Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

6 Reasons Your Online Business is Failing

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Accountant businessman working in office having a stress.Starting an online business seems simple. All you need is a plan and a great website and you’re in business, right? Wrong. Research shows that 90 percent of all online businesses fail within the first 120 days, but you shouldn’t let this discourage you from starting your own e-business.

Instead, try to avoid these common mistakes to help your online company rise above the rest.

You don’t treat it like a regular job

Sure, starting an online business means you no longer have to put on a suit and tie and commute to a 9-to-5, but that doesn’t mean you shouldn’t treat it the same as any other job. You need to set a work schedule and stick to it, and often you’ll need to put in more than 40 hours a week, especially when you’re trying to get your business off the ground. Online businesses are not meant to be get rich quick schemes, they’re something you have to be dedicated to and put the same, if not more, time and effort into as you would any other job.

You’re not putting enough effort into your website

It’s not difficult to have a good website, but it’s tough to have a great one. If your business is operating entirely online, you need a great website that’s entertaining, informative, and easy to navigate. One of the best ways to keep customers on your website is to add video. The Local Search Association conducted a survey that found out 44 percent of buyers watched an online video while looking for local products or services, and 56 percent of those viewers contacted the business after watching the video. Videos are not only great ways to explain the benefits of your product or service, they also help boost your website’s placement on search engine result pages. A company like Square Ship can help you create an engaging video that your customers will remember.

You’re wasting time on social media

Social media is a great way to get the word out about your online business, but if you don’t have a strong social strategy in place, you may just be wasting your time when you post. You need to do your research to find out who your target demographic is, when they are most likely to be browsing social media, and what messages will resonate the most with them. Then, create a plan for how often you will post each day and each week, and stick to it.

You’re not investing enough

While creating a website for your online business doesn’t have to be expensive, you should still plan to invest a significant amount of money in your new company. There’s something to be said for the old adage “you have to spend money to make money.” Whether it’s hiring an accountant to help you with your finances, investing in a marketing consultant to help you advertise, or upgrading your materials, if you save up and invest that money back into your online business, you’ll see positive results.

You haven’t researched the competition

Any successful CEO will tell you that one of the keys to running a successful company is to know your competition inside and out. You need to do extensive research to discover all of the other online retailers who offer similar products or services as you to determine how you can set yourself apart. During this process, you may discover that there’s simply too much competition out there. There are too many companies that offer the same thing you do, at a lower price that you can’t match. If this is the case, it’s time to reevaluate your business model.

You don’t have patience

Above all else, success takes time. Your online business will not be successful overnight, and you need to be prepared for that. Make sure you have enough money to keep you and your family afloat while you get your company started, and have a solid plan B to fall back on if your company fails. It can take years for businesses to be profitable, and online businesses are no exception. Be patient, and don’t be afraid to be critical of yourself. If you’re not experiencing success, ask yourself if you’re truly doing your best, or if you’ve gotten lazy or discouraged because you thought this process would be easier. When you have the answer to that, you’ll know if it’s time to refocus and put more effort into your e-business, or if it’s time move on.

About the Author

Victoria Howes is a entrepreneur, traveler, and consultant to multiple brands including Travelocity, Hotels.com, and Homeaway.  Follow her adventures at victoriahowes.com.

How to transition from freelancing to starting your own company

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Portrait of an office worker with a pensive expressionFreelancing is great way to independently find your way in the working world. Being your own boss and in control of what work you choose to do – or not do – is seen by many as a luxury and a way of being in charge of your own destiny. But there comes a time in your freelancing career when you may feel you have hit a wall in terms of your career progression. After gradually raising your rates over your years of experience and obtaining a steady income, you reach a plateau in which you simply cannot justify raising your rates any further. Your clients will only pay so much  for your work, raising your rates unjustly risks encouraging them to look elsewhere. At this point you have two choices: be content with your current career level and continue as you are or listen to your ambitious instinct and take every opportunity you get to grow and go from being a freelancer to an entrepreneur.

Change your mindset

 The first question you must ask yourself as a freelancer is: Do I really want this? As a freelancer, there is no doubt you already have a strong sense of independence and motivation. Becoming an entrepreneur requires an open mind, don’t limit yourself to one thing. Just because you are a freelance graphic designer now, doesn’t mean that it is all you will ever be. As an entrepreneur, it is essential to understand that knowledge of a craft is only one piece of the puzzle that makes up what it takes to have your own business. You may want to sell your creations online or even consult other businesses on how to ensure their designs are at a high standard. The possibilities really are endless.

This progression will not occur overnight so patience is vital. A get up and go attitude will aid your growth and motivate you to succeed. It is completely normal to feel apprehensive about branching out of your comfort zone but in order to make it as an entrepreneur, you need to be willing to take risks.

Do your research

Starting your own business isn’t something that should be jumped into without doing your research and being sure that it is right for you. There a lot more changes transitioning from a freelancer to an entrepreneur than you might think. As a business owner you will now depend on others as opposed to just yourself. Tasks such as changing your insurance from freelancer insurance to entrepreneur insurance  is just one of the responsibilities you undertake on your journey to becoming a business owner.

Do a trial run

Before diving in and hiring a team of workers, trialing your idea is essential in order to give you a confident idea of whether your idea will work – don’t run before you can walk. By working on projects with a “team”, perhaps of other freelancers, you may want to subcontract them to aid you in finding designers and contractors who may have an interest in your idea.  This experience will teach you how to manage a team, work with other and delegate work. Putting your business to the test with real clients will help you identify the positives and negatives of your products or service, ensuring that when your business eventually launches it will run as smoothly as possible. You will also discover if there is a gap in the market for your business.

Three things you need to ask yourself when trialing your business are: Does it work? Does anyone want this? Do I enjoy being in business? There is no shame in changing your business idea or even deciding that the whole thing isn’t for you after a trial run. Making error comes hand in hand with being human – getting something perfect the first time round is a rarity.

Create your brand

If you have successfully trialed your business and know what you need to change and what you need to keep then you’re ready to start branding your business. Identifying your target market is essential. Catering your brand to attract them will inevitably create more business. Trying to be too niche limits your business but casting your net too wide prevents you from being relevant to individuals within that target – finding a happy medium is essential.  Research into your competitors brand will allow you to fit into the market whilst remaining unique and standing out from them. Identify everything that will make your brand unique and utilise them as selling points.

Recruit the right team

Businesses are built for people, by people. So it is important you select the right people to help you build your business. You will need to create a process that encourages the right people to want to work for you. You may want to look for experienced workers who need little training, simply briefing on your business. Make sure you think of every department, it’s all well and good bringing in a team of tech experts to design you a flashy website, but without teams for accounting, HR and finance, you won’t be able to take your business anywhere. Becoming responsible for a team of workers is a big step, you must ensure that you calculate sufficient pay and benefits such as insurance and sick pay or your business will not work. You may want to seek legal advice on creating these contracts.

Seeking advisors can also help you take your business to the next level, especially if you are transitioning from being a freelancer.

Target the right clients

Once you have built a team that is up for the job, the hunt to obtain your clients is on. Creating an appropriate marketing strategy with your team will allow you to reach out to the right clients for your business. Advertising will help bring in clients, put a budget aside for what kind of advertising you can afford. Networking is essential, if you don’t go out and talk about your new business then who will? You could tell one and create a chain reaction that brings in clients. One thing that’s certain is you don’t know unless you try. The bigger your client base becomes, the bigger your business is.

These steps are the pathway to becoming an entrepreneur. Whatever size your business is, your career will grow to new levels you could never imagine when you started out on your own as a freelancer.

About the Author

Hannah Browne: Born and raised in Nottingham, I’m currently a business student studying in Birmingham trying to make my mark on the world as a freelance writer. I love reading and writing in my spare time, I also play netball and enjoy running.

Marketing, Motivation And Mindset: Three ‘Ms’ Every Business Needs To Work On And How To Achieve Them Effectively

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marketing-motivation-and-mindset-3-ms-every-business-needs-to-work-onMarketing, Motivation And Mindset: Three ‘Ms’ Every Business Needs To Work On And How To Achieve Them Effectively

Marketing, motivation and mindset – three essential components of the cutthroat corporate world. Being fuelled with motivation helps achieve a positive mindset. While a solid marketing strategy can help nurture company growth, which also has a knock-on effect in firing motivation and an optimistic mindset. Yes, it’s safe to say that marketing, motivation and mindset are three ‘Ms’ every business can’t afford to ignore. CMS Vocational Training, specialists in offering government funded and commercial training programmes for young people and adults across Yorkshire, looks at why every business needs to work on marketing, motivation and mindset and how to effectively achieve them.

Marketing

A sound marketing strategy enables a business to set tangible goals, measure progress and ultimately remain competitive. Failing to market can result in a business losing out to competitors, which can mean the demise of a company.

As the Business Chronicle writes:

“The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing.”

Successful marketing gives a business greater publicity and generates higher levels of brand awareness. Whether you own a business that’s becoming a more well-known brand or work for that company, marketing can help motivate a business and all who are involved with it.

Setting marketing goals should be an objective of any marketing strategy. For example, if you are setting up a social media marketing campaign, set goals for the number of page likes, followers and subscribers you want the business to have in, say, three months’ time. This will help motivate, not only the marketing team, but the business as a whole. Or setting a goal for the amount of emails and newsletters you will send out, or blogs you will publish, would be a tangible marketing strategy with positive results.

As the London School of Marketing notes in its ‘Seven steps to building an effective digital marketing strategy’:

“Setting goals or key performance indicators (KPIs) can help motivate and give purpose to the strategy itself.”

Motivation

Like marketing, motivation is an essential component of keeping a business alive. Marketing and watching the excitement of a brand develop and grow, can help spur motivation within a workforce. Though marketing alone is not enough to spark and retain motivation.

Employee praise and recognition is an effective way to ensure teams stay motivated, and doesn’t require a hefty amount of resources. Taking the time out to recognise and praise employees for their good work can be enough to increase their loyalty to a company, which in turn improves staff retention rates.

Training and development is another area businesses should invest in if they want to improve motivation levels within their workforce. Knowing they are being invested in and having their skills and knowledge improved and developed through training and development can generate a sense of achievement and ultimately lead to greater motivation at work.

With a motivated workforce under their wing, businesses can reap many advantages, such as increased productivity at work and a rise of creative and innovative ideas, as employees are more disposed to ‘go that extra mile’ for their employer.

As Monster.com notes:

“Feeling fulfilled at work goes a long way when it comes to increased motivation in the workplace. Those who don’t feel a sense of achievement certainly aren’t going to take on more than what’s required.”

Mindset

Which brings us on to mindset. Motivational speakers regularly advise their audiences to think positively in all aspects of their lives. Having a positive mindset at work is important, both for an employee’s own wellbeing and for an employer. A positive mindset enriches peoples’ working lives, paving the way for self-development and achieving both personal career goals and the goals of the business.

Being motivated and having a positive mindset at work, helps employees achieve their tasks more proficiently. With a more positive attitude, employees tend to take greater interest and care in what they do and how they deliver it, meaning they produce higher quality work. From an employer’s perspective, workforces that are more motivated and boast a positive mindset, are beneficial in increasing productivity and ultimately company profits.

As we can see, marketing, motivation and mindset are three ‘Ms’ that are vital to nurturing company success and are more greatly intertwined than we may think. Ignoring them, could result in businesses seriously missing out.

About the Author

Hadyn LukeThis blog post was written by Hadyn Luke, Director of CMS Vocational Training (CMSVOC). CMSVOC offers a vast range of courses and training programmes across diverse sectors. CMSVOC is committed to helping people of all ages, backgrounds and industries, find the right course and training programme so they can progress in their chosen career or embark on a new career. CMSVOC’s professional and talented staff have specialist knowledge in a wide range of industries.

The Benefits of 24-Hour Gyms for Professionals

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the-benefits-of-24-hour-gyms-for-professionalsWake up, stumble into the shower. Stumble out of the shower and put on the semi-ironed shirt, eat a limp slice of toast and get out the door. Reach work at 9.03 am, trying to avoid any eye contact. Pass the day in a blur of meetings, memos, and missed opportunities. Leave at 4.58 pm, get home, open fridge to find it a barren landscape. The professional then repeats the circle of television binging and relaxing until the weekend comes, when they will do it all again.

This routine is commonplace for many professionals in today’s job market. Although the 9 to 5 is dying off, the majority of office workers still run their lives with its unforgiving routine. It’s one of the main reasons people give for being unable to get to the gym. “The gym closes at nine and I want to go home first”, “I work until late, everything is closed by then”, these and other variations were common battle cries of the self-pitying office employee.

Now, such arguments are invalid.

The Rise of the 24-hour Gym

The past decade has seen a variety of 24-hour gyms open up. Recognising the fact that not everyone works a 9 to 5 schedule, fitness companies have opened up through the western world, tapping into a previously untouched market. Now the late night hospitality worker and the early morning business manager can both have access to a place of exercise.

24-Hour gyms work on a fairly simple principle – instead of being signed in and out by a human receptionist, this is now done by a user specific code number entered into a keypad on a security door. If the code is legitimate, the door allows access to the gym. The doors usually take the form of either a turnstile or a small, two-stage door process to avoid multiple people entering under the one code number.

The increase in off-peak hours – Due to the fact that, across the gym industry, peak hours stay the same while total opening hours’ increase, there are more low-volume times of the day to exercise. This gives gym goers more of a chance to avoid the busy times of pre-work, lunchtime, and post-work.

24-Hour Access – The main advantage here, is around the clock access. Gym goers can train whenever they please, giving them flexibility in their schedule. All they require is the appropriate entrance feature (a key fob or code) and they can use the gym’s facilities day or night.

Low cost – In comparison to larger gyms – such as Virgin Active and David Lloyd – the membership costs for the 24-hour gyms is low. Standard prices tend to start around £11 per month. Combined with the 24-hour access, this is great for busy individuals who don’t want to sink a large amount of expenditure into fitness due to the unreliability of their schedule.

How Do 24 Hour Gyms Work?

The ease of access and no-nonsense approach to exercise taken at most 24-hour gyms are a pleasant change from the constant barrage of offers at other gyms. 24-hour gyms work by volume; they aim to provide a cheaper service to a larger pool of customers, as opposed to older styles of gym sales which target existing customers for upselling. 24-hour gyms are a refreshing alternative for gym users who simply want to turn up, work out, and head home.

Can Personal Training Improve Productivity?

Not only is exercising beneficial to our physical health, it is also an excellent stress reliever. If you are thinking about investing in a gym membership, there are also emotional benefits that can be gained from exercise. Glasgow Gym, Anytime Fitness, inform their clients that:

“Exercise helps to increase the brain’s production of endorphins, a hormone that makes us feel better physically and emotionally outlook”.

Personal training is the motivation that many professionals need to get started. Personal trainers tend to be available over a larger portion of the day to encourage users to come before and after work. Some gyms allow personal training appointments as early as 6am and as late as 10pm. It varies from gym to gym, but the general idea is to make all of the traditional gym services more accessible to the general public.

About the Author

melissa-langMelissa Lang is a writer from Glasgow, Scotland. Melissa has a keen eye for all things design and in the past has consulted on business branding and marketing.