Fear can be paralyzing. Entrepreneurship is inherently risky, and there’s no guarantee that your business will be successful. However, you can overcome fear by reducing some of the risk with these tips.
1. Test Your Business Idea
Before betting everything on your business, try to test your business ideaby starting it as a side hustle. This way, you can test the waters without quitting your day job.
There are a few steps you can take before starting a side hustle:
Create a business plan. A business plan helps you validate your idea and figure out the logistics of starting your business. Write down your business goals, target market, and how you plan to make money. This will give you a roadmap to follow as you start your business.
Outline a marketing plan. Marketing is essential for any business, and you need to figure out how you’ll reach your target market. Write down the marketing channels you’ll use, what kind of content you’ll create, and how you’ll measure your success.
Set up a sales funnel. A sales funnel is the process that your business uses to convert leads into customers. Adding a payment system, such as Paypal or Stripe, to your business website makes it easy to accept payments online.
Start small and grow organically. Finally, doing too much too soon is a recipe for disaster, especially if you’re still working a 9-to-5. Start with a small group of customers and then scale as you gain more traction.
2. Register Your Business
Another way to mitigate the fear of starting a business is by taking the necessary legal steps to protect yourself. Registering your business gives you a level of legitimacy.
If you’re starting a business in the United States, you need to register it with the federal government and your state government. There are four main types of business structures in the US: sole proprietorship, partnership, limited liability company (LLC), and corporation. Each type has its own advantages and disadvantages, so choose the one that’s right for your business.
3. Invest in Marketing
In the digital age, there are a number of ways to market your business online, but some of the most effective are search engine optimization (SEO), content marketing, multichannel and social media marketing.
When it comes to digital marketing, the most important thing is to focus on your audience. Who are you trying to reach? What do they want? Once you know the answers to these questions, you can create content that resonates with them and gets them to take action.
4. Stay on Top of Your Finances
As a new business owner, you’ll likely have an eagle eye on everything you spend. However, over time, it’s easy to become lax with this. Unfortunately, a lack of financial knowhow can be one of the main reasons for a business’s downfall; don’t let this happen to you.
The best way to maintain a strong grasp of your financials is to implement accounting software that makes it simple to manage the financial aspects. Look for a product that automatically tracks your income, expenses and job costs, as well as invoicing, inventory management and tax filing.
Take the First Step
The hardest part of starting a business is often taking that first step. Once you’ve done your research and made a plan, it’s time to take action. The sooner you get started, the sooner you’ll be on your way to success.
So, what are you waiting for? Get out there and start building your dream business.
This guest blog has been provided by Jeremy Zielie of straightnorth.com. Thank you Jeremy for your insight.
Recurring revenue streams can help strengthen customer loyalty and increase profit at your business. A report found that all new software entrants and 80% of historical vendors are offering a subscription-based pricing model. While some industries may be better suited toward recurring revenue like SaaS, there are still ways to create a recurring revenue model for physical products. For example, organizations can offer a membership-based program for exclusive products or create a subscription box for loyal customers. If you are interested in learning a few more recurring revenue ideas, check out the accompanying resource below.
Spring is in the air, and with longer days and warmer temperatures, 2022 consumer shopping trends are emerging! Different people deal with the winter doldrums in different ways, but 44% of people say they shop when there is nothing else to do. Although we’ve seen a huge uptick in inflation, consumers seem unwilling to change any of their purchasing habits even if it means buying on credit to make ends meet. Although, some shoppers are finding creative ways to manage the latest cost of goods. With the pandemic having changed so much of the broader consumer shopping habits over the last two years, businesses are scrambling to put themselves in front of as many as many people as possible to be sure they get their fair share of the profit. Check out the infographic below to see the consumer shopping trends for 2022.
Before we reveal 18 benefits of a CRM, you may be wondering what a CRM is. CRM stands for Customer Relationship Management. It is a platform which allows you to track activities, action steps, and any details regarding your client interactions. Using a CRM ensures a paper trail that anyone in your org can follow which makes for easy handoffs and seamless customer service. It also allows you to expel any and all detail about your client and interaction in their profile, so you no longer have to rack your brain for personal details at your next meeting. Besides this, these platforms are highly customizable. This allows for your team to input their specific sales process so it works for your business. They additionally produce an array of reporting/customer segmentation abilities- saving your team valuable time. What’s not to like? Check out these 18 benefits of a CRM that your business can use to make your sales process more effective and efficient.
The last couple of years have proved to be monumental in the workplace landscape thus producing 5 workplace trends in 2022. The pandemic has not only rocked our worlds personally and socially, but it is difficult to find any business that hasn’t had to make extreme changes to its business model as a result. Not only do consumers expect certain precautions, but employees have also rocked the boat of many companies who may not have taken steps necessary to secure their safety. One of the most obvious results has been the extreme shift to remote work or flex-work. What was unheard of for most of the country even ten years ago has suddenly become not only the expected norm but a demand by the workforce. Work-life balance suddenly took a huge leap, and companies in fear of losing their workforces entirely have adapted to accommodate the changing times by allowing a more flexible work-life balance along with placing increased attention and resources on workplace equity, diversity, inclusion, and employee mental health. Take a look at these 5 workplace trends that have taken the world by storm.
This guest blog has been provided by Dean Burgess of Excitepreneur.net. Thank you Dean for your insight.
Even the largest businesses started off small. Consider that Google began in a garage office with three people in 1998. Airbnb grew from the desperation of two young guys who couldn’t afford loft rent and decided to rent out their air mattresses. That could be your story, too! First, though, we need to do some planning.
A growth management strategy ensures that your business plan is successful and scalable. Consider this critical advice from entrepreneur and digital marketing expert Justin T. Farrell.
Key Aspects of a Growth Management Strategy
Consider a growth management strategy as the foundation of a home. It takes time and effort to create one, but it lays a firm foundation for future growth and success. There are a few key aspects to consider, such as the following.
Hire the right team to save time, foster business growth, reduce turnover costs and increase morale.
Keep finances organized for tax purposes as well as monitoring the budget to increase profit.
Prioritize digital marketing to build brand recognition and foster healthy competition.
Take advantage of technology to streamline processes, improve efficiency and enhance customer experience.
Improve product development by constantly assessing the data and identifying room for improvement (visit online job platforms to find data analytics companies who can complete this complex work).
Focus on customer satisfaction to increase revenue and enhance customer satisfaction.
Customer relationship management (CRM) platforms are useful in setting a business up for success. These platforms combine the priorities of technology and customer satisfaction to improve revenue. They also streamline internal communication, optimize marketing and gain valuable insights.
What Role Does Finance Play?
Monitoring finances, in particular, is critical for consistent business growth. Maximizing profits and decreasing expenses is determined by several financial practices, such as the following.
Organization is Key
As a business expands, it can become more difficult to manage finances. Focusing on the profitability of a business from the very beginning introduces a mindset that prioritizes revenue growth.
Adopt an expandable organizational structure that will make it easy to keep finances organized as the business grows, without letting anything fall through the cracks. Track your income, audit your expenses, and digitize hard copies. Each of these small efforts can have a big impact.
Studies show that 82% of small businesses fail because of cash flow mismanagement. Cash flow is essential to keep a business running, and it’s important to manage cash carefully.
Some tips to improve cash flow include collecting receivables and tightening credit requirements. It’s also a good idea to focus on increasing sales and keeping tabs on expenses.
If you have yet to integrate payment processing through your website, do it. With so many people making purchases online, this is a must-have convenience that can keep your cash flow strong. Implement payment processing with the help of a reputable third party for bank account authentication. This enables you to instantly retrieve account information to facilitate payments securely.
It’s easy to get carried away with expenses, especially when the business starts to grow. Tracking expenses is a fundamental part of managing cash flow and avoiding debt.
Tracking expenses is an effective way of controlling costs and identifying areas to cut back. Routine tracking also prepares businesses for tax returns and helps them to make better decisions for the future of the business. This is also critical information you’ll need for your annual report to remain in good standing with the state and to maintain compliance.
It’s beneficial to streamline and automate business operations wherever possible. Doing so can save time and reduce the chance of human error. Investing in a reliable invoicing system is an effective way of keeping up with accounts receivable.
Invoicing software offers many benefits for a small business, especially one that is growing. For example, invoices can be created faster, it’s possible to send and import multiple invoices at once, and you can process your invoices in batches instead of one by one.
Monitoring and managing finances are essential for successful business growth and should be prioritized. Fortunately, there are a lot of great resources for keeping you on track.
If you’d like a clue as to the anatomy of an excellent whitepaper, look no further. A few simple tricks can make your whitepaper stand out if you know what to do. Whitepapers are great opportunities for your business to engage customers or clients in a more resourceful way. Whitepapers aren’t sales pitches but usually propose best common practices or methodologies surrounding a certain topic. These informational flyers provide an opportunity not only to provide a service to your audience but also to reinforce your position as a leader in the industry. Because name and email are usually required to download these items, it also helps build your database as well as give you quality leads.
Recruiting talent hasn’t been so hard to come by in recent memory, but with these 6 hiring trends for 2022 you can make sure HR knows what the talent out there is searching for and how to reel it in. From diversity and inclusion to remote offices, the mechanics of business everywhere are shifting to the new normal. Those job-hunting are particular, needing certain affirmations or commitments on behalf of employers, and are willing to walk away if they don’t like what they see. The balance has definitely shifted as companies struggle to hire while those looking for jobs have many offerings to choose from. Make sure your business has what it takes to land the talent you need to make your company go further in this ever-changing scenery of modern business.
What is brand strategy? Perhaps you are a new business just starting out or a seasoned one that simply hasn’t spent much time thinking about this topic. Whatever your situation, branding is incredibly important. It is the gateway to the consumer. Your brand is what people see, connect with, hopefully trust, and in the end, choose. Without solid brand identity, you are simply wasting time and dollars that you could be putting in your pocket. By building a clear and distinct brand identity, you allow consumers to fully understand who you are and how you relate to them. Check out this infographic to learn how to build and achieve a strong, effective brand.
Now that we are in the midst of the holiday season, check out these holidays trends and marketing tips to make sure your business is taking every advantage of the latest strategies to be sure you get your piece of the pumpkin pie. With the pandemic in 2020, last year revealed how much shopping trends can shift. 2021 is expected to reflect last year’s trends, so warm up those content-creating fingers! Now is certainly not the time to slack on social media but to focus more than ever since more than 40% of Millenials and 50% of Gen Zers report looking to social media for holiday ads and influencer opinions to get their attention. Often enough, they aren’t making the purchase from social media, but the inspiration comes from what is seen on social media so don’t think it’s a waste of marketing dollars. Check out the stats, holiday trends and marketing tips to make sure you put your holiday marketing budget to good use and get the most out of the holiday shopping.