small business

Small Business; A 5 Step Guide to Start.

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Small Business; A 5 Step Guide to Start

Starting up a small business in this modern age involves a lot of process that requires thorough planning, making important decisions, taking steps for growth, and implementing strategies for the success of the business. Whether you are an experienced entrepreneur or you’re new to the business world, if you want to become your own boss, having your idea to sell or product to sell isn’t enough to start a small business. There’s more to starting up than having your ideas or products ready. There is an approach that needs to be followed to ensure the business is a success and that it is well sustained. If this approach is ignored, the business will fail even before starting it. By following this 5 step guide, you will be on a journey of turning your dream business into a successful and thriving one.   Step 1; Create Ideas When you decide to start a small business, you have to create ideas on what product or services you want to sell. This can be gotten from your passion, skills, or hobbies. Whatever idea you choose to go with, make research about the business idea, the type of audience or customer to target, and the benefits your idea will give your customers.   Step 2; Create your Business plan After generating your business idea and making the necessary research about the entire business you want to venture into, a proper business plan needs to be generated. A business plan entails the activities of a business and the strategies set to achieve the set goals of that business. Create a name for your business: generate name that resonates well with your business idea Look out for a suitable location for your business, whether you want to choose a physical store or you want to make it online. This depends on the type of business and the type of customers you want to target. Also, state your business goals, mission and vision in a way that will promote your business. Make plans for marketing strategies that will enhance the success of your business   Step 3; Source for Funds/Capital Most people venture into starting up a business without plans for finance sustainability. The absence of this crucial step wrecks most business immediately they start. Funds is very important in starting up your business. This can be sourced in various ways and this can be through personal funds, investments from friends and families, taking out loans. This will keep the business running.   Step 4; Register your Business Business registration with the appropriate body in your state or country is very important, it helps your customers know that you’re legit. If your business is solely owned or a partnership, it should be registered so it can be recognized.   Step 5; Launch of the Business To launch your business, you need to out up a team that will help you build your business and has the same goal to ensure the success of the business. Plan successful marketing strategies that will help move the business forward. After these things have been put in place, then you can launch your product or services for the public. After launching your business, then you can move on as a proud business owner, selling your product or services to your target audience while making profits for you and your business as well.   In conclusion, starting a business involves proper planning, making key decisions and implementing key strategies to make it thrive and successful. These steps will guide you to creating a successful business. Cheers to being your own boss! ALSO READ; Small Business – 6 Steps to Create a Successful Marketing Plan  

Small Business – 6 Steps to Create a Successful Marketing Plan

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6 Steps in Creating a Small Business Marketing Plan

As a small business owner, do you need help to develop a marketing plan for your business success? Do you always need help to keep up with marketing trends that would support the expansion of your company? This article focuses on tips that answer your question. Any business that wants to survive needs to prepare a marketing plan. A proper plan will boost your business and create awareness that will help keep up with marketing trends and increase sales. This post will expose you to the understanding of a marketing plan, the benefits of a marketing plan for the growth of your business, and a guide on how to create a marketing plan for your business expansion. What is a Marketing Plan A marketing plan refers to the action plan that aids in the business expansion of your organization by creating awareness. It is also a written document that outlines how your business will reach its target markets and generate leads with its advertising strategy.  Additionally, marketing plans are part of business plans, which describe each aspect of a business, like its goals, objectives, mission statement, and budget. Below are some of the reasons why small business requires a marketing plan. Marketing plans help small businesses identify their target audience. Marketing plans help small businesses create a strategy to support their marketing objective. It helps small business measure their marketing effort. Marketing strategy helps business owners achieve their objectives by evaluating their success through the marketing campaign. It enables businesses to operate based on their specific goals or objectives. Understanding Marketing Plan  Every marketing plan must aim at specifying their target audience, which they intend to establish with the proper marketing mix to achieve their targets such as product, prices, place, and promotion. Types of Marketing Plan To develop an effective marketing plan for your business, below are a few marketing plans to consider, and each has its unique strategy and objectives.  Social Media Plan. Social media marketing plans include strategies for engaging and advertising with users on various social media platforms. New Product Launch Plan. This plan centers on how your new product will be launched and the purpose must be achieved. It also focuses on the target audience and how the product will be within their reach. Content Marketing Plan. This marketing plan focuses on engaging, attracting, and retaining an existing audience. Using this will require creating and sharing content to educate your audience and create awareness about your business. It may be a video, article, email, podcast, etc. 6 Steps in Creating a Small Business Marketing Plan 1. Set your Business Objectives Setting business goals is a vital step in your marketing plan. Before establishing a business, you must have a goal of what you want to achieve before launching such a business.  Once you have your goals, you can create your marketing plan. Any organization that fails to have a business goal is bound to fail. This goal is what will motivate you to achieve success in your business.  2. Know your Target Audience Your target audience is another essential step when creating your marketing plan. To know your target audience, you must research and understand the needs of your target audience.  Know their areas of interest, behaviors, and what they like, then develop a marketing plan to meet those needs and interests.  3. Use The Right Marketing Channels Using the right marketing channel entails how you present your product or service to the reach of your customers. It also involves marketing channels you use to advertise and reach your audience.  With the proper channels, such as email marketing, podcast, video marketing, content marketing, word of mouth, blogging, Events, Search Engine Optimization (SEO), and many others, your audience will get to know more about your product and the benefits it will present to them.  4. Analyze your Competitors  Researching your competitors will help you stay updated with marketing trends as a business owner. It is also beneficial to learn from top companies in your industry. Know what they are doing right and apply it to your business. It will help you create a successful business marketing plan. You will learn which products compete with your product or service. With that, you will focus on improving your service or product to meet your customer’s needs. 5. Set your Budget Plan  Developing a budget plan for your business will help you accomplish your financial goal. Setting a budget for your business will help you understand your operational cost and track your business performance in terms of finances. With budget, you will know how money flows in and out of your business. 6. Track your Performance  Keeping track of your performance is essential in creating your market plan. Measuring your performance depends on what you want to achieve. You can calculate your goal by identifying your achievements, challenges, and how you can improve on them. You can also break it into smaller units or write it down weekly or monthly. Final Word Creating a marketing plan would help you succeed in your business, even though you want to expand your business or launch a new and existing product. Setting a marketing plan for your business is very important. Before creating your marketing plan, your objective must be specific, measurable, achievable, realistic, and time-bound (SMART). It will help a business achieve its long-term objectives in the success of your business. With the above steps, it is time to start implementing all you’ve learned to create a successful marketing plan for your business.    .  

Entrepreneur: 7 Reasons Why You Need A Website

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Entrepreneur: 7 Reasons Why You Need A Website

Is having a website for your business worthwhile? Many entrepreneurs have asked this question severally. To explain that, websites allow entrepreneurs to attract potential customers and provide them with all the necessary information about the business. Moreover, many people prefer doing business with companies that have an online presence. The internet has become a significant source of information for many today. A lot of people spend most of their time online, looking for information, either on the type of product to purchase or services to subscribe to,  watching movies, or taking an online course.  With these trends, business owners have understood the importance of being online and how people spend more time online. So, they have started moving their business and service online for more visibility.  A website allows you to grow your business using several digital marketing strategies. It also helps market your products and services online and builds credibility. Every business needs to build a website. Creating a business website is easy. It is necessary for your company for many reasons. Let’s explore some of the reasons why you need to build a website for your brand. 1. Brand Awareness A website assists you in creating brand awareness. Most people trust brands that establish an online presence. It helps you showcase your brand to your target audience. It helps your customers establish trust with your brand.  When people search for a product similar to yours online, your website may pop up, thereby allowing those visitors to view your product and get all the necessary information about your business.  Creating a website reveals credible information to customers, which may set your brand apart from competitors. 2. Grow your Business 24/7 A website allows you to market your product or services online 24/7, which means your potential customers can asses your business any time of the day. As your competitors have an online presence, ensure you increase your brand awareness with a structured website. It will help you attract more leads which will in turn lead to an an increase in sales. 3. Cost-effective Marketing One of the most cost-effective marketing tools for small businesses is a website. It is very cheap to set up. With the right marketing strategies in place, you can generate more leads and sales.   To set up a successful and competitive website, you need well-researched, quality content with search engine optimization.  4. Generate Leads One reason to build a website for your small business is to generate leads. Websites help generate leads and increase sales, without having to pay for it.  As people search online daily, they may come across your company and gather information about your products and services. Even if they are not interested, they may check back later.  A website is the best way for potential customers to collect information about your business. Your website lets customers view your contact details, including address, email, and phone number. It can lead to growth and opportunities to increase your sales volume It lets you collect visitor information through an opt-in form,  and newsletter subscription, which you can follow up and convert to paying customers.  5. Targeting a Larger Market Regardless of the size of your offline market’s sales volume, having a website will increase your sales because you are targeting a wider audience when you have an online presence. You can connect with both local and potential clients worldwide by creating a website.  6. Strong Customer Support  Building a website helps improve your interaction and connection with potential customers. It will help customers access all the information available for the product through the customer support page on the website. When you provide frequently asked questions on your site, these will help answer all the questions bothering them. The website provides easier access to attract customers. 7. Build Credibility A well-set-up website establishes your brand. Listing your business address on your website shows how credible and legitimate your business appears to your customers. When you advertise your business, people search for your website to ensure you are genuine. If your business is credible, they will be convinced enough to purchase from you.  Many people believe that once a business has a functioning website, its business or services are genuine. So, build a website to protect your company against a nasty reputation. It is necessary to attract potential customers and increase sales. Finally, a website is essential for the success of your small business. When you build a website, it will serve as the virtual face of your company. It will also serve as a platform to connect with targeted customers and showcase your products and services.  When you establish a well-structured website with the right digital marketing strategy, you will establish a connection with your target audience, which will lead to sales conversion. With the above reasons, it is time to digest, and then plan to build your website for brand awareness.