7 Tips To Help Be A Better Entrepreneur (Part 2)

 1. Re-analyze demographic of buyers of particular products
After a month or so of operation, you should start analyzing the demographic of the customers buying your products. 

These include age, gender, nationality, and such. This will help you make necessary changes. For example, if you originally perceived that your products will sell more to people between ages 16-29 and yet your second study revealed that your buying customers are between the ages of 14 to 40, you might want to increase your scope of advertisement and make some other changes.

2. Update future orders according to sales analysis
Your future orders of merchandise from your suppliers should not be based on guesswork. It should be influenced by current data you have with you – the sales report analysis. The idea is simple: order more of products that sell a lot and order less of products that sell less. 

Also, you should determine from the sales analysis which products are seasonal (sells well only during certain months of the year). In which case, you should order seasonal products only during their season.

 
3. Acquire supplies by consignment as much as possible
There are two ways of acquiring merchandise: 1) by purchasing and 2) by consignment. With consignment, you are taking possession of the products but you are not yet paying for them. 

And here is the juicy part – you will only pay for the sold products. As for the unsold products, you can return them to the supplier if you like. This way, you are not absorbing the losses resulting from the unsold merchandise. It is your supplier that will be absorbing the losses.
 

4. Limit orders of introductory products
At some point in time, you may want to introduce new items into your line of products. But do not get too excited so as to order one too many of the new item. Start with less. If everything gets sold, then try ordering more next time. 

If the new item keeps showing promise, it is by then that you can start ordering more. This is a precaution that professional entrepreneurs always take. This is done to prevent possible losses arising from unsold merchandise.

5. Do up selling effectively
Up selling is a marketing technique used by entrepreneurs to maximize sales.This is done by offering additional related products to customers that buy from you. 

For example, if a customer buys a digital camera from you, you can offer him to also buy related products such as memory cars, lenses, tripod stands, and such. It would be easier for them to agree to such offers because the products are related to the product they just bought. 
 

6. Do cross selling effectively
Cross selling is just like up selling. It is done by offering customers to buy more than what they purchased. But in cross selling, you are offering a product that is not related to the one they purchased. For instance, if a customer bought a camera, offering him to buy an mp3 player is called cross selling. This is helpful if you are selling a variety of products that are not related to each other.
 

7. Make a list of possible ‘risks’
Business does not always go according to plan. There are definitely going to be some obstacles and difficulties. But with careful planning, deliberation, and observation, you can come up with a list of possible risks. 

Try to think of possible problems that your business might face. Try to simulate situations in your head. What difficulties do you think will arise? With this kind of anticipation, you will be better equipped to face such problems. 

Of course, all the tips may be difficult to remember. It is advisable that you read it again and again whenever you have the time. This is the best way to instill the principles to your mind. 

This write up is not a solution to the problems that you will face as a businessman, it is available to make you a better entrepreneur – the kind of entrepreneur that can handle problems based on the situation. 

Good luck with your business venture. Keep dreaming and keep aiming high. All the Best.

Read Part 1 Here

5 Tips For Growing A Business To Success (Part 2)

1. Be Creative
Always be looking for ways to improve your business and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business. 

2. Stay Focused
The old saying “Rome wasn’t built in a day” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals. 

3. Prepare to Make Sacrifices
The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.

3. Provide Great Service 

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition. 

4. Be Consistent
Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.

The Bottom Line, According to 2019 data from the U.S. Bureau of Labor Statistics, approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.1 If you want to be among that 25%, rigorous attention to these nine tips is the smart way to get there.Have a wonderful day.

Read Part 1 Here.

4 Tips For Growing A Business To Success (Part 1)

To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success. Whatever type of business you want to start, using the following nine tips can help you be successful in your venture. Starting a business requires analytical thinking, determined organization, and detailed record-keeping. It’s important to be aware of your competition and either appropriate or improve upon their successful tactics. You’ll almost certainly end up working harder for yourself than you would for someone else, so prepare to make sacrifices in your personal life when establishing your business. Providing good service to your customers is crucial to gaining their loyalty and retaining their business. Below are tips for growing a successful business.

1. Get Organized
To achieve business success you need to be organized. It will help you complete tasks and stay on top of things to be done. A good way to be organized is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and completing all the tasks that are essential to the survival of your business.

2. Keep Detailed Records
All successful businesses keep detailed records. By doing so, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.
 

3. Analyze Your Competition
Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement it in your business to make more money.
 

4. Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards. Understanding risks and rewards includes being smart about the timing of starting your business. For example, did the severe economic crises of 2020 by covid 19 provides opportunities for the boom of technology and remote work (or locally one can say manufacturing and selling face masks) or an impediment (opening a new restaurant during a time of social distancing and limited seating allowed). Have a nice day.

4 More Obstacles All Internet Marketers Must Overcome (Part 2)

 1. Inability to follow up on a sale

Just because a customer has paid once does not mean the customer will not pay again. This is one of the more frequently forgotten aspects of Internet marketing. A customer’s satisfaction will dictate his or her attitude towards any future products you may have to offer. You effectively lose out on further sales if you just leave your customers as is. It is for this reason that you have to learn how to follow up on your customers. Checking up on their satisfaction will make them feel as if you care about their well being, and doing so will give you an opportunity to present to them offers that could further enhance their satisfaction.

This will make an existing customer into a repeat customer, which is good for both your business and reputation as an Internet marketer. Failure to create a system You do not need to reinvent the wheel each time you build a cart. Being creative and innovative is good, but there are just some things that you do not need to do all over again. Too many budding Internet marketers strike out here, there and everywhere without actually getting anything done in the long run. This lack of organization can make even simple processes much, much harder than they should be. A system is the perfect tool to deal with this problem. Many marketing gurus out there will often sell you a system of how they do things. Some are good, some are bad and some are outright shams. The important thing to remember here is that you have to note down what works and what doesn’t. Document how you did things and slowly come up with a plan or system. Keep working on refining this system and you will have a pattern that will allow you to deal with the basics of marketing without spending too much time and effort in the process.

2. Lack of depth in marketing

You won’t be able to sell something if you try to sell it to everybody, especial. Remember that the Internet is made up of a vast array of people, each with their own specific wants and needs. You could spend a lot of time,effort and money building up an extensive list of potential customers and then marketing to these potential customers, but all that could end up for nothing if none of them don’t care for whatever it is you are offering. This is why you have to narrow down your target audience and add depth to your marketing efforts. Make sure that you know who you want to sell to and then appeal to the wants and needs of your target audience. This will allow you to make sure that the products and services you market will find their way to people who will be more likely to shell out money for them at the end of the day.

3. Lack of breadth in marketing

There is also another problem when you keep all your proverbial eggs in one basket. It is good to start out slow and steady when you are new to Internet marketing, but it is all too easy to pigeon hole yourself into one service or product. Focusing too deeply unto one business leaves you vulnerable to any wide scale problems that affect your particular product or service. You could find yourself in very deep trouble if revolutionary technologies suddenly replace the product you have been selling for years and years or your supply chain is interrupted due to a bankrupted company. It is for this reason that you have to tinker with a few other industries in the world of marketing and get yourself established elsewhere. This will allow you to survive even if your primary product or service finds itself in any unforeseen problems.

4. Lack of a ‘raison d’etre’

Some people say that marketing is all about the numbers. I beg to differ Internet marketing can very quickly and very suddenly become a boring enterprise. Things just start to become mind repetitive once you establish yourself as a marketer and become familiar with all the various ins and outs of the business. This is one reason why some successful Internet marketers decide to drop out of the game and pursue other interests. Truly successful Internet marketers that stay for the long run all have one thing in common: they have something that pushes them to excel in marketing. Whether it’s love, obligation, financial gain or even something as grand as establishing a financial empire, you must have a reason to excel as an Internet marketer. This will give you the encouragement you need to keep forging ahead despite all the difficulties and setbacks you will inevitably encounter.

Read Part 1 Here.

8 Tips To Own Your Blogging Niche

1. Define Your Target Audience.

Who do you want to reach? What are their needs? What challenges can you solve for them? Where do they spend their time? How can you engage them?

2. Tap into the Power of Communities and Forums.

Figure out where your audience spends their time and get engaged there or start your own community. Resources include Facebook.com/groups, Linkedin.com/groups, Groups.yahoo.com, Ning.com, and Meetup.com.

3. Optimize Your Website.

Incorporate key words and phrases that your audience would use to find you. To increase traffic, update your site frequently, add incoming links, and continually add new content.

4. Implement a Blog.

A blog can help you build your audience, boost website traffic, impress new clients, and attract media interviews and speaking engagements. It's also the heart of your social media strategy.Update yours at least twice each week (more is better) for best results.

5. Develop a Content Marketing Strategy.

To become a recognized authority in your field, first publish a book. Next, create ebooks, white papers, and special reports that you can give away. Distribute articles to websites that reach your target audience or write articles for print publications. See article content sites: Ezinearticles.com, Ideamarketers.com, and Scribd.com.

6. Expand with Video and Podcasts.

Create compelling videos to post on your website and distribute to YouTube.com and Vimeo.com. Conduct your own webinars or teleseminars or participate as a guest on other people's programs. Podcasts can be distributed to iTunes.

7. Embrace Social Media

 Like it or not, social media is not a passing fad—it's an essential marketing strategy for business. Facebook, Twitter, LinkedIn and Pinterest each have their own unique advantages. Be sure to share your blog posts, resources, and other content that appeals to your target audience.

8. Commit a Little Time Each Day.

Set aside an hour each day to develop content, engage in social media, and cultivate community. A little effort goes a long way in expanding your brand and soon you will begin to enjoy big results. I sure hope the listed ideas above helps every blogger. Have a nice day.