I remember launching my company and the level of bootstrapping I had to do to get going. In the entrepreneurial world, resourcefulness is key. A tight budget can be a stepping stone rather than a stumbling block. Here’s a guide to kick-start your business without stretching your finances too thin, shared with you below and written by Lucy one of our writers for ICY Coaching and Consulting
Use what you already know. If you have a specific skill set or extensive knowledge in a particular field, offer consulting services. This approach requires minimal startup costs and allows you to establish credibility while building the foundation of your future enterprise. Additionally, you can leverage your expertise by writing ebooks or creating online courses to reach a wider audience. Furthermore, consider speaking at industry conferences or hosting webinars to showcase your knowledge and attract potential clients.
Your Best Ally is Your Credit Score
Your credit score isn’t just a number; it’s your business’s ticket to better loan terms. Keep a close eye on your credit score, make payments on time, and reduce debt to build a solid financial foundation for your business. Moreover, regularly reviewing your credit report can help you identify any errors or discrepancies that may be negatively impacting your score. Furthermore, establish good relationships with lenders and financial institutions to access favorable financing options.
Dream Big, Begin with Baby Steps
Every giant leap begins with a small step. Start your business on a smaller scale, focusing on essential elements first. As profits start rolling in, you can gradually scale up and expand your operations. Moreover, consider setting specific goals and milestones to track your progress and maintain motivation. Furthermore, networking with other entrepreneurs and seeking mentorship can provide valuable guidance and support along your entrepreneurial journey.
The Power of Free Online Resources
The internet is an entrepreneur’s treasure trove. From free online courses to cost-effective software tools, plenty of resources can help you streamline your operations, learn new skills, and manage your business more efficiently. Additionally, joining online communities and forums can connect you with like-minded individuals and provide collaboration and knowledge sharing opportunities. Furthermore, staying updated on industry trends through online publications and newsletters can help you stay ahead of the curve.
Your Low-Cost Publicity Powerhouse
Content marketing is a low-cost yet highly effective way to boost your brand visibility and attract potential customers. Sharing valuable content through blogs, videos, or podcasts can position you as an industry expert and build a loyal audience. Moreover, consider guest posting on other relevant websites or collaborating with influencers to expand your reach. Furthermore, engaging with your audience through social media platforms can foster meaningful connections and drive organic growth. You can click here to start learning more about professional content marketing.
Achieve Optimal Results
As an entrepreneur, you should get radical clarity first on your brand purpose, then your focus should be on your core business functions. For tasks outside your area of expertise, consider outsourcing. This strategy can save you time and money, allowing you to focus on what you do best. Additionally, building a reliable network of freelancers or contractors can provide you with talent to tap into when needed. Furthermore, regularly evaluating your business processes and identifying areas for improvement can help you optimize your operations and maximize efficiency.
Starting a business on a tight budget is possible and can be a stepping stone to success. You can build a thriving business without breaking the bank by leveraging your expertise, managing your credit score, taking small steps toward your goals, utilizing free online resources, and embracing content marketing. Additionally, outsourcing tasks and continuously evaluating and optimizing your operations will help you achieve optimal results. So, don’t let a limited budget hold you back – dream big, be resourceful, and embark on your entrepreneurial journey with confidence!
Elevate your brand withICY Coaching and Consulting– ICY Coaching and Consulting specializes in guiding leading Women Entrepreneurs towards purpose-driven success. We transform challenges into milestones, ensuring clarity and confidence for the impact and confident profits they can experience.
Get ready for a summer business breakthrough! Unleash these powerful strategies and leave your competitors in awe
Now’s the Time for Growth: Make It Happen
Growing a business can be a challenging process, but there are several steps you can take to maximize your success. Say hello to your Summer Business Boosters: 7 Proven Strategies to Skyrocket Your Success Amidst the Seasonal Slowdown. Implementing these steps in your business will help you continue to grow. In this article one of our writers Courtney explores some of the most effective strategies for business growth.
Spend your summer wisely as an entrepreneur by focusing on boosting your business growth. Click To Tweet Use this time to dive into strategic planning, refine your marketing strategies, and invest in personal development. Embrace the slower pace of the season to implement improvements, explore new opportunities, and fine-tune your operations. Don’t let the summer heat slow you down; let it fuel your ambition and drive. Elevate your business to new heights by dedicating this summer to growth and success
Forming an LLC
One of the best things you can do for your business is to form an LLC (limited liability company). An LLC offers many benefits, including limited liability, tax advantages, less paperwork, and flexibility. By forming an LLC, you can protect your personal assets from business liabilities and save money on taxes. Additionally, the process of forming an LLC is relatively straightforward, and there are many resources available to help you get started.
Maximizing Data Analytics
Data analytics can provide valuable insights into your business operations, customer preferences, and market trends. By analyzing data from your website, social media, and other sources, you can better understand your target audience and make informed decisions about your business strategy. Consider investing in a data analytics platform or hiring a data analyst to help you make the most of your data.
Attending Networking Events
Networking events are a great way to meet potential customers and partners, learn about industry trends, and establish yourself as a thought leader in your field. Attend local and industry-specific events to build your network and stay up-to-date with the latest developments in your industry. Be sure to bring business cards and be prepared to talk about your business concisely and compellingly.
Exploring New Products and Services
Expanding your product or service offerings can help you tap into new markets and increase revenue. Consider conducting market research to identify new opportunities, and test new products or services with a small group of customers before launching on a larger scale. Be sure to also consider the costs and risks associated with introducing new offerings and prioritize those that align with your business goals and values.
Updating Marketing Efforts
Marketing is essential for any growing business, but it can be challenging to identify the most effective channels and strategies. Consider investing in social media advertising, content marketing, and SEO to increase your online presence, and track your results to uncover what’s working and what’s not. Additionally, make sure your branding and messaging are consistent across all platforms to build a strong and recognizable brand identity.
Integrating Process Discovery
Implementing process discovery is key to identifying inefficiencies and bottlenecks in business operations. By analyzing and breaking down individual processes, you can easily identify areas that are holding your business back and hindering its growth. With this knowledge, you can reallocate resources, streamline operations, and ensure that everyone in the organization is working towards the same goals. This, in turn, is a key to success, as it allows your business to boost its efficiency while reducing costs and improving customer satisfaction.
Exploring International Markets
Expanding your business internationally can open up new opportunities for growth and increase your customer base. Conduct thorough research on the target country’s economy, business culture, and legal requirements to ensure you’re prepared for the transition. Consider partnering with local businesses or hiring a consultant to help you navigate cultural differences and establish a strong presence in the new market.
Growing a business requires dedication, hard work, and an openness to new ideas and strategies. By forming an LLC, attending networking events, exploring new products and services, integrating process discovery, and exploring international markets, you can position your business for sustainable growth and success. Remember to stay flexible and adapt to changing market conditions, and never stop learning and growing as a business owner.
For coaching to help you get clarity on your purpose so you can have more impact and earn more confident profits, contact me>>>: Yetunde Shorters today!
I literally built a multiple 6 figure business through referrals so when Courtney asked me about writing a blog about How to Get More Customer Referrals for Your Small Business I said yes, so here it is.
Referrals are a powerful marketing tool for small business owners when it comes to gaining new customers. By investing in the right strategies and tactics, you can easily increase the number of customer referrals that your business receives. Read on for some helpful tips on how you can get more customer referrals for your small business.
Search Engine Optimization (SEO)
Search engine optimization (SEO) is a great way to help your business be found more easily online. Investing in SEO will ensure that potential customers find your website more readily when they search for businesses like yours in their local area. This will also help with increasing customer referrals, as those who have already had positive experiences with your business can easily refer others when they know how to find you online.
Digital Marketing
Digital marketing is another great way to reach new customers and get more referrals. Investing in digital marketing means that you can collect data to target potential customers based on their interests, location, or demographics. It also can increase the chance of them finding out about your business and potentially becoming customers. Digital marketing also helps boost visibility so if you’re looking to gain more customer referrals, digital marketing should definitely be part of your strategy.
User Experience (UX) Design
User experience (UX) design is an important factor when creating any website, but especially for businesses that want to gain more customer referrals. UX design ensures that visitors are able to navigate the website easily and find what they need quickly without getting overwhelmed or confused by too much information or graphics. RubyGarage notes that investing in UX design can help increase user satisfaction, potentially leading to increased customer referrals over time as visitors become loyal buyers and recommend others looking for similar products or services.
Raffles can be a great way to attract potential customers and referrals for your business. APIs make setting up raffles easy, as users can simply enter their email addresses or sign up with a social media account in order to participate. Gift cards are also a great incentive, as they can be used right away and give customers an immediate reward. This may be the ideal solution for engaging new customers and increasing sales.
Inexpensive Content Like Blogs
Content creation is an invaluable tool for effective online engagement with customers, as it builds trust around your brand. What’s more, creating content like blogs is an inexpensive way to advertise your business. This can result in more referrals over time, as people share their positive experiences with you. To ensure your content reaches the right audience and stands out from the competition, optimizing for SEO is essential.
Sharing Helpful Tips and Graphics on Social Media
Social media provides an easy platform where businesses can share helpful tips related to their product or service while also connecting with current or potential customers directly. This increases engagement and loyalty which might eventually result in increased customer referrals from current satisfied clients recommending others follow suit.
Additionally, using interesting visuals such as infographics or memes will keep followers engaged over time instead of losing interest after a few posts. Make sure these visuals are optimized for each social media platform accordingly as well.
Getting more customer referrals doesn’t have to be a daunting task. Investing some time and money into strategies such as gift cards, API, SEO, digital marketing and UX design can help any small business owner increase their referral numbers from satisfied clients recommending others join them. With the right investment and effort, small business owners will soon start to reap the rewards of having a strong referral program in place.
It’s Yetunde Shorters here, chiming in share with you, as we plan for the New Year, 7 powerful ways to level up your personal brand in the New Year. This year flew by so quickly that we couldn’t even catch a breath, but it’s never too late. You can start now and start today, and let’s plan for manifestations in the New Year. Below are my suggestions of 7 powerful ways to level up your purposeful personal brand in the New Year
PLAN AHEAD
Planning ahead means take the time one of these days this year before the year is over and sit down and plan for the things you want for your personal brand or your business. That means on social media. Sit down and plan what your social media would look like. Sit down and plan what each quarter would look like. Sit down and plan what products that you’re going to launch per quarter, whatever steps that are involved in each stage. Write it out and plan. You have plenty of time to do that this year so that you can be prepared and schedule things for next year. That way, you save yourself some time. Sacrifice that 4 hours of social media a day time just for you. You deserve it.
Number 2 thing you need to do to level up your personal brand in the New Year is manage your time like a boss. Here’s what that means. We all have 24 hours in the day. Yes, sometimes, everyone says, “We have the same time that Oprah has.” Well, Oprah has a team to work with and delegate too, none of us can afford Oprah manpower yet. If you’re a solo-preneur or you have a small team, you have 24 hours in a day. You have a lot to do. What that means is be conscientious of how you spend your time. What are you doing with your mornings? The first 90 minutes set the tone. Be intentional about those 90 minutes. Do you find yourself on Facebook or Instagram immediately? WATCH IT, STOP IT. Do you time yourself when you do that? Nothing wrong with applying social media, but make sure you’re not spending and wasting time on there without a return on your investment.
What that means is allocate and dedicate and promise yourself you’re going to spend a certain amount of time per day on whatever social media platform it is. One of the things I actually do to manage my time better is when I have social media days off where I’m just logged off of social media and I also log off of my Wi-Fi, and I do projects that do not require me to be online. There are many apps you can use to manage your time. There are apps you can use to block you from going on social media so you can focus because it can be addictive as productive as it can be, but managing your time is very important. That also means if you’re obsessed with certain TV shows, how many hours are you spending on that? You’re watching people that are making money off of you watching them. Why don’t you spend that time building your personal brand? You can watch TV, limit your time and focus on building and then enriching your own personal brand.
MAP OUT YOUR SYSTEMS
The number 3 way you can level up your personal brand in 2019 is to map out your systems. What this means is: if you are going to be doing events or if you are going to be doing a photo shoot, if you are going to be consulting with clients, write out what that looks like. For example, stage one clients inboxes you. What is the response after? Clients responds to you. What do you send after that? Write out step-by-step so that you have automated content that when anything happens you’re literally just cutting and pasting again saving you time. or use e-services to do an auto send out. Map out whatever your systems are for getting new clients, for securing a sponsorship or getting product, whatever system is. Sit down, think about it, and write it all out step-by-step so that you have everything planned out in a Word document or a notepad or Evernote. Write it all down so when the time comes you’re literally just cutting and pasting or scheduling it into your e-applications. That would save you tons of time and will allow you to be able to train someone if you’re not available on how to run your systems.
CONNECT, BETTER
Number 4 powerful ways to level up your personal brand in the New Year is to connect better and more. That means online and offline. Sometimes we get caught up in posting and we forget that we have to engage other people, so dedicate 20 to 30 minutes of your time per week and go back to the people that follow and engage you and engage on their pages. Like the comments, like their pictures, read stuff, and leave your thoughtful feedback. People want to connect with you, and also do this in live events. That means go out more, look for networking or marketing events that you can be a part of. Look for virtual events that you can be a part of, but make it an effort to connect better and more with people because, with personal powerful branding these days people connect to people so you can no longer hide behind a company name or the Internet. People want to know who you are, and the more you connect and the more authentic you are, the better for you and your business and your personal brand.
DOCUMENT IT
The number 5 powerful way to level up your personal brand in the New Year is to document your milestones. Click To Tweet This is one of the things that was actually in the recent book I had with the Better Business book where I shared my 10 things I’ve learned from, my 10 years in business, and if I knew then what I know now, I would have at the end of every month or maybe every two weeks, documented any good thing that happened in my business. Because guess what? When you’re going to do a review of the year or an analysis to a client, you can go back and have documentation, have a folder created on your computer and have documentation of the really good memorable milestones that happen and the really challenging ones, as well, so, at the end of the year, if you have to do a year in review, you have all your ducks in a row, you have content for your portfolio, you have content for testimonials. It’s a great way to track your progress.
TRACK AND ANALYZE
The number 6 way to level up your personal brand in the New Year is to track and analyze often. Often depends on how engaged you are on social media or on your newsletter or in person. That means see what’s working. Test it out. See what’s working and then come back and take off the things that are not working. Tracking and analyzing actually helps you see that your efforts are being put to good use. You want to make sure you maximize that and make it a habit starting now, so that when the New Year comes, when the new year comes, that you are ready and prepared to track and analyze. That way, you will get into the quality of what works for your personal brand, and so you just rinse and repeat and use the things that work over and over again, but you can’t know what works unless you track and analyze it.
AUTOMATE, AUTOMATE , AUTOMATE
Finally, the 7th way to level up your personal brand in the New Year is to automate and engage and convert. Create your automation systems. What does it look like when someone signs up for your newsletter or signs up for talking to you, what is that process? If there’s anything you can automate, which means use a mailing service where something is automatically sent to them without you, your business can function without you, you automatically automate all the stuff that you want your customers or potential clients to know.
Then, you want to engage them. When you automate, when they respond back to you, you want to engage them. As much time as it’ll take, try to be as one-on-one as possible, or maybe do a group session or a group webinar, but engage them in some way on a live stream, on the Tweet chats. Find ways to engage your community. Then, when you engage them, you can convert them. Because once they know, like, and trust you, which is the KLC factor. When people feel like they know you and then they like you and then they trust you based on the consistency and content you share, it is very easy to convert them to buy anything you are selling, because they believe you are out to support them and what they want out of life with your expertise.
Again, you have plan ahead, manage your time like a boss, map out your systems, connect better and more, document the milestones, track and analyze often, automate, engage, and convert. These are the seven things you need to level up for your brand in the New Year. I wish you well. Let’s go manifest all the hard work we put in this New Year
Whether you’re an angel investor, a venture capitalist, or just a savvy entrepreneur, buying an existing business can strengthen your existing portfolio and create new opportunities to profit. Taking on someone else’s venture, however, is by no means straightforward, and you’ll need to carry out plenty of research if you want to adapt it successfully to market – here are a few pointers before you commit.
Acquisition
Requirements
Before you begin your search for a high-potential business, it’s important to first review your own skill-set and capabilities – both as an owner and, if you own other companies, as a conglomerate. An understanding of the industry in question is a must – you should also ensure that you have enough time and capital available to allocate towards the development of a new business. Take the time to work with your CFO, accountants, or consultants and review the resources available to you – understanding this is crucial not just for the researching stage but also for the negotiation stage.
Identifying a High-Potential Business
When it comes to business investment, as a rule, there are far more duds than there are boons, and so, to isolate a strong prospect, you’ll need to develop strict criteria and stick to them. Your criteria can vary depending on budget, industry, personal requirements, and more but, as a rule, you want to take on a business with a willing market (meaning there is preconceived demand amongst customers), high profit margins, and a clear selling point that can be taken advantage of in future.
Due Diligence
A cautious approach can save you time and money in the long run, and nowhere is this more true than when you’re conducting background checks on business prospects. Take the time to review critical documentation, analyze any available data and identify key risks that might cost you in the long term. It might also be necessary to meet with key players within the business itself, members of the c-suite, for example. Finally, you should ensure that your lawyers have read through any financial, legal, and regulatory company documents to ensure that everything is above water and legally sound.
Negotiating
Once both parties have agreed on a valuation provided by an independent source, you can move into the negotiation stage. Ideally, this should be straightforward, with communications taking place amongst yourselves and the company’s top decision-makers. Remember that these individuals may have sunk years into growing this venture and so it’s important to convey a clear understanding, appreciation, and plan for its future.
Adaptation
Structure
As important as the business itself is your strategy upon completing the acquisition. You should aim to review every department and look at larger components like structure – you may decide, for example, that you want to change this entirely. A formation service can help navigate any legalities and there are many options available online for you to compare reviews and prices, such as Rocket Lawyer vs Zenbusiness.
Marketing
If you’re taking the company in a new direction, this should reflect in your brand design and marketing efforts. If you’re working with limited resources, consider saving on designer costs by using online banner makers to design a custom banner for your website or social channels. These can often be customized with text, colors, fonts, and animations.
Business Process Management (BPM)
A company running on outdated processes can be enhanced using BPM strategies. BPM can automate and optimize workflows by analyzing how people, systems, and data interact – by understanding how digital process automation and BPM work, you can use the information gathered through the BPM process to streamline your operation and improve efficiency.
Acquiring an existing business is an arduous process in itself and adapting it to market is even harder. However, with a few adjustments, such as a new business structure or cost-efficient marketing strategies, you can take a struggling venture and bring it up to profitability
Thanks to Lucy Reed for today’s article. I appreciate the insight.
Hey you. Welcome to my Virtual home here on YetundeShorters.com where I get to support your awesomeness with tools, tips, resources to thrive out here in these world streets. Plus, I get to share with you my life as a Lifestyle Entrepreneur, TwinMom and Wife. A snap shot of the good and challenging. I am on a journey to realize my highest self while sharing the experiences, in hopes that someone else can learn from them, without having to go through it. I look forward to connecting live or online.
