When you want to start a business, the first step people tend to take is to do research and find out what other people did. This is a good thing to do, but you shouldn’t always believe everything you hear or trust that what works for one person will also work for you. Today, I would like to share a few lessons learned by successful entrepreneurs.
Choose something you enjoy. If you start a business and it works, you will be doing it for years to come. Choose something you like and enjoy because you will be more likely to put in the necessary work and commitment than if you were doing something you hate.
Figure it out as you go. You won’t know everything when you start and you very possibly won’t know anything. Don’t let that stop you. Learn as you go. Most businessmen did not know how exactly to run their business or how to operate in the field they were in, but they learned as they went and figured it out.
Choose your partners carefully. If you want or need a partner for your business, choose carefully. Try not to have one because it is convenient, but rather because that person makes the business stronger. You need someone that will contribute, make smart decisions, and support you. If you choose the wrong partner, you will have a nightmare on your hands.
Ignore the statistics of failure. Many people will tell you about the high percentage of businesses that fail or how few of a certain niche succeed, etc. Ignore these stats as they are not necessarily true. If a high percentage of businesses fail, it’s probably because the owners didn’t commit or prepare well enough. Those stats just make people comfortable with failing or they use it to justify why they didn’t make it.
There are a few more lessons, but we will share them later. One other thing that is very important, however, is that your family and quality time should always be important. Obsess about your idea and go do it, but don’t forget the important people in your life.
Technology is a wonderful thing and it is a great way to save your business money. If you are looking for small ways to cut costs for your business, then consider the following technology practices. You will be surprised at how easy they are and how much you can save. It’s so simple, you will laugh.
Telecommuting is something that is becoming more popular and obviously, employees love it many IT support companies are no implementing this technology for business across the globe. Statistics show that employees who are allowed to work from home, have increased rates of production instead of the expected ‘slacking off’ you may expect. Conferencing technology has made it so easy to telecommute and have conferences without the cost of plane tickets, gas, and the wasted time of travelling.
These simple changes in your business will save you a lot of money in the long run. This is the easiest and fastest way to cut costs through using technology in your business.
Mobile payment systems are a good way to save on banking fees. The fees won’t fall away completely, but most banks will offer a definite reduction in costs. There are different options for these systems and you can choose which one you prefer. Most young people, as well as their parents, will prefer paying with their phone rather than taking out a card or cash.
Electronic Receipts and Invoices
Gone are the days of spending money on paper, ink, and receipt printers. When you use online receipts and invoices, you are saving money and also helping to save the planet. Costs for receipt supplies add up over time and you can save so much of that money by going digital. An added bonus is that you now have email addresses of people who have visited your business or showed interest. They are possible leads for future sales.
Online advertising and social media advertising are much cheaper than traditional advertising. This does not mean that you should throw out traditional advertising, but to save costs and reach more of your target audience, consider integrating social media and online advertising in your marketing plan. Online advertising enables you to reach your target audience more directly and you can track the effectiveness of your advertisements with stats.
The online world is flooding with digital marketing tools. It is no wonder many companies are either hesitant to make use of them or so overwhelmed that they don’t know where to start. I want to share some tools that every business must have. These tools are the best for starting out online marketing and make it successful. The tools are easy to use and often less expensive than traditional marketing tools.
1. Search Engine Marketing – SEO and paid reach are some of the most important ways to get your website seen. If you want your website to show at the top of the search engine results, you need excellent SEO consultant and you need to make use of everything you’ve got. It is of no use if you have a great product and beautiful website if people cannot find you when they search for what you are selling. You can do basic SEO improvement yourself or you can hire professionals to update your website and do all the add-ins needed to rank higher on search engines.
2. Analytics – Analytics help you track how effective your advertisements and other marketing campaigns are working. They give you stats on the number of clicks, conversions, enquiries, page visits per day, etc. It is the best tool to learn about what you are doing wrong and also to see what is working. The most popular analytics tool is Google Analytics.
3. Conversion Optimization – The point of getting people to your website is to try and convert them to take action and buy from you or at least interact. If you use the right marketing apps and other tools, you can get a conversion rate that will make your business grow exponentially. Conversion is a very important goal for any business with a website, so why not put in the effort and money to get them? You can find a few tools for conversion optimization including Landing Page Grader, Unbounce, and Optimzely.
These three tools will already make a difference. There are a few other tools you can use, but we will look at them another day. I will leave you with one last tip: Be mobile-friendly.