The idea of owning a flourishing business excites every budding entrepreneur; however, the lack of money and experience often becomes a roadblock for success. Despite the risk of failure, some passionate people do not give up on their dreams and start saving for the day when they can become masters of their financial destiny. It is true that starting a venture requires massive capital, years of hard work and an enormous undertaking, but people with tons of zeal and great determination have accomplished the impossible with limited means. Without exaggeration, a budget of $10,000 is enough to help you make a mark in the industry.
This post was originally published on The Boss Magazine at https://thebossmagazine.com/
I spent some valuable time late last year with our hip clients in the tech space and there is no doubt that the artificial intelligence (AI) phenomenon will have a profound impact on businesses large and small, that part is easy to predict. What impact it will have, and whether this is a “good” or a “bad” thing is harder to tell.
Even for remote workers, personal brand matters. In fact, in many ways it’s more important – as the opportunities to build a strong reputation are limited compared to people working in-house.
However, that doesn’t mean it can’t be done. Let’s look at why growing a strong personal brand matters for remote working, and the best ways to go about it.
Why cultivating a strong personal brand matters for remote working
The hard-hitting reality is that many businesses cannot hope to compete with the likes of Amazon and e-commerce in today’s landscape. Why? Because Amazon values and adheres to a customer-centric mentality first and foremost. Not only does this ensure customers have a great experience, but it also helps structure the inner workings of the company to provide absolute convenience — which is something you must establish as a foundation.
That said, it doesn’t mean you cannot strive to be better and more competitive to this end. You can restructure your company or business in many ways to put your customers front and center.
A life on the road isn’t for everyone. However, sometimes work doesn’t give us a choice. If you’re travelling for business often, it pays to know a few productivity tips to keep you both relaxed and focused. Your time spent travelling is often longer than the time you spend at your destination. With this in mind, here are five ways to make the most of the in-between periods.
If you’re setting up a business or you are wondering how to ramp things up in 2018, the internet is one of the most valuable tools you can use to win more clients. Think of the internet as your virtual megaphone to get more clients, announcing to the world that you have something amazing to offer. Unfortunately, in almost every industry there are a lot of other people with megaphones! Many of them are selling the same goods or services as you are, and in order to gain more clients you must cut through the noise and reach your target audience. I am going to share with you my top five tips to win clients online and turn your business into a success story.
Outsourcing business functions are one the smartest ways to save time, money and resources. As a small business owner, it can be hard to know when to delegate. But if you want to achieve all your corporate goals and grow successfully, knowing when to share your plate is vital.
There’s no denying that outsourcing saves time and money and frees up your team so you – as the business owner – can focus on your core strengths. And who wants to waste precious skills on attempting tasks that can be better left to the experts, anyway? When it’s your hard work and budding business at stake though, leaving certain jobs to other people can be a scary thought.
Here’s some unexpected advice from a business networking expert: you could spend less time on your business networking.
Yes, really! You might expect to get encouragement that you should get out there and do more. Go to more events. Send more emails. Meet more people. More, more, more!!
But unless you’re doing nothing to build professional business relationships, you can probably do less random “networking” and still get the results you need.
There has been an explosive growth of businesses using social media networking sites over the past few years. Businesses use social media for 5 main reasons:
- To improve awareness about their products/services
- To build their brand and their online presence
- To reach out to new cliental
- To engage with existing customers
What are the benefits of social media?
Placing other business goals ahead of your company cash flow is a big blunder as a business owner, and for many start-up businesses, this is a common norm. It is critical that you spend the time to establish your trademark and sales leads, at the same time, it is vital to develop a ceaseless cash flow (amount of cash coming into your business). Cash flow is the lifeblood of every business and if you can retain 10% or 20% of your monthly revenue, you will be able to pump the cash back into your business.
To have a consistent cash flow in your business, here are ways how to
Be Familiar with your Expenses
Several businesses offer discounts to attract and possibly retain a customer, right? We’ve have seen before haven’t we? Some have harnessed the use of a site like Scoopon and Groupon while others have done this on their own. Despite all this, you should offer a discount if you know the cost and the hit of hat you are offering, if not, prepare yourself for reverberations. As a business person who would like to see your merchandise grow, you should be aware of your comprehensive cost basis, how much you’d theoretically charge, the cost of what you’re offering and the profit gap on your products and services.
Pay bills when You have to
In regards to bills, the idea is that you try and get your outgoing invoices paid as soon as possible and pay your bills when you have to. However, it has to be said that there is an effect of paying your bills on time that builds a positive relationship with your suppliers. If you’re having trouble recouping bad debts then it’s always wise to get a debt collector to help, I always recommend Network Debt Collection. It is also a good idea to look for places where you are paying money (or about to spend money) when you don’t need to Microsoft Toolkit is a unique solution to saving money on something you would usually have to pay for.
Combat the Urge to Offer Immense Discount
There are 2 buttons that many business owners seem to battle with “panic and discount”. When discount overwhelms panic, the next step is to drop prices which are the biggest mistake you can ever do. Although it’s good to offer discounts once in a while, make sure you’re still being profitable when you offer discounts. Say after every three months you have a big sale, customers are not fools, they’ll just wait until that time you have a big sale and then will show up.
Encourage Repeat Business
If you can be able to land and retain customers (continuous) and especially if you’re in a volume-driven business like retail, you’d have cemented your cash flow, profit, and growth. In this case, what you need to do is consecrate yourself to see your customers coming back again and again.
Think about how you can make good use of loyalty programs, VIP offers and other frequent shopper programs. They are some of the best tools to systematize continual business.
What else are you waiting for? You have the tips, go for it!