How to Become Successful With Your Business Venture

These days a lot of people are ditching their 9-5 jobs for the sake of working online. Many people are also trying their hands on online businesses so that they can have financial freedom. Business does not only refer to big companies and business houses, if you are selling via Facebook marketplace or Fiverr, you already have a business.

You have set up your business. Do you think you can now start making a lot of money? Not really!

You have to work hard to make your business successful. If you are thinking about starting a business, you might be looking for inspiration. I am sharing a few tips based on my experience and knowledge

Marketing is the Key to Become Successful with Your Business Venture

You need to market your business to build a brand. If you do not build a brand, you cannot succeed. When you buy something, would you buy from xyz or from Amazon/eBay? You would certainly go with a popular band.

You also need to market your business to generate sales. You are selling great products, but how will people know that your products are great. You need to market your products to generate sales.

Marketing Your Business: Do You Need a Lot of Money?

It is difficult to generate sales without marketing, even a company like Amazon and Facebook market themselves through online ads and TV ads. Marketing costs money, but do you need a lot of money? I don’t think so!

The most powerful marketing platform, of course, is social media. The best thing about social media marketing is it is very cheap. Just by spending $1 per day for 7 days (total $7) on Facebook ads, you can reach just about 50 thousand active users on Facebook. Let say if only 1 percent of those 50 thousand checked your ad, 500 people will be checking your ads.  If only 1 percent of those who checked your ad bought your product, there will be 5 sales. If your product was priced at $10, you generated $50 in sales. Well, this is not a great return but not bad either because by spending $7 on an ad, you generate $50 sales.

Marketing on Social Media: Tips and Tricks

Social Media can help you generate sales as well as build a brand for your business. And this is as easy as creating a Facebook page, and Twitter and Instagram account. However, if you want to succeed with social media marketing, you will have to build your following. If you have a large fan following only then you will become successful in generating sales.

Instead of building an audience for your page, you can directly advertise your products to generate sales, however, if you build a following, you may not have to run ads regularly, Just by posting on your page, you may be able to generate sales.

A lot of people are so desperate to build a following that they either start using social exchange sites or buy followers. This is just a wastage of money. Instead of buying follows, try advertising your page. For example, when you spend $5-10 on Facebook ads you can get at least 1000 followers on your Facebook page, and these are genuine followers because they followed your page because they were interested in your business.

Three Important Factors to Consider While Scaling Your Business

In order to scale your business, you need proper planning and strategy. Not just the idea in your mind, but a complete step-by-step process in black and white (writing). When you write what you are going to achieve by scaling your business and how you are going to achieve it, you will have clarity on how you can actually scale your business, how you can widen your market and reach more customers, and how you can generate more sales, and how you can build a successful business.

Chart of Accountability: You should also include a chart of accountability. This chart will show who is responsible for which tasks. The three important responsibilities are marketing and sales, operation, and finance.

Visibility Strategy: You should know everything about your visibility strategy. This includes how you will generate leads and how you are going to convert your leads to paying customers. Visibility strategy means how the customers are going to find your product and how you are going to establish connections with your customers.

Business projections: The business projections mean your sales projections, acquisition projections, market share projections, etc. It might be difficult to make accurate projections, but is it perfectly fine if you do not have realistic projections. What is important is you need a proper business projection.

(First published on Forum Coin in author's name)