Every business starts with a smart idea. Then, you lay out your business plan. However, the problem comes in after the plans are set out. You need money to get things going or to start implementing your ideas.
If you are one of many Australians nowadays who would like to quit their jobs and start their own business, you should keep in mind that there are dozens of obstacles that may keep you away from doing that. But one of the most common issue is the lack of money to fund the business idea.
For instance, if you were thinking of starting a small sports store, then you first should look for a shop to rent first before anything else. Renting that shop costs money. Unfortunately, money does not grow on trees. Hence, you really need to look for ways on how you can finance your small business startup.
But before you start the pursuit of money for your small business dream, a good business plan should be formulated first. Not unless you have been banking up your money over the past years hoping to indulge yourself into business someday. Once you have a plan in place than here are a few techniques that you may need to earn some money and begin to see your business idea come true.
No matter how great entrepreneurial mind you are, you still need to hire other people if you plan to expand your business. These individuals will help you run your business effectively. Meanwhile, finding the right people is an essential factor for a company to run effectively and efficiently. This calls for the right small business recruitment tips.
As a business owner, you need to know the tricks on how to get the required skills for your small business. This is one of the most important things every entrepreneur should be looking for when hiring staff members, but this is also many business owners fail to look into. Company owners should know everything that concerns their companies, including the systems and process. Their responsibilities should be defined clearly. This way, they will know exactly what they want.
One common mistake new entrepreneurs make is they hire employees purely based on instinct. Hiring employees in this manner is not recommended, because the business will automatically collapse in the end. The other biggest problem is that most upcoming enterprise owners usually feel the need to be present or work at all times. They may find it difficult to spend time away from their jobs, even if they want to.
Marketing a product or service has become tougher than never before. The main reason of which is the innovative advancements in technology. The vast and broad virtual platform offers abundant resources to its users which make it difficult for the entrepreneurs to reach out.
Does your business product or service unable to grab the attention of your prospected customers? If it does, then there are a lot of options out there for you so that you’ll be able to compete and to avail that business. To achieve your goals, you need influencers to help you market your brand more effectively.
Connecting with the influential people in industry for promoting the business is not a new idea. Branding the products with popular public figures such as athletes and actors has been there for so many years. An influencer marketing strategy can help you cut through the clutter and reach the targeted audience.
An influencer is an individual with a great expertise in a niche subject matter and the one who is respected for his opinion about certain field or fields. In addition to that, influencers should have an active online social profile with huge number of followers. Celebrities, journalists, analysts, brand advocates and bloggers are some of the common option.
However, in today’s business industry, influencers don’t have to be popular figures always. In fact, even your employees can become your company’s own influencers.
Before launching your small business, it is important to know the best legal structure. Legal structure refers to the way a business is organised. Picking the best legal structure for your business is critical. That’s because it affects aspects of your business ranging from tax payments to your personal financial liability. The most common types of business legal structure are sole proprietorship, partnerships, and corporations.
Sole proprietorship or a business owned by one person is the most common and simplest legal structure. The owner and the business are the same entity in terms of taxation. The owner is also financially responsible for business and their personal assets will be used to cover losses or debts incurred by the business.
The sole proprietorship is the second type. This type of business structure is very similar to the sole proprietorship- all partners are held financially responsible for the debts of the business and the tax burden is borne proportionally by the partners.
The third and the most complex business structure, and the most difficult to obtain, is the corporation. In a corporation, the owners and investors are separate from the business in terms of taxation and income and are not held entirely liable for the company’s debt.
Are you the leader in your market? If you are, then you may expect that everyone else wants your market share. Thus, everyone is your opponent and your job is to defend your territory.
If you got smart competitors, they won’t attack head-on. Instead, they will choose areas of weakness where you haven’t defended yourself and exploit them to their own advantage. Little by little, they will swipe your customers, take your share, disrupt your markets, and watch in amusement as your resources are scattered fighting little distractions here and there. That’s what attackers do.
If you want to keep your leadership in the market, you should know the basics. After all, if you don’t understand the value of the market leadership position, you won’t appreciate why it’s so important to fight to keep it.
Being the marketing leader is important. That is because most customers prefer to buy from leaders; not because of the revenue. Your customers create market leaders. They perceive leaders to be better (otherwise why would they be leaders?) and they perceive leaders to be a safer purchase. People are like sheep. If the majority votes you the best, the majority must be right. So they buy from where everyone else buys, thus strengthening the leader’s position.
When someone complaints about their experience with your business, you should know how to properly handle those complaints. Being able to handle complaints properly is a great skill to have whether you are running a small business or a large corporation.
Some business owners allow their customers to complain when they are not satisfied with the products or service they purchase from the company. They do this strategy so that they will be able to understand the impression of their clients towards the product or service they are offering to them.
So whether or not you follow such strategy to know what your customers think about your business, it is important for you to handle complaints and know how to value these complaints.
Complaint handling is a strategic tool and all businesses and organizations need to make a commitment to address complaints in a professional manner. Unfortunately, handling complaints these days is very misunderstood and undervalued in business.
According to researches, 70% of unsatisfied customers will return if their complaint is resolved favourably. Also 95% of unsatisfied customers will return if you resolve their complaint on the spot. Complaining customers are really a treasure. That means there is great value in resolving complaints. Remember, it takes six (6) times more effort to attract new customers than to retain existing customers.