From engaging with customers to help maintain a positive reputation, marketing is responsible for building relationships, growing your business and boosting sales. If you’re not making a strong investment in marketing your company, you neglect the opportunity to reach your business’s full potential. 

But when it comes time to hire marketing support, many business owners need help with the decision to hire a full-time marketing role or opt for a freelance position. While both positions have their benefits, they are also both costly investments to make in your marketing efforts. 

Here are some considerations when making the decision of whether to hire a freelance or full-time marketer. Plus, as an added bonus, we’ll give you a valuable tip on how to free up cash flow so you have more funds to invest in marketing. 

Why marketing is important for businesses

If you’re just starting out or haven’t yet ventured into the world of marketing, you might not realize how your business can benefit from consistent, high-quality marketing efforts. Consistent and regular marketing efforts can help you increase brand awareness and sales and gather information about your target customers to serve them better. As you consider increasing your marketing efforts, it can be helpful to differentiate between traditional and digital marketing efforts and how they play a role in your business. 

Traditional marketing includes anything that is non-digital, like direct mail, print advertisements, billboards or posters and events, to name a few. These tactics are crucial to connecting with your local customers, establishing credibility and improving your brand awareness. 

Digital marketing, on the other hand, can help you gather valuable insights into your customers and track your marketing’s effectiveness. Strategies like social media, blog posts, digital ads and search engine optimization allow you to target potential customers based on their online behavior, giving you a premium opportunity to introduce your brand to a new audience. Technology and AI has taken marketing to a whole new level. When ready, explore the crosswalks between digital marketing and things like omni-channel marketing. As you evaluate marketing options, consider long-term goals as ideally you can partner with a marketer that can get you where you want to go and beyond. The attitude of just hiring what you can afford at the time can be costly, especially with marketing. 

The secret to successful marketing is to tactfully combine traditional marketing efforts with digital marketing to both increase your brand awareness and better understand your target customer. When you start to invest in these strategies, you’ll notice your business grow, and you’ll increase engagement with customers. 

Pros and cons of hiring a full-time marketer

PROS

• Brand expert: When you hire a full-time marketer, you’re adding a person to your team that will be solely dedicated to your marketing efforts. They’ll learn your company’s voice and become an expert in your brand. 

• Consistency: The key to marketing is consistency. Having a full-time marketer gives you a consistent and stable person who can establish campaigns for days, weeks and months in advance. 

• Valuable resource for marketing verticals: Most marketers have skills across several marketing areas like social media, email marketing, event planning and more. By hiring a dedicated marketing team member, you’ll have one team member that can handle it all. 
  

CONS

• Full-time employees can be expensive: When you add a full-time employee to your team, you’ll likely have to offer benefits, provide equipment and offer a competitive salary. These costs are usually more than just hiring a freelance marketer. 

• You will have to manage an employee on a daily basis: Some business owners have no desire to manage an employee or train them.
• Finding a replacement can put you back at square one if they leave the company: While more stable than a freelancer, if your full-time marketer leaves the company, you’ll have to rehire and retrain a new employee, which can disrupt your ongoing marketing efforts. 

Pros and cons of hiring a freelance marketer

PROS

• More flexibility: If your business is more seasonal, or you don’t want to make the commitment to hiring a full-time marketer, a freelance marketer can help you fill the gaps on an as-needed basis.

• Less investment: Since you’ll only hire a freelance marketer for the work you need to complete, you’ll likely save money without offering benefits and equipment and can pay  by the hour or on retainer.
• Hire for a specific need vs. a generalist: Hiring a freelance marketer gives you the option to pick a specific skill or area you need help in, like social media or email marketing.

CONS

• You won’t get full-time dedicated support: A freelancer will only likely only work part-time or hourly for you, leaving you without full-time marketing support.

• There is usually a ramp-up period to get a freelancer or agency onboarded and familiar with your company: Freelancers won’t have the same knowledge of your company as an internal hire. You’ll need to familiarize them with your business.

• You will be sharing their time with other clients: Your freelance hire will likely be taking on other clients, which can limit the attention and focus they’re able to provide your business.
  

What to consider when making your decision

Adding marketing support to your team is a big decision! Before you choose between  a freelance marketer or a full-time marketing role, make sure you consider the following things:

#1. Budget

How much are you willing to spend to get marketing help? Both freelance and full-time marketing hires require an investment from your business, so it’s important to understand how much you have to spend before you start the hiring process. As you evaluate the budget, consider the projected return and future goals as you may have to shell out more than you want to get some momentum. Furthermore, you’ll want to pay the employee or freelancer a rate that makes them want to stay with you. Replacing an individual can cost time and money. 

#2. Marketing goals

What are you looking to achieve? Do you want to get more customers in your store? Or expand your customer database? Think about what type of goals you have set for your business and how marketing can help you get there. 

#3. Demand

A lot of business owners forget to ask themselves, “am I ready to grow my business?” If you grow too fast or at the wrong time, you could risk running out of inventory or failing to keep up with demand. Plus, with more money going toward marketing, cash flow may be tight. Inventory financing can help business owners have more cash to allocate toward marketing while allowing them to stock enough inventory. If you’re thinking of getting funding for your inventory, Kickfurther can help. Our funding platform allows business owners to be in control while accessing the funds they need with no immediate repayment. We can help you fund up to 100% of inventory, with no immediate repayments. Activate growth mode when you partner with Kickfurther. 

Tips for making your hire

Whether you decide to hire a full-time employee or opt to go the freelance route, you want to find someone that fits your team and your vision. The right hire can make all the difference, so ensure you spend the time interviewing and searching for the perfect fit.  Take time to review their previous work projects and understand how their skills translate to the goals you have. 

Closing thoughts

If you’re worried about how increased marketing will affect your business, Kickfurther can help ease your stress and put you in control with inventory funding. You can get funding for up to 100% of your inventory without taking on debt or giving up equity. Take advantage of our platform to get funding for inventory and free up cash flow to invest in marketing and operations to maximize growth potential.

Grants for small businesses can provide funding to help cover a variety of your businesses needs, such as equipment purchases, marketing, training, and expansion. However, grants can be competitive and not all businesses may be eligible to receive them. If you’re seeking information about how to get a small business grant, you’re in the right place. Grants can help small businesses grow, but more funding may be necessary for a business to maximize opportunity. In such cases, inventory financing can be a helpful alternative funding option. 

The bottom line for small businesses is critical, therefore, financing needs to be affordable to make sense. As you may know, financing options are not always designed for CPG small businesses. From strict requirements to high costs you may be wondering how to reach the next level as a small business owner. While grants can help, Kickfurther can too. At Kickfurther, you can access funding up to 100% of your inventory costs at flexible payment terms that YOU control. Plus, we’d never ask you to give up equity or take on debt in exchange for help. To our fellow entrepreneurs we see you and relate. At Kickfurther take advantage of the following benefits:

• No immediate repayments
• Non-dilutive
• Not a debt
• Upfront capital 

Consider the possibility of accessing a small business grant combined with funding for inventory – thus allowing you to free up cash flow for other activities. New business owners, keep reading to learn more about how to access grants and funding to grow your business.

What is a small business grant?

Grants are available for small businesses, and are generally offered exclusively for certain types of businesses. For example, a grant may be exclusive for small businesses in the sports, specifically baseball industry. Grants are offered by government agencies, non-profit organizations, and some private entities. In summary, they are a financial award that does not require repayment, separating it from a loan. Some grants may be funded as a lump sum for any business related activities while others may specify uses. 

Small business grants are usually competitive, and the application process may require detailed information about the business and its operations. Who can apply for grants can get pretty specific as well so make sure it’s worth your time before applying. Funding amounts can vary depending on the program, but typically ranges from a few thousand dollars to tens of thousands of dollars.

Small business grants are intended to support the growth and development of small businesses, particularly those that are underrepresented or facing significant challenges. If you can qualify for a grant, it can be a valuable resource, but it’s likely not the only funding solution your business will need. Getting a grant can require patience, so breathe and enjoy the process. 

How small business grants work

Small business grants work by providing financial support to small businesses that meet certain criteria, such as being a certain size, belonging to a particular industry, or serving a specific community. The specific requirements and application process for small business grants can vary depending on the organization offering the grant.

Typically, a small business grant application will require detailed information about the business, its operations, and its financial needs. The application may also require the submission of a business plan or other documentation to demonstrate the feasibility and impact of the business.

Common uses of small business grants

Small business grants can be used for a variety of purposes depending on the specific requirements of the grant and the needs of the business. Here are some common uses of small business grants:

• Funding business operations: Small business grants can be used to cover general business expenses, such as rent, utilities, and payroll.
• Purchasing equipment: Grants can be used to purchase equipment or technology that is necessary for the business operations, such as machinery, computers, or software.
• Inventory or supplies: Small business grants can help finance the purchase of inventory or supplies needed to produce or sell products or services.
• Marketing and advertising: Grants can be used to finance marketing and advertising campaigns to promote the business, its products or services.
• Research and development: Small business grants can be used to fund research and development activities, such as new product or service development, market research, or prototyping.
• Hiring and training Employees: Grants can be used to fund employee training programs or to hire new employees to support business growth.
• Business expansion: Small business grants can help finance expansion efforts, such as opening a new location or expanding the current space.

It’s important to note that the specific use of small business grants can depend on the requirements and restrictions of the grant program. Before applying for a grant, business owners should carefully review the guidelines and ensure that they can meet the eligibility criteria and use the funding in accordance with the terms of the grant.

Types of government small business grants

There are various types of government small business grants available at the federal, state, and local levels, including:  

• Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants: Funded by the federal government, these grants are designed to support small businesses in conducting research and development activities. As with most grants, businesses will need to meet the requirements, such as having fewer than 500 employees and conducting research in specific areas.
• Community Development Block Grant (CDBG) program: Funded by the Department of Housing and Urban Development (HUD), these grants are exclusively available to businesses located in low-to-moderate income areas. These grants aim to help businesses succeed while helping communities grow. Business owners can use funds for a  range of business activities, such as real estate development, infrastructure improvements, and job creation.
• Rural Business Enterprise Grant (RBEG) program: Funded by the Department of Agriculture (USDA), these grants are designed to support small businesses located in rural areas. Funds can be used to support a range of business operations.
• Economic Development Administration (EDA) grants: Funded by the federal government, these grants are designed to support economic development activities in distressed communities. Similar to CDBG grants, these grants aim to improve businesses and communities. Funds should be used for activities such as infrastructure improvements, workforce development, and business planning.
• Small Business Administration (SBA) grants: The SBA offers several grant programs for small businesses, including the Small Business Innovation Research (SBIR) program and the Service Disabled Veteran-Owned Small Business Program. These programs have specific eligibility requirements and guidelines.

Types of corporate small business grants

Corporate small business grants are offered by private corporations and can vary widely in their focus areas and eligibility requirements. Here are some of the most common types of corporate small business grants:

• Small Business Grants for Women and Minorities
• Environmental and Sustainability Grants
• Community Development Grants
• Education and Workforce Development Grants:
• Innovation and Technology Grants
• Social Impact Grants
• Grants that support diversity in small business

Some grants may require applicants to meet certain diversity criteria in order to be considered for funding. In a world that embraces diversity, there are a number of grants that support diversity in small businesses, such as: 

• Minority Business Development Agency (MBDA) Grants: The MBDA offers grants to support minority-owned small businesses. These grants can be used for a range of activities, such as business development, marketing, and training.
• National Association for the Self-Employed (NASE) Growth Grants: The NASE offers grants to support small businesses owned by women, minorities, and veterans. These grants can be used to support a range of business activities, such as marketing, hiring, and equipment purchases.
• Small Business Administration (SBA) Small Business Development Centers (SBDCs): SBDCs provide resources and support for small businesses, including those owned by women and minorities. They offer training, counseling, and access to funding opportunities.
• Business for All Grants: Business for All is a program that offers grants to small businesses owned by women, people of color, and members of the LGBTQ+ community. These grants can be used for a range of business activities, such as equipment purchases, marketing, and hiring.
• Rise of the Rest Grants: The Rise of the Rest Seed Fund offers grants to small businesses located in cities outside of traditional startup hubs. They aim to support businesses that are owned by women, minorities, and veterans.

How to qualify for a small business grant

Qualifying for a small business grant can vary depending on the specific grant program and the funding organization’s requirements. However, here are some general steps that may help you qualify for a small business grant: 

• Identify grant opportunities
• Determine eligibility
• Gather required documentation
• Create a strong grant proposal
• Submit your application

Competition for small business grants can be fierce, and not all applicants will be successful in receiving funding. As a business owner you should  also consider alternative funding options, such as small business inventory financing to support your immediate business needs. 

What to do when you can’t qualify for a grant

If your small business can’t qualify for a grant (or doesn’t have the time), there are other funding options you can explore. Here are some alternative funding options:

• Small business loans
• Crowdfunding
• Small business credit cards
• Angel investors and venture capitalists.
• Community Development Financial Institutions (CDFIs).
• Small business inventory financing

Each funding option has its own set pros and cons, and may not be suitable for every business. We encourage you to indulge in learning about all options available. The Kickfurther community has a series of blogs that can help educate small business owners on how to grow their business. 

Closing thoughts

Small business grants offer businesses funds that don’t need to be repaid. This is a dream for most business owners, and for some becomes a reality if selected for a grant. However, the reality is that grants can take time to apply for and more time to be selected for. Time is one of the most valuable resources for business owners so while you should explore small business grants, you may want to explore other options simultaneously. 

How Kickfurther can help

Offering inventory on consignment, Kickfurther can cover your largest expense – inventory. Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you control. Kickfurther’s unique funding platform can fund your entire order(s) each time you need more inventory, so you can put your capital on hand to work growing your business without adding debt or giving up equity.

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes

While negotiating with a vendor can intimidate even the most confident entrepreneur, going in with confidence and a clear plan can  ensure you secure the payment terms that work best for you. Plus, remember to be reasonable as you want to encourage the working relationship. When negotiating, have evidence that supports what you’re asking for is doable such as quotes from other suppliers. Here’s what you should know about negotiating payment terms. 

What are payment terms? 

Let’s start with the basics. Payment terms are the expectations set by your vendors about when and how you will repay them. These are set at the time of the sale or service and provided from the seller to the buyer. Payment terms are usually outlined on the invoice and include things like late fees, credit card fees and instructions on how to make the payment. 

The terms can range depending on the individual business owner and the industry. For example, many businesses will use “net 30” payment terms, which means you have 30 days from the time of service or sale to pay. Others can use terms like advance payment or monthly payments for your payment terms. 

Why negotiating payment terms with your vendor is important

As a business, the more cash you can keep on hand, the better prepared you are for any unexpected costs and the stronger your business will be. Therefore, negotiating payment terms can help you better manage cash flow. Rather than paying for inventory when you order it or soon after, set up payment terms that allow you to float the money until it sells. While this is one way to stock enough inventory while maintaining cash flow, you may need to combine this method with  inventory financing. 

When negotiating payment terms, get creative. Find a proposal that benefits you and your vendor. When negotiating remember that there are plenty of vendors out there but appreciate the one you like to work with. This does not mean overpaying them but showing respect and justify what you’re asking for.   

Top Factors to consider when negotiating payment terms

There’s an art to negotiating your payment terms to get what you want. But before you head into a conversation with your manufacturer about your payment terms, make sure you understand all the aspects and complexities of your financial situation that will drive your negotiations. 

#1. Cash flow

When you get a new shipment of inventory, the clock starts ticking on how quickly you need to sell the inventory so you can make a profit and pay back your manufacturer. Ideally, your payment terms would provide you enough time to sell the inventory and increase your cash flow. 

When you start negotiating with a vendor, go into the conversation with an understanding of your cash flow and how it fluctuates based on your sales cycle. The goal is to push the payment terms out so you have the time to increase your cash flow before paying your vendor. 

#2. Vendor relationships

Running a business is all about relationships. If you have a long-term and trusted relationship with your vendors, the negotiation can go smoothly, knowing you have already proven yourself as a reliable business owner. However, keep in mind that vendors also need to get paid, and asking for unreasonable payment terms won’t benefit anyone. 

#3. Cost of capital

Make sure you consider the cost of capital your vendor will need to take on to extend or change your payment terms. If you can find a middle-ground that ensures your vendor gets paid for their services while giving you the time you need, the cost of capital can benefit both of you. 

#4. Competition

One way to negotiate payment terms is to leverage the competition against the manufacturer. If you know you can get the same product from another vendor that offers more flexible payment terms, you can use this in your negotiating tactic. Using the competition to your advantage can encourage your current vendor to meet some of your requests so they can keep your business. 

Types of payment terms

As you head into your negotiating conversations with vendors, make sure you have a specific idea in mind that you’re asking for. Some examples of payment terms you could ask for include:

• Advance payment: With this type of payment term, you’ll make a payment before you receive the goods or services. 
• Net terms: Net payment terms outline how long you have to pay the invoice and usually are established as 30, 60 or 90 days. 
• Installment payments: This allows you to establish a regular payment schedule to repay your purchase in smaller amounts over a period of time. 
• Milestone payments: When you pay a vendor when certain benchmarks are met, like halfway through the project or work.
  

Tips for negotiating payment terms with your vendor

While negotiating can be stressful, it doesn’t have to be. By being considerate and respectful and following some general guidelines, you can reach an agreement that works best for both parties. Here are some tips to having a positive experience negotiating terms:

• Be honest: When you’re speaking with your vendor, make sure you’re honest and transparent with them. Outline how you appreciate your relationship with them, but financially you need different payment terms to fully benefit from your partnership. Being honest will help your vendor feel confident this is something that’s important to you.
• Ask far in advance for a change: Your vendors and manufacturers are just as reliant on your business as you are on selling their inventory. If you want to change your payment terms, the more notice or flexibility you have around when those changes take effect, the more likely they are to agree. This gives both of you time to prepare and make the necessary arrangements.
• Come prepared with your research: Before you begin to negotiate payment terms, do some research to understand what is standard in your industry and among other competitors. This can help convince your supplier or vendor to adjust their terms to be more in line with the norm.
• Be willing to compromise:  As with any negotiation, it’s important to manage your expectations. If you go in asking for a net 90-day payment term, be prepared to compromise somewhere in the middle of what you’re seeking. This is why you should also go into negotiations asking for more than you actually are okay receiving. 

Closing thoughts

Successfully renegotiating your payment terms with a vendor can have drastic improvements in the cash flow of your business. While it may seem daunting, with the right preparation and knowledge, you can confidently and respectfully discuss with your vendors how to better work together and find terms that are a win-win for you both. Negotiating payment terms is important, but so is having enough cash flow on hand to pay when you need to pay. To improve cash flow consider small business inventory financing. 

How Kickfurther can help

Favorable payment terms are important, as is maintaining cash flow and accounts. Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you customize and control. With Kickfurther, you can fund your entire order(s) each time you need more inventory and put your existing capital to work growing your business without adding debt or giving up equity.

Why Kickfurther?

• No immediate repayments: You don’t pay back until your new inventory order begins selling. You set your repayment schedule based on what works best for your cash flow.
• Non-dilutive: Kickfurther doesn’t take equity in exchange for funding.
• Not a debt: Kickfurther is not a loan, so it does not put debt on your books. Debt financing options can sometimes further constrain your working capital and access to capital, or even lower your business’s valuation if you are looking at venture capital or a sale.
• Quick access: You need capital when your supplier payments are due. Kickfurther can fund your entire order(s) each time you need more inventory.
• Kickfurther puts you in control of your business while delivering the costliest asset for most CPG brands. And by funding your largest expense (inventory), you can free up existing capital to grow your business wherever you need it – product development, advertising, adding headcount, etc.

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes