New year always means different things for different people for students it’s an opportunity to start the academic year afresh, for salaried people it could mean getting that promotion or looking to new avenues for a better paying jobs but for business owners other than usual resolutions like review last year’s results, create a business plan for 2017, set achievable goals and actionable tactics, the year could mean much more. Here are few tips recommended by successful entrepreneurs to convert your energies to a successful business:
Learning is always the best option
Successful entrepreneurs recommend spending time to learn basic business insights. “Many entrepreneurs are very skilled tradesman, but get blindsided when they realize that most of their time will be spent generating sales, managing others, dealing with taxes and regulations, and above all else: managing cash flow.” You need to start learning by: look for online courses, social media groups, or local Meet Ups where you can learn from the experience of other small business owners.
Select your social media channels carefully
social media is as useful for social networking as it is for commercial purposes. Business owners are increasingly getting aware of the use of social media to tell their stories, build following and sell their products. But one thing to remember that when it’s time for paid advertising on social media, you can’t consider just any platform, you need to be selective about the platform you choose.
For Frankie & Myrrh, Facebook is where they put money for advertising success, so they plan to use the Facebook for their business promotion “It’s like CIA-level targeting, so I can really find people unlike anything I’ve ever used before.”
The company ‘Forward Printing’ plans to do more paid advertising on Instagram, as they some experience with the platform, and other platforms isn’t not beneficial as much for his company right now. “We’ll likely start working in those domains carefully and selectively to make sure we have the manpower to stay interactive on each channel.”
As the company CEO points out, the key to social marketing is to carefully test into the platforms you think make the most sense for your business, and then iterate from there.
Let’s plan capital expenditure carefully
Every business starts with a fixed amount of capital and way of spending that capital decides growth or fall of any company. The founder and CEO of Forward Printing Dan has relied on PayPal Working Capital business loans. “We applied for a traditional bank loan in the past, but it was an onerous process,” Nick says. “With PayPal Working Capital…it takes about 5 minutes. We received the money faster than with competitive products. Plus, the Paypal tech help center is very helpful in giving clear guidance to us “
Dan agrees. “PayPal Working Capital has been the most helpful way for our small business to grow and remain above water during a few tough times.”
Keep going for different tools till you find the perfect mix
As far as techniques for driving sales, an established entrepreneur has some good advice: “Just be open to everything. Try a new marketing tactic every month until you find a mix that works for your business.” While social media marketing is hot right now, don’t count out the old workhorses of direct marketing.
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