10 Extremely Important Tips for a Successful Business Launch

What’s Your Passion? If you are thinking about starting a business, it should be something you enjoy. Since a lot of time and energy goes into running a business, it is smart to look at your hobby or professional experience as a potential business idea. For example, if you are good at sewing, consider a tailoring shop; or an accountant could look at bookkeeping or tax service. Now, imagine what your life would be like if you spent the majority of your day actually doing what you love. Do you have what it takes to be an entrepreneur? To improve your chances, here are 10 Extremely Important Tips for a Successful Business Launch.

Tip 1: The Name Game

Now that you’ve narrowed it down to ONE ‘business idea,’ you’ve got to figure out a name. A major challenge in starting a business is the process of searching and choosing the right business name. Choosing the right business name can mean success while a poorly thought out name could doom your business from the start. Three smart business name tips:

  1. A smart business name must be unforgettable. It is imperative that potential clients be able to remember your business name. I’m sure most people have heard of Nike, Walmart, Target, Home Depot and McDonalds. Like these household names, your name should be easy to pronounce and memorable.
  2. A smart business name must describe what your business does. When you create your business name, potential clients should be able to understand what products or services your company offers. For example in ‘ Browder Consulting Group,’ the word “Consulting’ is a clue that I provide specialized advice; or as in Lynn’s Styles & Cuts,’ the words ‘Styles & Cuts is a clue that this is a beauty salon.
  3. A smart business name should be as short and sweet as possible. As you advertise your business, it is important that your name display well on your marketing material, such as business cards, ad campaigns, domain name and email. As potential clients search for you on the internet, you want it to be an easy spelled and searchable name.

Tip 2: On a Mission

A mission statement is an important tool that tells others who you are, what you do, how you do it and why you are superior than your competition.

  • It identifies and clarifies the business’ vision, purpose and direction.
  • It provides the path and focus needed for making and implementing decisions.
  • It helps define to your future employees what they are doing, why they are doing it and where they are going.

Tip 3: Make it Legal

Be diligent in choosing the best Legal Form for your business. This is one of the first important decisions that you will have to make. This decision can have long-term implications, so here are a few things to consider when deciding which business structure is best for your business:

  • Scope of business you plan to attain
  • Size of your business
  • Business’s vulnerability to lawsuits
  • Tax implications based on the different ownership structures
  • Level of control do you wish to have
  • Expected profit/loss of the business

Tip 4: Surround yourself with a Progressive Team

Who do you need to know or collaborate with as a part of your external team? Having the right people on your team will allow you to focus on your business and help you to avoid costly mistakes. For example, you might need the following:

  • Certified Public Accountant: best form of ownership, establish bookkeeping, record keeping procedures and tax planning, etc.
  • Business Attorney: reviewing lease contracts, determining the right business structure, etc.
  • Computer Information Technician: set up systems, repair issues, etc.
  • Human Resource Management Consultant: assess your current HR processes for compliance, navigate through delicate labor issues, set up hiring processes, compensation and benefits and create employee manuals, job description and Standard Operation Procedural manuals.

Tip 5: Research Licenses & Permits Needed for Your Industry

As you can see, there are many steps involved in starting a business. With the daunting task of figuring it all out, it’s easy to overlook the important legal requirements associated with permits, licenses and registrations. Here’s a list that your business might need:

  • State Requirements: Business licensing requirements may vary from state to state.
  • Business Licenses: Depending on your state, county and city, a business license may be required for tax purposes and to conduct other basic business functions.
  • Occupations and Professions: Depending on your profession, state licenses may be required for occupations such as, appraisers, accountants, barbers, building contractors, cosmetologists, funeral directors, physicians, private investigators, private security guards and real estate agents.
  • Tax Registration: Some states carry a state income tax. If you establish your business in a state that does, you’ll have to register and obtain an employer identification number. If your business engages in retail sales, you will need to obtain a sales tax license.
  • Trade Name Registration: If you plan to run your business in your local community only, registering with the state may be adequate.
  • Employer Registrations: Are you planning to hire employees? If so, you’ll probably be required to make unemployment insurance contributions.

Tip 6: Know Your Clients

A common mistake that I encounter with new business owners is that they don’t know who their customer is… possessing a poorly defined target market. Most want to sell their products or services to ‘everybody’ instead of narrowing their targeted customer base to a manageable size. You must do your homework… i.e., market research. I’ve created a business resource guide to assist you, Resource Guide for Women.

Tip 7: Got Marketing?

In business, marketing plays a key role in getting the word out to your prospective clients. You must create an image and be consistent! It’s important to mold and hone your business image to successfully appeal to your prospects and customers. By choosing a relevant company name, answering your phone professionally, creating a professional and clear elevator pitch, investing in professional business cards, logos and brochures, etc… all are key in marketing your business.

Tip 8: Don’t forget Uncle Sam

Understanding tax obligations is one of the most important issues facing small businesses. The local, county, state and federal agencies does not care that you didn’t know or you forgot to pay your taxes. You will be subject to penalties for not paying on time. Here are some resources to assist you:

  • For a list of state agencies: business.gov/states/
  • For a SBA resource guide by state: smallbusiness3.com/magazine
  • For IRS business information: irs.gov/businesses/index.html

Tip 9: Don’t forget the ‘B’ Word… Budget!

Create a start up budget. Because businesses are different, each will have its own specific cash needs at various stages of development, so estimating your start-up costs may vary. Some businesses can be started on a shoestring budget, while others may require considerable investment in inventory or equipment. It is imperative to know that you will have enough money to launch your business venture.

A few ways to prepare:

  • Create a list of anticipated expenses for your first three years
  • Projections are fine, be realistic

Have a tracking system

QuickBooks, Quicken, Ledger, Excel spreadsheets, I don’t care which you use…. It’s important to put a system in place that works for you. Personally, I use QuickBooks. I can send files to my CPA, easy to work with. In addition, as the treasurer on the board of a non-profit organization, I also use Quick books to reconcile the organization’s bank statements and to bill our member’s annual dues.

Open a business checking account. The worst thing you can do is run your business from your personal account… it is an accountants nightmare. Open up a business account so that you can separate the two… plus it tells others that you are serious and professional.

Tip 10: Put it all together… in a plan!

Last but not least, you must write your business plan. By failing to plan, you are planning to fail. If you can’t take the time needed to plan for the success of your business, then don’t waste your time starting one. Statistics show that 8 out of 10 businesses fail within the first three years. This is staggering but true! Invest your time in researching and writing a business plan. Many prospective entrepreneurs think that a business plan is very hard and tedious. The truth is it’s a powerful tool that can help you plan and achieve business success.

So, what is this thing called a business plan? Well, a business plan is your blue print or what I tell many of my clients, it’s your bible! A business plan defines your business, identifies your goals, and serves as your company’s resume. It will help you arrange strategic alliances, obtain financing and attract key personnel. By planning for success, you will be able to overcome many hurdles that may arise.

A closer look at why a business plan is important:

  • To secure funding, your lender will request your business plan with completed financials. DO NOT approach a lender without having a completed business plan. In his/her eyes, you will look unprepared and too risky. By being prepared, you will have a better chance at securing funding for operations or expansion of your business.
  • It is a great way to test the feasibility of your business idea. By the time you complete your market or competitive analysis, you will have a clear picture of the viability of your idea.

As you can see, there is a lot of work involved before starting a business. To ensure success, it is important to research thoroughly, take advantage of the resources available to you and learn as much as you can. Preparation is key to a successful start!

Sylvia Browder is Founder of National Association Women on the Rise, a virtual membership community for aspiring and established women entrepreneurs. For more about NAWR or resources and information for women entrepreneurs, visit us at http://www.nawomenrise.com.

Reasons for Making Mobile Marketing Your Priority

In the marketing arena, marketers are always on the lookout for great things that will keep them ahead of their competitors in the market. You do not have to worry anymore because the solution lies in your purse or the pocket. We are living in an era where mobile marketing is bringing forth a tremendous opportunity for marketers to a greater level. Cell phones help the marketer to reach wider audiences in real time and on a personal level, which is a different engagement you cannot find in other communication channels.

Significance of Mobile Marketing to Businesses

According to the recent most statistics, almost all customers own a mobile device. Seventy percent of the customers have a mobile phone, seventy-five percent own a laptop, and fifty-five percent own a tablet. At least seventy percent of this population uses their mobile devices for accessing the internet and not the laptop. With an increase in the population of smartphone users, the number of devices in the world exceeds the current population.

Using the mobile device is the most viable option, and marketers need to make adjustments towards this medium as many users possess these devices. The extensive use of mobile devices among customers is a growing and crucial part of the market. It helps in unlocking the potential held in the massive, captive, expanding, and engaged audience.

Nowadays, many companies are taking the full advantage of this option as it is the new thing in the market. In case your brand is not in mobile marketing, you need to make sure that you get a bandwagon as your competitor will leave you behind. Below are some reasons as to why businesses have to give priority to mobile marketing.

i. Social media offers a platform for adverts

Twitter, Facebook, and other platforms have understood the potential that resides in mobile marketing. They have recognized this potential and have evolved their adverts platforms for you to target mobile customers efficiently. All you need to do is clicking a button to start. This change will take a few minutes if you use social media marketing.

ii. Mobile Advertising Reaches New and Broad Audiences

The number people who are using mobile advertising exclusively are increasing. If your business is not using mobile advertising, then you are not going to reach your target audience and potential customers.

iii. Retailers are Getting Mobile Arrangements Wrongly

The news around nowadays shows how retailers are struggling to keep their profit margins high as a result of poor returns. Most retailers have taken their employees and shareholders by surprise in recent years because of a massive decrease in sales and net profits. Such companies view mobile marketing and e-commerce as an option when they are planning their budget. However, despite the vast opportunities the channel gives, the retailers struggle in investing in mobile marketing which makes them fall into the rat race of dwindling sales and profits.

iv. Mobile Devices are Growing Online Growth

With improving internet infrastructure and escalating smartphone penetration in the world, mobile devices have become a primary method that consumers use as a gateway to accessing the internet. Recent research shows that internet access by use of smartphones is a daily action for more than 83% of all users in the world.

v. Google Advice Retailers to Use Mobile Marketing

The main reason that will make you start mobile advertising is the Google Mobilegeddon update which penalizes websites which have not begun to put mobile marketing into consideration. Your site has to be easy to browse and responsive on mobile devices. In simple terms, your site will get a slap from Google by going down in the search engine ranks. These penalties are getting stricter with time, and your company has to take necessary measures before feeling the impact.

vi. It is Personal

It is hard to get brand close to the audiences when you are doing it behind a computer. Using mobile devices is however different. These devices are special accessories which people carry along at all times. They provide a different physical aspect as compared to other media.

This form of marketing is personalized because it allows retailers get closer to consumers. You will have a high chance of converting these people into high-paying customers. For now, mobile marketing is in the market to stay, and researchers say that it will be gaining momentum as time goes. Businesses and firms that are waiting will find it hard to get on board making them spend a lot of money.

vii. You Have the Chance Of Hitting Them Time and Again

In case your strategy is targeting desktops, you need to put in mind that there is a possibility that your audience is also using mobile devices. Therefore, it might take a few attempts to reach and resonate with customers. In case you miss the laptop chance, use the smartphone to get him/her and convert the viewer.

viii. It is Getting Costlier With Time

Facebook advertising is the best example when looking at what might happen in the event an advertising method has grown in popularity. Costs have continued rising in the recent past for no good reason. However, you might attribute it to the increase in the market competition.

The mobile marketing space is similar; you will have to engage it now or later. It is advisable to do it now because tasting costs are quite affordable than wait for the future when you will have to break the bank before gaining any return.

ix. Mobile Advertising Opens Up Possibilities and Virtual Realities

Including exciting technologies such as virtual reality will make mobile ads more useful and engaging. The vast options show that it is easy to make a profit from this channel. Therefore, you need to understand that there exists an opportunity for all businesses in all industries.

x. Mobile Marketing is Large and Has Taken Charge

Recently mobile advertising had gone back to face to face mode of shopping. When the internet became populous, the mobile has once again hit the market spending a lot by the use of mobile devices. Research says that by 2018, more than 25% of business profits will be coming from mobile devices. Therefore, mobile advertising is a modest way of ensuring you get profit as people are always ready to purchase via their smartphones.

The Top 10 Keys to Building a Successful Business

Building a business is both challenging and rewarding. It takes great ideas, resources, technical expertise and a lot of hard work to create a thriving enterprise. You can increase your chances for success by taking 10 key steps.

1. Honestly assess your strengths and weaknesses. Your first step in building a successful business is to take a look at yourself. Are you cut out to be an entrepreneur? Many of us are attracted to the glamorous aspects of business ownership, but it is very hard work. Successful entrepreneurs are resourceful, committed, objective and dependable. They also have a positive attitude, excellent communication skills and the requisite technical knowledge to succeed in their chosen field. Most significantly, successful entrepreneurs persevere during times of great difficulty.

2. Develop a comprehensive business plan. A business plan is your road map to profitability and success. One of the primary reasons for new business failure is inadequate planning. A well-conceived business plan describes the vision you have for your business, and the path you will take to achieve that vision.

3. Create an effective marketing strategy. Perhaps the single most important step you can take as an entrepreneur is to effectively market your goods and services. You can have the best products in the world, but if no one knows about them, your business will fail!

4. Develop a strong image package. Your image package is the physical manifestation of your brand and includes three elements: business name, tagline (your business motto or catchphrase) and logo. Your image package speaks to the vision you are trying to create for your business.

5. Select an appropriate business structure. A business can be operated through a variety of legal structures. A specific structure is generally chosen for liability and tax reasons. The most common types are sole proprietorships, partnerships and corporations. Each has inherent strengths and weaknesses, and you must determine which structure will work best for your business.

6. Begin with adequate working capital. The single biggest reason for new business failure is undercapitalization. Many entrepreneurs have failed with potentially successful businesses because of a lack of capital. Smart entrepreneurs make sure they have cash reserves to dip into for unique opportunities or for a rainy day.

7. Learn to network effectively. Networking is the proactive process of developing mutually beneficial professional relationships designed to increase each person’s circle of associates. Effective networking will increase your customer base, communicate your brand and demonstrate your expertise to potential customers. It can also help you identify leads and improve your reputation. Because of its simplicity and ease of application, networking is one of the most cost-effective forms of marketing for your business.

8. Provide quality goods and services that meet customer’s needs. Simply stated, if you provide a high quality product that helps customers achieve their goals, you are much more likely to develop a successful business.

9. Develop a winning team. It is very hard to build a successful business on your own. You are going to need help. Two of the most important sources for this help should come from an accountant and an attorney. You may also want to create an advisory board to assist you with the decision-making process.

10. Use technology wisely. As an aspiring entrepreneur, you need to think about how you can use technology to increase sales, decrease costs and better communicate with customers. Some examples of technology that can result in improved quality and productivity include application software (e.g., accounting, data management), videoconferencing (e.g., virtual meetings, webinars and teleseminars) and internet marketing (e.g., e-mail marketing, social media marketing).

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