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3 Misconceptions About Starting Your Own Business

Many people see successful businesses and think “what a simple idea, why didn’t I think of that?” But what they often don’t realize is the sheer amount of planning and work that went into making that business a success – not to mention the money spent. In fact, there are a lot of misconceptions that people have about starting a business. Here are three of the most common.

1. It is All About the Product

When it comes down to it, if your business starts with a bad product, it cannot succeed. However, just because your business starts with a good product, it does not necessarily mean that it is guaranteed to succeed. One of the biggest assumptions that people make when starting a business is that people will actually buy their product. Whether it is because of bad marketing, unaffordable prices, or just a bad product, there are many reasons why certain ideas do not take off with consumers. Extensive research is needed to prevent this sort of a problem. Things such as surveys, market research, and focus groups will help you to know what people want, as well as where there is space in the market. Again, you could have the best idea in the world, but if it will be entering an already saturated market, it will struggle to take off.

2. Money is All the Motivation That I Need

Obviously you are going into this business wanting to make some money, but if you sole motivation is that you want to make a million dollars, you might just want to rethink it all. It is incredibly hard for a startup business to even break even, let alone start making money, and this will take a lot of hard work and time. When not much else is going for you, passion and sheer enjoyment of the work that you do will be the only things that carry you through. Your business is also much more likely to succeed if you are creating it because of an interest and talent for business, and passion about your product or service.

3. A Business Plan is Ironclad

The most common piece of entrepreneur advice is to have a solid business plan. Firstly, it is important to have a business plan. Not only will it help you organize your ideas and prepare for what comes next, but you will need it to present to potential investors who will help you to fund your venture. But one mistake that people make is over planning, as well as taking a plan too far. As you start your business, you will soon realize that it is full of hurdles to overcome, and pits to climb out of. The business world is notoriously fickle and constantly changing. This makes it almost impossible to have an ironclad business plan, because within a few months, it is likely that you will just have to throw it out of the window. Good businesses quickly learn to adapt to the changing needs of the market, and those are the ones that survive.

About the Author: Robert Cordray is a freelance writer and expert in business and finances. He has received many accolades for his work in teaching and small business consultation.

Include Social Media Marketing Strategy to Boost your Business Visibility

Social media is a viable means of promoting business. Having a social media marketing strategy is the need of the hour if one is to successfully promote any business idea or concept. An inexpensive way of promoting ones endeavors, social media marketing strategy can be incorporated through various social media websites as Facebook, Twitter. LinkedIn, You Tube and Google plus.

Below are listed the ways through which one can use these social media websites to promote their product or service.

Promoting social media marketing strategy through Facebook

Facebook has increased in popularity over the past few years. Use the same to your advantage and set up a business page on Facebook. This way you can not only promote your venture but will be able to communicate with increasing number of people.

Alternatively to give your social media marketing strategy a cutting edge treatment, you can post polls in form of questions on Facebook. As a reference, if your website deals with clothes, you can post questions on the color and texture of the cloth that the customers would want to see in beginning of summers or winters. This way you will be able to connect with the customers on a personal level and increase your professional reach. Connecting with customers is a multi layered step and you need to engage the customers too. Ask them to share pictures of your range of clothes on the Facebook page.

Try the above innovations and you will find it an easy task to incorporate your social media marketing strategy on Facebook.

Promoting social media marketing strategy through Twitter

Your social media marketing strategy will receive a boost if you decide to use Twitter for the same. You can use Twitter to tweet interesting facts on your business venture. Do not forget to provide link to the product page on your website.

You can also use Twitter to send some short tips on how to use the service or product. Alternatively, you can tweet some pictures that relate to your business venture to people who follow you on Twitter.

Promoting social media marketing strategy through You Tube

You Tube is a social video site that is immensely popular with users. Incorporate your social media marketing strategy creatively in this medium too. You can start by creating a You Tube video for your business venture and update the same regularly. Share the same with friends and family and increase its reach.

You can launch a video contest on You Tube. Ask customers to post videos on the way they use your service or product range. This way you will be able to increase the reach of your service . Ask your customers to vote on the best video thus generated. Your social media marketing strategy will receive a big boost if you follow the above listed measures while promoting your ideas on You Tube.

Promoting social media marketing strategy through LinkedIn

Social media marketing strategy can be promoted through LinkedIn. You can start by creating a LinkedIn profile and adding links to your website. You will need to update the profile with new links or information that is of use for your customers. Alternatively, you can join LinkedIn groups that are popular with your customers. You can post comments or some contests on this social media platform and derive benefits from the same.

You can ask your customers and other business associates to refer some recommendations in the related sectors that you are dealing in. Some of your customers might be having business links and the same can be explored for commercial purpose too. Incorporating your social media marketing strategy creatively in LinkedIn will have great advantage for your professional prospects. Try the measures listed above and reap the benefits.

Promoting social media marketing strategy through Google plus

Google plus is a new addition in the social media circle and the same can be used Innovatively to promote your business endeavors. For a start you can create circles in your personal Google plus profile. The same may be created for your customers, vendors or people who have interest in any of your business venture.

You will need to post interesting content on the Google plus profile to connect with your customers in an engaging manner. You can include blog posts, articles, product reviews and announcements about any new endeavors. Alternatively, you can start a Hangout to solicit some feedback from your customers. The same can be used to discuss some new launches or products that might be in the offering.

Make use of these social media websites to promote social media marketing strategy and boost your business interests.

About The Author: Alyssa is a writer/blogger. She loves writing travelling and reading books. She contributes to Social Cloud.

Help And Ideas On Becoming Self-Employed

It’s a very difficult time for people to find work, particularly for students entering the job market and those who have been made redundant or out of employment for a long time. It’s an accomplishment simply to be invited to interview and on average only 1 in 10 companies offer a “thanks but no thanks” response to applications. This is very depressing for people who have been seeking work for months or even years. Many people resort to taking jobs for which they are highly overqualified or to accept part-time work to try and make ends meet. Some people take out online loans while they seek work, retrain for a new career or as an investment in a new business.

One option for those who are out of work is to look into becoming self-employed. But where do you start? Just finding a job which is suitable can be daunting. Read on for inspiration.

Look Online

Try investigating online to see what other people are doing. Use a search engine and look for articles, blogs and forums where people recount their own experiences and offer advice and inspiration. You could also try on line quizzes and tests to find out what type of jobs suit your personality, interests and skills. Try brainstorming, keep notes and record every type of job that is appealing to you and then keep on researching.

Look at government websites to get information on becoming self-employed, including legal advice and information on self-assessment tax returns.

Look on job sites where people advertise their services to see what is available. Freelance websites are growing all the time; spend some investigating the work that is offered and also what services others provide. If you have a skill, such as writing, art, crafts or photography – look at what others are doing to make money from their abilities.

Talk to Other People

Ask around and find other people who are self-employed, they can be a great source of information and inspiration. Perhaps you have employed the services of someone who is their own boss, or perhaps you have other acquaintances who are self-employed. Ask your friends and family if they know anyone who might be willing to have an informal chat or give you a few pointers.

Talking to friends and family about your interests and skills is also a brilliant way to stimulate ideas. Sometimes you can overlook the obvious and an outside perspective might help. Your perfect job may turn out to be something you have never considered before, or even a job that you didn’t know existed!

Government Initiatives and Career’s Advice

Look for Pathways to Work or other similar initiatives provided by the government. Visit your local job centre or seek out a career’s advisor. If you are at university, careers advisors will be based on your campus, try to start thinking about your career options long before you leave. Being self-employed for a period of time is a valuable way to get work experience and looks great on a CV as it shows you are responsible and have initiative. If you have already left university, try contacting the careers advisors where you studied, it is likely that they are still willing or even obliged to see you as a graduate.

Local Media

Look at the types of work undertaken by self-employed people who operate in your area by looking in local and national newspapers or business directories. You may be surprised at the amount of different self-employed job opportunities that exist, in a range of different professions. They can range from routine and manual work to highly skilled professional roles. Don’t feel disheartened by the amount of jobs that you aren’t qualified for, just focus on what interests you. It is never too late to retrain or embark upon a new career. Also investigate funding that is available or the possibility of free or discounted courses that are available, particularly as a job seeker. Even some university courses are free, particularly those related to healthcare – where there is a desperate need for staff.

Retrain

Investigate courses that are available, either online, through private companies or at local colleges. Find out which colleges offer adult education or professional qualification courses in your area, then look at their website or write to them to request a prospectus. If you are interested in retraining, you could look into online loans as an option for funding you studies.

About the Author: Wendy Derbyshire is a blogger who understands the current challenges of the job market. If you are considering taking a course or starting up your own business, why not investigate online loans to fund your new career?

BRAND PSYCHOLOGY: Why Psychological Factors Matter

Are you inside the mind of your potential customers? When it comes to branding, you have to be. Think of branding as a Jedi mind trick. In order to do it right, you have to know what to present and how to present it, as well as why it’ll work to get people to convert. Is it easy to do? Of course not! That’s why you need to bring on a team of experienced professionals to handle your branding, logo design or rebranding.

Let’s say your spouse wants you to clean the garage out. You hate doing it. However, it was presented as an offer you can’t refuse. In fact, somehow you were not only convinced to clean out the garage, but sell your old “junk”, as your spouse calls it, which has dashed your hopes of finishing that long-neglected project tucked away in the corner. How did it happen? That’s the type of magic you need to use to create a logo that will, in many cases, become your brand.

Every detail of your brand and logo design plays a role in its success or demise. That includes colors, design and naming. As your spouse likely did, sit down and plan out how to get what you want. Then, use the professionals to make it happen.

3 factors to remember about branding

There are three main components to remember when it comes to creating your brand. These are the most important factors to consider in terms of the psychological impact it will (or will not) have on your potential customer.

Set the standards

The first thing you need to do is to sit down and design brand standards for your logo design. In other words, you don’t want to walk into a local business print shop and ask them to design a logo for you. That’s not enough. You need to have a well-considered plan that outlines what this brand will do. Consider:

—     What it does and doesn’t tell the customer.
—     What is says about your company.
—     How it describes your service or product.
—     How it represents you.

Having a plan like this helps to give the designer more information about what you actually want and expect from this process.

Get your name right

You may have a company name at this point, but even if you do, reconsider it before you launch into logo design. Think about all of the combinations of your name, how it will be used and any questions it may put in the mind of the customer. What’s your tagline? How do you want people to instantly think of you? If you don’t know, don’t worry. If your budget allows, your logo design team can help you to create both.

Think color

Colors have meaning. When it comes to choosing brand colors, consider the following:

—      Yellows engender optimism.
—      Blues are great for gaining trust and are seen as dependable and strong
—      Reds are excitement inducers, bold and youthful.
—      Purples are seen as creative, wise and imaginative.
—      Pinks are friendly, confident and cheerful.
—      Green conjures thoughts of health, growth and peace.
—      Light colors, including grays and pastels, create calm and balanced emotions.

The factor to remember here is that every component of your brand needs to communicate a message to your audience. For that Jedi mind trick to work, you have to think about the psychological aspects of your brand’s design. That’s why having experts can help.

Is Outsourcing Your Accounting To An Offshore Company A Good Idea?

Tracking your business’ expenses is an important part of keeping your financial goals on track. For this reason, it becomes important to hire a team of professionals that can help you and your business stay strongly footed for a successful financial future. Quickly it will become apparent that part of your financial success team will need to be an accountant. There are many great options you will have including those in your local community as well as offshore options. Offshore accounting options are a great way and option to keep costs low. The following explains what you will want to consider, however, before answering the question of whether or not outsourcing your accounting to an offshore company is a good idea or not.

Accessibility

One of the most important items that you will want to consider when outsourcing is whether or not you will have sufficient access to the offshore company. This is one of the biggest downfalls of using any company that is not locally, regionally, or even internally, connected with a company. An offshore accountant may not be available on a consistent basis. They may have many clients and could find that they are not going to be able to deal with the mass amount of work that comes in in an equally divided way. For that reason, it becomes important that you choose a company that will work for you as and when you need them to. This can help you to make sure that you get the most from your experience and ensure your work is completed on time. Those with lots of accounts will be better off sticking to local based companies.

Cost

One of the greatest advantages of outsourcing your accounting to an offshore company is the cost. You do not want to spend too much on accounting and yet, want the work to be done efficiently. An offshore company can be a great way to achieve this desire as a low cost option for your business. Again, though, be sure to evaluate quality over singularly looking at price. Just because it is cheaper does not mean it will meet the same quality of service that you require. It does not necessarily mean you will not either. For that reason, weigh the cost and the service quality promised against each other and make the best decision for your business.

Trust

If you are going to choose an offshore company, one way to assess whether or not they will be able to work well with you is to really focus on the reputation and recommendations from past and current customers. Reputation for success and trust is important when you are trying to get a good service from a company, no matter what service or product they offer. Be sure that you look into the reputation of the business as this can help you to better understand whether or not outsourcing to them would be a good idea. This is an important step in any assessment of an accountant or accounting company, no matter whether they are local or offshore. Choose and plan wisely.

About the Author: Laura writes for www.liptrottandwoosey.com, a highly reputable accounting firm based in Manchester.