Write a Business Plan, It’s Essential!

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Starting a business is one of the most exciting periods in a young entrepreneur’s life. The moment he or she has that billion dollar idea that will change society forever, all they can envision is developing that idea into a product or service and sharing it with the world. Every young entrepreneur dreams of starting the company that becomes the next Facebook, Twitter, or AirBnB; or gets acquired by an investor for millions of dollars. However, few actually get to experience this dream. Majority of new businesses (or startups) fail within three years, many failing within the first six months. Even if a startup makes it past the three year mark, it’s no guarantee that it’ll ever become self-sufficient or profitable. Typical reasons that startups fail range from lack of funding to inadequate leadership, but, in my opinion, the number one reason that so many startups fail is

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How To Create a Detailed Marketing Plan

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Chances are you just read my last article, “Do NOT Start a Business Without a DETAILED Marketing Plan.” If you remember, I stated that a product is NOTHING without a marketing plan because no matter how great a product is, it’s irrelevant if no one knows it exist. Now that I’ve convinced you that you need one, I’m going to show you how to create a detailed marketing plan that will help you acquire all the exposure your business deserves.

 

“Ok, I know why I need one, but How do I create a Detailed Marketing Plan?”

Great question fellow entrepreneur!   Continue reading

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Prepare a DETAILED Marketing Plan, It’s Important!

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In one of my previous articles, I stated that “a business is NOTHING without a financial plan.” I truly believe that in order for a business to be successful (or at least progress towards success and not failure), it must prepare solid financial statements, which present the overall position, profitability, and health of the company. Similarly, just like a business is NOTHING without a financial plan, a product is NOTHING without a marketing plan.

 

No matter how great (and revolutionary) a product is, it is NOTHING without a marketing plan. Whether your business targets individuals or other businesses (B2C or B2B), you need a plan to promote your product; people won’t magically discover that you have the greatest product on earth.  Continue reading

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How To Make a Lasting Impression on Twitter

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Twitter is a very powerful platform; entrepreneurs shouldn’t fall in love with it, but if used correctly, it could really increase your social media presence, help you connect with potential buyers, and convert said potential buyers into paying customers and brand ambassadors. However, few people (only Twitter experts) know how to effectively use the social network. Many assume that the job is done after a user follows them, when in fact, the job is just beginning.

 

Because of its structure, Twitter is a very impersonal social networking platform; it’s hard for users to build genuine relationships, whether business or personal. However, it’s not impossible. In this short article, I’m going to share a few tips on how to not only make a great first impression on Twitter, but how to make a lasting impression and build genuine relationships with your followers.  Continue reading

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Do NOT Fall In Love with Facebook Likes and Twitter Followers

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I know the title of this article may seem kind of silly; I mean, no one falls “in love” with Facebook Likes and Twitter followers, right?

 

WRONG. Many entrepreneurs, including myself, have fallen in love with Facebook Likes and Twitter followers, and if you’re not careful, it could happen to you too.

 

When running a business, becoming obsessed with Facebook Likes and Twitter followers can get you into a lot of trouble. Having a large social media presence is a goal of almost every online marketing strategy, however, it is important to realize that followers and fans on social media don’t always equate to more revenue for your business. Sometimes, having a large social media following just means that a lot of people know of your business. Many businesses fall for this trap because they don’t understand the role of social media; social media platforms can help your business earn more revenue, but you have to understand how.  Continue reading

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How To Prepare a Financial Business Plan

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A financial business plan consists of three financial statements; a balance sheet, an income statement, and statement of cash flows. Each one evaluates the company from a unique perspective. When combined, they present the overall position, profitability, and health of a company.  Continue reading

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Prepare a Financial Business Plan, It’s Necessary!

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I know, I know, it’s the most intimidating part of a business plan. It’s that one part you’re afraid of. You’re not a procrastinator; you just don’t want to do it. So far, you’ve been on a roll. You’ve gotten through the executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, and the management team. You’ve even outlined the operations plan, which is pretty hard to do (great job!). But now it’s time to start preparing the infamous financial statements. I know what you’re thinking; I thought the same thing when I was in your position. “It’s too complicated” or “I’ll worry about it later” or my favorite, “I don’t need a financial plan; I’m not making any money yet”, (that was the excuse that got me into trouble). Well, just like I was at the time, you couldn’t be more wrong… Continue reading

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