way you can do business. Before money was invented, barter trading was the norm. If you want to become successful, you’ll need to tap into that resourcefulness.Joint ventures allow you to use someone else's resources to succeed. Click To Tweet
3. Content Marketing
The third way on how to market your business with no money is through content marketing. As its name implies, you market your business by creating content.
Examples of content include YouTube videos, podcasts, and blogs. When you have no money to spend, use time. You invest time in creating these pieces of content. If you had money, you could simply run ads, or pay someone to create content for you. But, since this is an article on how to market your business with no money, these two options will be put aside.
Understand that marketing your business is not an overnight success. You are playing the long game of trading short term successes for long term value. Marketing your business via content takes time because there is a lot of content already out there.
When you are starting out, you will need to create a lot of content. This is so you can cut into the marketplace and stand out.
For example, let’s say entrepreneur “Bob” has been creating content since 2015. Compare that to an entrepreneur “Joe” who is only just starting in 2020.
Bob has a 5-year head start over Joe. As a result, the amount of content Bob has in the marketplace is significantly higher. Even if Joe creates three times as much content as Bob, he would still have a long way to go. This is because Bob started earlier; he has time on his side.
This is why many successful people recommend young people start a business at an early age. The earlier you get into the business, the less time it will take for you to succeed.
4. Be A Guest On Other People’s Platform
The fourth way on how to market your business with no money is to be a guest. This is why you sometimes notice guest speakers on podcasts or YouTube videos. In exchange for sharing their knowledge and wisdom, they can access a larger audience.
For this, you need to be good at what you do. This is because you are negotiating a deal without using financial capital. If you are not good at what you do — if you cannot deliver value — you have nothing to bring to the table.
This method has similarities to hosting a joint venture. In exchange for your services, you get something in return. Both parties establish a win-win scenario, by negotiating a deal.
You benefit from being a guest by tapping into a large audience. You don’t have to spend your time and energy to build one, you can just borrow someone else’s. In return, you provide value by offering your insights.
Some examples of being a guest include writing blogs or being interviewed. If you have a website with a lot of traffic, you can contact a guest to write an article for it. In exchange, their article reaches a large number of followers.
Guest appearances are also a great way to build relationships. If you are popular with a person’s audience, chances are they will want you to keep coming back. This opens up opportunities for joint ventures and partnerships down the road.
5. Send Out A Pitch Video
The fifth way on how to market your business with no money is by making a pitch video. This is actually a method we teach our students. Done properly, it is very effective.
Important: You will want to pay attention or your efforts will have the opposite effect. Instead of standing out from the crowd, you will be spamming.
Creating a pitch video is a 3 step process:
First, you want to identify your ideal clients. You want to know who they are, what they do, what they need, and what problems you can help them solve.
You do not want to pitch your prospects your services. If you pitch your services immediately, you are going to come off as annoying. Telemarketers and scammers often contact people out of the blue. As you will be doing the same thing, you want to make sure you do not give off that same impression.
Second, you want to spend a few minutes (3-4) addressing the prospect. Let them know why you are contacting them and how you can provide them with value.
This means that each pitch video you create must be customized. Some ways you can customize your video are to either mention the prospect’s name, or talk about a problem you can address that is specific to them.
Third, send them the video. You need to take action if you want to succeed.
How Pitch Video’s Help You Build Social Capital
Pitch videos work well when executed properly. Your prospect can hear, see, and feel you. When your prospects can associate a face with your voice, they are more likely to trust you.
This becomes even more effective when you are offering value. It allows you to make that initial first contact with them. You are getting your foot in the door, which is a start for future opportunities.
You might not do business with them today, but you will have made a new business connection. As a result, you may gain referrals or partnerships in the future.
Unlock Your Hidden Social Capital With Our Best Selling Book
Wondering how to market your business with no money? It all boils down to understanding capital.
Financial capital is how much money you have. This is what most people use to exchange for goods and services.
Social capital is how much value you can deliver. This stems from the history of barter trade. Instead of using money to trade, you use favors. By providing value through favors, you can ask for one in return later on.
When you rely on money to create business deals, you cultivate a poor mindset. This is because a lack of money takes away your options. Without money, you have no way to trade with others, and you are held back.
Successful people know the value of social capital. They know they can use it to negotiate a business deal without money. This is because they can bring value to the table. When you have something valuable to offer, money is secondary. In some cases, social capital is actually worth more than money. This is because the right favors are priceless.
These 5 methods all use social capital to help you market your business. People with a rich mindset spend time learning how to be resourceful and create business deals without investing money.
In his best selling book Unlock It, Sifu Dan™ goes in-depth about how to use social capital in business. If you want to learn how to be resourceful in business, pick up your free copy now.