You’ve worked hard and provided key products or services to a dedicated group of clients, and your small business is booming. It’s time to expand — so what are the considerations you need to make before taking the next big step? Do you have an optimized, accessible website for your business? Do you know what your goals are, as far as numbers? Let’s take a look at a few ways you can prepare to expand your company without stressing out:
Point 1: Strategize about your KPIs.
Key performance indicators (KPIs) are the backbone of any successful business. A KPI, put simply, is a value that measures progress toward achieving critical business goals. Once you have your goals mapped out, you need to make sure you are achieving them in a measurable fashion, and that’s where KPIs come in. Your KPIs should be determined based on how they contribute to one specific, strategic objective: What are your sales goals? How much money do you want to spend on marketing? After you determine these things, you can start mapping out what “performance” looks like in these categories.
For instance, you may decide you want to expand your business and fulfill overseas orders. You will first need to determine what the marketing KPIs are for breaking into international markets — how will you determine success? Make sure you do marketing research in this step because different audiences require different strategies. You can conduct informal surveys, in-person research, or collect data from national agencies. All of these things take you a step closer to writing and then achieving your KPIs.
Point 2: Get your documents in order.
As you’re making plans to take your business to the next level, you should consider forming a limited liability corporation (LLC). This basically gives your business several tax and liability benefits while keeping your management flexibility. The most well-known benefit of forming an LLC is that if your business were to be sued or go under, your personal assets would not be liable. Filing for an LLC also means less paperwork because it doesn’t require as many documents as a corporation would.
According to the Internal Revenue Service (IRS), there are several types of businesses that cannot claim the LLC status, including banks and insurance companies. Please make sure to check what the particular regulations are in your state, as these rules vary across the country. You can even do the legwork yourself by filing online instead of investing your hard-earned money in lawyer fees.
Point 3: Invest your money (or time) in technologies.
Technology is the small-business owner’s best friend, quite literally. Tools like social media, data science solutions, and digital ads are all critical for today’s successful businesses. Utilizing these tools will improve your business acumen and give you better brand exposure, among other key metrics. Accounting programs can help you keep your budget straight; customer relationship management tools can assist with client retention and resource allocation. There are various software suites that provide out-of-the-box solutions for all of these necessities.
This doesn’t mean you have to invest just money in these kinds of tools. A time investment is sometimes all you need to delve into the technology and find use in it. For instance, starting a social media page and interacting with clients takes time and personalized care, but the return on customer relationships is worth the investment of your day.
In addition to engaging with customers on social media sites like Twitter and Facebook, in today’s online-dominated business environment, a well-designed website is critical to acquiring and keeping clients — especially as you expand your business and branch out into more markets (even the aforementioned international scene). A website can allow your company to break through geographical barriers. So before you take your next step toward expanding your business, ensure you have a reliable, optimized web presence. Contact the experts at Throlson Web Design today for a consultation.
Astute marketing is all about recognising the wants and needs of your core demographic and embodying certain elements in your marketing campaign. Today, the priorities of the younger generations have challenged marketing professionals to act and change the way they advertise quickly. Indeed the opportunity to rapidly transition to new social roles and channels can be of immense benefit to any business that caters to young people.
Not surprisingly, this ability to predict and adapt can be much harder to implement than it is to suggest. So,which marketing strategies will resonate with the younger generations and correlate with you business goals at the same time?
Social media is where you will find the younger demongrapbhic, but there is little point in wasting your time and spreading yourself thin across all of them, because some of the platforms will be more effective than others. Facebook used to be the key one to target, but a survey in 2020 found that Snapchat is the most widely used and important social network for younger people - 34% of US teens. The next most popular was TikTok, with 29% of US teenagers hanging out there. This is where you need to be concentrating your efforts primarily. Look at how similar brands and businesses advertise on tiktok and use that as inspiration.
Create fresh and relevant content
The younger generation don’t want tired content that has had no real thought put into it. They want relevant, up to date content that align with their beliefs and experiences. Going back to TikTok - what are the viral videos doing? Is there a way you can incorporate these into your own content? For example, if you are a clothing business, look at the dance trends (Fortnite style ones are big news still!) and look at having your models dancing while wearing your clothes.
Consider your brand reputation
For want of a better word, the younger generation is more ‘woke’ than ever before. They care greatly about equality and injustices, the environment and things going on around them. They are much more likely to purchase and feel represented by a brand who has the same beliefs and ethos. Again, look at your core beliefs - are you eco-concious or committed to racial equality? Can you really push this message in your marketing? Be careful not to ‘greenwash’ though; consumers are not stupid. They will see through any messages that are not authentic and you can come off worse.
Don’t discount influencers
While older generations often turn their nose up at influencers, they can be well, influential for the younger generation. Look at who they look up to and see if you can reach out to them. If you can’t, or your budget does not quite stretch that far, try to understand what it is that makes them so popular with your demographic and try to replicate that.
The younger generation are more demanding, more woke and have their eyes open to marketing. Make sure you understand their needs and beliefs and align your marketing strategy towards this.
A lot of business owners are completely insular. Whether it’s because they don’t trust others to help or because they’re stuck in their ways. Some simply don’t think others will care as much as they do. They’re probably right. However, when you enlist someone else's software, or knowhow, you’re a customer...and they’re a business owner too, who cares about their own business. So technically they’re in the same boat. You can really bump your business up to new heights by using people who have a deeper expertise in a certain area than you. You know your business, your product and your services, but you won’t know too much about other areas. These tips can help you take that leap.
Software Solutions
You won’t know about all the different elements of software available to you and your business. There might be some out there you’ve never heard of. If you’re a teacher you might not know of software for teachers to manage classroom laptops, and if you work remotely you might not know of the viable and cheaper alternatives to microsoft Teams and Zoom. A business analyst will be able to help you here. They know what works best for businesses and if you haven’t spoken to one yet you might find there are tools and tricks out there which you can buy which will cut down on process time, or make things easier for you and your employees. More importantly, it can make things easier for your customers.
Doing taxes isn’t easy. If you’ve just started out and don’t have too much to think about then you might be fine. When you’ve got a lot of money running through your business, the problems begin to start. Think about hiring an accountant to properly formulate everything and ensure you won’t get into trouble with the relevant tax authority. In a similar vein, you can just hire a tax specialist right off the bat. It costs money but getting it all right is worth it. Plus, there may be some deductibles or grants that you’re entitled to which you don’t know much about. You could end up saving even more money. Even if you just have a consultation, it’s worth doing that bit of research to get there.
Market To Success
Marketing isn’t easy. A lot of business owners will take things into their own hands and to be fair, a lot of them are quite successful. But as your business takes off, marketing becomes a secondary to the actual work you’re trying to do. This applies to pretty much all businesses. You grow with the marketing you’ve done and take your foot off the gas to focus on the business, then the orders start to slow. The important thing to mention is that there are experts in every field from Amazon, to alibaba and beyond. Marketing is different in each niche, so it depends what you want to target and from which industry you’re operating from. Help marketing means you get to focus on your business while the orders still come in.
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Website, web app, or mobile app — how should your business show up on the web? In a mobile-first world, you might think a mobile app is an obvious choice. However, in many cases, there are also big advantages to building a web app instead. Here's how to decide what's right for your business and how to get started developing your first app.
Web apps: Websites, amplified
Yes, web apps are technically websites. But web apps do so much more than your standard business website. While websites deliver information, web apps provide interaction and personalization. Examples of popular web apps include Gmail, Pinterest, and Trello.
Does that mean every business should opt for a web app over a website? No! If your needs are primarily informational, a mobile-friendly website is enough. Plus, with a custom WordPress site, you can utilize plug-ins to create whatever functionality you need.
When to go mobile
Web apps offer a lot of advantages over mobile apps, including:
Affordability.
Discoverability.
Accessibility.
Easy to update.
Nonetheless, sometimes a mobile app is a better choice. If you need a full-screen experience, the ability to send push notifications, or the native functionality of mobile devices (e.g., camera, GPS), opt for mobile. Mobile apps are also a great way to encourage customer loyalty for frequently-used services — think Uber or retail rewards.
So you want to build an app ...
You've settled on a mobile or web app for your business. Now what? These steps will bring your app idea to fruition.
Goals, audience, and objectives
A clearly-defined vision is key to developing an app that's both user-friendly and useful. Once you've established the app's purpose and target audience, define key performance indicators. These may include:
App downloads.
Active users.
Session frequency.
Session length.
Conversion rate.
Brand awareness.
Sketching
A basic sketch-up helps a developer bring your vision to life. Sketching lays out the user interface and flow of an app and provides the framework for an app's user experience. You don't need to be an artist or a developer to start sketching your app. Sketches are merely a simple way to flesh out your app idea.
Hiring an app developer
Cost is the first thing on most business owners' minds when hiring an app developer. However, there's more than the bottom line to consider.
Project scope: Mobile or web? iOS or Android? Simple user experience or complex? Make sure the development team you hire has the right skills for your project.
Portfolio: Testing apps in a developer's portfolio is a great way to get a feel for their work, particularly user experience and interface design.
Communication: Finally, you need someone you work well with and who can work efficiently with others on the development team.
Pricing
Will your app be free, paid, or freemium? If you charge for your app, will it be a flat fee or a subscription? Keep in mind that app sales aren't the only way to generate revenue. Ads and in-app purchases generate revenue even for “free” apps.
Testing and monitoring
Thorough testing ensures the public sees only the best version of your app. However, the work isn't over once your app launches. Ongoing monitoring lets developers fix problems before they impact your business.
When measuring an app's performance, do so from the user's perspective. End user experience monitoring lets teams monitor launch time, response time, crashes, and other important user experience metrics from the user's point of view. Unlike device performance monitoring, which instruments the device, implementing end user experience monitoring requires instrumenting your app with an SDK or mobile wrapper before releasing it on the app store.
Marketing
The biggest obstacle to a mobile app's success is getting people to download and use it. Customers don't search app stores the same way they Google, so businesses have to get their apps in front of consumers' eyes another way.
This includes pre-launch marketing to build anticipation, such as teasers, sneak peeks, and content marketing, as well as post-launch marketing in the form of reviews, search ads, and notifications.
Mobile and web apps are excellent tools, but they’re not right for every company. If a mobile-friendly website is a better fit or you’re not quite ready to make the leap into app development, contact Web Guy Nick to learn how you can create a functional, dynamic website using WordPress. With an engaging, responsive, and mobile-friendly WordPress site, you can grow your business and stand out from the competition.
A lot of people are skeptical of coaches in general, and this is understandable in some cases. The lack of regulation on who can call themselves a coach these days is one of the reasons for that. But when the coach is properly qualified and has your best interests in mind, then it could be the perfect recipe for success.
You do, however, need to have a real desire to grow and a gap between where you are now and where you want to be for this relationship to bear fruit. Let’s take a look at a few reasons why you should consider working with a business coach right now.
You Feel a Need for Change
If you feel like you’re stagnating and could be doing more, then it might be a sign that you need a coach. Sometimes, you may not know in which direction you want to go. A coach will help you focus your efforts and see what you should be concentrating on right now to get to where you want to be. They will help you establish a clear road map, and help you set actionable goals for yourself.
In some cases, you might be in the process of expanding but are having difficulty surrounding yourself with the right people. In others, you might not know how to reach them, or you're finding yourself in an increasingly competitive market and don't know how to keep up. In this case, a coach could give you some indications as to where you might need to improve and the processes you'll need to put in place to stay competitive.
You’re Struggling to Balance Your Business and Personal Life
If you have a significant other or a family, then one of the common issues is work/life balance. Without a balanced life, there will be a breakdown at some point, whether it’s on the personal or business side.
Business owners have to learn how to be selfish. Not in the sense that they shouldn’t care about what anyone else says, but instead, they should make sure that their needs are met before they start thinking about the needs of others. This also doesn’t mean that you have to be neglectful, but it can be difficult not to be when you don’t know how to establish this balance in the first place.
You have life coaches like Jennifer Dawn who specialize in whole-life business coaching that will be able to look beyond your business and look at the personal level to see if there might be any gaps that need to be filled. The emotional needs of you and the ones close to you still need to be attended to, and neglecting them will be felt on both the business and personal side, so you can't have one without the other.
You Want to Succeed Against the Odds
As you may know already, the majority of businesses in the US fail within 5 years, 80% to be exact. Out of those, 80% will fail by the 10-year mark. That means that only a select few are chosen. Or are they?
The truth is that those who end up succeeding and thriving are those who were in the right markets, and had all the tools needed to succeed. Sometimes, this includes a business coach.
Trial and error is part of growing as an entrepreneur, but no one said that you had to do the failing. Having a guide who went down the same road as you to warn you of upcoming forks will help you make the right decisions without you having to waste time, money, and possibly your business in the process.
As you can see, there are tons of reasons why you should consider hiring a business coach. We suggest you start talking to a few of them to see if you mesh and see what they have to offer.
