It can be tempting to loan a few thousand dollars to a friend to help them build their small business. However, loaning or investing money is not an easy proposition, and you will need to take multiple factors into consideration. There is also the risk that the relationship is sullied once you start asking for the money.
And yet, despite all of this, if you still want to help your friend with their startup business, you will be pleasantly surprised to learn that there are other ways to go about it.
In this blog post, you will understand 5 different ways that you can support your friends business without spending a penny.
Spread the Word in Person and on Social Media
There are many ways to support a friend’s business without giving money. One way is to spread the word in person and on social media. If you have a friend who owns a business, tell your friends and family about it. Post about their business and the products they offer on your social media.
Use relevant hashtags on social media so that potential customers can easily find them. You can also leave reviews on their website or popular directories like Google Maps.
Look Out for Opportunities That Will Help Your Friend’s Business
One of the easiest and most effective strategies is to look out for opportunities that will help their business. For example, if you come across a story online or in the news that gives exposure to your friend’s company, be sure to share it with others.
Keep an eye out for potential licensing opportunities or partnerships with complementary brands. Chances are, many businesses sell complementary products or offer similar services as your friend does–and these could potentially be excellent opportunities for partnership or licensing deals that bring added visibility to both businesses without costing anything upfront.
Visit Their Website
Another simple method to show your absolute support is to visit their website. It sends a signal to search engines that their site is popular, which can help to improve their SERP rankings.
Furthermore, take some time to browse their site and get to know their products. Not only will it help you be a better advocate for their business, but it will also give you a deeper understanding of what they do, which can come in handy if someone asks you about it.
Help as an Unpaid Consultant
You can also consider helping your friend out by serving as an unpaid consultant. This can be valuable if you have expertise or skills valuable to your friend’s venture, such as marketing know-how or the ability to provide technical support.
If you’re interested in offering more tangible assistance, consider putting together a small network of friends and family who might be willing to contribute their skills and resources to help the business grow.
For example, for one week, you might handle customer service duties. At the same time, another person provides website updates, or perhaps you all pitch in together to help with big projects like designing marketing materials or managing social media accounts.
Be an Encouraging Friend and Stay by Their Side
One of the ways to support a friend’s business is to offer your genuine support and enthusiasm. Whether you convey your support through text messages, social media posts, or in-person conversations, express how excited you are for this new endeavor and how valuable your friend’s product or service is likely to be.
Positive feedback from friends can instill confidence in a new venture, giving your friend the emotional support and motivation they need to keep moving forward.
So, here are five effective ways to support your friend’s business without giving money. You can spread the word in person and on social media, look out for opportunities that will help their business, visit their website, serve as an unpaid consultant, or simply be a supportive friend.