How To Run A Successful Advertising Campaign For Your Ecommerce Site

Reading Time: 3 mins

You can’t really have a successful ecommerce site if you don’t do advertising, or if your advertising campaigns are not very good. Unfortunately, an ecommerce site is not like an ordinary website. You need lots of traffic to make a good ROI and it has to also be very targeted traffic.

This is why some people fail with their ecommerce site and think that the reason was something like market conditions or not having the right manufacturer among others. The reality is probably more likely that their advertising was not working properly.

So, how do you run a successful ad campaign that will bring you lots of customers and revenue? In this article, we will go over several things to keep in mind when starting your advertising.

 

Analyze your data

If you have been advertising for at least a few months already, then you surely have some data that has been gleaned from the conversions and the traffic coming to your site. And this data is a goldmine even if your advertising metrics are not looking good at the moment.

If you have an e-commerce expert like Bing Digital that can access this data then you can paint a very detailed picture about what is going wrong. With this data, you can then find the right strategy that will work for you on the next campaign.

You could end up seeing that your keywords are too short tail and you need to have long tail keywords that bring in the right traffic. Or, it may simply point to the weak link in your funnel and show you that your landing page is not converting and the ads are not the issue.

 

Target the right audience

If your click through rate is very low then this can signal that you are targeting the wrong people. Your target audience will click through to your site if they are who you are actually looking for. They may not convert once there, but that is a different story.

You need to figure out who the most likely person is that will want what you are selling. If you haven’t started advertising yet then do some market research to find out if the person you think is interested in your product actually is. Once you have some information then you can create an ideal customer avatar and then market to them more effectively.

Once you have the right target then you will see your CTR go up and hopefully your conversions too.

 

Make sure your landing page is on point

It could be the case that your ads are working fine and doing a great job. Yet, your conversions are low and causing a low ROI on those ads. If your landing page is not optimized for conversions then it doesn’t matter how good your ads are. People will click and then leave your site.

Make sure that your landing page is easy to navigate, has a clear call to action and people know exactly what they will get by buying or signing up for an email. On the same token, your sales page should be easy to figure out as well. This way people can understand exactly what is on offer and why they should buy. Use succinct and clear language for your copy and your conversions will rise.

If you have multiple PPC campaigns running for different keywords then it helps to have a separate landing page for each. This will bring you much higher conversion rates and people will stay subscribed longer. Every keyword has a different user intent and they have different motivations for clicking. Having a landing page tailored to their expectations will ensure that they enter your funnel since they will feel that they are getting something helpful to their specific search query and not something generic.

 

Find an influencer

There is a reason that influencers are making so much money these days. It’s because their followers on social media and Youtube trust them and will follow their recommendations. In fact, these types of product endorsements are more effective than when using celebrities.

Celebrities are not seen as somebody who understands the needs of the regular person for who these products are for. Search for an influencer that would be a good fit for your product.

Luckily, there is somebody that commands a following in just about every topic imaginable now from beauty products to automotive tools. It’s simply a matter of finding the right person that you think would best represent your product.

You can set up a sponsored post in which you pay them to highlight your product on one of their posts or videos. Or, you can barter a free product for something in return.

 

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Business closing due to Covid? 4 ways to make it less painful

Reading Time: 4 mins

If the worst has happened, and your business is facing closure after a year of Covid-19 shocks, it’s important to realize that you’re not alone.  Whole sectors, such as non-essential retail and hospitality faced an unprecedented loss of income in 2020. Many businesses don’t have the financial resilience needed for survival. However, that knowledge can be a small consolation when you have to face up to the reality of closing a business you’ve worked so hard to build.

No matter how hard it is to do, managing your exit efficiently is the first step to recovery and future success. You’ll have learned many lessons over this difficult period, so don’t underestimate how much you actually moved forward.

It’s never going to be easy to close a business you’ve invested so much time and money in, but there are few things you should consider to make it as painless as possible for everyone.

 

Manage your financial exit

The first thing to do is to consider how you’re going to manage your exit financially, especially if you’re already in debt. If you have some cash reserves, work with your accountant to prioritize how they need to be used. If you already know that you can’t cover your liabilities, there are several options open to you, but it’s best to take specialist advice to determine the most appropriate course of action. Companies such as The Insolvency Experts can help with liquidating your business, guiding you through the process, and helping you to recover in the shortest time possible.

Also, being as open and transparent as you can be with your family will protect them from the shock that a loss of financial stability and reduction in income can bring. It’s a mistake to try and shield them from the worst. When they do learn the reality of the situation, they could be further hurt that you didn’t trust them to support you. Of course, you’ll need to tailor the message in an age-appropriate way for your children, but you may be surprised at how well they adapt to whatever comes along.

 

Manage your employees

One of the most difficult aspects of business closure, for an owner, is the human element. You’re aware of the impact it will have on the lives of their employees and the knock-on effects for entire families. They too will have gone through a long period of uncertainty as they realized that closure was first, possible, then likely, and finally inevitable.

The key to helping everyone through this time is clear and honest communication. People who’ve been aware of the situation as it has developed will already be considering what might happen in the future. Depending on the sector you’re operating in, options could be limited for them.

As the owner of the business, you’ll have to lead from the front. Let them know as much as possible, as early as possible, so they can start to secure their future by seeking alternative employment or investigating the level of government support that’s available. Don’t make the mistake of saying nothing in the hope that somehow you’ll be able to turn the situation around.

At this stage, prioritize the well-being of your employees. Be conscious of the stress that everyone is going through.  Reports indicate that mental health issues have increased during the pandemic, so be aware of the signs, and be ready to support as necessary. Changes in behavior, withdrawal, or unexpected outbursts – these may all indicate that an individual is struggling to cope, so don’t blame them if they seem to have changed. Although you have enormous stresses to deal with, you also have a duty of care for your employees, so make it clear to them that you’ll do what you can to support them. Your goals should be to ensure that everyone emerges from this crisis as unscathed as possible and that the relationships you’ve built up, perhaps over years, remain unbroken.

 

Manage your customers

It’s also likely that, over time, you’ve developed strong relationships with customers and suppliers. So it’s not going to be easy to break the news your business isn’t going to be around to support them in the foreseeable future. However, your network of contacts is a valuable asset, and if you do decide to relaunch, they can be a great support in getting a new venture off the ground.

Bear in mind that most people understand the whirlwind which hit many businesses in 2020. All of them will likely have been affected in some way, and they’ll be able to empathize. One benefit of the tribulations of the past year is the increased sense of community we all feel. There’s a sense of ‘there but for the grace of God go I ‘.

So while it’s not clear what the future holds, if you’ve established a positive relationship with your stakeholders, your openness and concern for the impact your closure may have on them will be respected. It can also help to ensure they’ll be ready to do business with you again in the future.

 

Plan for the future

Everything changes. This difficult period won’t last forever. Be realistic about your options in the short term – how are you and your family going to survive financially?  What is the outlook for your sector in the short to medium term? How could you use your skills and experience to generate a sustainable level of income?

Equally important, though, is your emotional recovery from the experience of a business closure. It’s natural to go through a period of grieving for what you’ve lost. Be patient with yourself and give yourself time to let your emotions surface. It may take time to get yourself back on an even keel, but that’s essential before you can move forward.

Finally, don’t lose sight of the energy and drive that originally created your business.  That was your greatest asset, and it’s still yours to make the most of, so when you’re ready, plan how you can thrive and grow again over the coming months and years.

 

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3 Ways to Prime Your Small Business for Growth Copy

Reading Time: 2 mins

The key to progress is preparation. If you want to run a marathon, you have to train for it. In the same way, if you want to build a successful business, you have to plan for growth right from the start. Otherwise, you could miss out on big opportunities to advance your company and establish yourself in an industry. The good news is that it’s possible to chart a course for your small company that accounts for growth potential right now. Here are three ways you can prime your small business for growth that you’ll want to keep in mind at all times:

 

Prioritize Education

Not only should business leaders seek to expand their own skill set and knowledge base, but they should also make it a priority to educate their staff as well. Training your employees will help them take on new tasks, grow into larger roles, and allow your company to transition into new markets seamlessly. On the other hand, the cost of not training employees is quite steep, and not doing so could prevent you from growing your company as you envision.

 

Create a Strong Digital Foundation

Digital marketing and advertising efforts can take a long time to produce meaningful returns. As such, forward-thinking business leaders would do well to develop a strong digital foundation for their small business ASAP. Improving your site’s SEO, launching features like an online shop, and reaching out to new leads on social media are all tactics that can produce serious results down the line –– even if you don’t see big changes at first. By doing this work now, though, you’ll position your business to expand in the long run.

 

Retain a Customer Base

Yes, customer acquisition is obviously necessary to grow a business. However, without a strong ability to retain a current customer base, no business will be able to scale up in a sustainable fashion. It simply costs too much to replace reliable consumers on a consistent basis. So small businesses must go above and beyond to deliver positive outcomes for their most loyal customers. (Which is why customer service and product implementation are so vital.) These consumers won’t just keep your business going, they can also actively bolster it by writing positive reviews and sharing your message with others.

 

Conclusion

Business growth requires hard work, patience, and –– of course –– a little bit of luck. Thankfully, if you focus on the areas outlined above, you’ll have everything in place when it’s time to scale up your business.

The post 3 Ways to Prime Your Small Business for Growth Copy appeared first on MoneyMagpie.

How to get the best price for an old iPhone 7

Reading Time: 3 mins

The mobile phone market is consistently a bustling one. There are new models from different brands getting delivered. If you currently have an old iPhone 7 and fancy a new phone for yourself, you can sell your old handset first. It will help you with getting cash that you can use to meet expenses for the new handset. Here’s what you need to know about getting the best price for iPhone 7.

 

Resale value of an old iPhone 7

The value is dependent on the current market rate and demand for the old iPhone 7. The rates for a used iPhone 7 in various conditions are accessible online. The resale value will be highest for generally new handsets. Good condition sets with a box, receipt, and accessories get the best resale value from buyers. The latest models will reliably have a better resale price when compared with older models with wear and tear.

 

What about a broken iPhone 7

Indeed, you can sell a messed-up iPhone 7 (many of us have been there!). Whether or not they have broken screens, display issues, or other damages, you can still sell them. Damages can likewise be a faulty camera, speaker, or defective display. In any case, a broken iPhone 7 will get you a lesser amount than a working one, as you’d expect. Rather than throwing it away, which may hurt the environment, it’s wise to sell it and bring in some cash. You can likewise sell an old iPhone 7 with water damage if it works appropriately. Obviously, it won’t get you the best price but you can still sell it instead of keeping it inactive or throwing it.

 

What about a network-locked iPhone 7

It’s possible to sell network-tied phones, but you will get paid less for them. It moreover relies upon the network it’s related to. When you get the bundling for your old iPhone, attest that your handset is network-attached to a particular transporter. Unlocking your gadget will usually get you a better price, and it isn’t hard to sort it out. You need to request your transporter, and it may take a couple of days for the work to get finished. You can use another SIM card until then. On the off chance that you don’t have one, you could back up the information on your handset, delete the settings, and restore it later.

 

Useful tips for selling an old iPhone 7

Here are some tips that you should recall when selling old mobile phones.

  • Sell it at the earliest!

The more you hold back, the less you’ll get for your old handset. Prices can drop when another model is launched. Everyone wants to sell their old handsets so they can opt for the most recent one. Prices will regularly drop for any mobile phone, independent of the model and brand.

  • Research for the best price

Look at all your options to sort out the best offer on hand. You may discover a trade-in price works for you, or maybe you’re willing to take less cash so you can sell it immediately. Regardless, if you don’t research all the options, you’ll not know whether you’re getting a sensible resale value.

  • Factory reset

Keep yourself safe with the assistance of the factory reset option, which will erase all your data. Backup all the data first – you don’t want to lose any of your personal information.

 

Where to sell your old iPhone 7

You can consider mobile purchasing and recycling companies, there are a lot of them about these days. They deal in several models of old mobile phones and will offer you a price for them. You can browse through their websites to get a free quote for your old gadget. Ensure you fill in all details to get an accurate offer. When you are happy with the price, many will send you packaging to put the phone in. Upon receiving your old handset, they make the payment. The better sites will usually pay you within a few days of receiving your device.

Remember, it’s a good idea to take a picture of your phone before sending so you can prove its original condition, and send the phone via tracked delivery so you know it has been received. 

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Upskilling: The Key to Earning More?

Reading Time: 4 mins

The idea that your education should stop once you graduate and enter the job market is outdated. We’re living in a world where things move quickly. New industries are emerging, and old industries go through significant changes to adapt to a digital environment.

Wage growth has been slow and uneven over the past 40 years, and upskilling or reskilling could be the best way to keep up with a job market that is rapidly changing while increasing your earning potential.

 

What Is Upskilling?

Upskilling describes acquiring new skills. In most cases, employees seek to acquire new skills to gain an advantage in their field and get access to higher-paying jobs. They can also build on existing skills to improve productivity and performance in their existing job.

Reskilling is different. You can think of it as a form of professional reconversion. You might need to acquire a new set of skills to find work in a different field if your industry doesn’t have a good outlook for the future.

 

Targeting the Right Skills

Upskilling is an investment in your future. Just like with any other investment, you need to consider the cost and potential return.

Some skills are going to be more valuable than others. You can identify these skills by talking with your employer, manager, or HR representative. Ask about the top skills they look for when interviewing candidates and ask about the skills that are the most difficult to find.

Industry experts are another interesting resource. You can learn about the trends shaping your industry through interviews, podcasts, trade publications, conferences, and virtual events. For instance, analytics is a discipline that is transforming the business world, and a growing number of businesses are looking for employees who know how to work with data.

Professional certifications can be another way of increasing your earning potential. Depending on your industry, a certification can give you access to a job with more responsibilities and higher pay.

You should also consider the skills you already have. Becoming an expert in an area you’re already familiar with can be easier than learning a new skill from scratch. If you plan on staying with the same employer, consider existing skills gaps in your current team and how you could close these gaps through education.

Be mindful of the source you decide to use to acquire new skills. You can increase your earning potential by choosing a source that employers will recognize, like a professional organization or an accredited school.

 

A New Way to Learn

On average, workers will have 12 jobs over the course of their lifetime. Todays’ job market is extremely flexible, and job seekers will work for several employers over the years and possibly change careers.

Upskilling isn’t a one-time thing. You should approach learning and professional development as an ongoing process.

Going back to school to earn a degree is one of the first things that comes to mind when thinking about adult learning, but you should know that there are other types of learning experience that can be valuable in the workplace.

Understanding to recognize different opportunities for learning will help you keep acquiring new skills over the years. You can, for instance, complete a single course online to earn a certification, take part in a training program offered by your employer, or learn through a job shadowing experience.

 

Job Satisfaction and Personal Goals

Acquiring new skills requires a commitment of your time and resources. It’s important to pick a project that supports your personal and professional goals. You should also consider how upskilling will improve your job satisfaction. Ask yourself which skills you should focus on to obtain your dream job.

Skills that can give you access to a job with better pay and benefits can have a direct impact on your wellbeing and job satisfaction. You should also consider job security since it’s a factor that can reduce work-related stress.

A job that aligns with your personal values is worth pursuing. Think about the skills that would give you access to a job where you could make a difference by working with the community or shaping a positive company culture. For instance, going after a management position would give you an opportunity to help others.

You should also consider long-term opportunities for career advancement. Upskilling to become a manager could eventually lead to opportunities for working as an executive if you keep acquiring new skills.

 

Potential Barriers and How to Address Them

Even though 94% of employees say they would stay with an employer longer if they had access to training opportunities, learning isn’t a priority for a lot of businesses.

If your employer doesn’t offer a training program, you should talk to your manager or HR representative about your project. Your employer might be able to cover some of your training expenses or adopt a more flexible schedule to give you time to study.

In some cases, company culture can be an obstacle to continuous learning. If you find yourself in this situation, you should think about seeking employment somewhere else.

Money can be an obstacle. If your employer sees your upskilling as valuable, they might be willing to cover a part of the cost. You should also consider using savings or borrowing money if you’re confident that upskilling will help you earn more in the future.

Time is another potential barrier. Studying and acquiring new skills can be time-consuming, and you already have other roles to juggle. A lot of schools and trade organizations understand this limitation and offer flexible programs.

You can find programs that use bite-sized lessons so that you can learn new skills through a series of short sessions. There are flexible delivery methods like studying online. For instance, the University of New South Wales Sydney offers a Master of Management that you can complete online on a flexible schedule.

 

Final Thoughts

Upskilling could be the key to earning more and gaining access to a job that is more rewarding if you feel that you’re stuck in your current job. Talk to your employer about training opportunities, and identify the skills that would be valuable for your professional goals.

The post Upskilling: The Key to Earning More? appeared first on MoneyMagpie.

5 realistic ways to make money online in 2021

Reading Time: 3 mins

The upheavals of 2020 made many of us consider how we can generate extra income in this climate of uncertainty.  Having a sideline to bring in extra cash can not only make us feel more secure financially but can also provide a fun and creative outlet for our skills.

Here are four simple ways to make money online. It’s easy to get started, so what’s stopping you?

 

Sell your stuff

The first question to ask is how much money do you have tied up in stuff that you no longer want or need? Take a good look around your house and consider which items you could sell online to bring in some useful cash.  Select things in good condition, so they’ll sell more easily, and take the best photos you can. Next list them on one of the many popular sites: Facebook Marketplace, Gumtree, eBay, etc.  Be clear about your payment terms – set up a Paypal account if you don’t already have one. For bulkier or heavier items, also consider how you’re going to handle deliveries and who’s going to pay.

 

Sell your skills

Are you a talented writer, designer, or IT specialist? Why not monetise your skills with some online freelance gigs?

Sites such as Upwork, Freelancer, and Fivver have clients all over the world looking for people who can help them with specific projects. Bid for the work you’re interested in, agree on price and deadlines, then enjoy the satisfaction of being paid for doing what you love. Working through these platforms ensures that you’ll receive payment on completion of the job.

If you’re a designer all you’ll need to do is find an office printer so you can see what your designs look like on the page, and if you’re a writer the only thing you’ll need is Google for your research and an online thesaurus to ensure you impress your readers.

 

Sell a product

Are you a natural salesperson? Consider buying a product in bulk, to resell online. This works best if it’s something you have in-depth knowledge of and you can vouch for the quality. Before you start, do your research and ensure what you’re choosing is in a niche that’s trending. Launch yourself as an Amazon reseller, or start small with Facebook and other social media promotions.

 

Teach online

If you’re an expert in a particular field and know how to teach or coach others, why not create content and launch your online courses. Whether it’s yoga, a dance style, or a second language, you can build an audience providing your videos are engaging and people can learn from them.

Begin with free videos on Youtube, then invite your followers to join paid webinars or purchase your online courses.  Of course, this does need an investment of your time (and some cash to create high-quality videos), but when you think about it, once you have the content, people can continue to purchase indefinitely, so the rewards can be great. You’ll be sharing your knowledge and bringing in money even while you’re asleep!

 

Launch a blog

When we read about online influencers who make fortunes by blogging, it’s natural to ask how they do it. Blogging is having a significant influence on the brands we choose to buy, and companies spend increasing amounts of their marketing budget on placing their brands on the right blogs. The most popular bloggers can make a good living just via their online content, so how can you monetize your hobby or area of expertise?

Setting up a website is easy and inexpensive, especially if you use a website builder such as Wix or Weebly. The key is to ensure you create engaging content that attracts and grows an army of loyal followers, and keeps them returning to your site. Without visitors, you’re not going to earn the revenue you want, so choose a niche that isn’t already overcrowded.

Next, how to get paid? The first way is by placing external adverts on your site. Check out Google AdSense and similar programs which facilitate this by positioning ads on your blog.

If you opt for a pay-per-click model you’ll be paid a small amount each time someone clicks on the advert on your page.  Alternatively, pre-set a cost per 1000 impressions (CPM) and get paid each time 1000 people just see the ad- regardless of whether they click on it or not.

Bloggers also make money via affiliate links to particular brands they work with. A hyperlink to their product is supplied, which you embed into your content. When a reader clicks that link and buys the brand’s product (within 30 days, and providing they don’t delete their cookies), you will be paid a percentage of their total spend.

So, if you have a passion or hobby, and time on your hands to create attractive content, blogging can become a lucrative and enjoyable way to create additional income.

Find out more about making money blogging here. 

 

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Ways You Can Save A Struggling Business

Reading Time: 4 mins

For many business owners, phases of uncertainty and troubles will arise.

The responsibility of owning your own business and maintaining success can have its ups and downs, leading to times where your financial situation can reach a critical point and further challenges arise.

This situation is something no business owner should have to face, but analysing your businesse’s financial situation is critical to help get back on track. However, within this process you will have to proceed with tougher decisions and actions, but this is something you shouldn’t hesitate about. Analysing the problems quickly enough can help reduce the struggle.

 

Prioritise

When analysing your business costs, you need to take into account each and every outgoing you have. From this, you will then be able to see a trend in costs that may not be as necessary as you originally thought.

Look at areas such as simple expenses and any other outgoings that may be currently not as important compared to others, or could be held until you reach financial stability again. For example, due to the current climate with the COVID-19 pandemic, many business owners and employees have adapted to working from home, which means your business premises are being left unattended. This could lead to questions, such as –

  • Is this something I could negotiate with the Landlord to reduce or stop payments?
  • Does remote working benefit my business?
  • Could I adapt to a smaller working premises and reduce my overall rent related costs?
  • Could I focus more online?

Contributing factors such as the four above can help you shift your mindset to focus on what will work best for your business in the future and what quick changes you can make immediately to help you during the present.

 

Analyse Who You Are Paying & When

Again, focusing on the prioritisation of your outgoings. You should analyse the importance of your individual payments.

If you find yourself owing an amount of money that is currently above the amount you currently hold, then you need to see which payments become mandatory.

When looking at the order of importance, you need to firstly look at any obligated payments that are capable of shutting down your business if left unattended, as these are the primary threat to your business.

From this, you need to analyse each aspect. For example if you fail to pay an employee, they may decide to find another employer who is able to pay them, resulting in the halt of production and your business not running properly. This should help you see your employees are the top priority in this situation.

Another crucially important area you need to focus on alongside the importance of your employees, is how crucial each of these payments are. For example, if you do not provide a tax payment on time, this could lead to fines.

 

Cutting Or Minimising

When focusing on the cutting/minimising phase on your costs, the first thing you need to do is remove any discretionary expenses you may have. Then, you need to analyse all of your ‘non-person’ related outgoings, for example, you and your employees may still require to travel due to your working circumstances, but could this be something that is adapted to reduce costs?

If you find you have already touched on these decreased outgoings due to your new remote working lifestyle, then an unfortunate consideration could be either reducing the hours or compensation of certain employees, or laying them off altogether. This is something that will be difficult for any business owner, but the realisation that your business would work the exact same with fewer employees could be the main contributing factor to guaranteeing the future success of your company

 

Don’t Leave Your Creditors Out

As a business owner, you may have the temptation to ignore the situation and hide yourself when the topic of owing money arises. But this is one of the biggest mistakes you could make.

Many finance professionals will still be interested in helping you, if they believe you will settle in the end.

For example, if you find yourself owing money back to a bank and you know this isn’t achievable, then still make sure you are in contact with your banker about the realistic situation. Your banker’s main focus is to receive the money they’re owed back, so if you pitch a good, stable plan to them to turn your situation around, they will still be likely to work with you and adapt to your situation.

 

Don’t Overlook Organisation

If you don’t maintain a good level of organisation as a business owner, then it will lead to difficulties, especially with your finances.

Looking back at how you have reached the current situation you are facing could be contributed by the lack of organisation you were putting into your company.

Taking the time to keep all of your company orders in place can provide a more positive effect to your company as a whole and will relieve a significant amount of stress, which could have been contributing to ineffective work output beforehand.

While you are taking the time to see what you need to do to improve your business, take that time to set yourself organisational goals that you should focus on at certain times. This technique will not only help you in the long run, but will also increase the productivity you provide to your business and ensure fantastic work is constantly being maintained by yourself and your employees.

If your business is struggling, these tips will help you effectively analyse and prioritise certain areas your business needs focus on. But action needs to be taken as soon as possible, don’t delay and take action.

Find out more information in our small business section here. 

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8 Reasons to Go into Business with a Partner

Reading Time: 3 mins

Collective effort is necessary to ensure long-term business success. While many business leaders receive praise for their individual efforts, the reality is that getting a business up and running requires the hard work and collaboration of many individuals.

As such, entrepreneurs may benefit significantly from teaming up with a business partner to start their next venture. Here are four reasons you may want to bring on a business partner before you go any further with your plans:

 

Greater Financial Capacity

Plain and simple, bringing on a partner (or two) can be a great way to generate greater capital for your company. Combined, you and your business partner may be able to make key investments that you couldn’t have done by yourself. Ultimately, resources like capital are vital for a new company. If you have any concerns about your ability to fund a startup, then think about teaming up with a business partner.

 

Increased Specialization

Business leaders must understand a wide range of different concepts in order to build a successful organization. From marketing, to hiring, to employee development, planning, and budgeting, it can be extremely difficult for any one person to address all of these issues at once. That’s why it’s useful for entrepreneurs to invite business partners to join their venture. By expanding your leadership team, you can more effectively focus on key issues you understand best.

 

Long term stability

All businesses want to stay relevant for a long time and achieve their corporate objectives. You are no longer living in isolation if you have business partners – you’ll have more understanding, creativity, knowledge, and extra funds to you. A strong business relationship helps you, bolsters your vulnerabilities, and boosts your assets.

 

Helps you Expand

If you plan to increase your company, you’ll need not only money, but also a new partner who can handle the new management responsibilities.

Your new partner can handle the small company while you handle the old one, allowing you to expand your horizons. If you’ve been eyeing a running company for sale but can’t afford to buy it outright, consider enlisting the help of a partner who is able to put up some cash.

Both businesses achieve fresh clients and are able to expand their regions. This agreement has the potential to benefit both customer groups. For example, tourists can save time by not having to go to a coffee shop, and business owners can have their office equipment instantly resupplied by a corporation that visits them on a regular basis.

 

Fresh Ideas

Sometimes, businesses can become echo chambers for business leaders. This is obviously not a good thing. Companies need to innovate in order to survive, which is why having multiple voices at the leadership level is so crucial. Different business leaders can challenge each other and push one another to find new solutions and better practices.

 

Increased Productivity

Consider what it entails, even though it sounds self-evident. Remember how many times your to-do list has gotten out of control. Remember how many times you’ve put off reaching your goals due to a lack of time. When you work with a partner, any of the things you’ve been putting off can be assigned to someone else. Your performance will rise by a factor of two, and you’ll have more time to focus.

 

Emotional Support

When you have a partner, you not only relieve some of the pressure that comes with running a business, but you also have somebody who understands exactly what you’re going through. Your partner will be right there with you, whether you’re sad, frustrated, or overjoyed.

 

Shared Goals

Not every business partnership is motivated by money –– though many are. Rather, some business partners come together because of a common goal that they share. Perhaps you both want to create more environmentally-friendly cars. Or maybe you want to introduce organic foods to a larger consumer market. Whatever the reason, having a shared goal with your business partner can help you both stay focused and motivated. Some things are more important than profits, after all.

 

The Bottom Line

Whether your startup specializes in manufacturing lab equipment like 384 well plates, or you run a local restaurant, having a business partner on hand can be advantageous.

Partnerships have some limitations, such as personal responsibility for partners and the challenge of getting buyers (however, establishing a limited liability company can be beneficial.) Consult an accomplished business association lawyer near you to decide whether a business relationship is right for your venture. A strong business relationship helps you, bolsters your vulnerabilities, and boosts your assets. This might be what you need to remain successful for a long time and to assist the organization in reaching its targets and key goals.

 

The post 8 Reasons to Go into Business with a Partner appeared first on MoneyMagpie.

9 Effective Ways to Market Your Small Business

Reading Time: 4 mins

If you’re a small business owner, you know that it can be difficult to make yourself known. In the vast majority of industries, there are dozens (possibly even thousands) of competitors who are all trying to grab the attention of a certain consumer niche. This can make it incredibly difficult, not to say frustrating, to effectively market your brand and form a connection with consumers.

However, marketing your small business doesn’t have to be all doom-and-gloom. In fact, there are plenty of ways to get your name out there without breaking the bank or chasing unproductive leads. So, let’s take a look at 9 effective ways to market your small business and increase your revenue going forward!

 

Increase Your Visual Appeal

Whether you own a brick-and-mortar business or an online eCommerce store, you need to make your brand visually appealing. Not only does this make you look more professional, but it also helps draw people’s attention to your brand. So, consider tweaking your store logos, web design, and even vehicle wraps to make your business really stand out.

 

Target the right Audience

Trying to reach out to everyone for your goods or service can be expensive and unsuccessful. Your marketing activities would be more concentrated if you group, or classify, your future buyers based on specific characteristics.

 

Harness the Power of Social Media

If you’re a small business owner on a budget, social media should be your best friend. Even if you don’t run any ads, you can easily connect with consumers and slowly grow brand awareness for free. That said, if you do choose to run ads, you can target your audience and ensure that you get your business in front of the people who are most likely to become customers. Yahoo, Twitter, Instagram, Pinterest, LinkedIn, Google Plus, and Snapchat are all popular internet sites. All of these social media sites are distinct in their own right and need distinct communication strategies. Instead of trying to learn all at once, choose a couple that you like and work on them first. The only issue is how much time and money you should devote to expanding your social followers, not if you should have active social media pages.

 

Offer Free Giveaways

While it may not help your bottom line in the short term, offering free products or services is a great way to gain new customers. People tend to think more favorably of businesses that are willing to give them stuff for free, so it’s almost always worth the cost to do a giveaway from time to time. However, you won’t want to give things away too often, otherwise consumers will come to expect something free every time they visit your business. A strong business relationship helps you, bolsters your vulnerabilities, and boosts your assets.

 

Give Back to Your Community

Even if you don’t run a “local” business in the traditional sense, it’s always good to show your charitable side. People like to see businesses that are invested in their community and willing to give to charitable causes. You can even organize events to promote your business and give back to the community at the same time!  Build trust and don’t let down your customers.

 

Content Marketing

The method of producing and delivering useful, appropriate, and reliable content in order to draw and maintain a specifically established audience and generate successful customer activity is referred to as content marketing.

Content marketing, unlike paid ads, is more concerned with long-term performance. The initial return is typically modest, but the long-term, permanent rise in visitors, leads, and consumers will comfortably offset the expenses.

 

Produce Online Content

Nowadays, it’s hard to do any effective marketing without some kind of online presence. While social media accounts are a great start, you should also have an official website where people can learn more about your products and services. A website also gives you the opportunity to produce content like videos or written blog posts — that can help you rank well for certain keyword searches. For example, if you want to find customers in a certain region, you can create region-specific content to promote your business and provide valuable information to consumers.

 

Advertising Channels

Traditional advertising forms of media such as television, radio, and newspaper advertisements can be expensive and difficult to quantify, but internet ads can be less expensive and more tailored. Google Pay For Click ads and Facebook ads are two common alternatives. Don’t hesitate to link your company to free online databases such as Google Enterprise for Google Maps and Yelp.

 

Email Marketing

E-mail marketing is adaptable, affordable, easy to track (assuming you have the correct monitoring in place), and has a strong effect. It enables you to quickly push traffic to the website, attract a wide regional audience, and connect with your clients and prospects on a daily basis. You can advertise your services and develop your knowledge with your audience using e-mail advertising. Remember, the majority of customers who visit your website will not buy from you right away, but you will be building up a relationship.

 

By following the 9 marketing tips above, you’ll put your small business in a much better position to succeed!

Find out more small business ideas here. 

 

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Everything You Need to Know About Making Money with Apps

Reading Time: 4 mins

Apps are the way of the future, especially since more people than ever before use mobile devices more than they use desktop computers. In truth, you can make an app for almost anything, which means you can also make some money if the app is valuable or provides real services for its users.

Not sure how to make money with apps that you design and build? Let’s break down some of the best ways you can generate revenue through your mobile platform now.

 

Free vs. Paid App Monetization Methods

Making an app can be an intense and expensive prospect, but it doesn’t have to be. If you don’t know how to create an app you can always get the help of app development platforms. They can make your vision come to fruition fairly simply and your app will be live in no time.

But, while working with these platforms, you’ll face a lot of questions about the app’s development goals and end-users. Sooner or later, you’ll face a big question: will the app be free or paid?

This isn’t a question with a cut and dry answer. It might be tempting to go with a paid app to recoup the initial costs of app development, however it’s not necessarily more profitable to make a paid app. In fact, statistics show that free mobile apps are downloaded more commonly than paid apps, indicating that free apps may provide access to a wider array of paying customers.

With that said, there are moneymaking strategies you can pursue both for paid and free apps.

 

Paid App Monetization Methods

Advertising

Paid apps are great platforms for ads but you have to be careful not to irritate your user base. Many people purchase apps expecting them to be ad-free by default, so be sure that ads are understood to be a part of the purchase your customers are making, or make your ads relatively unobtrusive or skillfully woven into the actual product so they aren’t annoying.

Single-Payment Purchase

Of course, paid apps can also help you make money by requiring a single purchase at download. Whether or not a single payment purchase will fit with your app’s development goals and overall user base is dependent on what the app is supposed to provide for those users.

Subscriptions

A much more common moneymaking tactic is the subscription model. Most paid apps these days start off free with a trial arrangement, then eventually require users to pay regular monthly subscriptions if they want to keep using the app’s feature set.

This extends to games, fitness apps, communication apps, and more. However, you’ll need to be careful that your subscription price isn’t seen as exorbitant or unfair. People have to feel like they’re getting a deal by paying for a regular subscription for them to download your app in the first place.

 

Free App Monetization

Advertising

As with paid apps, you can add advertisements to any free apps that you develop. Unlike with paid apps, though, people expect ads to be a part of any free app package as the exchange for not having to spend a penny, at least initially.

Therefore, you can be a little more aggressive with your ad campaigns when trying to make money with a free app. Advertisers are always looking for new free apps on which they can place their ad campaigns because they know that mobile marketing can be extremely profitable when done right. All in all, your advertising should be targeted and any ads carefully placed to draw in as many users as possible for your ad partners.

In-App Purchases/Unlocks

Many free apps also draw in revenue by offering various in-app purchases or unlocks. Some of the best examples of this are game unlocks for mobile entertainment apps.

For example, many mobile games have artificial barriers in place that prevent free players from progressing to their end or at least making them progress slowly compared to players who pay in-app. This is a great source of profits if you can design a fun app with logical price gates that don’t seem unfair or unbalanced.

In-app unlocks might also work for general app features depending on what exactly your app is designed to do. Many people may even prefer this payment method since it allows them to purchase only what they’ll need instead of having to buy features of your app that they would never touch otherwise. 

Transaction Fees

If your app is based on some sort of financial services, such as stock trading or banking, you might be able to add a transaction fee arrangement to your platform. Transaction fees are small charges that people accept in order to use your platform or service for overall low costs.

Merchandise

Lastly, you might consider looking into merchandising arrangements. Merchandise can extend to everything from T-shirts to coffee mugs to other memorabilia or trinkets. It’s a great moneymaking strategy if your app is primarily for entertainment and you have already built a solid brand around your business.

 

Extra Money-Making Strategies

Sponsorship

If you own your app, you might be able to find a sponsor who is looking to capture the same target market. Sponsorship involves either your app or the competitor app joining brands and one brand going under the other’s greater business, helping both app owners to corner the same market without lowering profits through close competition.

Note that this moneymaking strategy will require you or your competitor brand to change certain aspects of your app’s identity and aesthetics, such as its logo and/or features.

Affiliate Marketing

One other good moneymaking strategy is affiliate marketing. In a nutshell, your app provides value and you offer some amount of revenue from any purchases should your customers come from affiliate marketing sources, like bloggers, and content creators.

With this revenue model, mobile advertisers own the apps or platforms in question and affiliates carry out advertising on their behalf, such as weaving affiliate links through WordPress blog posts or other marketing or content creation methods.

 

Summary

As you can see, the sky is the limit when it comes to finding ways to make money with apps. The only thing that might limit you is your imagination.

Your best bet is to think hard about what your app provides to your target users and determine how you can make money off of your target audience in the most efficient and sustainable way. You don’t want to turn off your target audience through obnoxious advertisements or high initial costs, for instance.

Try any of the strategies above to find the perfect moneymaking methods for your app and hopefully you’ll see great success.

 

The post Everything You Need to Know About Making Money with Apps appeared first on MoneyMagpie.