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The Business IDEA

The Business IDEA

Your Source for the Best and Newest Thinking in Business

5 Things Every New Business Owner Needs to Know for Success

5/2/2019

 
successful-business-woman
Your new business is finally up and running and you feel like a kid in a candy store. You are happy, you have all your ducks in a row, and you feel ready for that first sale. Here are five things that you need to know in order to be successful in your business now and in the future.

It's About the Experience
Businesses thrive on customers having a great experience when buying a product or service, so it's up to you to make sure that this happens for the people that you serve. Make sure that your customer's journey is a pleasant one every single step of the way.

Providing a good experience for customers is important for future growth and success because these customers are going to be able to speak well of their experience with your business. They're also the customers most likely to come back repeatedly. The way you approach customers and communicate your brand can greatly impact your success. If you’re struggling with business growth, then you may want to examine your marketing strategy. Ultimately, customer experience is what will drive your business forward.

Reputation is Important
Being able to manage your online reputation is important if you want to have a successful business. Once you've established a solid customer base, ask these customers to review you on outlets like Google and Yelp. Also, you can politely invite them to send in video testimonials of their experiences with your business, which you can use for marketing on your website.

By utilizing customer testimonials to manage your reputation, you'll be able to gain new customers faster because you have built a trust factor with your audience. If you're concerned about asking your customers for testimonials, don't be. Your customers will love to be involved in the process of your success and offer you their perspective on their positive experience in working with you.

Your Mindset Holds the Key
Some people say that the key to success is knowing how to make a sale. The true key to success is in your mindset.

Your mindset holds the key to your ability to be able to market yourself well to your target audience. If you have limiting beliefs on how many sales per month you can make or how many clients you can work with in one year, then you'll see that come to fruition in your business. Train your mindset so that you're setting yourself up for success and eliminating limiting beliefs from the get-go.

Your Business Shouldn’t Be a Replica of Someone Else’s
It's very easy when you're starting out in business to play the comparison game. Especially if your business is a year old or younger.

There may be people who have been in business at the same time as you and you see them and feel like they're crushing it with their sales goals and client testimonials and pretty photo shoots.

The truth is, your business shouldn't be a replica of anybody else's business. Your business is a living, breathing entity of its own that is specific to you and how you operate and who you serve. Don’t try to copy someone else.

Be at Peace with Failure
While you may feel like failure is one of the worst things that can happen in your new business, that could not be further from the truth.

Use failure as a stepping stone to learn what you need to know to run your business successfully. Everything in your business that doesn't work out the way you expected it to has a solution on the other side of it.

By using these five things as guideposts in your business, you're setting yourself up for success and less frustration when failure hits.
​

Want more ideas to help you succeed in business? Read all about The Business IDEA today!


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4 Ways Female Founders Turbocharge Their Businesses

1/31/2019

 
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The critical factors for success for female entrepreneurs

Women are starting businesses at a record pace — motivated to pursue passions, financial independence and the flexibility that eludes most traditional jobs.


(BPT) - Women are starting businesses at a record pace — motivated to pursue passions, financial independence and the flexibility that eludes most traditional jobs.

In the U.S. alone, women entrepreneurs generate $1.1 million in revenue on average across retail, professional and personal service businesses that have operated for 11 years. This stat comes from Visa’s new ‘State of Female Entrepreneurship’ report, which informed their recently announced program, She’s Next, Empowered by Visa, a global initiative to support and champion women in their efforts to grow their small businesses.
​
That’s powerful stuff, highlighting the important role women entrepreneurs play in the prosperity and economic development of local communities. The typical entrepreneur is 42 years old and earns nearly $110,000 in household income a year, making a profound difference in building and supporting families in the community.
​
Clearly, female founders are coming into their own. In fact, the Visa study found that 79 percent of American women entrepreneurs feel more empowered now than they did five years ago.
​
Still, key challenges exist: 73 percent say funding does not come easily, and nearly 2/3 use their own funds to get started. Assembling a good team, finding the right tools and dealing with competitors are among the biggest challenges keeping women entrepreneurs up at night.

For any entrepreneur, it can feel like there’s never enough time or resources to grow a business. To help other entrepreneurs and based on insights from the ’State of Female Entrepreneurship’ report, Visa polled four areas women entrepreneurs focus on to turbocharge success:

Find mentors: More than two-thirds said they wanted advice from fellow entrepreneurs. Relatable role models and mentors are invaluable when you’re making the leap to starting or building your own business.

Find your feet: Strategy development is critical for women starting up their own company. Assembling a good team was a challenge encountered by 37 percent of women founders. Other challenges include: finding the tools to grow and manage their business (36 percent), competition (36 percent) and growing as quickly as they need to (33 percent). Have a plan and pursue your vision.

Gather capital to invest in your business: Cash flow is the lifeblood of any business. Respondents cited profits and revenue growth as the top two priorities for improvement. Thirty-two percent of women would direct additional funding toward newer technology.

Put in overtime: When building a business, time is precious. Given the investment and high stakes that come with the territory, it comes as little surprise that a majority of women entrepreneurs (56 percent) are putting in more work hours than before they started their business.
​
If you’ve joined the ranks of female entrepreneurs, find support and resources by signing up for the Female Founder Collective, and visit She’s Next, Empowered by Visa where you can download and print a toolkit with tips and advice to help build and sustain your company.

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Be Your Own Boss

6/27/2018

 
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Be Your Own Boss

Entrepreneurship is alive and well, even if the face of small business is evolving with the times. Autonomy in management and making dreams a reality are the reasons most cited by entrepreneurs looking to open a small business. This action plan can help you get you on your way to launching a successful start-up.


Be Your Own Boss

7 tips to help you launch a successful business

(Family Features) Entrepreneurship is alive and well, even if the face of small business is evolving with the times. Autonomy in management and making dreams a reality are the reasons most cited by entrepreneurs looking to open a small business.

Nearly half of all respondents in the annual The UPS Store “Inside Small Business Survey” said they’d be optimistic about opening a small business this year. Of respondents who hope to open a small business, top motivators include being their own bosses (38 percent), followed by believing in the power of their own ideas (17 percent) and creating their next career paths (15 percent).

“The American Dream of owning your own business is still very much real, especially when compared to the rest of the developed world,” said Dr. Luke Pittaway, Ohio University College of Business Copeland Professor of Entrepreneurship.

However, how Americans are choosing to open small businesses is where there may be a shift.

“Consumer habits are changing,” Pittaway said. “That’s forcing Americans to consider how they open small businesses, whether it’s focusing more on e-commerce than actual store fronts or focusing on selling to a local community or region instead of a broader national audience.”

Starting Your Own Start-Up
The process of launching a start-up can throw various unexpected obstacles your way, but there are numerous resources available to support a budding business.

“We understand the challenges of small business owners and offer products and services designed specifically to help and support small businesses,” said Tim Davis, president of The UPS Store, Inc. “Small business owners are unparalleled in their passion for their businesses, and understanding that aspiration is critical to running a successful small business.”

This action plan from the experts at The UPS Store can help you get you on your way to launching a successful start-up:

1. Analyze your target audience.
Start by performing extensive market research to understand your customers’ core necessities. Assessing your target demographic gives you a clear perspective on how to serve the people in it.

2. Determine a legal structure.
Selecting the right legal structure ultimately determines how you handle income taxes and all government reporting requirements. Many small businesses fall under a sole proprietorship or limited liability company (LLC) while bigger entities may identify as corporations.

3. Establish your premises.
Choosing the right business setting could be the difference between a cost-effective start-up and a moderately expensive one. Your work space should fall within your monthly budget while still satisfying the needs of your customers.

4. Determine your budget and expenses.
Assessing your available funds enables you to prioritize and assign an appropriate amount to your business assets. This should include necessities for daily operations, as well as secondary expenses, such as traveling and meetings.

5. Develop a business plan.
Think of a business plan as a road map that indicates where your start-up stands and where it is headed. If you need funding, it’s also a great tool to articulate your ideas, philosophies and goals.

6. Set up a marketing plan.
Conduct an analysis of your business’s strengths and weaknesses to devise strategies and tactics that account for challenges and opportunities your business is likely to face. The scale of your marketing plan will likely depend on resources you have available and your target audience, but should feature a variety of tactics. Your plan should include printed materials like direct mailers, business cards, newsletters, flyers, banners and posters, as well as digital to cover things like search and social media.

7. Be competitive.
Examine your competitors to determine the areas in which they thrive and see what makes them successful. Learn from the landscape to improve upon their strengths and gain an upper hand on their weaknesses. For example, implement various pricing models, such as special offers, coupons and rewards, rather than sticking with your initial, low price to remain competitive and profitable.

With a carefully structured action plan, you can turn your start-up idea into a successful business. Find more tips for your small business at TheUPSStore.com.

Pitch your small business like a Pro

When you’re launching a small business, there could be any number of reasons you may need to pitch your idea. You may be courting an investor, recruiting talent or even starting to market your product or service. Brevity is often essential, so learn how to concisely pitch your business like a pro with these tips:

Draw out the essentials. Reduce your pitch to a few digestible bites. Make sure you have an intro that is brief enough to get someone’s undivided attention then elaborate on your points, such as your top competitive advantages, and provide more detail about your business as a whole.

Come to entertain. Add an entertainment factor to make your pitch engaging and memorable. Of course, you need substance to go along with style, but keeping your audience focused and doing something to stand out is essential.

Anticipate questions. Prepare yourself to reassure concerned investors and flesh out subjects you may have kept brief for your presentation. Make sure to practice your answers so you sound confident. Grabbing attention is important, but you need to be able to back up your spiel.

Know your audience. This is the cardinal rule of communication. Make sure you do your homework and know who you are addressing. This shows you value your listener’s time and feedback. Furthermore, insight about his or her philosophy in doing business can be extremely valuable during a pitch.

Practice until it hurts. Take the time to practice your entire pitch, including answers to likely questions, until you know it inside and out. The more comfortable you are, the more likely you are to win someone over in a meeting.

Have the materials to back it up. A written document is your chance to leave a lasting impression and elaborate on your major selling points. It’s also a chance to show your professionalism, so be sure to proofread carefully and package the information for a polished presentation.

Find more resources to help get your small business off the ground at theupsstore.com/smallbiz.

Photos courtesy of Getty Images

SOURCE:
The UPS Store

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Buckle up for the new passenger economy

1/1/2018

 
connected-car
Are your prepared for the new passenger economy?

(BPT) - A hundred years ago, few thought that the clunky automobile that broke down so often would ever replace a horse. In the 1970s, people wondered if the personal computer that a few eccentrics were using would have any use beyond storing recipes. It’s safe to say that these innovations, along with many of the technologies we now use daily, were once considered impossible dreams.

Right now, the most-talked-about piece of technological innovation that is poised to transform our lives is the autonomous or self-driving car. As self-driving cars gain widespread adoption, analysts are predicting the rise of what is known as the passenger economy — a term coined by Intel — that is expected to be worth $7 trillion by 2050 as validated in a new report by analyst firm Strategy Analytics.

Seven trillion dollars is a lot of money! A decade ago, people couldn’t fully imagine the way smartphones would give rise to the app economy. Today we are at the threshold of something equally momentous — that’s why entrepreneurs and investors are now beginning to imagine the economic possibilities tied in with autonomous cars.

The following are five big areas of opportunity that will unfold in the passenger economy era.
  1. Time will be on people’s side. One of the most obvious benefits of a self-driving car is the amount of time it frees up. Drivers become passengers, and so will be able to concentrate on other tasks. Not only will people be able to work or watch a movie on their way to work, but the commute itself will be shorter, since traffic congestion will become a thing of the past. With smarter analytics, it’s estimated that by 2050, the widespread use of autonomous cars will free up over 250 million hours of commute time per year in the most congested cities.
  2. Apps were only the beginning. As more people use autonomous cars, companies and entrepreneurs will respond by developing innovative applications that will entertain and provide services to passengers. Just like innovators used smartphones to unlock the sharing economy, there will be opportunities for startups to discover new “car-veniences” that will be expected to generate some $200 billion in revenue.
  3. A new world of advertising. From the late '90s, we started seeing new forms of advertising emerge on the web. With self-driving cars, we are poised to see powerful new opportunities that deliver personalized messages to consumers. For instance, algorithms can compute routes and route history to hone in on passengers with specific onboard advertisements from surrounding businesses or attractions. This could be a huge boost to local businesses and will be much more effective than the primitive billboard.
  4. Mobility-as-a-service. Imagine ordering take-out, or having your groceries or a package of diapers come to your door via a driverless car. This is something that we’re likely to see fairly soon. Shipping and freight companies, local delivery services and internet giants will make use of autonomous vehicles to transport goods across the country. These types of services will likely generate $3 trillion in revenues by 2050.
  5. New business models. Today, many companies offer perks such as work-from-home days or the option for people to leave the office to work in a cafe or wherever is most suitable for them. In the not-too-distant future, the workplace will further transform as the commute evolves. The self-driving car will blend with the office, turning the commute into a productive part of the workday. In turn, this will allow people to go home earlier and spend more time with their families.

The advent of the passenger economy will contribute to a safer and more efficient world. Those who can imagine and anticipate the coming changes will be in the best position to get the most out of it.





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