CategoryBusiness Strategy

Best Blogs for Entrepreneurs

Blogging as a whole has become a very popular venue. Just as with the world wide web, business blogs have exploded with so much information that it would not be feasible to attempt to read it all. The key is to facilitate a means by which to attain the information you need, while sifting out the information you do not need. Below is a list that has been formulated for entrepreneurs.

Some of the blogs have been discontinued, or their activity levels have substantially dropped. It is for this reason that they have been moved and new blogs have been listed to take their place. Please keep this in mind as you try to access any of these blogs online.

There are primarily three main concerns of the entrepreneur. The first is trends and how to deal with their impact on business. Tips to make the business stronger, establish a business, or market the business. Productivity would be number three. Ways to make the employees and staff more productive, means by which to enhance the effectiveness of your marketing strategy, and overall productivity in sales and fabrication.

In terms of trends, there are a few good blogs out there. Anita Campbell on small business.blogspot.com/ takes an informative look at the present trends in the business world. She elucidates the entrepreneur of the trends that impact the business’ ability to enhance productivity and sales. Jeff Cornwall, of Belmont University does an in depth look at business trends and their impact on the small business. His research can be found at forum. Belmont.edu/cornwall/.

The entrepreneur can always use valuable tips from veteran business owners to improve their business. Denise O’Berry runs an informative blog that deals with tips for the entrepreneur. She keeps the discussions light and informative. (http://www.justforsmallbusiness.com). John Jantsch’s blog, duct tape marketing offers multiple tips per week. He keeps the terminology simple, and easy for even the layman to understand. A must read for those who are new to business. (http://www.ducttapemarketing.com).

Finally, in terms of valuable tips for the entrepreneur, Ben Yoskovitz delves in depth with the spirit of business ownership, and the factors that aid the entrepreneur in formulating a successful business. His site; startupspark.com also spotlights some entrepreneurs of notable mention.

Productivity is the pinacle issue for many small business owners. After all, if your marketing plan isn’t working, and your employees do not have the motivation to perform their tasks efficiently and in a timely manner, then how will the business flourish? That is what the final set of blogs deal with. WorkHappy net deals with just this. How to make the tasks you perform more productive, and how to get more out of your work. Carson McComas has developed methods to aid the entrepreneur to perform more intelligently, not to perform yourself to death.

Anthony Cerminaro is an attorney who has also dedicated his time to the functionings of business. His blog, bingbangbuzz.blogspot.com/ looks at the many issues and challenges that confront entrepreneurs everyday. He also explains the legal issue that can destroy a business. Dane Carlson takes this one step farther and relates the advice to actual real life circumstances. He offers insight into business opportunities as well. (http://www.business-opportunities.biz/)

Wil Schroter runs a blog called Gobi network.com/wil. It is on this site that aid is offered to entrepreneurs through the means of networking. He gives contacts to investors, investors, employee agencies and the such to enhance the growth of small businesses. Michael Simmons also deserves a definite read. He wrote the Student Success Manifesto. This is a thoughtful piece of work which offers solid advice for the soon to be entrepreneur. It is a new blog, but the insight and thought put into it leaves the readers vying for more.

6 Hot Online Marketing Strategies: How To Develop Online Business With Internet Marketing

The internet is a rich source of marketing ideas and strategies for any marketer wishing to develop his business online. The main advantages of the internet are that one can reach out to a broad set of people, broadcast the marketing message to a targeted audience, develop and deliver products to customers online and also do it with the minimum effort. Here are six hot strategies for online marketing.

Article Marketing For Creating A Brand

A personal brand goes a long way in attracting prospects and customers to one’s products and services. Therefore, article writing and article marketing have emerged as a popular means to create one’s online reputation. When people see various articles written by the marketer and published in multiple article directories, they immediately develop a sense of trust in the author and start considering him as an expert in the field. Then the prospects naturally seek out the author and know more about his product offerings.

Ebook Writing For Generating Traffic

When there is a lot of competition, a marketer needs to differentiate his services from others and also must use unique methods to attract prospects to his business. One of the popular means is to write an ebook and share it with others. Since the ebook moves from one person to another in a viral manner, it is the best way to promote one’s products. Alternatively, the marketer can also offer the ebook as a gift in return for opting in to the mailing list.

Sales Funnel Development For Selling High Ticket Products

When there are high ticket products to be sold, an elaborate process needs to be followed in the form of a sales funnel. This sales funnel approach prepares the prospect in stages to buy the high ticket item. In the process of setting up a sales funnel, the internet marketer can also sell affiliate products and earn significant revenue. In a sales funnel, the marketer develops trust by sharing useful information with the prospect and then encourages him to buy the products.

List Building For Trust And Relationship

Relationship building with one’s prospects and customers is of primary importance for an internet marketer. Therefore, the first step in this direction is to build a list of email ids. The next step is to supply information which is of relevance and value to the prospects. This will make the prospects want to receive emails from the marketer. As the trust level increases, the marketer can sell many products to his prospects.

Online Coaching For Sharing Expertise

Sharing one’s expertise through an online coaching class is a marvelous strategy to attract prospects for the business. For instance, if one is marketing nutritional supplements, one can start an online class which imparts knowledge of good dietary habits, qualities of food and importance of exercise. All this helps to generate more value to the products one is selling. In addition, these online classes can also become a source of revenue for the marketer.

Social NetworkingFor Making Friends

Social networking is usually a means of making new friends but it can also be used as a platform for promoting one’s online business. Although one must not directly promote one’s business on sites like Facebook and Twitter, one can use these sites to connect with prospects and customers and strengthen the bonds of relationship which is the foundation of any business.

The internet has made it extremely easy for entrepreneurs to start and develop their business online. And the above six strategies can help them to grow their business on a consistent basis.

Married Business Partners: Working with a Spouse

A large percentage of new entrepreneurs are operating a family owned business where a husband and wife team are involved daily in the business management. This might cause a unique set of problems. Often many conflicts arise that are outside the framework of managing the business. These personal conflicts between married partners overpower any business problems and should be addressed at the onset of the business. It’s inevitable, when married partners experience conflict the business will suffer. Without communication there is a total breakdown in the business and marriage.

First, the husband and wife business team should outline a complete business plan before any troubles arises. The following tips are effective in alleviating personal conflicts which might affect the business relationship between spouses.

Discuss Business Plans

Both partners should discuss the business intimately to make sure they both share a passion for the business venture. It would be to the detriment of the business to discover later that the wife initially wanted to open a health food store and the husband wanted to invest in a sports bar. But they both decided on a family restaurant because it’s what they thought the other wanted.

Obligations

Discuss which family obligations might interfere with the business operation and commitments. Decide which is more important, attending your daughters softball game or answering client questions about a new business proposal on the table.

Business Decision Making

Discuss any problems you might encounter in the decision making process concerning the business.

For example:

  • Who will make financial decisions
  • Who will make marketing decisions
  • Who is responsible for sales
  • Which partner will make major purchases
  • Who will work with the clients
  • Who will handle the office work
  • Will both partners have to agree or will one make all decisions

Business Profit Shares

Agree how the profits will be allocated. Decide beforehand who is responsible for bill payments. What are the partners salaries. How much of the business profit shares will be invested back into the business.

Duties

Clearly outline who is responsible for what duties on a daily basis. Write it down in the initial business plans. This will decrease conflicts before they start.

Respect

Always treat each other as professionals and with proper respect, recognizing the others unique contribution to the business.

And finally, married business partners should always remember that their marriage is more important than any business conflict that might arise. And they will discover that the benefits surpass any conflict issues that arise. Following this will lead to long term success in the business world and marriage.

Related Business Strategy: Diversification in Retail Firms

When the economic recession occurred in 2008, many business failed. In spite of this, however, many people saw an opportunity to start a business.

Many people decide on business ideas without careful research into whether there is sufficient demand for the product they plan to market. Dominic Salvatore, author of Managerial Economics in a Global Economy that “the quantity demanded for a commodity is a function of, or depends on the price of the commodity, the consumer’s income, the price of the related commodities,( i.e. the substitutes and complements for the commodity), and the tastes of the consumer.”

Limitation in Cash Flows

The consumer’s income in 2008 has been a major influence in the sale of products and services during his economic recession. Millions of people were laid off from jobs due to the financial difficulties of the automobile industry and other major employers. As a result, consumers were spending less money and became increasingly pessimistic about the economic recovery plan of the United States. Therefore, demand for many products and services declined.

Crisis in Supply Chain Management

As the automobile industry bailout resulted in a reduction in the production of automobiles, their suppliers went out of business because the automobile companies were their largest customer. When consumer income decreases, the businesses must find other uses for the product or increase promotional efforts. Since the products were unique to the automobile industry, the suppliers did not find an alternate market and many were forced out of business.

Action Planning

To avoid this in the future, the business owner must undertake a strategy which will work for him in times of economic decline. One strategy to employ is that of diversification in business. One can either undertake a related business strategy or an unrelated business strategy. Diversifying through related businesses helps the business owner to leverage the power of cross-business relationships which will help them to perform better under one umbrella.

For example, the CIT Bank is involved in factoring loans, leases, vendor finance programs and import and export financing, among other businesses. Its clients include those in the transportation, aerospace and rail, manufacturing, wholesaling, retailing, health care and other industries. All of theses clients could utilize more than one of the company’s products.

Recently, when CIT Bank was in danger of filing for bankruptcy, it was able to secure additional financing for its business because it could use the assets of the other businesses as collateral against the loan. The failure of this bank would have put may of its customers at risk, since they are dependent upon CIT Bank for factoring loans.

In conclusion, while there are opportune times to diversify and for some businesses, it may not be a good idea to diversify. Proper and thorough research into the market, after the core business services are established and profitable, will ensure success in diversifying a business.