Hello,
I have a small business that is essentially a product like a house. Let’s say this house is in a real estate market that is not in demand – there are millions of other houses for sale and not enough buyers. Those that do sell their houses have serious PR, Sales, Marketing budgets. My “house” is in good shape for a buyer, but I spent all the funding I have on the building and have none left to do PR, Sales, and Marketing. I don’t know if I should move to business two, start it with lower capital investment and use it to raise money for the “house” marketing/sales efforts, or if I should just spend all my time trying to bootstrap the sales/marketing/PR of the “house.” Problem is I have run out of ideas for bootstrapping, and everyone tells me “spend $10k on sales/marketing and the house will sell.” I don’t really know if this is a fact because of course I could spend 10k that I don’t have (go into debt) and the “house” still may not sell. Advice from you all would be greatly helpful I am a female business owner and this is my first product/business so I am still learning. Thank you:)
It might pay off to speak about the specific industry and hope someone is knowledgeable in the industry rather than speak in metaphors and hope we can guess what the right move is.
It’s a movie but that’s such a non entity to business people that I avoid even saying it because it’s like saying, “I gambled in Vegas and somehow I lost to the casino”
Maybe reach out to someone who services another complimentary product and work something out to access their “buyer’s” list.
I have a close friend who decided to invest in a movie. The trailer came out well and lot of people started talking about it. The problem was he had already paid more than budgeted for the production of the movie and was very hesitant to spend more to market it. The movie was not getting any close to being released. Then he slowly started spending. First 10k, then an additional 20k… He finally got the traction he wanted after spending close to 200k.
He made what he invested back by selling the movie to OTT and a production house. The production house launched the movie in 200 screens to start and went on to release it in 500 screens. they made the real money.
Finally after all the turmoil, my friend is very convinced now that he will never ever do this again.
Hope this helps!
Thanks!!!