Marketing on Twitter

Twitter was originally created for sharing quick thoughts, but has grown into one of the three core social media platforms, beside Instagram and Facebook. The point is to grow your Twitter presence through compelling content. A potential follower won’t waste time on your page if your tweets aren’t interesting. Don’t miss out on the potential to interact with 302 million users. To make the most of your account use these four keys;

Favorite / retweet content

Finding content based on hashtags is key to growing your followers. When you “favorite” someone’s tweet, you will catch their attention. This enables you to interact with real people while you’re growing your Twitter following.

Tweet often

To ensure your account stays active, try tweeting at least once a day. There is no limit if you’re running a Twitter account for your company as long as it is relevant to your brand and will have meaning to your followers.

Interact with your followers

Tweeting your own tweets is just as important as responding to what people are saying to you on Twitter. Be sure to respond in a timely manner if someone tweets your account.

Catch Trends

Voicing your opinion on trends is one of the best ways to integrate your brand into the Twitter community. If one of your tweets goes viral through a hashtag, your Twitter following will grow dramatically. Tweet what you think about trends that catch your eye.

As Twitter continues to grow, it should be an essential part of your company’s marketing strategy. By interacting with your followers, you’ll find that they’ll become more loyal to your brand.

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How to Set Your Salary as a Small Business Owner

The first thing you need to realize is that as a small business owner, drawing a salary is just one of the options when it comes to paying yourself. The second thing you need to realize is that there are no rules about how much you pay yourself. You have to decide what’s best for your business’s stage of development and your personal situation.

Traditional Advice for Start-up

The theory is that the more you can cut down on your operational expenses, the better chance your small business has to succeed. Reason being that your business would need less capital to get up and running and it wouldn’t take long to keep it going. If you are going to pay yourself anything during start-up, your salary should be just enough for you to get by.

Show Them the Money

Not paying yourself a salary does nothing for you business either. If you are looking for funding for your small business, not including a salary for yourself as one of your expenses will raise a red flag for any potential investors looking at your proposal. An owner’s salary is an expected expense; not including it gives your potential profits a negative view. Also by not including a salary you are leaving out a future expense.

Reflect what you’re Worth

Start with your personal expenses; rent, utilities, groceries, car insurance… Then add your start-up and operating expenses. If you are seeking funding for your small business, the next step is to figure out what you’re worth; the skills and expertise you bring to the business and what your peers are paid. Then finding out who your competition is and how much they charge. Paying yourself what you’re worth from the start will give you the incentive to work hard on your growing business.

When your Business Grows

Once a small business reaches the break-even point, many business owners are tempted to re-evaluate their salaries, but raising your salary could tip your business back into the red. Instead, wait a year past your break-even point and then re-evaluate, assuming your business can afford it. Once a business is stable, most owners pay themselves by taking a percentage of the profits, no more than 50%.

Remember the worst time to take significant amounts of money from your business is when it’s growing.

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Are You on the Right Path as an Entrepreneur?

Starting a new business can be an intimidating adventure, particularly when you realize that you are solely dependent upon yourself. But no need to panic, the experience becomes more rewarding as you climb the learning ladder.

Teamwork

Most entrepreneurs start on their own, but it soon becomes apparent that you can’t do it all yourself. Align yourself with people who have similar values to your own, are willing to provide their best efforts, and who are dependable.

Reflect

Take time each week to reflect on the past week’s activities and ask yourself the following questions; Of all the activities, which weren’t worth the effort?  Did I receive recognition on something specific? Which results was I the most proud of?

Analyze

Monitor the success of each new strategy that is implemented. Also monitor the areas that you enjoy the most to see if they are contributing to your bottom line. It will become evident where to spend the majority of your time.

Now after reading through ask yourself, are you on the right path as an entrepreneur?

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Growing your Small Business

Growing your business is a necessity for your business’s survival and economic well-being. All of these ways of growing your business will be successful with some planning and investment.

  • Penetrate your existing market

It is more cost-effective to get existing customers to buy more from you then to persuade new customers to buy your products or services.

  • Ask for referrals

Activity seek referrals from satisfied customers, asking if they know anyone else that would be interested in your services or products.

  • Innovate your product or service

Discovering and promoting new uses for your products or services is a great way to get existing customers to buy more and attract new customers.

  • Participate in trade shows

Trade shows are a great way to grow your business because they draw people who are already interested in the type of product or service you offer.

  • Conquer your niche market

Think of your customers as a subset whose needs are being met and concentrate on meeting those unmet needs.

  • Contain your costs

Growing your business means growing your bottom line. Liquidating your bad products and improving your inventory turnover are two main approaches to cutting costs.

  • Diversify your products or services

Focus on the related needs of your already established market or on market segments with similar needs and characteristics.

  • Exporting

Exporting is a way of growing your business that requires quite a commitment of time and resources, but can be a powerful boost to your business’s bottom line.

Pick some of these ideas that are suitable to your business and your circumstances and get your plan for growing your business underway.

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Spring Clean Up for Small Business

Spring cleaning isn’t just about getting your homes and yards ready for the new season. Spring cleaning can be applied to your small business. Refresh and get back on track for the rest of the year.

Here are a few ways to spring clean your small business.

  • File your taxes on time

If you owe taxes the payment is due by April 15th every year, regardless of whether you have filed your tax return. Missing your payments can result in penalties and interest charges.

  • Set goals

Spring is a great time to set goals for the year. Look at long and short term goals. Remember it’s better to do a few critical things well rather than too many and failing to execute them.

  • Step up your online presence

Having a positive presence online is key to any business. Be responsive and address issues and concerns quickly. This will put a face to your business and will boost word-of-mouth referrals.

  • Have fun

Continue to put your heart and soul into your business. Small business owners are in a position to succeed and spring is a great time to put the fun back into your business.

Are you ready to do your small business spring clean up? Get started today to ensure the more success for the year.

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Must Do’s Before Becoming an Entrepreneur   

Not everyone is cut out to be a successful business owner. It takes time, effort and often investing your own capital. The idea of being your own boss is appealing, but is entrepreneurship right for you?

Here are some things you should consider doing.

Educate yourself about finances

Make sure you read up on managing your finances. It will make your life as an entrepreneur easier and more rewarding. Also, finding a mentor will help when it comes to learning at a much quicker pace.

Get out of the employee mentality

If you’re an entrepreneur, you’re an employer, not an employee. Set yourself apart from the employee mindset, you’re the one steering the ship.

Learn how to take risks

Every successful person has had to take a risk at some point during their professional lifetime. You need to face risks and embrace them if you hope to come out on top. Sometimes it pays off, sometimes it doesn’t.

Use technology to learn

It’s about learning a new skill set when it comes to technology. It’s important that you’re always learning about new technology, whether it’s how to use a blogging platform or understanding how to market your business on social media.

If entrepreneurship is right for you, put yourself in the right mindset to become a successful business owner.

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Don’t Make Starting a Business Harder Than It Has To Be

Often you see businesses closing their doors for the same basic reason that they have started the wrong business in the wrong place at the wrong time.

Here are the top 10 business mistakes you don’t want to make when starting a new business:

  1. Not making a business plan

The main purpose of a business plan is to know whether your idea can be transformed into a successful business. This is essential tool to help test the feasibility and give you the best chance of success with your business. It is time-consuming and takes a lot of research, but investing your time now will save you time and money later down the road.

  1. Doing what you love

Doing something you love may seem like a good idea but there are a lot of people who love things they are not good at. Choose something related to your interests and something that people will pay you for to insure you have a successful profitable business.

  1. Not doing market research

Without any research, you have no idea if there is a market for your business. Test your product or service before you start to be sure

  1. Ignoring the competition

Ignoring the competition won’t make them go away. Who is going to buy your product if Joe sells the same product for 10% less and what if his look/smell/feel better than yours? You also need to keep in mind market saturation. Is there any room in your area for another business that already exists?

  1. Not considering your strengths and weaknesses

Sometimes our strengths or weaknesses don’t fit well with the business model we want to use. For example, if you are not an outgoing person with good people skills, maybe retail isn’t the right business for you.

  1. Not understanding what you sell

You need to know what you are actually selling and create a Unique Selling Proposition accordingly if you want your new business to be successful.

  1. Not making sure you have enough money

The majority of new businesses will not make money when they open, some may not make significant money for the first few years. You have to have enough money to live while your business is getting established and enough money for your business to survive and continue to grow.

  1. Not investing in marketing

No one will know your business exists without some effective marketing. Most marketing strategies like referrals and social media take time to become effective but if you want your business to be successful it is important to take the time.

Remember that starting a business is a process, not an event. Take the time to do the thinking and the research to increase the likelihood of your new business succeeding.

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