6 Ways To Attract More Clients To Your Business (That You May Have Overlooked)

Avery BlankSenior Contributor

ForbesWomen

I help people advocate for themselves and leverage opportunities.

There are many ways to secure more business.

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Trying to secure more client business can be overwhelming. You may not know what to do or where to start. You may feel like you tried “everything” and are stuck. There are many ways to market yourself for more business, and some methods can be overlooked. Consider utilizing these six tips to obtain more clients.

1. Optimize your website.
To maximize your business, you need to have an online presence. Can people find you on the Internet? Can potential clients contact you readily? Do prospects have a sense of the quality of your work?
Make sure that your website is SEO-friendly, which refers to search engine optimization. When your website is optimized for search engines, people can more easily find you online. Think about the names or words you want people to associate with you and your business. Let’s say you are a freelance high school chemistry tutor. Make sure your website appears when someone might search online with words like ‘”chemistry,” “tutor,” “science,” “teaching,” “learning support,” “high school” or “college prep.”

Make sure people can easily contact you. You might have a webpage titled “Contact” and include your email address and phone number or an option to submit a message. It does not help you if people are interested in hiring you but are unable to make contact.
Also, include testimonials. Include on your website brief content from past clients who can speak to the quality of your work. Recommendations go a long way.
2. Reach out to past clients.

Repeat business is easier to come by than new business. While the probability of selling to an existing customer is 60-70 percent, the probability of selling to a new prospect is 5-20 percent. Also, repeat business brings in more cash. Past customers spend 33 percent more than new customers. It pays to focus on past clients.

Past clients can also help you to get new clients. Let your past clients know that you are available for additional work so that they can refer you as opportunities arise. Do not assume people will think of you, even if your work is stellar. The key to obtaining more business is consistently staying top of mind. It is your responsibility to remind people of your abilities and availability.
3. Give a workshop for the local chamber of commerce or community working space.
Provide some in-person content to wet people’s appetites. Give people a preview of who you are and what you have to offer. If you are a financial planner, you might talk about the markets and the economy. If you are a medical professional, discuss the new trends and techniques in your specialty. If you are a website developer, talk about the importance of SEO and the elements that go into having an online website. Give people enough content for them to think of you and want to hire you for your skills.
4. Publish on LinkedIn.
Start writing. Share your knowledge with people. You don’t have to publish on a major platform. You have the means to start publishing now. Use LinkedIn’s publishing platform.
Promote your knowledge through writing. This is particularly important for women who tend to promote themselves less than men, including on LinkedIn.

Gallery: Tips For Making Money Via Fiverr

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5. Hold yourself out as an expert to reporters.
When reporters are writing, they will consider sources or experts to include in their story. Subscribe to HARO (Help A Reporter Out), an e-mail that looks for sources for journalists. Studies show that more men than women are used as sources in articles. Put yourself out there to let journalists know that you exist and the knowledge you hold. People who read the articles will now know who you are to be able to consider you for services.
6. Be active in professional associations.
Get to know other professionals in your area. They may have tips on other ways to secure business. They also may provide referrals if they are unavailable or the work is not in their wheelhouse. Colleagues are not competition. Your peers can help you.

There are many ways to try and secure more business, and sometimes you need reminders of ways that can be overlooked. Optimize your online presence, utilize your business relationships, be a source for articles and engage with professional associations.

What other ways do you secure more business clients? Share with me your stories and thoughts via Twitter or LinkedIn.

Follow me on Twitter or LinkedIn. Check out my website. 

Best Places To Keep Your Emergency Fund

Kevin Payne

 Contributor

i

Advisor

Updated: Jan 21, 2020, 6:56pm

Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editor's opinions or evaluations.

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Chances are you’ve faced events or obstacles in life that could be categorized as being an emergency. These are events that catch you off guard and usually have financial ramifications. An emergency can be as simple as having a furnace break down or it can be a health issue that turns your world upside down.
While we can’t predict the next emergency, we can prepare for it. Creating an emergency fund is the ideal way to deal with the potential financial consequences of emergencies. What’s the best place to keep your emergency fund, though? While you can just open a new account at your local or online bank, there are other options to consider.
In this article, we’ll look at five of the best options for your emergency fund.

What is an emergency fund?

An emergency fund is money that you set apart from other savings. It’s there to help you deal with the unexpected events of life. Emergencies can take the form of an unpredictable expense, such as your car breaking down. They also can take the form of an unexpected loss of income, such as having to change jobs or not receiving a bonus you were expecting.
The word emergency evokes different images depending on who you are. An emergency fund should only be used for true emergencies, though. It’s not a backup cash account or vacation fund. If you get into a car accident, that can create an emergency need for funds. Or emergencies could be unexpected hospital visits, home repairs, losing your job or a death in the family. The bottom line? Emergencies aren’t selective. They happen to everyone.

Where are the best places to keep an emergency fund?

When the time comes to start building your emergency fund, where is the best place to keep it?  It’s best to keep your emergency fund separate from your other bank accounts. You want your emergency fund to be accessible in case you need access it quickly. And yet you also want it not to be too convenient to reach, so that you’re not tempted to dip into these funds when it’s not necessary.
Here are some of the best options for where to build your emergency fund.

High-Yield Savings Account

Opening a high-yield savings account to start an emergency fund makes a lot of sense. Almost all high-yield accounts are found at online banks. However, you can’t go to a brick-and-mortar bank location to withdraw funds. You’ll need the use of another bank account for transferring money in and out of your high-yield savings account. This could create a delay in receiving funds when an emergency arises.
With that said, a high-yield savings account is still reasonably accessible and allows you to receive a higher interest rate than a traditional savings account. Many high-yield accounts earn between 1% and 2%, depending on the size of your account and other factors.
A number of online banks offer high-yield savings accounts, including:

• CIT Bank
• Capital One
• Discover
• Marcus by Goldman Sachs
• UFB Direct
• HSBC Direct
• Barclays
• Citizens Bank
• Axos Bank
• Ally Bank

It’s important to look at rates when you open an online savings account, and also to pay attention to any fees, other perks offered and rules concerning withdrawals.

Money Market Account

Money market accounts are similar to high-yield savings accounts. While both earn a higher APY than traditional bank accounts, they are different in other ways. Money market accounts sometimes come with a debit card and check-writing capabilities, making them more convenient, especially in a pinch.
Another difference, which could affect your decision on where to keep your money, is that money market accounts generally require a larger minimum deposit to open an account. They also may require that you maintain a higher balance to earn the higher rate. Many banks have tiered interest rates based on account balances. Depending on how much you plan to save in your emergency fund, a money market account could be the perfect solution for you.
You can open a money market account at most local banks, as well as at online banks. You may find higher rates online. Online-only banks can offer better rates because they don’t have all the overhead costs that traditional banks face. Whichever you choose, be sure you understand how to access your funds in a hurry, if necessary.
As with savings accounts, federal law limits the number of withdrawals or transfers you can make from a money market account to six per month. You’re likely to face a fee if you exceed this limit. However, if your money market account is being used for your emergency fund, this shouldn’t be an issue.

Certificates of Deposit

Certificates of Deposit (CDs) are another possibility for your emergency fund. They are different from other options on this list because they require you to keep your money in the account for a specific period of time in exchange for receiving a guaranteed rate of return. This could be as short as a month or as long as five years. When the term ends, you can access your initial funds and any interest you earned. CDs typically earn a higher interest rate than other bank accounts.
Earning a higher APY is great, but there is some risk with having your emergency fund tied up in a CD. What if you face an emergency before your CD has fully matured? You can still withdraw money from a CD during this time, but in most cases you’ll have to pay an early withdrawal penalty. Some banks charge a flat fee, while others may charge a percentage of the interest earned on your CD.
Having to pay a fee isn’t ideal and can defeat the purpose of choosing an account that earns higher interest. In a way, it’s like gambling as to whether or not you’ll face any emergencies during that time period. There are a few no-penalty CDs, but you’ll need to read the fine print to be sure that the no-penalty feature isn’t tied to a specific circumstance like losing your job.
One way around this is to create what’s called a CD ladder. This involves rolling over several CDs of varying term lengths. Doing this allows you to earn at a higher rate while leaving some of your emergency fund accessible. You could have one CD with a 3-month term, another with 12 months, another with 18 months, and so on.
Individuals can open a CD account at almost any bank. There also are online banks that offer CDs with more favorable rates or better term options. Some CDs have minimum deposit requirements, while others don’t.

Traditional Bank Account

If the idea of keeping your money in an online account or tied up for an extended time doesn’t sound ideal, you can always keep your emergency fund in a traditional checking or savings account with a brick-and-mortar bank. You won’t earn as much interest, but you have the peace of mind that comes from knowing you can access your funds almost immediately at any time.
One risk with this strategy is that keeping your emergency fund in a traditional bank account could lead to your withdrawing money when it’s not truly an emergency. To combat this, you could open an account at a different bank from your other checking and savings accounts. This can at least add a degree of difficulty that may help keep you from pulling funds out when you’re not facing a real emergency.

Roth Individual Retirement Account

There is a case to be made for putting money into an investment account instead of keeping a more conventional emergency fund. Even bank accounts that earn high-yield interest won’t keep up with rising inflation. Investing your money in a Roth IRA would probably earn more money in the long run.
There is a risk to keeping your emergency fund in a Roth IRA because it could lose value. Choosing more conservative investment options can help lessen the risk of loss.
You can withdraw your contributions from your Roth IRA at any time with no penalty. There may be tax implications and early withdrawal penalties for withdrawing earnings.

Why is having an emergency fund important?

Emergencies happen. It’s a fact of life. You don’t create an emergency fund in case there is ever an emergency. You do it because you want to be prepared when it happens. Having an emergency fund has several benefits, including two essential functions:

1. It provides you with financial help when something breaks, there’s an accident or health issue, a loss of income or another emergency.
2. It provides you with peace of mind.

Having an emergency fund keeps you from being caught off guard or unprepared for life’s twists and turns. In a time of crisis, you can focus your attention on the issue at hand without financial worries. Without an emergency fund, you’re left trying to figure out how to pay for something you didn’t save for, which can lead to making bad financial decisions, such as taking on debt to spend money you don’t have.

How much should you save in your emergency fund?

There is no simple one-size-fits-all correct answer to this question. Most experts say to save between three and six months of expenses. Depending on your income, though, that could be a lot of money to save. Also, depending on how well you budget your finances, saving up six months’ expenses could take a considerable amount of time.
A better option may be to create a starter emergency fund and then work toward a more long-term plan. A good starter fund could be $1,000, which would cover many emergencies you could face. Then, work toward adding money to your emergency fund as part of your overall financial plan, along with investing, retirement and other financial goals.
If you have existing debt, it’s better to work toward paying it off than to build up a big emergency fund. Whether it’s from credit cards, student loans or something else, having debt is your emergency. Saving for a future financial issue doesn’t make as much sense when there’s a current problem that needs to be addressed.
The ideal emergency fund is one that gives you peace of mind, knowing you are prepared for most of the storms you may face in life. This could be a month’s income or six to eight months’ living expenses. It’s really about what makes you most comfortable. What’s the ideal emergency fund size for you?

10 Ways to Get Customers to Buy Now without hesitation

 Adnetwork

You’ve sent out the best direct mail piece you’ve ever seen. Your catalogue belongs in the Smithsonian. Your brochure is slyly being copied by those in your industry, and you created an online campaign that would make the Internet gods cry tears of joy.

So why aren’t the sales orders pouring in?

There are a few reasons this could be happening. If you hired a top-notch marketing agency and not even your competition can fault your product, it’s time to take a hard look at the pitch you’re sending out. And most importantly, the call-to-action.

With any marketing campaign, it’s crucial that you get potential customers to act without hesitation. Here are ten techniques you can use to create a call-to-action that will have new orders pouring in and your profit margins soaring.

Give a Deadline for Ordering
We’ve all received some promotional material that has a deadline for ordering. The offer could end on that date. Or, you could use the deadline in conjunction with an upgrade or free gift. For example, “order by the 15th of the month, and you will receive a free XYZ product.”
Try to make the cut off date in the same month as your materials will be received. That way, your potential customers know they only have a limited amount of time to respond, and they won’t spend their money elsewhere—especially products offered by your competition.

Warn Customers of a Price Increase
Everyone—no matter how wealthy they are—likes a good deal. If your price will be increasing on a specific date, let your customers know. They’ll want to buy before the price goes up. A great example of this is online behemoth Amazon, who announced the launch of a Prime increase months before it happened and experienced a huge spike in Prime membership.

Establish a Trial/Introductory Period
Trial periods are a great way to get new customers. Offer a special deal, extra service, or a lower price during your trial/introductory period. And, when the time comes to cancel the special promotion, make sure it’s not a long, difficult process. You don’t want to make people hate you.

Offer a Free Gift
Nothing attracts new customers like free gifts. Again, even wealthy people like freebies. As an added incentive for ordering, try offering your free gift to the first 100 people that respond.

Try a No-Risk or Risk-Free Trial
People like to shop, knowing there isn’t any risk involved. Let new customers know if they aren’t satisfied with your product or service, they can cancel for any reason before the trial period expires.

Let People Know It’s Only Available Online
Is your product exclusive to mail order? If your product is not available in stores, be sure to tell your customers that they can only purchase it at your web outlet.

Offer a Free Upgrade
One simple line can boost sales dramatically. “Order within ten days, and we’ll upgrade you to the deluxe model.” People love getting something extra in the form of a higher quality product, and your profits won’t be affected because you’ll sell a lot more inventory, quickly.

Give Out Free Supplies and Accessories
You’ve seen this technique used with computer sales. Buy a computer and receive a free printer. Or, buy a printer and receive free ink. It works with a whole range of products. But be sure to include a date on your offer. It politely urges people to take advantage of your offer before time runs out.

Refer a Friend
It is a tried and true approach that works well if you are in the service industry. It’s easy enough for a consumer to refer a friend to a health club, and in the process, they receive a free massage or a discount on gym gear.

Use Powerful Action Phrases
No matter how you approach your call-to-action, be sure to include action phrases such as any of the following:

• Call Now.
• Toll-Free.
• 24 Hours a Day.
• Mail this coupon today in the postage-paid envelope.
• Email us now with questions.
• Instant message us now.
• Ten items left in stock.

Conclusion: Advertising your business to the right people is a must for you to gain more customers and the right place for you to place your adverts in other to reach the right people is on Adzword. Click here to show your business in front of 100,000 people start with #500 learn more

Should Know About Passion (And How To Find Yours)

10 Things You Should Know About Passion (And How To Find Yours)

‘Passion’ is a word so excessively used and almost always blindingly paired with work, that if you actually ask around you may find that not everyone really gets what Passion is. At the root of it all, it points to that strong emotion you have inside of you, for someone, or some thing. And anyone who has ever succeeded in making a name for themselves would probably state their passion for the work / craft / industry as a reason for their success, but do you know yours?

I asked around, compiled some questions, got some answers, had a few headaches trying to decipher why everyone is telling me different things about what passion is to them. For example, some equate a passion (for something) to a hobby or a dream, but just because you love to sing (in the shower), that doesn’t necessarily mean that your passion is the act of singing.

Here are 10 things you should know about passion, which can perhaps help you find what your real passion is.

Recommended Reading: 8 Tell-Tale Signs You’re A Geek

1. It’s not A Hobby or A Dream

There should be a purposeful word choice in what you use in a sentence. With this logic in mind, ‘Passion’ is as far from a ‘hobby’ as a ‘hobby’ is to a ‘dream’. One special ingredient separates passion from the two. In the 2004 movie, National Treasure, treasure hunter Benjamin Gates asks his sidekick, Riley, this simple question: "We don’t need someone crazy. But one step short of crazy, what do you get?"

His sidekick says "Obsessed" but he corrects him with "Passionate."

When you do what you love to do at a moderate level, you can call it a hobby. It could be cooking, gardening, singing in the shower, disassembling gadgets, playing with action figures; the mix. But when you go all out with it, to the point that someone deems you a step short from crazy, that’s passion for you.

2. Being Happy With Your Passion

And you do it for a few reasons, one of which is because of how it makes you feel. Passion is engrained in your body and soul. For me, when you are really happy doing something, there’s a hint of what you are passionate about right there.

From that, add a level of obsession to it, a lot of man-hours, a devotion second only to a dog’s love for its master, and that’s just about as close as you can get to pinpointing what your passion is.

(Image Source: My Modern Met)

One of the reasons defining passion is so different from one man to another, is because sometimes it is hard to pin down what your real passion is.

3. You might not see it

It’s not true that passion has to be something that you can feel (as in touch, in physical form). Sometimes it is an effect of what you do. Believe it or not, some people really like to help other people, and that is really important in some professions e.g. a nurse in a child’s hospital, a social welfare worker, a flight attendent, a special needs teacher etc.

That effect not only pushes them to get out of bed and face all kinds of things that would cause you and me to break down on a daily basis (see #4) but they also do it because their passion is to make a difference in someone’s life.

4. Rough It Out

To be passionate about something is to weather the storm no matter how hard it is. If practising for hours on the guitar makes the skin of your fingers break, or dancing the ballet to the tune of the nutcracker gives you ugly toes, passion says ‘so be it’.

(Image Source: philosophyforchange)

You cease to care because at the end of the day you just want to be known as the person who can play Stairway to Heaven in your sleep or still dance even without all your limbs attached (go ahead, click it. It’s beautiful).

5. Childhood Crush

A probable source for what we are passionate about may come from what we were exposed to during our childhood. Many simple things such as sketching, music, collecting action figures or airplane models that we did when we were young evolve to become what we are passionate about when we are adults.

Have you seen what they can do with LEGO bricks? With just pen and paper? With wooden blocks? With trash and light? They may have the talent to do those things but passion is what brings those things from thought to reality, even when they are well into adulthood. For them, growing up doesn’t mean the same thing as letting go of what you love doing.

6. Being passionate is Being invested

Invested here refers to how much of you, you put inside your passion. The time, the effort, the costs, the blood and sweat – it’s not always positive energy or good news all the way (see #4). Passionate people may be angry almost all the time – passion is a combination of love and hatred – because along with the obsession, comes a need for perfection.

(Image Source: stephenwiltshire)

"Good enough" is never good enough because the passion does not allow it. And it has to do with #7.

7. You Don’t Mind Going Full Nerd

No one can describe passion better than geeks and nerds. It probably began as a hobby, then it became a favorite pastime, then a partime unpaid job (because of the hours you spend on it), then you start collecting and learning the jargon, and joining communities of fellow fans.

This is where you shut out almost everything else and fully devote yourself into pursuing and elevating what you love so that it is out in the limelight, looked at by the rest of the world. And the irony of it is, the world probably don’t and won’t ‘get it’. But you do and you don’t care.

8. You can’t stop it

Say you don’t want to go full nerd on it; well, here’s the bad news, you can’t stop it or refrain from doing it. It’s always there in your heart and up there at the back of your mind. You can’t switch it off or tone it down. And you won’t stop until you have let it all out or satisfy your craving – be it to draw your next masterpiece, or to write your breakthrough novel, or to redefine an industry. Follow it far enough in your career and your life and something big may come of it.

9. Raw Passion, Ambitions & Limits

At least the one thing that everyone could agree on about passion is that it is closely associated with drive, enthusiasm, limitless energy, motivation, the push, etc. Passion can be transformed into raw enthusiasm which is then processed into an internal drive that keeps you going.

Passionate people are almost always ambitious. They want to have a say in the field that they love. They read about it, study it, embrace it and never really escape from it. It is a gift and a curse. And I don’t think everyone has it.

10. Embracing Passion

"It is obvious that we can no more explain a passion to a person who has never experienced it than we can explain light to the blind." – T.S. Elliot

I think about passion the same way that I think about talent. Not everyone is gifted with it. Even if they are, not everyone has the bravery or the opportunity to embrace their passion. In order to survive, most of us prefer to be practical rather than passionate.

"Get a steady job, buy a car, pay your bills, sign checks, manage accounts." Don’t get me wrong, it is necessary to have a steady income to pursue your dreams but I don’t believe it when people say, "I am passionate about my work". Are you working for the money or for what you love? It’s a fine line between the two, but to be technical about it, it’s still a line.

Conclusion

When it comes to passion – a strong emotion of desire – there is a need to be brave enough to both acknowledge and embrace it. Some let their passion take over the wheel and do things that challenge the status quo, push boundaries, wreck tradition and ultimately reshape the world as we knew it. To strive for your passion is to be different from the rest. Take it from astronaut Chris Hadfield who has some pretty good advice to share with youngsters who want to one day go to space like how he did.

Do you have the same level of bravery to embrace your passion?

How I Write About Anything — And I Get Paid For It

My 7 step guide on becoming a prolific writer in subjects you’re totally clueless

Kostas Farmakis

Sep 26, 2019 · 4 min read

Photo by Alena Shekhovtcova from Pexels

One of my best-received articles ever was about cigars, written for a highly specialized magazine. I knew nothing about cigars, I’d never smoked one, and I was utterly clueless about them right until the day I took on the assignment.

Five days later, I delivered a story so well-crafted, informative, and inspiring, that they accepted the article and hired me on the spot. I never told them that five days ago, I could not tell the one end of the cigar from the other. They congratulated me, and I got paid.

Over the years, I’ve written hundreds of articles for printed magazines and online publications about:

• Technology and gadgets
• Economy and commerce
• Startups and business
• Self-help
• US politics and international relations
• Health and fitness
• Environment
• Sex advice
• History
• I’ve also worked for a TV documentary series.

I’m not an expert by profession in any of these fields. I hold no college degree. All I have is my curiosity, and the ability to turn large pieces of information into easily consumed chunks of every-day wisdom.

Let’s see how it works.

Step 1: Find a subject that appeals to you

It’s much easier to write about something that inspires you. Only your interests can boost your curiosity. I once wrote a how-to story about scuba diving in the Greek islands. I knew nothing about scuba, but I love snorkeling and marine life. The connection was already there.

Step 2: Research

It’s the Internet age; everything is one click away. Start reading articles, essays, and book summaries. Watch TED talks, keep notes, highlight content. Put an asterisk on terms or ideas you don’t understand.

For my cigar story, I read several magazines and online articles. I made a list of applicable terms that would make me appear as an expert. I interviewed the owner of a cigar shop with carefully crafted questions. And I googled everything to death.

Step 3: Ask an expert

Most people love to share their wisdom. Find an expert in the subject and pick her brain. But do your homework. You don’t want to appear silly or clueless. They will appreciate it if you arrive prepared.

Take notes, highlight terms, use whole sentences, and attribute them to the expert. Your information needs to be valid and verifiable. Your audience needs facts, not just your opinion.

Image by José Manuel de Laá from Pixabay

Step 4: Connect the dots

With all the information in hand, start making connections. For me, it’s all about comprehension and interpretation. A successful columnist is the one who can find hidden relationships between seemingly unconnected items.

Your readers will be delighted to discover unexpected connections that, in hindsight, look perfectly explainable. Where everyone sees a cooking pot, you will show them the Ursa Major.

Step 5: Explain it to a child

Albert Einstein said, “If you can’t explain it to a six-year-old, you don’t understand it yourself.” The online audience has the attention span of a six-year-old, and you need to keep their attention long enough to continue reading.

You don’t want to delve deep, because they may realize that you’re trying to explain what you don’t understand, and they won’t follow you anyway. Keep it simple, short, and exciting, and they’ll think you’re Einstein.

Step 6: Wrap it like a present

Everybody loves gifts. Your readers will be delighted to find hard-collected information with profound meaning, in easily consumed paragraphs and a scannable format.

Don’t just make it look like a giveaway; Make it a real giveaway. Share the knowledge and people will return to you for more.

Step 7: Inspire your readers

Your audience doesn’t need a lecture. Your readers need information they can use. They need the knowledge they can share with their friends and family. Some of them will use your article to appear as experts themselves.

People may forget your name, but they will never forget how you made them feel. The best stories are those who inspire you to change, even a little. And that’s what writing is all about.

5 Ways to Stay Afloat When Business is Slow

 

It is always easier for entrepreneurs to start and run a business when the economy’s in an upturn. Starting an enterprise in a favourable economic climate will less stressful as it is relatively easy to get business plans and credit applications approved. However, businesses go through ups and downs, depending on what happens in the economy. As the Eurozone and the USA readjust and recover, the Singapore economy is also feeling the impact.

‘Tough times don’t last, tough people do’ is a popular and timeless adage that has inspired many to keep the faith and not back down when the going gets tough. Here are some suggestions for startups to steer their ship safely and keep it on course even in choppy waters.

Risk and cost analysis

Carry out an analysis of the risks that your business might have to go through and formulate a plan to mitigate them effectively. Strategize how you will retain your customers in the face of increased competition and how your business will adapt to the ever changing market conditions and global economy.

It is also important to anticipate issues related to capital flow that might crop up in the future. Always keep a track of your spending and be aware of how much money you have, how much is owed to you and how much you owe to others. Additionally, you will also have to ensure that confidential information about your finances and other business plans are adequately protected. If possible, always have a Plan B in store to deal with unpleasant surprises.

Working with the right business model

The right type of business model will help you decipher your market and also help you gain clarity on how you can press for a competitive advantage in today’s economic scenario. This has to be done at a strategic level so you will do well to consult experienced entrepreneurs or engage the services of someone who has designed successful business models. This is going to be a crucial step in determining business success as it covers all the key aspects of activities related to the business including partnerships, revenue and cost structures, and resources, among others.

More often than not, you will be tempted to grab every opportunity that you come across. But don’t fall for such enticements. Stick to the basics and focus on your business model to stay consistent in your approach to your business and delivery of products, services and ideas.

Cut down on unnecessary costs

This is one of the first methods that even large multinationals and corporate giants resort to during a downturn. You will have to be very careful while setting the budget for your business to avoid unnecessary expenses. When it comes to expansion plans, you will need to put it on hold or take it very slowly. Recruitment and investments will need to be looked into or stalled.

Do not fall prey to marketing gimmicks that ask you to deposit your money with them with the promise of doubling it in a very short span of time. Be patient, keep tabs on the market, invest wisely and concentrate on getting rid of your debts.

Network and build relationships

In a foreign land, your internal (employees) as well as external stakeholders can work as your best or worst brand ambassadors. Focus on strengthening your relationship with existing customers and keep your eyes open for new ones.

While you look for new business, don’t forget the relationships with the people who work hard for you. No matter how small your team is, without your employees, you will have no business left to run.

Be Patient

Remember, slow and steady wins the race! Running your business in a tough economy might seem like an uphill task and you might be finding it difficult to be patient in raking in the profits, but always bear in mind that it usually takes a great deal of time and effort to establish a successful business, especially during a downturn.

The Bottom Line

Tough times call for some tough decision making. The key to stay afloat when business is slow is by turning your business challenges into opportunities. You can rest assured that there will be many lessons to be learnt, experiences to be savoured, many interesting people to meet, and insights to be gained. On a positive note, think of it this way – if you can surf along this tide, then success will come easily to you once the tough times wane.

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What’d I Wish I Known Before Starting My Own Business

 

When you first began your business, you probably hoped for a fun time full of growth and money being made. But once you were in the trenches of business ownership, you realized that you had a lot to learn in order to successfully run your business.

Maybe nobody in your family was an entrepreneur. You most likely worked a traditional job the majority of your life. Whatever your background, the concept of entrepreneurship was foreign to you. You had to adjust quickly if you wanted your business to succeed.

There are some things many of us wish we knew before starting our businesses. We could have saved ourselves money, time, and frustration. We were so eager to start our businesses, that we rushed the process, and paid the price for it.

The journey of entrepreneurship is not a smooth process. Sometimes it is best to learn painful lessons early in our journey, so that we are quickly taught that entrepreneurship requires patience, a strong strategy, and the ability to pivot when our plans go awry.

If you are just starting out on your entrepreneurial journey, don’t think that you have made the wrong decision if you are experiencing stumbling blocks. Many of the entrepreneur success stories you hear today came into fruition despite experiencing setbacks. Experiencing difficulties will only help to make you a more knowledgeable and resourceful entrepreneur.

Related: A Beginner’s Guide for Incorporating Tech Start-ups in Singapore

Nurturing professional relationships and building your own support system

As an entrepreneur, you will tend to feel like you are operating in a word completely different from your family and friends. While they are worried about work, bills and the latest reality tv show, you are solely focused on making your business successful. When you have no one else who shares your experiences, it can get quite lonely.

It is important for you to know other entrepreneurs so that you have a source to share experiences, gain feedback from, and learn valuable information regarding entrepreneurship. You will feel better and actually become more productive and effective when you surround yourself with those who understand your journey.

How do you find other entrepreneurs?

• Go to networking events dedicated to entrepreneurs and small businesses
• Join business/ entrepreneur associations and organizations
• Join a mastermind group
• Start your own networking group on Meetup

Whatever path you decide to take, just make sure that you are placing yourself in the company of other entrepreneurs. You will benefit tremendously from doing so.

Related: Singapore Company Registration + Entrepreneur Pass

Why “doing it all yourself” can be a dangerous choice for entrepreneurs

Just because you are your own boss, it doesn’t mean that you must do everything by yourself. When you first start off as an entrepreneur, you will be required to wear many hats. You are the CEO, the marketer, the salesman, the administrator, the accountant – you are in charge of every process within your business.

As you expand, it becomes time to relinquish many of those roles. If you continue to wear all hats, not only will your business suffer, your own personal health will suffer. You won’t have time to focus on growth related task for your business because you are completely tied up with handling so many tasks. Your health will start to deteriorate because you never give yourself any time to rest and recover – you are constantly working straining yourself.

As a business owner, your role is to oversee your business’s growth and delegate tasks to others to complete. Don’t stunt your business’s ability to grow because you want to manage every aspect of it. Do you want a high six figure, seven figure business or do you want to remain barely scratching the surface of your potential?

Related: Why Your Startup Should Consider Coworking

The difference between your gifts and your passions, and how it affects your business

What are the skills that you have that allow you to accomplish a task with little effort being expended?

Whatever those skill set are, that is what you should focus on building a business around. Having a business that revolves around your skills enables you to get more done and flourish – quickly growing from a startup phase to a fully functioning business.

While it is ok to follow your passions, how long will it take your passions to payoff in regards to a successful business? Just because you are passionate about something, it doesn’t mean that the marketplace holds the same regards. Also, when it comes to passion, people tend to not think of theirs in a business manner, and they completely disregard forming a solid business strategy around their passion.

Your business should be built around your specific skills. Once that business is built, and able to stand on its own, then you can move towards your business of passion. Think in terms of creating a great stream of income first. When you produce the financial ability to experiment with different opportunities, your passion can then be explored.

Related: Common Mistakes to Avoid while Incorporating a Start-up in Singapore

Advice on overcoming your anxieties around selling, money, and the value of your business

Selling is a big issue for many entrepreneurs. They get into business to make money, but they are afraid to ask people for money.  It is a strange rationale to have considering people start a business to produce more money than they currently make, but it is a real fear that is common amongst new entrepreneurs.

You must understand that we live in a supply and demand world. If people want something they will purchase it. Your business is no different from any of the other big businesses you purchase from yourself. Therefore, you must realize that selling is your main objective as a business.

You don’t have to look at it as selling though. Instead you can view the exchange of money for your products or services as an exchange of value. People are paying you for the value you provide in their lives.

Therefore, you must understand the value your business provides. Once you understand your value, you will have no problem with charging people for the your time or for the products you invested time and money into.

Related: 5 Ways to Stay Afloat When Business is Slow

How peer pressure can be a powerful tool for growth

Peer pressure is the ability to assert influence over someone else, dictating their thoughts and resulting actions. Peer pressure can either be a good thing or a bad thing, that is why it is important to wisely choose the group of people that you surround yourself with.

I am sure that you have heard the saying, You are the  average of the 5 people you spend the most time with. This statement is very true. Average people only hang around with average people. They are hardly in the same vicinities of successful people. This is because successful people are always on the go and reaching for higher levels to ascend. They don’t really have the time to just sit around and waste time, there are goals that must be accomplished.

When it comes to being an entrepreneur, you should only find yourself in the company of those who motivate and inspire you. Seek out people who are more successful than you and those who are working just as hard to grow their businesses as you are. Anything less than ambitious and successful will only drag you down.

Related: How to Create the Right Culture in Your Startup

Tips for maximizing your time spent working

Great time management is required in order to build a successful business. You have so many things to accomplish in what seems like so little time, so you must know how to get a great deal of things done in an allocated amount of time.

Don’t operate with that mindset of, I can just get to it later. No you can’t! This is the behavior of average people. The more you put things off, the more you have to get done, which means it is less likely to get done.

You must practice discipline and operate with accountability if you want to make the most out of your time. Without both, you will waste a lot of time, while others are getting further ahead because they are more focused on getting things done.

Tips on how to be more productive:

• Plan out your day of work and activities
• Do your most important tasks for the day first
• Give yourself specific time constraints to work within
• Eliminate all distractions while working
• Schedule time to rest in between working

What I wish I had known before starting my business, and more

Traveling along this journey called entrepreneurship has taught me many things. While there has been ups and downs, can say that the lessons learned has made me a better entrepreneur. Without experiencing challenges, I know I would not be the entrepreneur I am today.  The challenges that I have experienced have taught me how to be more resourceful, more strategic, and also have made more ambitious.

What I wish had known before starting my business is that success is produced by a process of consistent actions. You can’t work hard one and take off for the rest of the week and expect to produce successful results. It just doesn’t work like that. Success is built upon momentum, and momentum is only built and grown by consistency.

If I had been consistent early on, I would have been successful much earlier, rather than later in my entrepreneurial journey. But I had to realize that others around me were producing success because they were completely focused on their short-term goals and long-term vision, I wasn’t. I wanted success but I wasn’t willing to dedicate all my time and energy into producing the success I desired.

Once I understood what would be required of me to be successful, I started to see better results that built upon one another. As I began producing more results it led to me climbing the entrepreneurial ladder of success. I stopped talking about success and wishing for success, and instead went to work building my business. I learned that actions speak louder than words, so I shut up and started producing.

Related: Why Do Some Startups Fail Within 2 Years?

What do you wish you had known before starting your business?

None of us are perfect so I know you. have made some mistakes that you later learned could have been avoided as you gained experience as an entrepreneur.

As you have learned from your mistakes, become a mentor for new entrepreneurs. Even if you can’t dedicate one on one time, you can provide advice via a blog, social media, a podcast, YouTube videos, or writing articles on business websites. Do your part in helping new entrepreneurs avoid the same mistakes you made.

For new entrepreneurs, soak up as much free knowledge that you can. Successful entrepreneurs are always willing to give out advice, it I’d just up to you to comprehend their advice and apply it to your process. Don’t be so headstrong that you operate with the mindset to prove everybody wrong by doing it your way. You are only sabotaging yourself and your business.

You will most certainly make mistakes when building a business, it is a part of the process, but you want to avoid common mistakes that are always warned about. Cut your learning curve in half so that you can reach the destination of success much quicker, rather than being slowed down my mistake after mistake.

Related Reading » Company Registration in Singapore

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