Identifying and prioritizing stakeholders are important aspects of any effective stakeholder management for a startup. This ranges from any individual having an interest in the success of the startup or being affected by the operation and thus includes investors, customers, suppliers, employees, and even the local community.
Read MoreI'm thrilled to share some exciting news: I've been honored with the cover feature of The Executive Lens magazine! The feature, titled "Leading with Purpose: Journey to Empower Female Entrepreneurs," dives into the mission, challenges, and triumphs that have defined my career. Today, I'd like to take you behind the scenes of this journey and share what this recognition means for the broader goal of empowering female entrepreneurs.
Read MoreYou want to start a business. That’s great! You love music. Fantastic! Why not combine the two things and start a business that’s in some way connected to the music industry? It might be a difficult thing to do, but that’s all part of the challenge, and it’s certainly something that you’ll feel a great sense of achievement about, no matter how successful it becomes.
Read MoreIt's not easy to start your own business, and it's even harder to think of an idea in the first place. Do you have a business plan? How will you market your business? What puts your business apart from the rest of them? What makes you different in the industry that you want to be in? All of these questions really do need to be answered, and there are so many things that you have to do before you get started.
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Has your startup come face-to-face with that dreaded glass ceiling? Have you recently maxed out your company’s profit potential? If so, it sounds like you need to propel your business to the next level — pronto! You cannot afford to waste any time in this instance, as doing that will increase your organization’s chances of stagnating. Once this happens, you will find it ten times harder to grow, develop, and scale your startup in the future.
If you want your company to scale the lofty heights of its industry one day, you cannot ever afford to stand still. Here are three things you must do to take your business to the next level:
Optimize your marketing model
You might provide an industry-leading level of service, but all of your hard work in this instance will ultimately amount to nothing if you fail to promote your business. If you are to reach, engage, generate, and retain your leads in a highly efficient and effective fashion, you need to go above and beyond to optimize your marketing model.
If this means trying new things and taking different advertising approaches, so be it. There are many different routes that you can take to freshen up your promotional endeavors, one of which being to embrace SMS marketing. This simple yet effective advertising technique will help you to reach your target audience interactively and instantaneously. To find out more about this form of promotion, be sure to check out Tatango. Being one of the world’s industry leading text message marketing companies, they understand the intricacies of what it takes to run an effective SMS advertising campaign.
Enhance your brand strategy
To ensure that your enhanced marketing model yields positive results, you must build yourself a strong brand image. To enhance your self-promotion strategy in this instance, you need to:
1. Focus heavily on providing customer satisfaction
2. Improve your social profiles
3. Showcase your expertise by producing insightful online content
4. Go above and beyond to educate other people/organizations
5. Broaden your network and forge appropriate partnerships
Improve your overall efficiency
You are never going to get anywhere with your attempt to take your startup to the next level if you fail to improve your overall efficiency. Quite simply, everything that you do on a day-to-day basis must be incredibly productive and effective. Anything less, and you will fail to provide your consumers with the high level of service that they want, expect, and need in this day and age.
To improve your company’s overall efficiency, you must:
1. Set your employees many S.M.A.R.T (Specific, Measurable, Achievable, Realistic, and Timely) regularly
2. Become an effective delegator
3. Take advantage of productivity-boosting software solutions
4. Incentivize your staff members to operate efficiently by providing them with performance-related benefits
If your startup business is ready for that next all-important step in its development, be sure to heed all of the advice laid out above.
The digital age is continually proving to be the channel for the present and future. Almost everything is moving or has already moved to the virtual space. If you desire to create a niche for yourself or join the digital competition, you are at the right place to learn how. Online business statistics shot up in 2019 when 1.79 billion people shopped via the internet. That should be enough reason to learn how to kick-start your online business ideas here.
Identify your niche
Being able to recognize or identify which online business space you want to be in goes a long way to help in subsequent planning. It is fantastic to wish to be the next big thing in the Software programming space. After all, Facebook, Instagram, and Snapchat were all created by an idea that caught on globally. If this is the area to want to venture, you need to have basic programming knowledge.
The reality here is that not everyone would see software programming as a viable option for an online business idea. What business do you desire to be a top shot software programmer for, if you cannot code? To identify your niche, do a self-search on what you are good in. It could be teaching, mentoring, or coaching young professionals. Once you do this, you can begin to draw up a mental picture of how you can establish this online. Remember to identify more than one niche as you may need the others at some point. You will discover why in Point five.
Look for the right support
After identifying your niche, you need the appropriate resources to set up your online business. You may already own the necessary tools or gadgets to start your internet business, but you may not go too far without human connections. Networking is a prime feature in every business setup. Your ability to build, nurture, and maintain long term relationships (personal or business) profoundly impacts your dream idea. Be open to sound advice and suggestions from people around you or trusted friends and family on social media. The excellent news here is that professionals are willing to help you realize your dream.
You can click here to discover how RSM could help with your website design, outsourced, and managed marketing needs. For a start-up such as yours, established entrepreneurs may be willing to share ideas and provide relevant feedback. So, take the opportunity to research every area of running an online business.
Organize your funds
While it is cheap to start an online business because you do not require physical space to set up your wares, it still involves some money. For example, where would your customers see your online business? On the internet, of course! The next question is, how do you get it to them? You need a website, and it involves buying a domain for your venture. In the US, it will cost you about $15 to buy a domain. In the UK, that is about £12. It may not seem like much financial commitment.
However, if you plan to go the long haul with your online business, you will require a bit more. For example, you may have to buy premium versions of plugins you need for your WordPress hosting platform. Furthermore, it would be crucial to purchase online subscriptions as you upgrade your business. Perhaps, you do not need a website. But, you may have to buy internet data through your local Telecom company. In short, every business requires some money to set up, and going online is no exception.
Plan ahead for growth
Being able to forecast growth for your online business is an intelligent move. During your online business planning stage, it is a must to include strategies you would take when you hit the growth curve. You do not want to under-estimate the growth potential of your online business. At some point, when your business takes off, you are likely to use your projections and forecasting plans as reference points. For example, you may desire to expand into other profitable markets, and your project would already have the blueprint strategy.
Have a backup plan
As an entrepreneur, you already know that your business may encounter some challenges. For example, you may lose investments or fail in that business line, but that should not be a stopping point. Nobody plans to fail, but if you do, have a Plan B. Did you know that about 50% of start-ups fail within the first three to five years? It is shocking when you suddenly realize that the sword could swing either way.
At some point, it may seem like you are swimming against the tide, but you can have hope. Your hope should translate into having another online business plan altogether. Do you remember the point one mentioned above? More so, it could be an entirely new marketing strategy you employ as your online business fights back.
Do you have a blog? Start one!
Now, this is vital for every entrepreneur because your business channel is online-based. Look at it from this angle. A blog is a training ground to test the efficacy of your online business before its launch. Why? It is because your ability to understand search engine optimization, social media influence and web publishing would inform the success you are likely to chalk. Through blogging, you will be able to test the power of viral media and its role in your future business. You can even attract customers through your blog.
Test, assess and tweak
Pilot-testing your online business is a prerequisite for an entrepreneur like yourself. Your plan on paper may not exactly pan out as envisaged, which is the reason behind this point. Remember, even the most successful start-ups had to go back to the drawing board. When you test your product, and in this case, your online business, you can access feedback from the public. Their response to you creates the opportunity to change something you earlier thought was full-proof.
Assess your schedule
Interestingly, a lot of online businesses across the world commence as side hustles. If you are already working full time, it may be challenging to create a fair balance for the two. Admittedly, a full-time job may provide financial stability or resources to fund your side passion without risk. However, after a full day's work, you may be physically drained to take up anything else.
Assessing your schedule involves considering your reporting and closing times. How long is your lunch break? How extended is your annual leave? Is your office far from your home? Do you have excellent internet connectivity at home? Is your weekend packed or easy-going? These are some questions you must answer as you assess your schedule.
Monetize your online business?
The primary objective of every business is to make money. But can your online business rake in profitable revenue for you? Without income, you cannot sustain your business. If you are in doubt, there are methods to explore. These are advertising, affiliate marketing, and selling your products. Drop Shipping is also catching on, and this method is a bit of affiliate marketing and selling your products. The difference here is that interested buyers would place an order on your site, while you pass it on to the supplier, and the commission you earn is revenue.
Choose a brand name or logo
A brand name and logo are trump cards for any online business. It helps for easy identification for your clients and customers. Invest or find a brand strategist who can turn your ideas into a visually-stimulating artwork. Perhaps you could find that talent to give your passion a further push among your friends or family.
The online world is the Launchpad to the future, and many are jumping on board. As you have learned these ways to kick-start your business, put it to use, and see what positive results you derive.
Deciding to start your own business is an exciting milestone in the life of any aspiring entrepreneur. Your dreams of quitting your day job and becoming your own boss are now a genuine possibility. While starting a business may be something that you have always dreamed of, it is vital to be aware of the realities and challenges of going it alone. Being prepared for the obstacles and unpredictable times ahead enable you to start your entrepreneurial journey in the right way and also give your new business venture the best possible chance of success.
A Fully-Formed Idea
It is so easy to get carried away when the prospect of making your business dreams a reality. However, this can lead to you rushing into starting your business without a fully-formed idea, which is a big no-no.
Before you commit to launching and growing your business, you need to know that your business idea is viable and that people will actually buy what you want to sell. This requires thorough research and detailed knowledge of the industry in which your business will operate. Starting a business without this knowledge and without a properly thought out idea is a significant risk, leading to failure.
A Strong Business Plan
Along with ensuring that you have a fully-formed business idea, you will also need to put together a robust business plan. In the rush of enthusiasm to get started, you may want to skip creating a business plan, but it really is an essential task. The process of writing your business plan is a useful task in itself as it will serve as a blueprint for growth. This is also because getting your business idea down on paper will help you to clarify how and why you are starting your business and the nuts and bolts of how it will work. While writing your business plan, you may find that additional ideas pop into your head for you to explore.
A business plan enables you to clarify how your business will work, and also provides a useful point of reference to refer back to in the future. Just keep in mind that your business plan doesn’t need to be 100 pages long. It only needs to contain the relevant information that will guide your business from point A to point B.
A Back-Up Plan
The aim of starting your own business may be so that you can go it alone and never be dependent on an employer again. If your business is successful, then this could absolutely be the case. However, having a back-up plan is also essential. Starting a new business is a risk, no matter how well you plan your new venture.
To mitigate some of the risks involved in launching a new business, you may want to consider working your current job on reduced hours or finding other part-time work alongside your starting your business. Although this may not provide the clean break that you planned initially, it does provide you with some financial security and a safety net if things don’t work out as you had expected. Be smart transitioning from employee to employer.
Determination
Some people are naturally suited to becoming an entrepreneur. For these people, the characteristics required to launch successful businesses come easily. Two traits that you absolutely need to become a successful entrepreneur are determination and tenacity.
Starting a new business is not easy; each day will be hard work while trying to find your feet and establish your company. There will be setbacks along the way; this is to be expected. However, the critical thing to remember is that most of these setbacks can be overcome through hard work and determination. Having the tenacity to keep on working to grow your business against the odds will help you to achieve longterm success.
A Marketing Strategy
Many entrepreneurs take a hit and miss approach to their marketing. Dabbling in a bit of advertising here and there and maybe the odd post on social media may feel like enough, but it really isn’t if you want to build a sustainable brand. Successfully marketing your business is essential to help raise awareness of your company and your products. Marketing your business does not require a huge budget to spend on billboards and television adverts; what you really need is a strong marketing plan with a few strategies that can be implemented on a shoestring budget.
Taking a consistent approach to your marketing is far more important than the amount that you have available to spend. Even on a low budget, you can achieve great results from your campaign if you have a comprehensive marketing strategy in place and follow it consistently. Digital publicity, blogging, content marketing, and social media marketing are great ways to build your brand and thought leadership without spending a lot of money.
The Ability to Adapt
Being flexible and open to adapting your business is vital if your business is to remain profitable in the long term. Changes to market conditions, technological advancements in your industry, and changes in buying behavior from your customers make it necessary to adapt your business. An ability to respond to changes quickly will also give you an advantage over your competitors.
There are only a few months left of 2019, and that means many people are excitedly making plans for 2020. If you have big plans for 2020, such as starting your own business, you’ve come to the right place. If you want to make sure that this is your dream business and your momentum and motivation do not waver, read on for some dos and don'ts that will help you.
Do Start Networking Now
The more people you know, the better. The phrase ‘it’s not what you know, it’s who you know is very true. By networking now, you never know who you might meet. You’ll be able to get the word out about your business before it’s even started, and you might just be able to find other business owners and people who can help you to achieve your dreams.
Don’t Start A Business Just Because Of The Money You Stand To Make
If you have an idea in your head of the business you’d like to start, you need to make sure you’re doing it for the right reasons. This should be because you’re passionate about it, not because you feel like this is something you could stand to make a lot of money doing. There are always going to be trends in business. At the moment, aesthetics (filler and botox) businesses are opening up everywhere, but that doesn’t mean you should follow suit. It needs to be a business that you are an expert in, where you feel so strongly about it that you’ll easily build momentum as you grow.
Do Figure Out How You’ll Get The Support You Need
Every business owner needs support. You’ll need the support of your loved ones when things get tough, and you’ll need the support of companies like F1 Networks when you need to outsource certain processes. This will give you more time and mental energy to tackle the things only you can do.
Don’t Underestimate How Important It Is To Get Into Good Habits Yourself
As you are at the helm of your business, it’s so important to get into good habits. Get up earlier and meditate and you’ll start the day on the best possible note. Exercise, especially if you can break up the day with it, is also a great way to feel energized throughout the day.
What if running your own business seems daunting?
If you are interested in becoming a business owner but are nervous about it being too much for you to handle on your own, consider investing in a franchise. These types of business opportunities are great for new entrepreneurs who wish to get the experience of running a business but are in need of training and support to make it a success. If a franchise sounds like your ideal business opportunity considers browsing franchise business opportunities today using a website such as https://www.franchise-uk.co.uk/.
Do Find A Mentor
If you’ve never done this before, a business mentor could be just what you need. See if there’s somebody who is willing to coach you.
Don’t Put It Off Any Longer
If this is what you really want, start planning now. If you want to launch in 2020, the best thing you can do is start getting your business plan and everything else you need together now. No more procrastinating or excuses!
Do Surveys And Questionnaires
To figure out what can be improved before you launch, hand out surveys and questionnaires to people who are willing to take them - ideally your target audience.
Are you ready to make your business dreams come true in 2020?
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