Monthly Archives: August 2016

Tips for Internet Marketing Business Plan

marketingInternet marketing refers to online advertisement efforts that employ web-based tools, such as emails and dedicated websites, to market and increase the sales of their clients. Over the past decade, the number of Internet users has grown exponentially, and it has today became a very lucrative place for advertisement and marketing. Needless to say, Internet marketing is a requirement for any business or service provider these days.

There are several websites out there presently that provide this service. If you would like to venture into the field of Internet marketing and start your own online marketing business, you need to have a solid plan to begin with. This is one of the most fundamental of its aspects, and is essential for increasing the chances of success of your business. Presented below is a generic business plan for Internet marketing, which you can use to get started in this field.

How to Set Up an Internet Marketing Business

Getting Started
First and foremost, it is imperative for anyone desirous to start this business to have a good idea about several marketing strategies. It is vital to stay up-to-date with the latest case studies, take overs, and other similar activities. They may not all be Internet related, but they are, nonetheless, required to gain an understanding of the market and its components.

Using Online Tools and Techniques
Next, you need to learn how to set up referrals on Google AdSense and Google AdWords accounts (for potential clients). Before you start working on a project, you should search online (Google) for related and relevant websites and blogs. This can assist virtual participation and increase online visibility. Further, this can allow linking and back-linking as well. Do make sure, however, that the company which has retained you has provided you with the rights to participate virtually on their behalf.

Marketing Yourself
Once you have built a good enough marketing knowledge base, you need to market yourself in order to get clients. You need to use online marketing strategies which would be applicable for small businesses and would help promote your website as well. Google AdSense and Google AdWords would work very well for these.

Ethical Aspects
Business ethics are the secret to running a successful business. Make sure that you deliver to your clients what you have promised. This will make them stick with you for a long time, and will even lead to word-of-mouth publicity.

A lot of organizations these days prefer to market and advertise via the web, simply because that is where the whole world is now. Nonetheless, some businesses will not profit from the Internet as much as they would otherwise. In case of such businesses, you could assist them with online earning options, rather than marketing. This would help you further expand your customer base.

Important Business Tips
1) Start Slow: Many new Internet marketers can be seen working on 10 – 15 projects simultaneously, ultimately ending up completing none of them. Thus, it is advisable to start slow with a limited number or projects and clients, whom you can do justice to. Make sure to finish one project before moving on to the next.

2) Keep it Simple: While making your website attractive by using a lot of colorful images, animations, and effects may help it get noticed, it will also increase its loading time. It is better, therefore, to keep it simple and elegant. One idea that works is to view your website from a potential visitor’s perceptive, and make it such that it is easily navigable and allows the user to quickly find what he is looking for.

3) Strategize Wisely: Before taking projects, you need to study the different online marketing tools and techniques and come with a strategic plan of action. It is important to take note of expert advice, and also use tried and tested methods. At the same time, however, you should also try to come up with an innovative marketing strategy that will work for your purpose.

4) Generate Traffic: Most marketers feel that once they have a good website, the traffic will automatically come. However, unless you make a proactive effort towards attracting traffic, this is not going to happen. For this, you will need to use one marketing strategy at a time, until you see the traffic flow.

5) Stick to the Plan: Even though the initial phases of your marketing plan do not generate traffic, it may happen that the final stages do. Hence, once you have begun implementing a plan, you should stick to it until all its phases are completed.

Tips Raise Money for a Business

The capital is one of the first things that needs to be taken into consideration when one is setting out on a business venture, and there are many different sources to obtain this capital. It is not necessary to stick to one particular source rigidly; even a combination of various different sources can be used.

Anyone who is wondering how to raise money for a restaurant, a start-up, an advertising agency, or any other small-scale venture should keep these methods in mind. Approaching the right people for it is vitally important for the success of the business, and if this is not catered to properly, it will be doomed from the very beginning.

Personal Savings

This is the most obvious source of money for starting a business. If you have saved up enough money over the years, go ahead and make use of it to serve the underlying purpose. You will not be answerable to anyone, and you will not have to worry about repaying someone. If you choose this option, ensure that you are not using all your savings though. Many people neglect this option because if they lose it, they will have nothing left to live on.

Venture Capitalists

This is the next most obvious source for your initiative. Venture capitalists are professional agencies who put in venture capital into an upcoming business. What they get in return is either its share, or a share of the profits, or pretty high interest rates. It may sound like exploitation, but this is one of the best ways to get money. Venture capitalists are always looking for new and innovative business ideas that are likely to succeed.

Bank Loans

Another answer is to approach a bank for a small loan. With banks, you will not be required to pay a very high interest rate, but you will need sufficient documentation about the business model of your initiative. Along with that, your credit history and financial stability will also be scrutinized, in order to find if you are worthy of getting a loan. Most people would love to get it, but are simply not eligible. This is especially true for someone looking to collect the money, without owning any fixed assets.

Angel Investors

These are a refined form of venture capitalists, but many people think that they mean the same thing. Angel investors are less demanding than venture capitalists and remain with your initiative in the long run. Usually, these are someone who you would know personally, and they are simply looking for ways to get a higher return on their investment. How companies raise money depends a lot on the nature of the business and the method of entrepreneurship adopted. Angel investors also help them by providing some guidance and mentoring.

Personal Borrowings

Here is a method that should be avoided as far as possible. You can borrow money from someone you know, namely your friends, family, or other people. The problem here is that once you mix business and personal relationships, things start to get a bit sour. This is a situation that needs to be handled with great tact and diplomacy, and not everyone can manage to do that. Still, this is a method that many people consider.

Advertising

Here is another answer, but one that requires a suitable amount of investment and more than a fair share of patience. If you can handle the advertising of your upcoming company well, you can get more than enough money to sustain it in the long run. There are some websites that also allow you to advertise your business plan and then suit you up with a matching investor. This is a slightly unreliable method for sure, but it works wonders if one can find the right match.

Other Options

One can approach some small-business investment companies, business development commissions, life insurance companies, or a money broker. The reliability of these options will not be very high, and their demand may be exorbitant, but if you have run out of all other options, then this is something that you will need to resort to.

Cost Cutting Ideas for Businesses

cost-cuttingIn times of a tough and difficult economy any business owner needs to keep a track on his expenses in spite of results showing strong sales, simply because escalating costs can eat into profits within no time. Much too often business owners grow frustrated with weak sales and rising costs only to make fatal mistakes while cutting costs. Some of these follies are, firing or reducing the sales team, cutting down on the marketing budget or eliminating systems or technology that increase operational efficiency. Now, provided an entrepreneur stays away from such fatal decisions he/she can adopt some of these cost cutting ideas that will surely boost his cash flow and enhance the overall health of the business.

Assess Company Finances
One of the first cost cutting ideas in the office is to prepare a detailed record of the expenses. Prepare a per month or quarterly income and expenses report that will include all details of what are the needs of the enterprise, how much is currently being spent, how much is the budget allocated for every section, and how much can be saved. This will give a general idea as to which all areas should be considered for cost cutting.

Improve Personnel Management
Instead of laying off employees, the management can stop hiring new employees, and utilize the services of the present employees to the fullest. Effective personnel management is the key to cost cutting. Assign tasks to employees who can do their best in those particular tasks. Set targets and ask employees to meet them in the allotted time. Do not deal with consultants, since they have to be paid more as per their level of experience and expertise. If the work to be done is substantial and requires manpower, one can recruit talented and skillful freshers. These freshers in order to gain more experience, will do both quality as well as quantity jobs.

Cut Administrative Expenses
Administrative costs also have a major part in the increase of the enterprise’s operation costs. Instead of purchasing equipment and tools, a better cost control method is to take them on rent. If one wants to buy equipment, getting used but operational ones is a good idea to save on costs. In buying office equipment, opt for good equipment with discount or search for a purchasing partner. Make sure that company employees use the office equipment to its fullest and do not waste any. Ensure that employees do not use office phones for personal purposes. Use electricity only if it is absolutely required. Make sure everything that is purchased is used in the best possible manner.

Learn Waste Management
In any business, service or manufacturing, there is bound to be waste. Waste management can be one of the key contributors to cost reduction. Going paperless can help the firm to save lots of money. For any internal communication, technology can be used. If the firm is a manufacturing unit, all the recyclable production waste should be processed and reused and the rest of the waste should be disposed off properly.

Look for New Business Models
By changing the approach with which one runs the business, cost cutting can be achieved. There are many business models that suit every industry. One has to choose the appropriate business model. However, one also needs to be careful while doing so. If the right decision is not made, things can be worst. Changing the business model is a crucial decision, and the necessary steps should be taken without hastening.

Review the Available Equipment
In all organizations there are excessive equipment like, office tables, chairs, cupboards, desktops, etc., that are either damaged or are not used at all. Such equipment can either be reused or disposed off.

Reassess Vendor Contracts
There are many outsourced functions in every firm and vendors are hired for all such activities. All such contracts should be reviewed. Fresh talks can be initiated with potential vendors and after comparison of the cost incurred, the vendor can be finalized. This activity can help cost reduction in a big way.

Review Marketing Strategies and Plans
As marketing is a vital part of any business, a lot of finances is spend on it. Get the details of all marketing strategies and programs that are not giving good results. Reinvent those marketing plans and relaunch them in a new and effective manner. If possible, one can even eliminate such ineffective and cost-consuming programs. Instead of spending much on advertising and marketing, one can use the records and clients’ references to draw in more business. Eliminating unnecessary marketing will surely reduce the company costs substantially.

Rethink Office Rent/Lease
If the office from which one is operating is leased, then one can look for a cheaper location. Except for service industry like hotels, spas, etc., change in location of the office will not affect the customer base. Instead, there are chances to increase the clients due to relocation.

During financial crisis, one is bound to look for short-term benefits. However, it must be also remembered that the decisions taken at such crucial times can also have a negative effect on the future of the firm. So, one must focus on the long-term benefits before taking any such decision.

Learn How to Save More Money

It is simple logic! Cut down all the unnecessary expenses and soon, you will be saving much more money. A good idea to do this is to prepare a list of items that you need before you set out shopping and then stick to the list! If you are staying at a bigger flat, consider renting a smaller one. Likewise, cut on your telephone bill, entertainment expenses, give up any membership of a club or a gym that you have but not used for ages, keep only one credit card, etc.

Make a Monthly Budget

Inculcate the habit of making a budget every month, listing all your expenses and incomes. During budgeting, ensure that you save at least fifteen percent of all your income. This way, you will know that you have only an X amount of money to spend, as the rest has to be saved for the future.

Pay Cash

If plastic money has made shopping convenient and safe, its biggest drawback is that we do not think twice before buying something which is way beyond our means. To save more money, it is suggested that you make most of your payments through cash. This will ensure that you do not buy something for which you don’t have immediate cash available, thus saving a lot of money for you, which you would have otherwise paid as interest on credit card installments.

Cook at Home

One of the ways to save extra money is to cook and eat food at home. If you ever calculate the amount that you spend on eating out, you will be amazed that collectively it runs in thousands of dollars per month. So one of the tips for saving money and also for a healthier and hygienic diet, start cooking on your own at home!

Shop Intelligently

Another money saving tip is to shop from places where you get discounts and good deals. You can buy grocery in bulk and look out for discounts when you buy clothes. You can even get good deals in thrift stores, yard sales, stock clearance, garage sales, second-hand goods shops, end-of-season sales. Websites such as e-bay offer a cheaper and convenient alternative for buying stuff. Also, stop impulsive shopping; do not buy stuff you want but don’t need.

Earn More

If you feel that you need to save much more than what you are doing right now, supplement your current income by taking a part-time job. You can even think of making more money by starting your own home based business.

Invest Properly

Investing wisely is very important so that the money does not lie wasted in bank accounts. Cut down on your expenses and increase your avenues of income generation, and invest wisely in real estate and long-term schemes for a safer future.

Save on Electricity

By conserving energy, you are cutting your expenses and at the same time contributing to save the environment from global warming. Make sure you switch off the lights, fans, TV and all other electric appliances when not in use. Buy energy efficient electrical appliances, use devices which operate on solar energy, lower the thermostat in your house by two degrees during winter season, and raise it by two degrees during the summer season.

Use Public Transport

A good idea is to travel by public transport. If the distance to be covered is less, you can even walk down, instead of spending money on filling gas in your vehicle.