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Get Out Of The House: Tips For Expanding Your Home Business

New technology has changed the way that people do business and it’s easier than ever for anybody to start their own business from home with relatively little investment. As long as you can afford to manufacture products, there are plenty of great online platforms where you can sell them, but it comes with limitations. There is only so far you can go when you’re running your business from home and there comes a point when you simply can’t expand anymore. When you hit that point, you need to move the business outside of the home. Expanding a business can be tricky and if you aren’t careful, all of your hard work will be for nothing. To make sure that you maintain your success, here are some tips for moving your business outside of the home.

Funding 

Funding is going to be your biggest challenge because, while your running costs were relatively low when you were operating out of your house, you’re suddenly going to be spending a lot more once you expand. You have to pay for more employees, an office to house them and more expensive marketing campaigns. Finding that extra money means that you’ll probably have to borrow from investors, but there are other ways. If you’ve been running an online business, you’re probably already using Paypal to take online payments but did you know they also offer help to small businesses? The paypal.com working capital scheme offers financial help, as well as advice, to help small businesses get off the ground. They’re particularly good if you don’t have a great financial history because they don’t perform credit checks. They also offer a quick turnaround so you won’t be waiting ages for the money.

Consider New Products

When you were selling on a small scale, one or two products is fine. But once you start to expand, customers will expect more variety. It’s a good way to reach more customers as well as inspire repeat business from your existing customer base. When you’re trying to come up with new product ideas, you need to identify what the major selling point of your existing product is, then use that in other similar products.

Hire A Marketing Professional

Expanding outside the home and establishing yourself as a larger company means you’ll be facing more competition. It’s easy to compete on a small scale by using social media marketing alone if you’re just selling a few things on the side, but you’re in a different league now. If you want to compete with larger companies, you need a more coherent, professional marketing strategy and you’ll need somebody with experience to implement it for you. Hiring a seasoned marketing executive is vital if you’re going to make the jump from home business to big company.

The main thing to remember when you’re trying to move your business out of the home is that it’s a completely different game. All of the cheap marketing solutions and limited product lines are fine for a small side business, but if you want to take it full time, you need to start thinking bigger.

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Ditch The Glitch: Business Mistakes No Modern Company Can Make

One of the biggest faux pas a business can commit in the 21st century is to be behind the times. The moment your company gives off an air of not quite being up to date; its finger just slightly off the pulse, can be the beginning of the end. Modern consumers are ruthless. They are also offered a variety of options at every turn, so if they sense you’re not keeping up, then they’re more than happy to decamp elsewhere.

There are a few signs that can make customers nervous about just how future-proof your business is. They might only seem small to you – innocuous, bordering on the point of being irrelevant – but they can be interpreted in worrying ways by your customers. To ensure you’re keeping pace with the cut and thrust of the modern business world, you need to be absolutely certain to avoid the following catastrophes that can signal doom…

1) IT Failures 

Yes, computers are difficult, temperamental machines that will occasionally pitch a fit that will have the entire office screaming at them. Sometimes, things will go wrong – that’s inevitable. Most companies utilize so much tech these days, it’s a wonder we don’t lose more productivity as a business community every day.

So while your customers are likely to be able to acknowledge the inevitability of tech problems, what they won’t be able to move past is a poor response to those issues. If someone has to call three times to get an order made, they’re not going to call back a fourth time. They’re going to go to another business who has an IT support company and sufficient workaround models to cover themselves for any problems.

In the event that your tech does let you down, what you do next is crucial to deciding how your company will be perceived. Are you quick to a solution, back up and running within a few hours? Or do you dawdle, seemingly creeping further behind the times with each passing minute?

2) Poor Social Media

You need business accounts for all of the major social networks: Twitter, Facebook, and Instagram. There are others to consider, but those are the major ones you need to get ticked off.

You then need to ensure that you are using them. Think of it from a customer’s point of view. They find a new company – your company. You have something that would be of use to them. They want to order but, as a savvy 21st-century customer, they know to check the company out first. They head to your Twitter, where they find a few solitary Tweets from 2012. It’s not a good impression.

You don’t have to be updating your social media constantly; every couple of days with brief news about what the company is up to will suffice. Anything to prevent giving the impression that you setup the accounts as you knew you should, but you’ve yet to actually figure out how to use them.

3) Antiquated Practices  

There are few things that can let a company down quite like doing things that are now becoming antiquated. What falls into this category?

  • Not accepting credit and debit cards, at the very least. In the next couple of years, you can also add not being able to accept payments from phones or contactless cards onto this list – though these haven’t quite become essentially mainstream as of the time of writing.
  • If you sell items online, then you should be offering to pay the cost of any returns. Customers have become used to online companies offering free returns, to the point they will be extremely skeptical about buying from a company that doesn’t offer free returns. Being able to afford this should be structured directly into your pricing strategy.
  • Being out of contact. If your customers or clients have a problem, they’re going to want to talk to you about it – and they’re going to want to do it quickly. You can’t just throw up an “out of office” email or ignore messages beeping on social media. With a modern company, you have to be willing to be able to respond to any issues within 24 hours. Anything else just looks old-fashioned, quaint in a way, but definitely not something many customers will be willing to deal with.

There is little doubt that when it comes to keeping up with modern business trends, you have no choice: you keep up, or your business will fail. On the upside, taking care of all of the above will inevitably means your business runs better too – and who can resist the idea of that?

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Taking Stock In Your Company: The Rules For Business Trading

If you are interested in being a successful trader in business, there are a set of rules that it is recommended to stick to. I could give a lot of general advice in this article about “cutting your losses”, or “work the market”, but it is not conducive advice to give general platitudes. So, what I aim to do is to give you some ground rules to follow. If you are a new business, startup or SME then this information would benefit you greatly.

To be successful in trading, following set rules that have helped with a diverse amount of trading account sizes. Each rule alone is important. But when they combine the effects are much stronger. Trading with these rules can greatly increase the odds of succeeding in the markets.

Use A Trading Plan

To the uninitiated, a trading plan is a written set of rules that details  a trader’s entry, exit and money management criteria. Using a trading plan allows traders to do this well.

A way to test if a trading plan has legs, is to apply what is called backtesting. This is applying trading ideas to historical data. Doing this allows traders to determine if a trading plan is viable, and also shows the expectancy of the logic of the plan. Once a plan has been developed and backtesting shows good results, the plan can then be used in real trading. The best approach is to stick to the plan. Taking trades outside of the trading plan is considered poor trading, even if it is a successful trade. This destroys any expectancy the plan may have had.

Learn All You Can From The Markets

Traders need to remain focused on learning more and more each day. A lot of trading concepts require prior knowledge. So, it is important to remember that understanding the markets is an ongoing, lifelong process. If you are new to the markets, start with the basics. Use a site like Invested Reviews to give you a basic understanding before you progress. Or start with small fry, like penny stocks. Trading with smaller amounts can give you that confidence to build up experience and knowledge.

Know When To Stop Trading

Like when you are at the roulette table on winning streak, you need to know at what point you are going to walk away from the table. An ineffective trading plan can be the cause of this, and the other cause can be the trader themselves.

The trading plan may not be up to muster because of a change in markets, volatility in a trading instrument or simply the fact that the plan is not good enough.

If the trader is being ineffective, this could be due to external factors, for example, stress. A trader needs to be functioning at a high level to be able to cope with these external issues. A solution may be something as simple as taking a break and coming back to the table with a fresh perspective.

Using these basics, you can start to trade with confidence.

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How Successful People Make the Most of Their Limited Funds

There’s a common misconception that only people with the most money can make successes of themselves. That really isn’t the case, and many businesses started out with nothing in the early days! The brains behind these operations have used smart techniques to make the most of their money along the way. When disaster has stared them in the face, they’ve been able to get around it. When opportunities have presented themselves, they have found ways to take them without spending over the odds. Read more

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4 Ways to Manage the Growth of Your Digital Business

Do not wish freewheeling growth for your digital business. Any kind of growth should be carefully managed. If your company grows too fast, you will struggle to keep up with the demand and will eventually lose customers. Likewise, if your company grows too slow, you will lose potential customers and disappear from the public’s eye. You should grow your company moderately, attracting new customers, and addressing concerns of existing customers at a rate that your employees can handle. Here are a few tips to manage the growth of your digital business: Read more