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How to set up the business basics

Many people get so excited and wrapped up in starting a business that they might forget logistics such as costs of running a business, paying taxes, setting up a legal entity, obtaining insurance, protecting intellectual property rights, creating terms and conditions and privacy policy documentation, and getting paid to complete the process of getting started.

Once you have laid down a foundation for your business that you can build on, an important step is to get down to the nuts and bolts of starting a business. Here are eight things you have to do to set up your business.

Figure out Costs. It doesn’t have to take a great deal of money to start a small business, but there’s usually some investment, and you’ll have to figure out where that money will come from. Costs include things like licenses and permits, legal fees, insurance, marketing, rents or rental fees, event funding, and so on. Create a spreadsheet and brainstorm every single expense you might need.

Set up a Legal Entity. Your business needs to exist as a legal entity. Setting up this part of your business depends on the location where it’s based. Each country and municipality has its own rules for doing this. Part of this step is choosing an official name for your business.

Paying Taxes. Depending on where you set up your business, you’d need to have a plan in place for paying taxes; it can include setting up a tax ID. You’ll need to add filing taxes into your business operations and outsource to a specialist if necessary.

Take Care of Insurance. You’ll have insurance liabilities you’ll need to take care of, such as business premises and any staff that you employ. For a service like coaching or consulting, make sure you have insurance against professional negligence.

Intellectual Property Rights. Secure intellectual property rights over any products you develop and any content you create.

Terms and Conditions. Write out your Terms and Conditions or Terms of Service and prominently display them on your website and other important materials. These should cover areas such as ordering, pricing, delivery, returns and refunds, risk, and confidentiality. Include everything your customer needs to know before buying from you.

State your privacy policy. Write a statement that tells customers how you protect and use their data. Include all the data you gather, store, or manage; it’s an important legal requirement. Regulations are getting progressively stricter, and consumers are increasingly aware of privacy issues, especially when dealing with companies online.

Get paid. Figure out how you’ll get paid for your products and services and set everything up you’ll need for taking payments.

It’s easy to overlook these logistics so be sure to include them on your to-do list as you plan and prepare to launch your business, regardless of what you’re starting.

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3 Types of Marketing goals

We continuously talk about life goals, business goals, and so on. But, did you know that there are also marketing goals?

Marketing goals outline specific goals you need to achieve on the marketing side of your business to reach your overall business mission.

A business has three types of marketing goals.

1. Gain new customers

The objective is to get a person to make their first purchase from you. To do this, you need people to tell others about you. You need to get the message to them about your offering and its benefits.

If you can spread awareness of the unique value you offer, this will result in more first-time purchases. Your tactics should include everything from gaining more exposure to moving customers through your sales funnel toward that first purchase.

2. Keep current customers

Your purpose may be to maintain the same purchase amount and frequency. If this objective is met, you’ll gain revenue as you gain new customers.

To achieve this goal, you might encourage increased use of your products or develop new product lines that current customers can use.

3. Get customers to buy more

The tactics are like the last type (keeping customers buying) but the objective would be to increase purchase amount and frequency.

Marketing goals are set the same way as your other goals and you achieve them one at a time.

✨Don’t forget to keep them simple, focused, and clear!✨

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3 Tips for Small Business Growth

Often business owners ask themselves, what small businesses that achieve sustained growth do differently from those that have slower growth? No magic pill, one size fits all, or cookie-cutter system can answer this question. However, here are three areas that growth companies concentrate their efforts to overcome the challenge.

  1. A Strong sense of purpose

Most leaders that have achieved growth discover that it takes more than the promise of increasing financial reward to fuel their aspirations and ambitions. They find a higher calling than simply the pursuit of “more money.”

  1. Outstanding market intelligence

The ability to first recognize, then adapt, to fundamental changes in the marketplace. Many times, small-business owners become too myopic, seeing only a limited view of the markets in where they compete. Growth leaders see the bigger picture.

  1. Active growth planning

The best predictor of whether a business will grow. To be effective, a plan for growth does not need to be overly formal or complicated. However, needs to be written, well-communicated, and regularly updated as the need for the business changes.

The key to growth is to build a strong foundation; know your sense of purpose, explore your market thoroughly, and plan on staying ahead of the game.

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How to reach your target market

Reaching your target market is an essential part of attracting clients. Cost-effective and free ways to find and reach your target market are available. First, determine your goals and then use the following tactics to find them:

  • Referrals are the heart of your business – build a list of referrals by asking your current clients for people who they think might use your products or services. Offer them an incentive as a reward. Happy clients will be more than willing to refer you!
  • Attend networking events – as you strike a conversation, get to know prospects and their businesses, and determine whether you want to investigate further or politely move on to the next prospect. Have a goal when attending these events, such as, talk to at least five people within your potential market. Make sure to send a “Nice to meet you” note within 24 hours of meeting them, while you are fresh on their minds.
  • Find your niche and ideal client – knowing what you offer and who would benefit from your products or services is crucial to obtaining clients. This will help you identify your target market and allow you to decide where to find your ideal client.
  • Write articles and publish newsletters – another way to market yourself and advertise your expertise. Share your blog, create a newsletter, or send a press release to magazines and other publications. Content is king.
  • Make yourself known – develop a message that conveys to your target market exactly what you’re going to offer. For instance, create or revamp your 30-second elevator pitch to include who you are, what you do, what problems are you solving, how they would benefit, and how you would solve their problem. Be ready to deliver your message as you attend networking events!

Meeting the challenges of targeting your market and selling your products or services, requires an ongoing combination of a variety of efforts. Even when your business becomes busy and successful, it is important to preserve a marketing focus so that these vital activities do not go unnoticed in the rush of day-to-day obligations.

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