Tag: business plan

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A Quick Guide to Starting a Retail Arbitrage Business

Retail arbitrage is not just a hobby or side business. It is a business model that many follow to run highly profitable businesses. Retail arbitrage involves finding products created by other brands and manufacturers and then reselling them on Amazon, eBay, or Walmart for a profit. The goal is to find a high in-demand product for an affordable price, buy it in bulk and then list it on one of these platforms. The more products you source and resell on these platforms, the more revenue you can make.

 

These essential tips will help you start and run a profitable retail arbitrage business:

 

Use the Amazon Seller App

The best way to ensure you are sourcing products with a high-profit margin is to take advantage of the Amazon seller phone application. This app allows you to scan items to see their current sales price, sales rank, and potential return on investment.

 

Shop More Than One Store

Find more than one store to shop from, even if it is the same type of store. The more deals you can find with the most units, the more profits you can make. For example, if you find a candle that people are buying for $2 at a local store but know you can sell it on Amazon for $10, you will want to purchase and sell at least twelve or more to make a profit worth the work.

 

Verify Your Profit Margins

In other words, find products you can sell at all different price points. However, beware of your limits. Anything that provides at least eight dollars or more in return is where you should start if you want to start and run a profitable retail arbitrage business.

 

Price and Ship Right Away

Don’t let the product sit once you purchase it. Follow the instructions on how to properly ship your items to Amazon’s warehouse as soon as possible. Be sure to price the items competitively but fairly. In other words, if others on the platform are selling the same thing, don’t over or underprice them, as this will only hurt you in the end. Keep the price the same by fifty cents to a dollar keeping in mind your profit margins.

 

As you can see, you can’t just post any product and expect it to be successful. It needs to be an in-demand product and offer a good return on investment after being shipped to Amazon then packaged and sent to the new owner. For retail arbitrage to be successful, you must sell at a profit and find more than one unit. This means most successful retail arbitrage businesses eventually open a warehouse and hire employees to source more products and get them shipped to Amazon quickly.

 

 

 

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Five Steps to Creating an Amazon Kindle eBooks Business

Kindle publishing has the potential to create a six-figure or more business. With Kindle Direct Publishing, any writer can now publish their books, grow their audience without an established publisher, and still generate large profits. In fact, Amazon allows writers to create the stories they want and keep control of their products. Making Kindle Direct Publishing a powerful business model to choose if you are a writer or desire to become one.

 

These five steps will help you to create and run a profitable Amazon Kindle eBook business.

 

Step One: Find Your Amazon Kindle Books Category or Niche

Research through the top sellers in the Kindle store to see which genre inspires you the most. These genres let you know what products are in demand. While you want to create your own story, you still need to find and develop one people search for on Amazon to build a profitable business. Even if you author a terrific book, you won’t have a great time selling it if people are not interested in the genre.

Step Two: Create an Amazon Seller Account

To sell your books on Amazon, you must own and pay for an Amazon Seller Account. This costs about $39.99 a month plus any royalty fees, depending on the size of your book. For example, if you price your book below $2.99 and above $9.99, you will be charged a 30% royalty fee for using Amazon’s services.

 

Step Three: Develop Eye-Catching Book Covers

The first thing readers see is your book cover and title, so make it eye-catching. Your readers should get a basic understanding of what genre they will read just by looking at the cover. For example, a romantic novel will have a couple cuddling, while a beginner’s guide to cooking will want to have food and cooking equipment to draw in the right readers.

 

Step Four: Write Quality Content and Descriptions

The most crucial step of all is to create a story or book worth reading. To make a profitable Amazon eBook business, you need to create a series or more than one book on related topics. This way, you create fans of your work who will read your new books no matter what as they know they will enjoy your genre.

 

Step Five: Tease and Promote Your Books

Before your book officially launches, let your readers know what is about to come. Take parts of your book and create short stories, guides, or templates that can be useful or valuable to your audience now or until they can purchase the full book.

 

Follow these five steps to launch and run a successful and highly profitable Amazon Kindle eBooks business. The more quality content you write and share on the platform, the more revenue you will generate.

 

Common Community Building Obstacles that Can Hinder Your Success

 

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How to Grow a Profitable YouTube Channel

Multi-millionaires are being created every day on YouTube. With nearly one billion hours of video being consumed on YouTube daily, there should be no surprise that money can be made on this platform. It is estimated that one of the top YouTube channels generated nearly twenty-six million dollars in 2020 alone. There are many ways to grow a successful channel on YouTube as long as you have the desire, understanding, and tools to do so.

 

Here are six ways to turn your YouTube channel into a profitable business:

 

Pick a Niche and Consistent Schedule

The best way to grow a business on YouTube and any online market is to niche down. This way, you can use your time to create a consistent schedule of valuable content to share with your viewers. When viewers find your channel and notice you talk about a certain topic, they are more likely to join or subscribe rather than be confused by what you have to offer, as each video is about something completely different. Baking, cooking, financial, and travel channels are just a few of the popular niches to choose from.

 

Join the YouTube Partner Program

Once your reach one thousand subscribers and four thousand watch hours within a year, you can join YouTubes partner program. This is when you can get monetize your channel with advertisements using Google AdSense. Depending on your niche or topic, you will be given a certain CPM or cost per million views of those who watch the ads that display before your video. After YouTube takes their share, you will then be paid out by YouTube or Google monthly.

 

Create and Sell Your Own Merch

Once you build an audience or community, you can develop your own merch or clothing to sell to your audience. When you grow a community that values your content, they will want to give back and want your content as they have grown to love or need your brand and business.

 

Add Sponsored Content to Your Videos

Find brands or products you admire to share brief information on their products in exchange for a flat rate fee or commission through an affiliate link.

 

Get Paid by Your Fans

Include a donation button once you reach a certain subscriber count. Then, ask your audience to join your YouTube membership content or Patreon account, where a small monthly fee unlocks exclusive content.

 

Promote With Your Blog, Email, and Other Social Media Platforms

Even though YouTube is a powerful search engine, it is always a clever idea to promote your channel outside of YouTube, especially when you first start. It takes the YouTube algorithm a while to recognize your content and see it as valuable. If others watch your content as soon as you post it, it triggers the algorithm to share your content.

 

There are several ways to create revenue with your YouTube channel to grow into a sustainable and highly profitable business. First, the more quality content you post consistently, the more your audience will grow, increasing your revenue potential and success on YouTube.

 

 

How to Use YouTube Stories for Business

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Essential Guide to Starting a Blogging Business

Did you know that in 2020 over four hundred million people viewed nearly twenty billion blog pages every month? What’s even better is that almost twenty-five percent of those who run a WordPress blog make a full-time living in the same year. These two facts show that creating a blog and turning it into a profitable or sustainable business is not completely out of reach.

Here are five tips to follow to grow a profitable blogging business:

 

Choose a Niche

While not a requirement, choosing a niche for your blog is the best way to turn your blog into a profitable business. This is because you can better perfect and target your audience when you don’t have too many topics to cover.

 

Develop or Invest in Quality Content

A blog is only as successful as the content it provides. If you just put up any blog post or re-share content others create without any unique twist or value, you won’t go anywhere. Successful blogs work because they know what content their audience needs or wants and delivers.

 

Be Interactive and Visual

While blogs are mostly written content, that does not mean you should avoid using pictures or infographics. Graphics add more creativity and interest to your post that keep your audience interested and engaged. Increasing audience engagement ensures your audience feels your offers are valuable.

 

Monetize Right Away

You don’t need to wait to start making money or develop ways to monetize your blog. In fact, monetization ideas should be created or at least thought of before you even purchase your domain or create your first blog. This way, you know the effort and time you put into your blog is a viable and profitable option. Waiting for your target audience to do the work for you won’t create the profits you need to be successful. Instead, you need to give the products to them.

4 Tips For Success In Home Business

Use Social Media and Email Marketing

The best way to promote your blog is through social media and email marketing. However, you can’t expect anyone to find you without a proper marketing strategy unless you create perfect SEO-rich content. Even then, relying on only SEO or keywords can be a slow and tedious process.

With these tips, you can grow the blogging business of your dreams. As long as you invest in the right content your target audience wants to read or consume, and use the right platforms for marketing your blog, you will be successful. Remember, blogging is not a get-rich-quick scheme. It takes dedication, passion, and consistency to deliver content your target audience wants to enjoy continually to grow your business.

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Five Tools to Grow an Engaging and Valuable Brand Community

Brand or online communities allow you to reach more potential customers, increase your revenue potential and credibility as a brand. However, these benefits do not come easy as they require a highly engaged community, constant interaction, and unique content. Thankfully, many tools can either automate or make the process easier and faster to accomplish. This way, you can spend your time where it matters most, creating more value for your target audience.

 

The following are five tools to utilize to grow an engaging and beneficial brand community:

 

Fuel Cycle

 

A marketing research cloud that drives brands to communities with powerful insights and information that can improve the success of your business. The information provided on this platform helps you perfect your brand message, transform the customer experience, and work more closely with your target audience to make important decisions in real-time. In addition, their user-focus interface and smartphone application are specifically designed to increase engagement and participation.

 

Sprout Social

 

This community-building platform offers many tools, such as managing all your social profiles from one dashboard instead of signing in to each individually. This can really help you collaborate more with your coworkers and clients while also getting more information to help you deliver even more of what your customers want.

 

Brand24

 

This social media monitoring solution can help you find any conversations online about your brand, products, and even your competitors all across the web. In addition, this information can help you create more products, services, and engaging content for your audience as you stay informed about what people are talking about even outside your personally owned communities.

 

Grytics

 

This system enables you to build your community engagement with real-time data and analytics established by insights into your community. As a result, you will gain useful knowledge about your community’s needs to develop closer and more profitable, mutually beneficial relationships.

 

Taggbox

 

If you’re interested in encouraging and using more user-generated content in your communities, this option offers that to you. It enables you to curate social media content that you can embed on your website or really any screen. In addition, engaging with your audience on their own content will encourage even more discussions and thus create even more user-generated content.

 

Give each of these different tools a try to see which one benefits you and your community the most. Remember, just because one doesn’t work doesn’t mean the other won’t either. Each tool solves a specific problem. Overall, tools allow you to streamline the community building process to create more relevance and value for your target audience. The more value you provide, the more profits and other benefits you gain in return.

 

 

Tools and Tips to Help You Automate Social Media Marketing

 

 

 

 

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Five Important Principles of Authentic Community Engagement to Learn

With more social media and online communication, being genuine and trustworthy are two important characteristics many consumers are looking for from businesses more than ever.

 

With authentic engagement and communication, you can foster communities that work together to empower each other and your brand. It provides the knowledge you need to improve your products while also helping the members solve problems that can then be used to improve their lives and others. It’s about being real, inspiring your community, and doing your best not to mislead or misdirect them.

 

The following are five important principles to learn and incorporate to inspire authentic community engagement and grow your business:

 

Get the Community Involved and Active Right Away

 

Don’t wait until you have a lot of members to start publishing information and activating the community. At first, your community may feel a little lonely until you get more members but keeping it active and full of information that will still be there when people join is very important to building a dynamic and vibrant community.

 

Encourage Trust and Integrity

 

Set the rules of your community to establish trust and highlight your integrity to the group. As you communicate openly with members of your community, others observe and become more trusting of you as they notice how much integrity you have.

 

Foster Community-Led Solutions

 

As a business owner, you need to create and or find solutions for your ideal customer’s problems related to your niche and your expertise. The impressive thing about having a community is getting input to create more solutions from the people who need them.

 

Be Consistent, Clear, and Open with Communication

 

It can help to create a branding guide that includes your business personality and voice to ensure that all content and communication are consistent, clear, and accurate. It’s a lot easier to be open when you know for sure where your values lie and how to ensure you stick to them.

 

Empower and Support Your Audience

 

The best thing about a group is that you will have one of the best advantages in empowering and supporting your audience. After all, you want them to succeed, and if they succeed, you do too.

 

Create powerful and informed content that serves your members and only your members — meaning don’t just automatically share content that has been shared in other places unless you changed it in some way or added additional meaning to it by connecting it to a success story or a point you want to share. The more personal the content being shared in the group, the more likely your members will come back and engage with each other. Content is how you keep your target audience interested and involved, so make it worth it.

How Community Member-To-Member Engagement Grows Your Business

 

 

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Common Business Problems that Building a Community Can Solve

If you are struggling to build your business and looking for ways to improve, building an online or brand community may be the best solution. In fact, it is likely the tool you’ve needed all along.

 

The following are five common business problems building a community can solve:

 

Poor Return on Investment

 

While email lists, advertisements, and your blog are all fabulous ways to generate interest in your offers, there is nothing more effective than truly getting to know your customers more intimately. If your ROI is not what you want it to be, but your customers are otherwise satisfied, a brand community can help you fix that problem.

 

You can create the community free or for a fee. It’s up to you. It really does depend on your niche and your business model, but you can test out various ways to run your community. Once you have a captive audience that you can communicate with regularly, they will start buying more, and your ROI will improve.

 

Poor Cashflow and Intermittent Revenue

 

Whether you provide services or products, or you’re an affiliate with no products of your own, if you work within a particular niche, your income is likely not consistent if you have not built a community of avid and hungry buyers. Having a membership-based community, whether paid or free, can stabilize your cash flow like nothing else.

 

In your communities, you can offer them the first peek at new products and services, get more feedback, receive more customer reviews, and even get your members to become brand advocates and recommend you to others much easier than you can without having a community.

 

Poor Credibility, Trust, and Awareness

 

Communities humanize businesses, and once that happens, your audience will start trusting you more. The credibility that you end up with after creating more awareness through community building will jumpstart your creative juices and end up helping you become even better in the eyes of your customer base due to all the inside knowledge you’ll gain by being part of your community.

 

Poor Business Growth and Stagnation

 

If you have grown as far as you can with what you are doing, consider building a community. An active and engaged community can really boost your growth and end the stagnation you’re experiencing. Even if you haven’t sold a solitary product yet, building an active community will generate new revenue.

 

Finally, you can vastly improve your customer service by setting up an active and involved community. Not only will your members offer each other community peer-to-peer support, but you’ll also be much more in tune with what is going right and wrong and learn better ways to help your members in the way they desire.

 

 

Four Ways Community Building Improves Customer Service

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Four Ways Communities Improve Customer Experience

Just one bad customer experience can destroy your reputation as a brand or small business owner. Research suggests that consumers are willing to spend more revenue on businesses that have excellent customer service.

 

In fact, a report conducted by The Economist states that 59% of the consumers surveyed are willing to reach out or find other businesses in hopes of a better customer experience. Building a brand community provides the customer experience you need to prevent this from happening.

 

Here are five ways communities can improve your target customer experience:

 

Communities Humanize the Support Process

 

Most consumers are very tired of being just another number or worse, a wallet, and not even thought of as humans. Small business owners are uniquely positioned to offer customers the most human support possible through their use of communities. If you participate, they’re going to see you as a real human with real feelings, and due to that, they’re going to buy more.

 

Communities Improve Customer Engagement

 

Not only will your customers engage and discuss your products one-on-one within the community, getting current ideas and insight into making use of your products and services, but they will also be more likely to respond to you and answer your questions due to the ease of communication in a group environment.

 

Communities Provide Clear Customer Insight and Understanding

 

While the community is mainly for your customer, the truth is, you will gain a lot from having a community. You’re going to learn more about your customer, and that will help you understand what they truly need from you within the bounds of your niche.

 

Communities Streamline the Customer Service Process

 

Offering more avenues of customer care to your customers will make them feel even more heard. It’s hard to provide phone support as a small business, but the next best thing is a community that allows them to publish their questions and find answers in your FAQ or by using your bot. Plus, sometimes you’re going to be there live to help.

 

In the end, making sure your customers have the best experience possible when communicating or engaging with your business prevents you from destroying your reputation or business altogether. Remember, most businesses have to shut down within ten years. The major contributing factors to these shutdowns include poor customer service and not prioritizing your target audience. Building a community provides you more control and tools to ensure you give the best customer experience at all times, anywhere around the world.

 

Four Ways Community Building Improves Customer Service

 

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Brand Community Examples and Why They are So Successful

Building a community around your brand is vital in today’s marketing and consumer world. Consumers are looking for trust, credibility, and authenticity. Without these factors, you are unlikely to make any sales or make an impact within your industry, which is why many of the top brands today work hard to build a specific community around their values, products, services, and more.

 

Dissecting how the top brands take advantage of their communities can provide you with more tools and resources to grow a winning brand community of your own. The following are four brand community examples to emulate and why they are so successful:

 

  • Airbnb – You know all about this community because everyone talks about verified hosts. Verified hosts take part in this private community to learn how to make the most of their Airbnb business and rentals.

 

  • Once they make it to a certain point, YouTube- The creators on YouTube are invited to a private creator’s community that gives them motivation, tips, and more to make their channels better. In some communities, this is taken outside the online community right into co-working hubs.

 

  • Lego – This community enables enthusiasts to share what they are creating with Lego and helps drive product creation and innovation. Members can submit ideas, and they can win prizes and contests.

 

  • Airstream – They offer owners or wishful owners a community that allows them to share the interest and love of their airstreams. They can also learn about events and places to stay less expensively.

 

  • Harley Davidson – This close-knit community offers a sense of connection to Harley riders and their loved ones. They use the group to inspire loyalty, market the latest items, and more like big events and gatherings.

 

  • Trader Joe’s – You can join a discussion board, listen to their podcast, and find all about new products and how to use them before they come out. People love TJs so much that even in areas without a store, yet they build a fanbase using communities so that before they even break ground, they know they have enough customers to make it work.

 

  • Gone With the Wynns – This YouTube sailing couple spends a lot of time within their communities on YouTube publicly and privately within Patreon. Due to their active community, they have raised money to help animals and clean up the ocean.

 

  • High Carb Hannah – This YouTube star has a fabulous community based on her website where she has generated enough income through her offerings to build a house and live a very happy and active life outside of just work.

 

  • Apple – This community is very large and full of users and would-be users who love everything about Apple products. The community offers peer-to-peer support and a place to hang out with other like-minded folks.

 

Now that you think about it, you can find many communities for any product or service, or problem that you have. The advantage to creating a community yourself for your brand is enormous to you and the customers you want to help. The more they know about you and feel safe with you, the more likely they will buy and become repeat and long-term customers.

 

Top Influencer Marketing Mistakes to Avoid

 

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Three Important Brand Community Practices to Follow

A strong brand community increases your reach, business revenue, and loyalty. However, to achieve these benefits, you must nurture, support, and commit to providing value to it. Only when you do the right work for a community can you expect anything positive in return – adopting the common practices that many find success in can get you started in the right direction.

 

Here are three important brand community practices to follow for increased member satisfaction and success:

 

Listen to and Engage with Your Target Audience

 

Everything you do in your business is about ensuring you’re reaching your ideal audience. The only way to be sure is to actually listen to and engage with your members in a deep way that ensures you find out the information you need to help them most.

 

While you can outsource to a community manager VA to get help with your community, you are the one who needs to show up occasionally to engage with the target audience because it will make them feel like VIPs that you take the time to be with them.

 

Address the Needs of Your Audience

 

Once you realize what your audience really needs, it’s time to address those needs with your messaging, education, products, and services. Everything you do is designed to provide solutions to your audience to help them solve their problems as easily as possible.

 

Use analytics, surveys, questionaries, freebies, engagement, contests, and more to determine what gets your audience’s attention based on the information and data you collect. The data you collect will inform you what their needs are and help create amazing content for them.

 

Choose the Right Platform or Community Structure

 

Today, community-building platforms are ubiquitous. Because of this, you can choose your perfect community to help you promote your business to a captive and interested audience. It really just depends on your own criteria. Do you want a message board that can be threaded? Do you have concerns regarding using the technology? Do you want to allow your members to make in-platform purchases? Do you want the ability to accept uploads or provide downloads? Whatever it is that you need to deliver to your audience is out there.

 

Write down what you need in a community, and then compare your needs to what’s available. You can always start easy with a Facebook Group, but there are many other options. Don’t assume all the different options are too expensive. Facebook may be free for you to use, but there are compromises to using anything free, just like there are compromises to be made even if you pay for a platform.

 

Many brands can get a community started easily; however, keeping it organized, engaged, and beneficial to your core audience is where many fall through. Not following or incorporating these top three community practices will only lead you down one road: failure. Adopt them today to build the brand community you want to achieve all your goals and more.

 

 

Community Engagement is Key to Growing Your Business