Tag: small business

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Four Small Business Ideas to Start as a New Entrepreneur

Wanting to be an entrepreneur and having control of your own life is the desire of many. However, it can be hard to know what businesses even to start. Thankfully, with the internet, social media, and other technology, there are many different business ideas you can get started easily from your home with little to zero start-up costs.

 

Here are four small business ideas to start as a new entrepreneur:

 

Mindfulness and Meditation Coach

Just about everyone suffers from anxiety and is looking for ways to find instant relief. If you have a passion for calming anxiety or enjoy making people feel relaxed, becoming a meditation and mindfulness coach may be an excellent path for you. Start this idea with a blog, YouTube channel sharing videos, and peaceful meditations on Insight timer.

 

Digital Marketing Consultant

Do you enjoy content marketing and know exactly what it takes to market a business online? Then starting a digital marketing consulting company is a profitable option for you. Starting a blog and opening an Instagram and LinkedIn account will likely be the best places to start within this industry.

 

Personal Finance Coach

Many people need help with personal finances through one-on-one coaching, online courses, ebooks, or YouTube videos. However, the most traditional way to start this business idea is by creating a blog and sharing your best strategies to avoid debit, build credit, plan for retirement, and so much more. If you have tips on increasing your income or making money online, those are other strategies that can help build your personal finance blog.

 

Online Dropshipping Store

Another popular option is to start an online dropshipping store through Shopify. You can succeed within the dropshipping niche if you know how to market just about any product online. The idea is to find a company that will store, package, and ship your items on your behalf, so you don’t have to. This model can be more expensive than traditional online stores but can make it easier for entrepreneurs to own their own product business.

 

If you’re unsure which business to pursue as an entrepreneur, then take the time to research each of these ideas. Understand what it takes to get the work done and compare it to the life you want to live. Then give each of these ideas a test run. Just because you provide them with a try doesn’t mean you have to commit, nor does it mean you are a failure. Learning is part of the entrepreneurship journey and helps you discover and create the right business idea.

 

 

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How to Use the Right Tools and Technology for Your Business

Around 77% of all small businesses in American use technology for personal and professional purposes. There is no surprise or shock to this as technology provides many incredible and different benefits.

 

As a small business, you should always take advantage of tools and technology for the following reasons:

 

  • To earn twice the revenue or more.
  • To save time, energy, and other resources.
  • To have more energy, momentum, and focus on producing higher quality work.
  • Provides you the opportunity to improve or be the leader in your industry.
  • Ensures proper communication between your customers, you, and your business team or both depending on your company’s size.
  • To make your life and business more manageable, more organized, and productive.

 

This is only a shortlist of the many benefits that technology can bring to your business. However, to reap these rewards, you must find the right tools and technology for your business and needs. Just because a tip works for everyone else doesn’t mean it will benefit you too.

 

The following are a few things to keep in mind when using and choosing the right tools and technology for your business:

 

Be Mindful of Your Pain Points or Frustrations

What areas of your business provide you the most pain and discomfort? When having trouble organizing all your projects, customer information, or delegating tasks, for example, project management systems such as Trello or Basecamp, will keep you and your team on track.

 

What Is Taking Up All Your Time

Are there tasks that need three hours or more of your focus at a time? Accounting and other administrative tasks are the first spots to look at in this case. These tasks are often time-consuming and require a lot of concentration and understand to get done correctly. QuickBooks helps keep track of your inventory, invoices, projects, customers, bills, and more.

 Benefits of Creating Processes and Systems

Be Aware of Your Workspace and Workplace Requirements

While there are many tools and technology that can benefit you, they may not be best suited for your workspace or environment.

 

What Are Your Weaknesses and Strengths?

Your lack of skills can be made up for with proper use of technology—freeing you from stress, frustration, or taking away your time trying to learn something you don’t want to or care to know. Just because you own or run a business doesn’t mean you have to be a mastermind or an expert at every and all skills.

 

Ask Your Customers or Employers

The best information to help is directly from the source. Your customers and employers want to use technology that makes their life easier too. Opening up this line of communication also shows your audience that you care and want to provide value.

 

As you can see, tools and technology can increase your productivity and provide many benefits. Find your weaknesses, pain points, and frustrations, and let technology do the work for you.

 

 

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What’s Your Job as The Owner of Your Business?

As a small business owner, you probably think that you have a lot of jobs to do. Some people like to describe the job of a business owner as one that wears many hats. As the saying goes, sometimes you have on your salesperson hat, sometimes you have on your finance hat.

 

It depends on what is happening what your job is at any moment. However, your main job description as a business owner is to plan and organize the daily operations of your business.

 

On any given day, you may be responsible for:

 

  • Developing your business plans
  • Arranging financing
  • Hiring staff or contractors
  • Reviewing sales
  • Developing marketing strategies
  • Overseeing daily activities
  • Identifying opportunities

 

All of these jobs represent your main function as a business owner, which is managing your risk.  In each of these jobs, you really don’t physically do anything other than analyzing what someone else did for you, whether it’s automation or human.

 

Therefore, when you realized that you don’t need to physically do the tasks that you design, your job as a business owner becomes a lot simpler and can be boiled down to risk management.

 

When you realize that your job as a business owner is really one of risk management, it becomes a lot clearer what your main function is as a business owner. Realistically, you may have to wear a lot of hats at first, doing the tasks defined for each, — but it’s your choice to do the projects yourself or not as a business owner.

 

In fact, one can argue that it’s best for a business owner not to physically do the tasks that don’t require them since you only have so many hours in the day. It’s always, or should always, be less expensive to outsource or automate where you can. But you do have to start someplace, and most small business owners start out doing all the tasks themselves.

 

In any case, it can help to understand that finding and setting up automation in your business is one of the roles you play as a business owner. By doing so, you’re going to reduce risks associated with your business because you’re going to ensure those tasks get done in a timely fashion by someone (or something) who knows what they’re doing.

 

The more you can automate, the fewer things you have to outsource, and the bigger and better you can build your business because you’re going to free up your time to do more of what an owner does instead of the tasks involved in each area. After all, one of the reasons you started your own business is so that you can have more work-life balance, right?

 

One can argue whether the idea of balance even exists, but it’s clear that if you’re doing the job of 10 people, it’s hard to find that time freedom, much less anything resembling balance. In fact, you’re very likely to get burned out if you’re a small business owner who thinks that you have to physically do everything in your business. Instead, realize that part of risk management is to find ways to free up your time so that you can devote yourself to discovering new opportunities for your business.

 

 

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The Fundamental Parts of Your Small Business

 

The first thing to think about when you seek to make your days more manageable and more effective is the parts of your small business. What parts of your business are essential to your success? For each business, you’ll need to look at your own situation to determine it, but this can get you started.

 

  • Human Resources – If you hire or contract out to others, you’ll need to concern yourself with setting up, organizing, and managing all your HR. Having some knowledge of this even if you think you’re going to do everything yourself is essential because you should not do it all yourself, and there are laws to consider.

 

  • Accounting and Finance – Every business must figure out how they plan to keep track of income and expenses and set up benchmarks for planning purposes. There is a lot you can automate in this area too.

 

  • Marketing and Advertising – No business can exist if they don’t get the word out about their solutions.

 

  • Production – If you have a product, whether physical or digital, the product has to be produced somehow. Much of production can be automated depending on the type of products you have.

 

  • Information Technology – Most small businesses today do have to deal with technology in some way, which means you need to have a general understanding of the technology available in your industry to help you manage and do your business.

 

  • Operations – The inner workings of your business are ripe for automation. It doesn’t matter if you sell products, manufacture products, or perform services, someone has to be in control of this work, and that’s typically the small business owner because they don’t typically hire managers, but you can.

 

  • Customer Service – Even if you only serve five customers a year, you need to focus on customer care in order to keep your customers happy. A lot of this process can be automated too.

 

  • Purchasing – This is a department that will often fall to the owner of a small business but exists as a separate department in a large business. In this department, you’ll want to figure out what the business needs, how much, when, and negotiate better prices, and so forth.

 

  • Legal Department – This is one of the first areas to go for a small self-owned business, but it is still important to acknowledge this area. You always want to make sure what you do is legal and follows the laws.

 

  • Business Development and Growth – This includes sales, marketing, project management, product management, and more. If you focus on business development, you’ll focus on how you can use what you have to expand your audience and make more money.

 

While in general, all businesses share the same fundamental parts, some businesses, especially home solopreneurs, may place importance on different parts depending on their goals. But these potential fundamental parts of your small business bare considering so that you can create a solid automation plan.