Enjoy making mistakes. Don’t be angry when you don’t get something at the first try. Enjoy the process. This will help build your resilience and patience. Two qualities that are very important in building your venture. Once you fall, identify what leads to the fall, accept the fall, learn what you can do better, and try again. One great quality you can cultivate as an entrepreneur is learning from others’ mistakes. This will help you avoid the mistakes they made in their journey. It will also help you achieve success faster. This consequently means that you need to invest time in reading a lot of books.
Entrepreneurship is an unpredictable journey, and every day is different. One day you may be closing a huge deal, and the next day, you might be saving face. The volatile nature of entrepreneurship requires you to have a plan A, B, C to Z. Identify the different contingencies in your business and how you will handle them. This will help you remain calm and confident when a crisis happens. Also, engage the help of a business coach or mentor to hold your hand along the journey. A mentor will guide you and offer insights on any challenges that you are facing. Investing in an online mastermind is also a great way to receive business support from other entrepreneurs in the same industry as you.
The most popular way of offering something for free is the ‘Freemium’ business model. With Freemium, companies offer a small part of their offering for free, while while users will have to pay for an (often very useful) upgrade. Freemium is particularly well-known in mobile apps, where you get a simple version of the app for free. After paying for the app, the user unlocks a version without ads or with additional functions. But freemium is much more pervasive than just mobile games. Consider Spotify, that allows free (non-premium) users to play music as long as they keep listening to advertisements. Reasons to go Premium at Spotify The idea of Freemium then, is to get free users of your product. Over time, the goal is to convert a percentage of those users into paying users of the same product. Freemium works because because you lower the barrier for first-time users. In terms of payment, there is no such barrier. Because you remove this barrier, you gain a large potential customer base. You are direct into contact with this customer base, and you could convert these into paying users down the line. Supposing you have some basic marketing set up and you get a new influx of free users every day. In this case, your focus can shift from marketing your product to people unknown with it, to marketing your product to free users and trying to convert these. Interestingly, the benefit of freemium doesn’t only come from converting free users. Although that may be your main source of revenue, free users can also refer others. According to Harvard Business Review, a free user generally is worth 15-25% of a premium subscriber. A part of that worth comes from referring other people to the product. In this sense, even catering to free users will be beneficial for your bottom line in the long-run.
Do you truly want to save? Take a serious look at how you spend and then change it. Quit smoking those cigars, take in a roommate, park your car—and you’ll save as much as $10,000 a year. It really is just as easy as all that! Are you finding it harder and harder to blame savings shortfalls on your measly pay check? Will it surprise you to learn that how much you save has little to do with your income? Well it is very true, in fact. It has more to do with whether you want to save and are willing to adjust your finances to boost your savings. A recent study by Venti’s and Wise, “Choice, Chance and Wealth Dispersion at Retirement,” found a very wide range in how much people at the same income levels were able to save for retirement. The study pointed out that it wasn’t just the higher income folks who managed to save the most. Indeed, even people in the lowest income groups were able to save more than some of their middle-income peers—by as much as $100,000. What was their conclusion? Persons with little savings on the eve of retirement have simply chosen not to save as much and spend more over their lifetimes. The key, then, is simple enough: Spend less than you earn and SAVE MORE. It is easy to see why some people get into financial trouble. Some people don’t stop and think that earning money is only one part of the financial health equation. The other critical part is learning how to manage money and save. A big part of the problem for so many is that people just don’t know enough about their own financial reality. They don’t even know what they earn, they don’t even know what it takes to live comfortably, and they don’t even know their true, discretionary income.”
5 How to Cope with a Cash Crisis 5 Learning to Cope with a Money Emergency 7 Increase your Cash Flow without Going Further into Debt 9 Start to Build your Emergency Fund 10 Say Good-bye to Credit Cards 11 Painless Ways to Find Money in an Emergency 13 Every Day Ways to Save Money in an Emergency 17 More Creative Ways to Save Money 20 Thrifty Ways to Save Money 24 Even You can Save on a Shoestring 24 Are You Ready to Start a Good Savings Plan? 27 Smart Tips for Living on a Budget 30 Tips to Help you Save 31 7 Serious Ways to Help you Save 32 More Serious Savings Strategies 34 Make Small Cuts for Huge Savings 37 Emergency Money Strategy while Dealing wth Debt, Financial Stress & Family 38 Quick Cash Fixes 39 A Few Timely Lessons in Simple Living 41 How to Save Money on Gas 43 Simpler Solutions for Managing your Money
Now that your business’ foundation is securely in place, it’s time to get marketing. With the right marketing campaigns, you can easily attract new people to your website and convert them. This is when a sales funnel comes in handy. For instance, you can use Facebook ads to create awareness about your business, products, and/or services. Next, have great call to actions and information on your website for the evaluation stage. And finally convert with a remarketing email campaign. Sales funnels can be very different, it just depends on what marketing strategy works best for your business.
Once you have all the business basics covered and your online presence is in place, it’s time to do some paperwork. You will first need to set up a business entity by registering your business in your state as a Limited Liability Company (LLC), or Corporation (Inc.). Then you will need to get your Employer Identification Number (EIN) from the IRS. Once you have your business registered via the state and federal government, it’s time to get your banking set up. You can do this at your local bank, preferably where you have your personal accounts. It makes the process a lot easier.
Having a website is the best way to start. However, there are a ton of other ways to reach more of your target audience online. This means you will need to get social with your business. Facebook, Instagram, Twitter, YouTube, and other social media networks can give you 24/7 access to potential customers, since they have smartphones in their pockets or near them at all times. This is unprecedented. You will need to know where your target audience is hanging out online though. For instance, if your focus is B2B, LinkedIn and Twitter are obvious social media channels to market on. Facebook is always good, since they have great ad focus that is very affordable.
One of the most important elements of a business is its website. Your website is the backbone of your business online, where your customers will gather to learn about your business, evaluate your offerings, and make purchases. If you already have a domain, which should be your business name, you may need to learn more about transferring website domain registration to your new business site. If you are starting from scratch, you can easily create a strong, high performing website using WordPress and a quality hosting provider. WordPress is an obvious choice, because almost 30 percent of the Internet runs on WordPress, and building a site using WordPress plugins is pretty simple.
Budding women entrepreneurs ready to start their first business need to get a few startup basics out of the way. With the basics out of the way, you begin to lay a strong foundation. Here’s what you need to get off your plate from the get go: