Although you were hesitant at first, you finally decided to start up your own business. You think this decision is best for you because you’re stuck in a dead-end job and you don’t get to spend too much time with your family. You were happy that you finally came up with this decision but on the other side of the coin, you’re also scared. You’re thinking of how you could possibly become successful with your business when you’re still a neophyte in the industry.
Feeling nervous of what is in store for you the moment you step in in the business world is typical. Just because you have the business and the desire doesn’t mean that everything will fall into place and you will become a success overnight. There are a lot of things that you should do first; and you can start by these implementing these tips to ensure business success when starting up:
- Pinpoint the right market: Although it can be tempting to cater to every single human’s needs and wants, you can’t. You’re still new in the industry and doing this at once can never be feasible.
- Determine which audience are you interested in. This should be your first step before you implement anything in your business. You should be able to segment your audience for you to streamline your products and processes.
- Once you know which audience you are targeting, it’ll be easier for you to come up with a product or service which is tailored-fit to their needs. It’ll also be easier for you to come up with marketing efforts which are appealing to this audience.
- For example, if you would want to reach out to young professionals, you can come up with an app which could allow them to book their travels (flight and accommodation), remind them of important meetings and keep track of how their friends are doing. You can market this app on various social networking platforms because this is where you can easily communicate with young professionals.
- The key here is to find the right people (aka your potential customers), give them the right products and services, and entice them the right way.
- Put the right people on your side: You’re the business owner, but that doesn’t mean that you have to work on your own. That could mean severe stress which would eventually compromise your business.
- Since your business is still young, it’s normal for you to treat this as your baby. You would want to know everything and be in-charge of everything. But as a business owner, you should slowly let go of too much responsibility and have people do tasks on your behalf.
- You should hire the right people and invest in their skills. Yes, this might be risky, but this is one way of ensuring your business success. You too have limitations, and you can also do so much for the business.
- Micromanaging has its pros and cons, but if you’re looking into your business’ future, you should put the right people in the right job as early as possible. This will give them ample time to be adapt to your business and have actual experience. So when your business grows exponentially in time, coping with change will be a piece of cake for them.
- Iron out the processes: You just started a business, and you basically have a workforce of seven people. While everything is still manageable as you can easily talk to your staff, you should iron out the processes now. Don’t wait for problems to arise before acting on it.
- No matter which industry your business is operating, you’re required to meet the standards set by your state laws when it comes to occupational health and safety and labor practice. Doing all of these can be tedious, but if you would want your business to run smoothly, you should fully comply with all of them.
- Contracts and company manuals are essential to any business. All of these will serve as documents to guide your staff on what should and shouldn’t be done to attain the business’ goals.
- When your business grows in the future, you won’t have the time to orient new employees on what are your business’ processes and what are you expecting from them. This is where contracts and manuals should come in.
Once you decide to start a business, you should also be prepared to exhaust your time and effort to ensure that your business will eventually become successful. You didn’t start the business just for the sake of starting one, right? You started a business for it to grow and earn over time. The tips presented in this article can jumpstart your business success. You just have to be patient and determined to implement all of them, and for sure, you’re a step closer to ensuring business success.
For your business to become a success, you should strive to ensure it strays away from bankruptcy. And when you’re aiming towards that goal, this website can help you in more ways than one.
India still doesn’t give SEO the importance it deserves
We have all contributed, and been witness to the exponential rise of internet usage in India. The advent of the smart phone and affordable internet access has radically transformed the digital landscape in the country, and has spurred new behaviours in all areas of life. From being a space to look for information, to connecting with others via social media, to digital payments and making purchases for everything from a pin to a plane (well, almost), ordering food and online learning as well, Indians from all walks of life have taken to digital and how! It isn’t surprising then to see that digital marketing has also grown at an equally fast pace, and has become a regular part of most marketing plans today.
Digital Marketing in India today sees a YoY growth of 30-35% on an average.
With companies getting the desired results from digital, digital budget allocations are no more considered optional. However a point to note here is that for most companies, digital primarily revolves around maintaining a website, and paid marketing efforts. We see many companies investing heavily in building snazzy responsive websites, mobile apps and social media communities, then promoting these through paid search, display and social media. Paid efforts no doubt give quicker results, and agencies often push these to demonstrate the performance of their digital services. This also looks good in year-end reviews, no doubt! But in all of this, SEO, a crucial aspect in digital marketing, often gets sidelined or put on the backburner.
Understanding SEO, the underdog in digital marketing
SEO, an acronym for Search Engine Marketing, is a process by which you can optimize your webpages for better organic visibility on search engines, for a specific set of keywords. What this will do is that it allows your webpages to rank higher on search results for your industry / work, and this will allow your business to be seen by many prospects. A higher visibility on search will translate to a higher number of visitors to your website, a higher number of leads and eventually, more business. And all of this will continue to grow over time, so you can enjoy incrementally more unpaid traffic without having to rely on paid marketing efforts.
With all these advantages, it is only natural to wonder why SEO hasn’t gained its time under the sun as much as other tactics have.
Here is why SEO is not as popular with Indian digital marketers
Despite the host of benefits that SEO can offer, there is a small catch, and I wouldn’t even call it a catch.
- With SEO, you need to go slow and steady
SEO is a time-consuming, technical process that takes time to start showing results. This could vary from a few months to over a year, depending on your category and objectives. And in this era of instant gratification, both consumers and marketers look for quicker results from everything they do. Organizations and marketers often end up losing patience in the slow but sure process of SEO, and are sold on the promise of instantaneous results that the paid marketing approach offers.
But once you start seeing results, there is no doubting the efficacy of this strategy.
- It is not as glamorous as the other stars of digital marketing
There is an industry joke that refers to SEO as a behind-the-scenes performer that pales in comparison to the paid marketing stars on the digital stage. Most brand managers focus on the communication and the UI when it comes to their owned digital assets. It wouldn’t be an exaggeration to say that almost 90% of their attention and efforts are in creating really good digital assets, and SEO is then left to the IT teams or agencies. In the ideal process, marketers need to collaborate with their digital agency to create a robust SEO strategy with a long term view.
In conclusion, you cannot afford to ignore SEO if you are looking for long term growth.
SEO is important for the exact same reasons that a website is important. While a website serves as your online presence, it will not be very helpful if your prospective consumers don’t know who you are or how to find you. Optimizing for search can help solve this problem, and can play an important role in brand building online.
This is not to say that SEO will only benefit online businesses. There are numerous examples and case studies of erstwhile and heritage brands using SEO to drive higher offline footfalls and sales. And these again, are just one Google search away.
Web search, then becomes the most valuable marketing channel that you can use for generating quality leads at a low investment. Not ranking high on search results for your category is akin to losing out prospective business to your competitors. SEO can also offer continuous, incremental growth over a period of time, and an ROI that is way higher than paid marketing.
So if you are a business owner or marketer who is invested in the long term growth of your company, you know what to do.
How To Become a Successful Forex Trader In 2020
Forex stands for Foreign Exchange – a marketplace where you can exchange currency around the globe and achieve a sizeable profit.
Most people don’t know much if anything about the exchange, and are therefore at a disadvantage. In fact, most Forex traders operate with losses and don’t actually see the return on their investment they were hoping for.
If you are looking to get into Forex trading this year, there are some basic rules and principles to stay on top of – but the most important piece of advice anyone can give you is to always keep learning, always keep exploring, and never stop improving your knowledge and expertise on the market, because the practices that have worked yesterday may not work as well tomorrow.
Here are some tips to get you started.
Find a broker
The first thing you will need to start trading is a broker. Brokers are companies that facilitate the purchase and sale of foreign currency, and they come in all shapes and sizes, and not all of them will be trustworthy. Brokers need to have a license to trade, but you also need to look out for their reputation – as some may only look good on paper.
Determine your risk profile
Forex trading comes with its own risks and potential profits, and you need to be prepared to lose. However, you also need to be prepared to win, and in order to do that, you will need to figure out how much risk you are willing to take.
Do you want to be very aggressive, or are you looking to play things safely? The answer to this question will determine the way your strategy plays out.
Come up with a strategy
There is no right and wrong here – and the reason you are defining a strategy in the first place is to be prepared for the kinds of situations that are likely to arise. You don’t want to leave it to yourself in the heat of a trade to make the right call – and you don’t want to be doing things on a whim and without any rhyme or reason.
Your strategy should be based on the currency pair you are trading in, and the market you are looking at. A certain strategy might work well for one pair, but be completely fruitless for another, so you will have to keep working on it.
There are two rules here you should always follow:
- Only invest what you can afford without a loss impacting your current standard of living.
- Diversify your investment as much as you can, and don’t tie up more than 20% of your investment in one market (no matter how lucrative it seems).
Set a stop loss and a take profit
There are two kinds of orders you need to set, no matter the currency pair and market.
A stop loss is an order that defines the closing price of your trade – a trade will close at this level, even in your absence. In other words – this is your limit, the number you don’t want to go below, and your safety net. It will ensure you never lose more than you have limited yourself to lose.
Take profit is a frequently used order in the world of forex – it allows a trader to close at a certain position automatically when the prices have reached a certain level. This is where you make your profit.
Bear in mind that you need to adjust these orders to your risk profile – and examine how low or how high you actually want to go.
Keep up with the market
Keeping up with any and all market news is the essential key to success – and markets are driven by political and world events, or the predictions of these events. Staying on top of them, even if you make your trades based on charts and analysis, is vital.
Even if your technical strategy is working well, you should still keep an eye on market news before you place your orders, as current events can often cause fluctuations a chart cannot predict.
Keep up with the industry
You should also devote some time to reading the latest Forex trading tips and news, as you may get additional ideas to develop your strategy from these sources. You don’t need to test out moves you don’t believe in yourself – but you should know what your peers in trading are saying, and take these rival strategies into consideration when planning out your own.
There are trends in trading like there are trends in fashion – and knowing what a whole host of other traders (especially those just getting into the game) are more likely to do will give you a significant edge.
Try not to overtrade
Overtrading happens when you see opportunities to make money where there are none, which will cause you to put your investments at risk and lose.
You can overtrade either by trading too frequently or by trading with too much volume. In short, you get dazzled by the opportunities and forget that you don’t need to miss a lot in order to make a hit. There is nothing wrong with waiting a day or two for the right opportunity to arise. Your money will be just as able to provide a return on investment as it is today.
Always keep your cool
Finally, one more piece of advice: never trade when you are not completely calm.
Whether it is excitement at the prospect of a great coup, a need to blow off some steam, impatience at not having traded for a few days – don’t look at the markets unless you are calm, collected, and ready to make logical decisions. The market is not about the emotion (no matter what Hollywood might try to tell you) – it’s about logic and reason, so use them when making your decisions, and leave your ego aside.
In order to become a successful Forex trader, you will need to put in a lot of hours and get as good at the game as you possibly can. Be prepared to lose, but plan to win – and remember that the market is usually a decent reflection of the state of the world.
3 Simple Tips on Choosing the Best HRMS Solution for Your Business
As a business owner, your main objective should be providing your team members with the right tools. Embracing technology and all of the benefits it offers can make your business both more efficient and productive. Finding ways to make your human resources department more productive is only possible with the right technology. Businesses around the world spend around $4 trillion a year on new technology.
A human resources management system (HRMS) is a great investment for businesses trying to simplify human resources-related tasks. These systems allow you to control everything from payroll to employee onboarding in one easy to use dashboard. As you learn more about HRMS programs and the benefits they offer, the easier it will be to justify investing in this software. Read below for some helpful tips on choosing the best HRMS program for your business.
1. Check Out the Customer Support Being Offered
One of the first things you will notice when looking for HRMS programs is just how many different options there are. If you are not very tech-savvy, the first thing you need to consider a particular software provider is what type of customer support they offer. The last thing you want is for your HRMS program to be down for days at a time due to a slow tech support turnaround.
Taking the time to look at the reviews a particular software provider has received from past and current customers is a good idea. These reviews will give you an idea of just how responsive the provider is when one of their customers is in need of tech support. Even if you have to pay a bit more for higher-quality support, it will be worth it. The downtime that can result from problems with one of these systems pales in comparison to the cost of professional tech support.
2. Know What Your Needs Are Before Beginning Your Search
Before you start your search for the perfect HRMS program, take the time to make a list of what your needs are. One of the main things you need to consider is whether or not you need a system that can support a lot of different users or if you need something for a small team to work with. HRMS solutions come in a variety of shapes and sizes. This is why properly defining your needs ahead of time is crucial when trying to make quick work of the HRMS selection process.
You also need to figure out what element of your HR department you want to modernize. Most HRMS systems allow you to handle scheduling, payroll, onboarding, and employee performance evaluations digitally. Not only will you need to choose a program that meets your current needs, but you also should think about what you may need in the future.
3. Try a Demo Version of the HRMS Program
Perhaps the best way to figure out whether a particular HRMS program is right for your business is by trying a demo version. Most software development companies will offer demo versions of their products to interested consumers. When trying out a new HRMS program, pay attention to the user interface and security measures in place. While you may have to try a few different programs to find the right fit, it will be worth the time and energy you invest.
Embracing HR Technology is a Wise Move
Finding and implementing new HR technology is not easy. However, the benefits that this software can provide a number of benefits. With the help of IT professionals, getting the right software for your HR department will be easy.
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