Getting customers is hard enough. Keeping customers shouldn’t be. Yet, a lot of medium and small business owners find it difficult to retain previous customers. To do that, you have to figure out how to keep them happy. That way, they keep coming back to your business for a long time. This way, your business grows and does well in the long term. It’s important because it generally costs less to keep existing customers happy than to find new ones. They are also more likely to buy from you if they’ve bought once already. Wondering how to get this kick-started for your MSME? Keep reading.

Personalize Your Communication

To do this, you’ll need to tailor each of your messages to their individual recipients. In this case, those recipients are your existing customers. Address them by their name and deliver your intent based on the preferences you’ve observed. To do this, you have to understand your customers on a deeper level. Achieving this means collecting such data as their demographic info and their history with your brand.

Don’t just fire off a single message to everyone. Instead, segment your customers into groups based on common attributes. After, craft content that resonates directly with each group’s interests which might range from blog posts to product recommendations. You’ll want to use automation tools here for delivering these personalized messages through the right channels at the right time. But of course, provide for interactions with actual customer service representatives. And in all you do, always obtain consent for using customer data. Privacy first every time.

Also read: 9 Ways to Get Customers to the Door of your Small Business

Craft Effective Loyalty Programs

A loyalty program goes beyond simply offering rewards or discounts to frequent customers. Think of it as a marketing strategy designed to keep bringing customers back by appreciating their patronage. This appreciation can be rewards, incentives, or benefits and aims to build a sense of community with your customers. That way, they are more likely to make repeat purchases. Before you start your loyalty program, remember to outline your specific goals for it.

Next, be specific with your rewards towards each group of customers. Decide exactly what type of benefit you want to offer and how you want customers to access it. Most importantly, keep the program straight to the point. Your customers shouldn’t need to be particularly tech-savvy to grasp the workings of your loyalty program. Also, make sure there’s a way of tracking customer purchases. Once you’ve done all of that, promote the program and use a signup bonus to draw members to the program.

Provide Excellent Customer Service

To do this, you need to constantly deliver excellent support to customers. And in a way that exceeds expectations too. This means ensuring that every customer interaction is very positive and they walk away satisfied. Provide relevant solutions, show empathy for their struggles, and make the experience one that leaves customers happy. But this doesn’t just happen. First, you need to create a culture that puts the customer first, especially among your employees. When hiring, take note of soft skills. Hire employees that have strong communication skills and who demonstrate empathy. Then train them on your customer service protocols.

Offer clear lines of support to customers across multiple channels. Try to respond quickly and efficiently to customer complaints and inquiries. Focus on resolving issues and complaints to the customer’s satisfaction. Empower your customer service team to make decisions that benefit the customer without unnecessary hurdles. Continuously train your customer service team and consistently try to deliver excellent customer service.

Also read: 7 Effective Customer Retention Strategies foe SaaS Companies 

Build Quality Products/Services

The best way to keep your customers coming back is to not disappoint for starters. To that end, create offerings that exceed customer expectations in terms of value and performance. This signifies that your business is dedicated to solving your customers’ problems. It’s a powerful driver for customer retention. What you need to do is;

• Pay attention to your customers’ needs
• Focus on innovation
• Have a clear value proposition
• Establish stringent quality control processes
• Train your employees on how best to use your products
• Be transparent about the limits of your offerings
• Offer warranties or service contracts as may be necessary
• Have a feedback mechanism to learn from your customers

Consistently delivering quality offerings that exceed customer expectations helps to retain customers, yes. It also helps create advocates who are more likely to refer your business to others. Quality becomes a cornerstone of your brand’s reputation. That’s a compelling reason for customers to stay loyal.

Use Emails for Follow-up, Exclusive Content, and Special Offers

Emails provide a direct line to your customers. They are generally deemed more trustworthy than social media when used right. And they have a higher rate of engagement as well. You can send follow-up emails to your customers using this channel. These should contain specific messages to be sent after particular interactions, such as an inquiry or a purchase.

It also shouldn’t be a one-off event. Rather, you should craft a continuous strategy. This will help you deliver timely content to your customers and keep them loyal. You can also use your email channel to promote exclusive content to existing customers. Think coupon codes, limited discounts or even just industry news. You might also have special offers occasionally – Black Friday, Anniversary Offers, Thanksgiving, etc. You can use your email channel to promote those. It’s also a great way to connect with customers individually. An example of this would be sending a personalized message to a customer on their birthday.

In Conclusion

Remember this; the effectiveness of these strategies may vary. It will depend on your specific business and target audience. As such, it’s always a good idea to test these strategies first. After, adjust your approach to find what works best for your MSME.

FAQs

• Why is customer retention so important?

Customer retention is important because keeping customers is cheaper than searching for new ones. That leads to greater profit for your MSME.

• How can I build trust with my customers?

By focusing on not just profit, but on consistently having genuine interactions. That way, they see your authenticity and grow to love it.

The post Customer Retention Strategies: Building Long-Term Relationships with Clients appeared first on SME SCOOP.

Franchising is a great way to get your feet wet in the fitness industry, as it provides the resources, training, and support you need to get your business up and running quickly.

And that’s the whole idea behind this particular content; “To share the various franchise opportunities available in the fitness industry and how to choose the one that’s right for you“.

We will look at the different types of franchises, their advantages and disadvantages, and the steps you need to take to get started.

Whether you are looking to open a gym, fitness studio, or online business, this eye-opening blog post will help you make the most of your entrepreneurial dreams.

The Booming Fitness Industry

The fitness industry is experiencing a massive boom, and there has never been a better time to invest in a fitness franchise.

People all over the world are becoming more health-conscious and are looking for ways to improve their physical fitness and overall well-being.

This growing demand for fitness services has created a wealth of opportunities for entrepreneurs in the industry.

From traditional gyms and fitness studios to online fitness platforms and specialized training centers, the options are endless.

The fitness industry has evolved beyond the traditional model of gym memberships, with innovative concepts and personalized approaches to fitness gaining popularity.

Consumers are seeking out unique and engaging fitness experiences that cater to their individual needs and preferences.

Why Invest in a Franchise?

If you’re passionate about health and fitness, investing in a franchise in the fitness industry can be a smart move.

Why? Well, for starters, franchising provides you with the resources, training, and support you need to get your business up and running quickly.

You don’t have to worry about building everything from scratch or figuring out the logistics on your own.

Instead, you can benefit from the proven systems and brand recognition that come with a franchise.

Not only that, but the fitness industry is booming right now. More and more people are prioritizing their physical health and wellness, creating a high demand for fitness services.

By investing in a fitness franchise, you can tap into this growing market and capitalize on the potential for profitability.

Plus, franchising allows you to be part of an established brand with a loyal customer base. This can give you a competitive edge and help attract customers to your business.

So if you’re looking to turn your passion for health and fitness into a successful business venture, investing in a fitness franchise may be the right path for you.

How to Choose the Right Franchise Opportunity for You

When it comes to choosing the right franchise opportunity in the fitness industry, there are several factors to consider.

First, assess your own interests and strengths. What aspect of fitness are you most passionate about? Are you more inclined towards traditional gym workouts or specialized training programs? Understanding your own preferences will help you narrow down your options.

Next, research the market and identify the current trends in the fitness industry. What types of fitness franchises are in high demand? Are there any innovative concepts or emerging trends that catch your attention?

Stay up-to-date with the latest developments and find a franchise opportunity that aligns with the needs and interests of your target market.

Consider the level of support and training provided by each franchise opportunity. Do they offer comprehensive training programs for franchisees? Will you have access to ongoing support and resources?

Look for franchises that prioritize your success and offer the tools you need to thrive in the industry.

Lastly, evaluate the financial aspects of each franchise opportunity. What are the initial investment costs and ongoing fees? Consider your budget and determine whether the financial requirements are feasible for you.

Top Franchise Opportunities in the Fitness Industry

When it comes to franchise opportunities in the fitness industry, there are several standout options worth considering.

These franchises have proven track records of success and offer unique benefits that set them apart from the competition.

1. Crunch Fitness

Crunch Fitness is a standout franchise opportunity in the fitness industry. Known for its high-energy workouts and inclusive atmosphere, Crunch Fitness has rapidly expanded and gained popularity among fitness enthusiasts.

What sets Crunch Fitness apart is its focus on affordability and variety, making it appealing to a wide range of customers.

As a Crunch Fitness franchisee, you can tap into this diverse customer base and provide them with exciting and effective workouts.

The franchise provides comprehensive training and ongoing support, ensuring your success in delivering top-notch fitness experiences to your clients.

Crunch Fitness offers a fun and inclusive environment where people can come together and work towards their fitness goals.

With a proven track record of success, investing in a Crunch Fitness franchise can be a lucrative opportunity for aspiring entrepreneurs in the fitness industry.

Don’t miss out on the chance to be part of a rapidly growing fitness franchise.

Join Crunch Fitness and turn your passion for health and fitness into a thriving business.

2. Orange Theory Fitness

Orange Theory Fitness is a game-changer in the fitness industry. With its unique blend of cardio, strength training, and technology, Orange Theory Fitness offers a one-of-a-kind workout experience that keeps clients engaged and motivated.

As a franchise opportunity, Orange Theory Fitness provides comprehensive training and ongoing support, ensuring that franchisees have all the tools they need to succeed.

What sets Orange Theory Fitness apart is its focus on personalized and results-driven workouts.

With heart rate monitoring and individualized training zones, clients can track their progress and maximize their workout efficiency.

This emphasis on customization and measurable results has resonated with fitness enthusiasts, making Orange Theory Fitness a sought-after franchise opportunity.

3. Anytime Fitness

Anytime Fitness is a highly reputable and widely recognized fitness franchise that offers a unique and convenient approach to working out.

With 24/7 access to their state-of-the-art facilities, members can exercise whenever it fits into their busy schedules.

This flexibility and accessibility make Anytime Fitness a popular choice for fitness enthusiasts.

As a franchisee, you can tap into the brand’s strong reputation and extensive support network to build a successful business.

Anytime Fitness provides comprehensive training and ongoing support, ensuring that you have all the tools and resources you need to thrive in the industry.

One of the key advantages of investing in an Anytime Fitness franchise is the opportunity to make a positive impact on your local community.

By providing a welcoming and supportive environment, you can help individuals achieve their fitness goals and improve their overall well-being.

With a proven track record of success, investing in an Anytime Fitness franchise is a great way to turn your passion for health and fitness into a profitable business venture.

Join the Anytime Fitness family and make a difference in the lives of others while building a successful business.

4. Club Pilates

Club Pilates is a rapidly growing fitness franchise that has capitalized on the ever-increasing popularity of the Pilates method.

With a focus on low-impact, high-intensity workouts, Club Pilates offers a unique fitness experience for its clients.

As a franchise opportunity, Club Pilates provides comprehensive training and ongoing support to its franchisees, ensuring their success in delivering exceptional Pilates classes to their clients.

What sets Club Pilates apart is its commitment to creating a welcoming and empowering environment.

Clients of all fitness levels can participate in their classes and experience the numerous benefits of Pilates, such as improved core strength, flexibility, and posture.

With comprehensive training and ongoing support, franchisees can confidently lead their clients to achieve their fitness goals and improve their overall well-being.

5. Planet Fitness

Planet Fitness is a well-known fitness franchise that has made a name for itself by creating a judgment-free zone where everyone feels welcome and accepted.

With its affordable membership options and commitment to providing a comfortable and non-intimidating environment, Planet Fitness has built a loyal customer base.

Investing in a Planet Fitness franchise can be a smart move for aspiring entrepreneurs in the fitness industry.

By joining the Planet Fitness family, you can benefit from its unique marketing approach and brand recognition.

The franchise provides comprehensive training and ongoing support, ensuring that franchisees have all the tools they need to succeed.

With its emphasis on accessibility and inclusivity, Planet Fitness has tapped into a market that is often underserved.

By offering a range of workout options and a judgment-free environment, franchisees can attract a wide range of customers, from beginners to experienced fitness enthusiasts.

Also read: How to Identify Good Business Opportunities in the Market

The Benefits and Challenges of Owning a Fitness Franchise

Owning a fitness franchise can be an exciting and fulfilling business venture, but it’s important to understand both the benefits and challenges that come with it.

One of the major benefits is the opportunity to tap into a growing market and capitalize on the high demand for fitness services.

With a franchise, you also have the advantage of brand recognition and an established customer base. This can give you a competitive edge in the industry.

Another benefit of owning a fitness franchise is the support and resources provided by the franchisor.

Franchises typically offer comprehensive training programs and ongoing support to help you succeed in your business.

This can be especially valuable if you’re new to the fitness industry or entrepreneurship in general.

However, owning a fitness franchise also comes with its challenges. One of the main challenges is the financial commitment involved.

Franchise fees and ongoing royalty payments can add up, and it’s important to carefully consider the financial implications before investing in a franchise.

Another challenge is the level of competition in the fitness industry. With the booming market, there are many other fitness franchises out there, so it’s important to differentiate yourself and offer a unique value proposition to attract customers.

Overall, owning a fitness franchise can be a rewarding experience, but it’s essential to carefully weigh the benefits and challenges before making a decision.

With the right franchise opportunity and a strong business plan, you can turn your passion for health and fitness into a successful and profitable venture.

The post Franchise Opportunities in the Fitness Industry appeared first on SME SCOOP.

Today’s topic is special because I will be dishing out 6 businesses that a stay-at-home mom like yourself can venture into, and make some funds without leaving the comfort of your home.

From selling products online to providing virtual services, there are plenty of options for those looking to supplement their income.

Keep your eyes on this page so you can get this highly sort for nugget, but first;

Why Starting A Small Business Can Be Beneficial For Stay-At-Home Mums

Many stay-at-home mums find themselves looking for ways to make extra money while still being able to take care of their families.

Starting a small business can be the perfect solution. Not only does it provide an opportunity to generate additional income, but it also offers flexibility and freedom to work on your own terms.

One of the main benefits of starting a small business as a stay-at-home mum is the ability to choose your own schedule.

You can work during nap times, in the evenings, or whenever it’s most convenient for you. This flexibility allows you to prioritize your family while still pursuing your entrepreneurial goals.

Another advantage is the ability to work from the comfort of your own home. No more commuting, no more rush hour traffic. You can set up your own office space and create a work environment that suits you.

Overall, starting a small business as a stay-at-home mum can be incredibly beneficial. It offers the freedom and flexibility to work around your family’s needs, while also providing a fulfilling and financially rewarding endeavor.

So why wait? Take the stand and start your own small business today!

1. Virtual Assistant

Being a stay-at-home mum doesn’t mean you can’t have a successful career. One of the most popular business ideas for stay-at-home mums is becoming a virtual assistant.

With more and more businesses moving their operations online, there is a high demand for virtual assistants who can provide administrative support remotely.

As a virtual assistant, you can offer a range of services such as managing emails, scheduling appointments, handling social media accounts, and even bookkeeping.

The best part is that you can work from the comfort of your own home, allowing you to balance your family commitments while still earning an income.

To get started as a virtual assistant, you’ll need a computer, internet access, and strong organizational and communication skills.

It’s also helpful to have knowledge in specific software or tools that are commonly used in virtual assistant roles, such as project management software or social media scheduling tools.

So, if you’re looking for a business idea that allows you to work from home and be there for your family, consider becoming a virtual assistant.

2) Social Media Management

Social media has become an integral part of many businesses’ marketing strategies. However, not all business owners have the time or expertise to effectively manage their social media accounts.

That’s where you come in. As a social media manager, you would be responsible for creating and scheduling posts, responding to comments and messages, and analyzing data to optimize engagement and reach.

The beauty of social media management is that it can be done from anywhere, including the comfort of your own home.

You can work on your clients’ accounts during nap times, in the evenings, or whenever it’s most convenient for you.

Plus, the skills you acquire as a social media manager can be transferable to other areas of digital marketing, opening up even more opportunities for you in the future.

To get started as a social media manager, it’s important to have a good understanding of various social media platforms, as well as experience with content creation and strategy.

You can showcase your skills by creating your own professional social media accounts and posting high-quality content.

Networking with other business owners and offering your services at a discounted rate can also help you build your portfolio.

3) Online Tutoring

With the advancement of technology and the accessibility of online platforms, you can now connect with students from around the world and provide them with valuable educational support from the comfort of your own home.

Online tutoring offers a flexible schedule that allows you to work around your family’s needs. You can choose the number of hours you want to dedicate to tutoring, whether it’s during school hours or in the evenings.

This flexibility is perfect for stay-at-home mums who want to make a difference in students’ lives while still being present for their own children.

To get started with online tutoring, you can join tutoring platforms that connect students and tutors. These platforms often handle the administrative tasks, such as scheduling and payment, so you can focus on what you do best: teaching.

The best part about online tutoring is that you can choose the subjects you want to teach. Whether you have expertise in math, science, languages, or any other subject, there is always a demand for qualified tutors.

So, if you have a knack for explaining concepts and enjoy seeing students succeed, online tutoring can be a fulfilling and profitable business idea for stay-at-home mum like yourself.

4) Home-based Bakery

Nothing beats homemade foods, and with the popularity of homemade and personalized products, there is a high demand for freshly baked goods made with love and care.

Running a home-based bakery offers flexibility and convenience. You can work around your family’s schedule, bake when it suits you best, and even involve your children in the process.

Imagine the joy of seeing your little ones help you mix ingredients or decorate cookies! It’s not only a great way to bond with your family but also a wonderful opportunity to pass on your baking skills and create memories together.

To get started, you’ll need a well-equipped kitchen, quality ingredients, and a menu of delicious treats. You can start by offering a selection of classic baked goods like cookies, cakes, and bread, and then expand your offerings based on customer demand.

Consider catering to special dietary needs, such as gluten-free or vegan options, to attract a wider customer base.

To promote your home-based bakery, you can create a website or use social media platforms to showcase your creations.

High-quality photos of your delectable treats will definitely grab people’s attention! You can also reach out to local cafes or shops to see if they would be interested in selling your baked goods on a consignment basis.

Your delicious creations are sure to bring smiles to the faces of your customers and your family alike.

5) Freelance Writing or Editing

As a freelance writer or editor, you have the flexibility to work on projects that interest you and fit within your schedule.

Whether it’s writing blog posts, editing manuscripts, or creating website content, there are endless opportunities to showcase your skills and earn a steady income from the comfort of your own home.

To get started, you can create a professional website or portfolio to showcase your writing samples and attract potential clients. You can also join freelance platforms like Upwork or Fiverr to find writing or editing gigs.

Networking with other writers and editors can also lead to referrals and collaborations.

One of the great things about freelance writing or editing is that you can choose your own rates and negotiate your own terms.

You have control over the types of projects you take on and the clients you work with. It’s a great way to build a portfolio and gain experience in the writing or editing industry.

So, if you have a passion for words and want to make a living doing what you love, consider freelance writing or editing as a profitable business idea for stay-at-home mums.

It’s a creative and flexible way to earn an income while still being able to prioritize your family.

6) Handmade Crafts and Products

Handmade crafts are unique and personalized items that are very pricey, and with the rise of online marketplaces, it’s easier than ever to reach a wide audience with your creations.

The options for handmade crafts and products are endless. You can create anything from jewelry and accessories to home decor and children’s toys.

The key is to find your niche and create items that are not only beautiful but also have a market demand. Research popular trends and consider what types of products would resonate with your target audience.

To get started, you’ll need to invest in quality materials and tools. Whether it’s beads and wire for jewelry making or fabrics and sewing machines for textile products, make sure you have everything you need to create high-quality items.

Take the time to perfect your craft and create a portfolio of your work to showcase to potential customers.

When it comes to selling your handmade crafts and products, you have a variety of options. You can set up your own online store using platforms like Etsy or Shopify, or you can sell through social media platforms like Instagram or Facebook.

Another option is to participate in local craft fairs or markets to reach a local customer base.

One of the advantages of selling handmade crafts and products is that you have complete control over your pricing and profit margins.

You can set your own prices based on the cost of materials and the time it takes to create each item. It’s important to price your products competitively while still ensuring you’re making a profit.

Final Thoughts

Starting a home business selling handmade crafts and products allows you to combine your passion for creativity with the opportunity to make money from home as a mother.

It’s a rewarding and fulfilling endeavor that can bring joy to both you and your customers. So, if you have a talent for crafting and enjoy creating unique items, why not turn it into a profitable small business? The possibilities are endless!

The post 6 Profitable Business Ideas for Stay-At-Home Mums and How to Get Started appeared first on SME SCOOP.

ChatGPT is a variant of the Generative Pre-trained Transformer (GPT); a language-based generation model used to come up with natural language texts. The model is powered by Machine Learning (ML) and developed by OpenAI.

Today, ChatGPT can be used for a variety of purposes, ranging from writing blog posts to creating a business plan. If you are looking to start a new business, it is also possible that ChatGPT can help you.

How Does ChatGPT Work?

It works by using Machine Learning (ML) to generate natural language texts. ChatGPT also works with prompts – specific words that can be decoded to give the desired outputs in natural language texts.

If you must get any ChatGPT business idea, then using the right prompts is your go-to. Continue reading to find out how to use ChatGPT to start and grow a business.

Create a ChatGPT Account

The first step is to create an account at chat.openai.com. This gives you access to the users’ backend for creating your business idea.

You can also upgrade to the premium version of ChatGPT to get access to more tools.

Learn How ChatGPT Works

The platform thrives on prompts and you need to be detailed as possible. With the right prompts, ChatGPT will generate a ton of business ideas for you.

Here are a couple of ChatGPT prompts to start a business:

“Fashion business ideas” – this prompt allows ChatGPT to generate business ideas in the fashion niche. It is ideal if you are looking to start a fashion brand or any other fashion or clothing-related business.

“Generate 50 business ideas to start in America” – this ChatGPT prompt is ideal if you are looking to start a business in the United States. Unlike the former, it is not detailed or focused on a particular industry. So, you are requesting the platform to suggest up to 50 businesses you could establish in the United States of America.

“Small business ideas for college students in the USA?” – while this ChatGPT prompt is asking the machine to state small business ideas college students in the USA can venture into. This is basically for college students looking for profitable business ideas they can start with little capital to support their education.

“What are the less-competitive transportation business ideas with high returns?” – this prompt is you asking ChatGPT to suggest the untapped markets in transportation. These markets or niches also need to be profitable, especially within the shorter timeframe.

What to do with the Business Ideas?

With the business ideas generated, you now need to flesh-out the details. Of course, ChatGPT thrives on giving outputs based on what you used as a prompt.

The business ideas are now subject to further optimizations. You can do this manually by making further research about the different ideas and see the viability at the time.

1. Integrating ChatGPT into Your Business Expansion

You can also use ChatGPT to accelerate the growth of your business. From generating more ideas on how to improve the business’ activities to searching for additional pieces of information – the usage can be very impactful.

Here are some ways that the integration of ChatGPT can help boost your business:

• ChatGPT can serve as your business’ automated virtual assistant. Thanks to the Natural Language Processing (NLP) capabilities, it can decode real-life/human-like communications and respond in the same format.
• Use it for speech synthesis, especially with regard to voicing instructions.
• Just as it aids faster information lookup, ChatGPT also aids in summarization. With the right prompts, you can use it to get a summarized version of lengthy texts, with an emphasis on the main points.
• Thanks to the NLP optimization, ChatGPT can be a veritable tool for translation. It can write upto 20 languages, such as English, German and Spanish.
• A business that integrates ChatGPT benefits from the text parsing This has to do with ChatGPT’s ability to recognize specific patterns in a text, as well as obtaining the relevant information/data from the same.

2. Use ChatGPT for Lead Generation

Generating leads takes a lot of time and you will spend more money hiring professionals to handle that aspect. Why not outsource that to ChatGPT and save some costs?

Here’s how to leverage it:

• Use ChatGPT to create a chatbot.
• Configure the chatbot and integrate it into your business’ website.
• The chatbot can perform a wide range of tasks, such as obtaining customers’/visitors’ data (email addresses and telephone numbers).

3. Use ChatGPT for Email Marketing

Are you unsure of the best subject lines to use and what the content of the emails will be? You could make a simple query on ChatGPT and get the emails written for you.

You could use any of these prompts:

• Write me a professional email of less than 300 words. The email should be about our new product that automates transactions for SMEs.
• Write a 500-word email encouraging the email recipients to suggest better ways to improve our services as a software development company.

4. Use ChatGPT to Write a Business Plan

Looking to get additional funding for your business? ChatGPT could help you do that! With the right prompts, it will write a detailed business plan for your brand.

Here are some ChatGPT prompts to use:

• Write a 2,000-word business plan for a food delivery company looking to generate an additional $40,000 to expand to the states of Colorado, Oklahoma and Texas. We are willing to offer the investors a stake in the company.
• Write a business plan in a professional tone, detailing how our software development has gained traction in the last 3 years of establishment. We currently have 14 clients and are looking to expand into new markets; hence, the new funding rounds we are seeking to raise the sum of $60,000.

5. Use ChatGPT for Informational Purposes

Turn ChatGPT to your favorite “newsman.” Find out the important details that make your business stand out from the crowd.

ChatGPT can be helpful in these ways:

• Use it to get insights into the possibility of breaking into newer markets – and what must be done.
• Ask ChatGPT to suggest how best you can position your brand to gain receptibility in a new location.
• You can also use it to find out some of the popular terms that prospective customers are likely to use when looking up the type of product or service your business offers.

6. Chat GPT Helps in Improving the Customer Experience

You can use ChatGPT to build chatbots that automate responses and aid the customers faster, as well as personalize your marketing strategies.

For personalization, ask for suggestions on how to set the tone of a conversational email.

Use ChatGPT to improve customers’ experience in the following ways:

• Use it to create a chatbot that answers some of the Frequently Asked Questions (FAQs) about your business.
• Use the bot to come up with creative ideas for your next social media content.

Final Words

ChatGPT by OpenAI is now a business tool in the hands of tool-centric business owners. The bot can do much more than create textual content. You can use it to create chatbots, get accurate software development codes, and personalize your business’ marketing strategies.

The post How to Use ChatGPT to Start & Grow a Business appeared first on SME SCOOP.

The CEO of Tesla, SpaceX and most recently Twitter, Elon Musk is not just known for his financial acumen and the business leadership he has exhibited to lead the aforementioned and other companies. He is also known for his vocality in giving ideas to up-and-coming entrepreneurs.

In this article, we present to you some of the top Elon Musk business tips. We hope these tips help you re-evaluate your small business operations and see ways to improve.

1. Persistence and Preparedness to Work

It is not uncommon for business owners to “sit back and let others do the work.” That doesn’t appear to be one of the items in Elon Musk’s playbook. He believes that business owners, particularly those looking to build a global brand should be ready to “put in the work,” as much as they have employees.

In some of the interview clips posted on YouTube, Elon Musk has been quoted as saying he slept a couple of times in the Tesla factory to motivate the workers. But beyond inspiring the feeling of his being there, he also does the actual work.

He encourages business owners to:

• Be prepared to work harder and add more work time. For example, he opines that someone that adds more hours to the work-life might have a considerable edge over someone that has less, simply because more hours equal more aspects of the business’ expansion to cover.
• Persistence is an important factor and must be taken as a mindset. Even after failing at some of the businesses that he started and co-founded, Elon Musk kept persisting until he did something great with the likes of SpaceX, Tesla and The Boring Company.

2. Building a Great Team Takes Time and Requires Excellent Decision-Making

Some business owners treat their businesses with kid gloves, especially when they leave the vision of the company out of the equation. Elon Musk believes that every team member or employee of a company should understand the company’s vision. That would help smoothen out any contrary opinions they may have.

However, Elon Musk also believes that people should be allowed to make their decisions. If the employees are not willing to see the company’s perspective of things and take steps to help bring the vision to life, it may be worth it to show them the door.

3. Communicate More

The statement “no man is an island” is one of the beliefs Elon Musk holds dear. He believes in continuous learning, which is why he encourages every businessperson to talk to people.

Doing this does not just help these persons break boundaries and learn new things, but also serves as a medium to boost communication patterns.

4. Contribute more to Society

No doubt, one of the major reasons for floating a business is to make profits. However, it is important that you create a social welfare program through which your company can give back to society. You can map out a certain percentage of your earning for Cooperate Social Responsibility (CSR).

Elon Musk thinks it is wise for people to make more positive contributions to society.

When you look around, you are bound to see some places where your help or input would be greatly appreciated. It could be by constructing drainage systems in poor neighborhoods, hosting community events or any other genuine gesture of goodwill.

Related: Sacrificial Giving and Its Benefits

5. Be Useful to the Society

Contributing to the society and being useful to it appear to be the same sides of the coin, but they have a thin line of difference. While the former has to do with contributing to the society more than one consumes, the latter has to do with doing the things that will make remarkable impacts in the society.

In his words, he says “do things that are useful to your fellow human beings, to the world.”

6. Life isn’t about Money

For a billionaire of Forbes’ recognition, a CEO of leading companies and a notable figure in the world, saying that “money isn’t everything” appears to be a statement that should be taken with a pinch of salt.

But Elon Musk seems to share a similar view as Bill Gates, the CEO of Microsoft. Both men have a view that money should be put to good use, to help people and push for charitable causes. That is perhaps one of the motivating factors for Bill Gates’ heavy investments in healthcare and scholarships.

For Elon Musk, investing in healthcare is not his immediate concern. He hasn’t hidden his love for Mars and continually talks about exploring that space. Mr. Musk plans on spending a huge chunk of his fortune to build something remarkable on Mars, perhaps, a new habitat for people to live in. The techprenuer once donated Telsa shares worth $1.95bn to charity.

7. Taking Risks is a Must

The business ecosystem is war-like, with many brands trying to outshine the others and knock them out of business. This tends to cause cold feet for some entrepreneurs who lack the guts to play in such systems.

For these persons, Elon Muskhas the following words for them, “everyone’s trying to optimize their ass-covering” due tothe “tremendous bias against taking risks.”

Elon Musk opines that risk-taking is an important element in running a business and should not be shied away from.

Related: How to Know If You Are Meant to Be An Entrepreneur

8. Interviewing is an Important Decision-Making Process for Hiring Employees

Elon Musk believes that getting applications for open roles in any of his companies is just the simplest part. The hardest part is getting the right candidates. For this, he believes that asking “meaty questions” during the interviewing process can make all the difference.

He has been quoted as saying the following, “Tell me the story of your life and the decisions that you made along the way and why you made them. And also tell me about some of the things you worked on and how you solved them.” This question is aimed at helping him pick the candidates that are a better fit for the job.

When asked why he does this, he says that “People that really solved the problem, they know exactly how they solved it — they know the little details.”

Related: 5 Marketing Lessons Business Owners Can Learn From Elon Musk

Final Thoughts

The best business ideas and strategies are better learned from the businesspeople that have excelled in that area. The Elon Musk business tips in this article are a few from the exhaustive list of techniques the CEO has talked about in different interviews.

The other business tips from Mr. Musk include having a vision for the business, being passionate about what you do and ignoring critics.

The post Top 8 Elon Musk Business Tips appeared first on SME SCOOP.

Little wonder that AIBees, in a December 2022 publication, mentioned that women make up to 82.5% of the total population of solopreneurs. Interestingly, this budding interest in entrepreneurship or running a private business might not always be profitable in the first couple of years because of some factors.

Females tend to suffer the indecision of choosing between their new careers and balancing their roles in the home. They also tend to lack support from mentors and their partners and have little capital to start the business.

Despite these challenges, there is optimism that women would make better solopreneurs. In light of this, we have come up with a list of the top business tips for women looking to venture into entrepreneurship.

1. Business is War; Entrepreneurship is a Battlefield

Generally, running a business requires a combination of industry mastery/knowledge and being good at execution. The competition is always there ready to take away your share of the market if you are not tactical about it.

As much as you are playing in an industry that may be dominated by the male-folk, it shouldn’t force you to give up.

Now that you understand that “business is war,” here are some of the things you can do to be a better “general”:

• Understudy the market to know what works and what doesn’t.
• Do not take your competitors for granted. Always come up with better services to remain a step ahead.
• Be confident in yourself and always remain resolute to keep the business running, despite all odds.

2. Connect with Other Solo Entrepreneurs

“No (wo)man is an island,” they say. You don’t want to stay alone when you could have networked with other business owners. Consider finding a tribe among other women entrepreneurs.

Other ways to connect with entrepreneurs include:

• Reaching out to other business owners (preferably in your niche).
• Joining professional organizations and being an active member.

3. Change Your Mindset and Approach

It is possible that you have been approaching the market as a “woman in business.” That gives off the aura that you want the market to patronize you because you are probably the first woman to venture into that line of business.

If that has been your mindset, it is time to change it. The best way to get more market share is to approach it as a businessperson. Find the opportunities and seize them. There’s no need to be sentimental about it.

4. Be a Solution-Provider

Why are you in business? Do you want to prove that women can start businesses and scale the same? Or do you want to make profits? If the latter is the case, you have to become a solution provider.

Before starting a business, you have possibly understood the market challenges, including the services that were missing. That is a “perfect” opportunity for you to step in and meet those needs.

5. Don’t Hide

One thing some women entrepreneurs may be forced into doing is to “duck behind” or stay away from publicity. The modern-day business environment favors entrepreneurs that are the “face of the brand.”

People want to know and connect with you. So, seize every opportunity you can to talk about your business and the mission it has. Use social media, grant interviews, and give keynote speeches when possible.

6. Build a Strong Team

Except you are looking to be a solopreneur, it makes sense to build a strong team. The employees or the people working for you have a role to play in the business’s success.

If you are not sure of how to go about it, here are tips on how to pick the best team:

• Business Structure: Start drafting an organogram, stating the different tiers in the business and who is responsible for what.
• Create Departments: You are launching a startup, which means playing in an industry or market with established brands. Creating departments for the respective business operations will help the employees to focus on what moves the needle in the different departments. You can have a sales, digital marketing, and financial department.

7. Be Hungry for Knowledge

Nobody knows it all and the person who is starting a new business doesn’t know much. With many “big players” already in the market, you probably have little chance of breaking into the market.

It is for this reason that you have to submit to learning. Be inquisitive. Be hungry for knowledge. The following tips should help you get more information about how to run your business:

• Ask for help from professionals in the industry.
• Seek mentors in your field and get them to guide you.
• Always keep an open mind and be willing to learn new things.

8. Take Branding Seriously

No doubt, your business has a good product but it might remain the “best-kept secret” if no one knows about it.

Get a branding team to help brand the business and give off the vibes that you want it to be associated with.

While working on the branding, also step-up on the product and service offering so you don’t end up offering a brand that doesn’t have any market acceptance for the products and services.

Also read: The Importance of Color in Marketing and Branding

9. Don’t Submit to Stereotypes

It won’t be long before you start getting a barrage of unsolicited advice and calls for you to take it slowly on how you run the business.

These are stereotyped ways of thinking, whereby the general belief is that a woman wouldn’t succeed in business.

Do not let the general submissions, stereotypes, and negative opinions hold you back from running the business to the highest heights possible.

10. Become a Financial Guru

Sometimes, a business crumbles not just because of poor management, but also because of the absence of financial education.

Although you may have financial experts working for you, it would also be nice if you had a bit of information on how to manage the finances of a business – especially that of a startup.

Here are the things you want to learn:

• Financial Projection: How much do you anticipate your business to make? What are the plans you have in place to meet that financial projection?
• Learn how to track the business’ cashflow, including the income, profit margin, and expenses.

Final Words

It might not be easy running a business as a woman, but it is doable. Whether you are already running a business or looking to start one soon, having an idea of the market you are venturing into should help you plan ahead.

Above all, your conviction should be your propelling force. Have an audacious goal to run one of the most successful brands, put in the efforts and you could just hit the mark.

The post Top 10 Business Tips for Women Venturing into Entrepreneurship this Year appeared first on SME SCOOP.

However, not all customer service applicants would be hired – for some reasons. If you want to increase your chances of being hired, it is time you cultivated some of the relevant customer service skills.

Who is a Customer Service Representative?

This is the person that helps the company make more sales by convincing the prospective customers on why they need to buy a product or get a service.

Investopedia defines customer service as the “direct one-on-one interaction between a consumer making a purchase and a representative of the company that is selling it.”

Below are some of the customer service skills, which if presented in your Curriculum Vitae, can help you land a job:

Customer Service Skills That Can Help You Get A Job

1. Communication Skills

As a customer service representative, you will be doing more of communicating with new and existing customers. Therefore, it is expedient for you to possess clear communication skills.

Interestingly, communication in this sense is not limited to verbal communication skills. It also includes how you make gestures, your reading and speaking skills.

Here are some of the communication skills that employers look for:

Lucid Communication

Can you hold a conversation? Do you know how to use certain direct questions to find out what the customers might be trying to express?

Platform-Specific Context

Some companies now include social media management in their job descriptions. If you are a customer service personnel, you are expected to interface between the brand and the customers on social media.

In light of this, employers expect customer service representatives to understand the platform usage and how best to handle complaints on such platforms.

In addition, customer representatives also need to understand the underlying meanings of the different emojis so they don’t end up using an inappropriate one.

2. Excellent Conversational Patterns

The language we use to communicate might not be as powerful as the way we communicate with it. The way you say something might have a positive or a negative effective effect on the listener.

Companies are looking to win over more customers and make more sales. If your customer service skill doesn’t include knowing how to use the right conversational patterns or positive statements, there is a chance that you wouldn’t be hired.

Here is an example: a customer is looking to place an order for a product but it has been exhausted. Interestingly, the product has been available for a couple of weeks and the customer has received a series of promotional emails on the same but took no action until then.

Naturally, you want to yell at the customer and ask what he or she had been doing all those while. But that would result in losing the sale. Instead, you want to speak nicely to the customer and say how sorry you are the order wasn’t placed earlier. You can then offer to make an order for the product for the customer as soon as it is available.

Between the two scenarios above, you can tell that the second makes a better impression.

3. Service and Product Knowledge

We have seen some customer service representatives only focusing on how best to talk to the customers to buy a product or use a service. But how possible would that be when you don’t understand what you are even trying to encourage them to take advantage of?

It is therefore imperative for you as a customer service personnel to have considerable knowledge of the service or product of the company you represent.

That way, you can answer questions, make recommendations and even help the customers maximize the product or the service.

4. Patience

Being a customer service representative is beyond speaking, listening, and taking notes. You also need to be patient – like a vulture. What does being patient have to do with this type of job?

Patience is an abstract customer service skill that helps the customer service representative to attend to queries and resolve complaints without bursting out in anger.

It is imperative to have this customer service skill because you will most likely attend to “problematic” and “angry” customers who will try all they can to get you worked up.

Therefore, being patient or having considerable control over your temperament helps you to manage the situation better.

5. Time Management is a Good Customer Service Skill to Have

Are you good at managing time? We don’t mean knowing how to read the hands of the clock or literally working round the clock to justify your pay.

Can you manage your time? Depending on the type of company you work for, timing is of the essence. Sometimes, callers or emails will be queued because there is little or no time to attend to them.

Therefore, you must be good at allotting time and managing it effectively. Try to resolve any complaints over the phone as soon as possible.

If you are handling the emails, be proactive and send out new emails, reply to the incoming emails and schedule new emails to make the job faster.

Also read: Top Professional Negotiation Skills you Need to Succeed in Business

6. Problem-Solving Skills

You need to be a problem-solver, even though the company’s product or service is designed to solve one or more problems.

Your problem-solving customer service skill comes in handy when helping the customers tackle some of the challenges or issues they might have encountered when using a service or product.

The following should help you become a better problem-solver:

• Understanding the fundamentals of the problem, including whether the problem emanated from the company or from the user/customer.
• Evaluate the extent of the problem to see if it is something that can be handled immediately. The evaluation also helps you determine if you are the right person to attend to it or if a higher authority should take it up.

Final Words

Having the right customer service skills place you many steps ahead of other applicants for a customer representative job opening.

What customer service skills do you possess and how do you intend using it to improve the growth of your employer’s business?

The post What Customer Service Skills Do I Need to Get Employed? appeared first on SME SCOOP.

In this article, we talk about the top nine (9) business ideas for couples. If you and your spouse have considered going down the entrepreneurship pathway, starting any of these businesses could be worth it.

1. Get into the Wanderlust Business

We must mention that any business you intend starting with your spouse needs to meet the market demands. Also, the business or the industry should be lucrative so you can make steady income.

With that being said, one business that matches that description is the travel business. There are lots of opportunities here and with the right education, you and your better half could be on the way to “getting into the money.”

Here is an idea on how to start and scale your travel business:

Become Travel Planners

The truth is that both individuals and business executives tend to have a hard time getting around their travel itineraries. If you can help them plan their trips, it would be an opportunity to make money.

As travel planners, you will help your clients in the following ways:

• Booking their trips with the airlines.
• Making reservations at hotels.
• Making arrangements for a tour guide to help your clients navigate their destinations.
• You can also help with handpicking choice (tourist) destinations for their sightseeing cravings.

2. Start an Event Planning Business

Ladies thrive the most in the event planning business but with help of the men, it becomes better. You can let your wife run the décor and other basic arrangements while you go client-sourcing, forming a team and building a brand around it.

3. Start a Virtual Assistance Service

Virtual Assistants (VAs) are in high-demand. Established brands often have one or more VAs working with them to help smoothen the communication with the customers.

As VAs, you and your spouse will help the clients with:

• Managing their emails
• Boosting the customer’s interest in their brand.
• Receiving and tackling customers’ concerns.
• Managing the social media presence of the clients. This includes managing the Facebook, Instagram and LinkedIn pages.

Also read: How to Start a Social Media Marketing Agency without any Money

4. Start a Business Based on Subscriptions

Membership sites are examples of subscription-based businesses. This type of business thrives on the renewal of the customers or users’ subscriptions to continue enjoying the services rendered.

Before considering this business idea for couples, here are some of the things that must have been in place:

• The Service: you and your spouse should have a service or product that needs to be subscribed to and which is subject to re-subscription to keep using it. The service or product could be an online educational resource, a limited product or a beauty product.
• Subscription Basis: how long does the subscription last? The best subscriptions are between a month and a year. So, you can choose to accept monthly subscriptions or make it annually.

However, offering a subscription straight-up might not fetch you a great deal of money. You need to offer a lot of freebies and even give discounts to win the market over.

5. Start a Rental Business

A lot of opportunities exist in the rental market. There are lots of items to be rented and earn a recurring income from the same.

Below are some of the opportunities:

• Home Rental: this has become increasingly popular following the surged interests in short-let apartments. If your home has some rooms unoccupied, it may be ideal to put them up for rent on a short-let basis.
• Catering Rentals: invest in purchasing catering items, such as buffets, spoons, plates and chairs. You are to rent these out to celebrants and earn an income.

6. Co-Invest in Real Estate

Gone are the days when you have to build a home before you can make money from real estate. You and your spouse can make recurring income from a smart investment in real estate.

Here are ideas to inspire you:

• Airbnb Arbitrage: you can become arbitrators for Airbnb, by connecting homeowners to lodgers and vice-versa. You can make a percentage of the fee from the deal.
• Home-Flipping: this means buying a house at an affordable price, improving it by way of renovation or adding new furniture before selling at a higher price.
• Traditional Real Estate Investment: you can also go through the traditional route of buying a home and putting it up for rent.

7. Run an Online Educational Business

You and your partner can start an online-based educational business. There are several ways to go about it and these are some of the ideas:

• Online Course: you can create a video course on the topic or industry you are knowledgeable. Put up the course for sale on platforms like Thinkific, Udemy, Coursera and your private Learning Management System (LMS).
• Run a Blog or Vlog: if you are knowledgeable about an industry, you can consider starting a blog around it. Say you know how to keep a home neat; you can run a home improvement and décor blog. You can also repurpose the content and make a vlog out of it for publishing on YouTube. You get to earn money both ways –income from ads placed on your blog and revenue generated from vide views on YouTube.

8. Start a Transportation Business

Do you know how to drive? Is your spouse good at making customers happy? Are you familiar with your locality? If the answers to those questions are “yes,” there is a chance that you can run a transportation business with your spouse.

These are some of the best transportation business ideas to run as a couple:

• Food Truck Delivery: you can partner with food delivery companies like Uber Eats and DoorDash. You will help them deliver food from restaurants to the buyers.
• Run a Courier Company: you and your partner should also consider running a courier company that helps people pick up products and deliver to the designated locations. You can partner with online vendors, dry cleaning service providers and companies in need of delivery of confidential documents.

9. Delve into Digital Marketing

The Internet has blessed us with lots of money-making opportunities. With an Internet-enabled device (such as a smartphone or laptop) and an active Internet connection (with a knowledge of something), you can make money online.

The entire process is called digital marketing – and there are different facets of it for you and your spouse to explore:

• Affiliate Marketing: this simply means referring people to buy a product so you will earn a commission. It could be a physical product or a digital product.
• Online Store: you can also run an e-commerce store with your spouse. The rule of thumb is to stick to a niche. Say, you can run an e-commerce store that sells electronics or the one that sells online handmade crafts.

Also read: Digital Marketing Tips for SMEs

Final Words

A look at some family-owned businesses like BMW AG, the Raymond Group, KONE and Red Bull proves that a family can operate a joint business and make it work.

Which of those business ideas would you want to start with your spouse and why?

The post Business Ideas for Couples: Top 9 Ideas appeared first on SME SCOOP.

With many successful brands out there, you may think that there is no other business idea you can start and run with. On the contrary, the established brands you see today have one or more loopholes that create a market opportunity for startups that will dare to take it up.

In this article, we introduce you to seven (7) different techniques you can use to generate a business idea.

What is a Business Idea?

It is just what it is – an idea or general information about a business. However, for a business to kick off, you must convert that idea to a working principle.

Want to learn how to generate business ideas? Here are the major business idea generation techniques you would like to explore for your next startup:

1. Build a Business around Your Hobby

There’s no doubt that not everyone is passionate about the business they started. You could see a vehicle manufacturer that doesn’t give a hoot about how the vehicles are produced, but the major goal is to satisfy the demands of the market and make money.

However, there are a couple of business owners who built something around their passion. You could see a fitness center owner that is passionate about keeping fit; a skincare brand owner that doesn’t want any blemish on her skin and a clothing brand owner that doesn’t like being caught un-trendy.

If you have a hobby or something you like doing so much, it might just be that next big business you will start.

It is better to start a brand around something you like doing so that when things don’t get all rosy, you can always be fired up to keep at it.

2. Look for Problems and Solve them

Today’s startups don’t just start out of passion or the desire to have a big brand in the face of the people. If you take the time to interview some of these business owners, 5 out of 10 would tell you they found a problem and they started a business to solve it.

For example, Financial Technology (Fintech) companies are being launched every year to help facilitate cross-border transactions, especially because of the lacuna of higher remittance fees when using the banks.

Here are some of the best ways you can spot these problems:

Follow the News

If a particular topic is being talked about often on the mainstream media and the news is always negative, there is a chance that nothing has been done to resolve those issues.

For instance, you may have access to news on limited water supply in an area. If that persists, you could start a company to help supply water to those areas and make money from it.

3. Come up with a USP

Sometimes, you don’t need to brainstorm the best business idea for you. Most of the time, what you want to do is to “add value” to an existing market.

The goal is to offer something better or more unique than the current service providers offer. Here are some ways to do that:

• Introduce a better service or product to an “underserved area” –an area where that product or service is not so popular, but there’s a demand for it.
• Improve the customer experience by offering exceptional service.
• Reduce the cost of getting the service or product, if possible.

4. Ask for Business Ideas

The first place you may want to turn is your family and friends. Ask them to help you come up with business ideas. Sometimes, these people have ideas that they may not be willing to go ahead to implement but which they would be willing to share with a budding entrepreneur with the right resources to build on the ideas.

Also read: Small Business Ideas for College Students

5. Explore Your Neighborhood and Travel if Need be

You cannot come up with the best business idea if you stay put in one place. If you are earnest to start a new business, consider exploring your neighborhood.

Pay attention to the “word on the streets.” What are people talking about? Which service are they yearning for?

If you have the resources and time, it may also be a good idea to travel to other places. Sometimes, the inspiration you need to start a Fortune 500 company is in other places. You just need to pay a visit, understudy how existing businesses operate there, find the loopholes, and find out a way to do something better.

6. Implement the Low-End Disruption Model

It may take a while for a new Electric Vehicle (EV) manufacturing company to become as popular as Tesla is. Why? Because Tesla has established its presence as a leader in the EV market. Despite selling the vehicles at a higher price, the company still has lots of customers.

Thus, starting a new business in the same niche and aiming to sell at the same price may not cut it for you.

We would suggest starting with a lower-priced EV. The low-end disruption model suggests offering a lower-priced or affordable variant of an existing product or service.

As your startup gains traction, gets customer loyalty, and has brand awareness, you can then consider stepping up in your game to penetrate the larger markets.

7. Fill the Market Demands

Sometimes, you don’t just need a new business idea. You may not even need to compete with anyone. The market is there for the taking. All you have to do is to provide the services or products and acquire your customers.

An instance can be the outbreak of the Coronavirus pandemic, which saw many pharmaceutical companies manufacturing and shipping nose masks, and hand sanitizers. Yet, the market demanded for more.

In such an instance, you can jump on the bandwagon and fill the market demands.

Conclusion

Coming up with a new business idea can be somewhat difficult, especially when you want to offer a service or product that the market doesn’t have at the moment. If you are unsure of what to do, consider taking advantage of the business idea generation techniques shared in this article and run with it to launch your startup.

The post Top Business Idea Generation Techniques for Startups appeared first on SME SCOOP.

In this article, you will discover expert tips for selling an unprofitable business.

Selling an Unprofitable Business: When to Consider Selling

What could make a business unprofitable? It could be making lower sales, spending more money than it makes or having more competitors to share the market with your business.

According to Entrepreneur.com, it may not be worth it to sell off your business. By looking at important factors like expenses, paying more attention to customers’ feedback, and making better offers, you may be able to salvage the business.

But when all those don’t work, here are some of the best tips to selling off your unprofitable business:

1. Prepare for Due Diligence

The fact that you have declared the business for sale attracts many prospective buyers. They are not just coming to buy the business. They also want to know what went wrong to see if it is something they can salvage once they are at the helm of affairs.

Preparing ahead of time helps you to put all these factors into consideration. To point you in the right direction, here are some of the questions you should be prepared to give answers to once your unprofitable business buyers start calling:

• Why is the business failing? Did you do anything wrong along the way?
• What market share does the business currently hold? Does the target market trust the brand well enough to allow it to change hands?
• How does the business function?
• What is the current legal standing? Is the business bankrupt? Has a case in the law court?
• How long have you been running the business and what is the average yearly turnover like?

Being prepared for these questions helps you to be confident to answer them when asked. With the right answers and a bit of coercion, you can encourage the prospective buyer to give it a shot. Maybe, a change of administration is what the business needs afterall!

2. Consider Leasing the Business and Its Components

Sometimes, your business needs a change of administrator – but not permanently. You want to lease out the company and its equipment, including the office if required.

Allow “new owners” to run it for a while until it bounces back. Only after the leasing attempt fails to bring in the desired results can you consider selling off.

3. Make a Contrast of the Business’ Strengths and Weaknesses

Where have you fared so well in running the now “unprofitable” business and where do you need to improve?

Doing these assessments helps you to come up with a definite plan of how best to scale the business when it is sold. With the blueprint, new owners will sure have a foundation from which to start rebuilding the business.

4. Analyze the Business Worth

Your business may not be making as much profits as it used to, but you have a considerable number of contracts that can spin a magic in the next couple of years.

Evaluate your business and take stock of its current stock. Here are some of the things you want to analyze:

• The cost of equipment available to the business.
• Business vehicles and offices.
• The number of active contracts.

5. Sell to a Sister-Business

Business is war; sometimes, you want to accept that your competitors know better than you do. When your business makes less profit, you may consider selling an unprofitable business to a “sister-business” or competing brand.

This strategy works best if your business dominates a market the competitors would like to have. With this in mind, making an offer becomes easier.

6. Give it Time

By going through past financial records, you will notice when the revenue began to drop. In a couple of months, you have moved from a flourishing business to a near-bankrupt company.

As much as you want to sell at this point, it may be worth it to sit it out for a while. Probably, the business strategy or market appeal waned for some time. In a few months, you may be back in profits again.

7. Do not be Intimidated

The keyword is “negotiate from a place of strength.” When you give off the impression that you are selling an unprofitable business to clear out, you will receive belittling offers. But when you lay the offer on the table and stick to it, you will likely get a better buyer.

Here is how to negotiate the sale of your unprofitable business without feeling intimidated:

• Calculate and be sure of your business’ current worth.
• Highlight the strengths of the business.
• Keep a good financial record.

Doing all that helps put you in charge of the offer than your prospective buyers.

8. Pick the Best Offer

Prospective investors will make you several offers, from a one-time payment to taking the business on lease. Do not be in a hurry to accept any of the offers. Evaluate the pros and cons before deciding on one.

For emphasis, choosing a one-time payment may not be advised, because you may be required to pay tax for it.

9. Sell the Business and Keep it “Alive”

It is possible that you built the business to be a worthwhile venture, but along the line, it stopped making profits.

Choosing someone, preferably an investor who shares a similar vision as you do helps you keep the business’ aims going, even when you aren’t the one running it.

10. Talk to a Professional before Selling an Unprofitable Business

Seek help from a financial advisor who puts you through the process of selling the business. The professional can also help you follow the right procedures to listing the business for sale.

Bonus Tip: Have a Future Investment in Mind

That your current business doesn’t make profits any longer doesn’t mean that another wouldn’t. If you are bent on selling your unprofitable business, be prepared as well to venture into a new business.

The goal is to put the funds you raised from the sale into good use and build a better business in the next couple of years.

Conclusion

Selling an unprofitable business may seem impossible but you can make some money even though the profits haven’t been coming all this while. By talking to a professional, evaluating the business assets’ and reinvesting into another business, you can pick up from where you stopped and continue building a great business.

The post 10 Factors to Consider before Selling an Unprofitable Business appeared first on SME SCOOP.

From losing a client’s products to not being able to renew the existing contract, you want to learn how to deliver bad news to clients.

It can be as simple as calling the customer and relaying the message. But if you want to be professional and tactical at the same time, it is high time you followed the tips we share.

How to Deliver Bad News to Clients in 6 Steps

We have made a list of the top six (6) strategies you want to follow when looking for a better way to deliver bad news.

Here are the exact things you want to do:

1. Get Right to It and Don’t Beat Around the Bush

Understandably, you are looking to use an effective communication strategy when delivering a negative message. More often than not, you want to stick to using impersonal statements to break the ice.

However, coming “clean” sometimes might just be a better way to deliver bad news to clients. Give it to them directly. Tell them why the expected results didn’t pan out and what could have been done differently.

If you made a mistake, acknowledge it and ask the client to forgive your error. By being frank about the whole thing, the client will more likely appreciate your honesty and try to see reasons with you.

Note that this strategy can sometimes be tricky. You want to be sure the client is in a good mood and understands the efforts you have made so far.

2. Prepare Ahead of Time

Those who fail to plan tend to fail at the end of the day. Take as much time as you can to prepare ahead of telling your client about what went wrong.

Note, preparation has to be in line with the factors leading up to the mistake. You want to put the pieces together and get yourself emotionally prepared for whatever response the client may have.

Here are some of the things you want to do when preparing to deliver bad news to your client:

• Put yourself in the client’s position and try to understand how he or she would feel. That makes it a lot easier for you to be strategic with how you approach the issue.
• Show empathy by letting the client know that you understand how it all feels and you would be willing to help remedy the situation.
• Use statements like “I’m sorry”, “Please accept my sincerest apologies” to start the conversation.
• Don’t forget to tell the truth.

3. Don’t “Point a Finger” at the Client

We don’t mean pointing one of your fingers at the client; we rather mean literally. Even if the (bad) outcome was a fault of the clients’, you don’t want to make it obvious. You are not massaging their ego either, but you are trying to prevent an emotional response to the whole issue.

The client is hurting already and the last thing you want is to get the anger vetted on you. Here is a better way to approach the issue and deliver bad news to clients who made a slip:

• Be prepared to give a detailed breakdown of what went wrong (not exonerating the clients’ role of course). That way, you wouldn’t be “lying down” and taking all the blame, when the clients have some to take too.
• Focus on the issue alone and try not to paint a picture of the clients making a mistake.
• If possible, proffer a way out of the situation.
• Have a grip on your emotions. Don’t react out of anger.

4. Learn to Pay Attention

Okay, you’ve laid the cards on the table. The clients know what went wrong and the role everyone played to make it all wrong.

Now is the time to listen. What do the clients have to say? Are they all worked up? Not ready to commit further? Perhaps, the clients want to go through it all again and see if something can be done.

Whatever their decision is or whatever they are saying, it is your responsibility to pay attention. Listen to what they have to say and if there is any point to add, don’t hesitate to do that.

Also read: Professional Negotiation Skills You Need to Succeed in Business

5. Be Strategic with How You Deliver the News – Telephone First, Email Second, In-Person Third

Perhaps, you have wanted to drive down to the clients’ office or house and break the bad news. While that may seem a sensible thing to do (it is anyway), now is not the right time for it.

The rule of thumb is to telephone the clients first. Provide as much detail as possible. Second, you want to send an email, detailing the step-by-step laydown of what happened. Most times, you get an invite to come over and that’s when you conclude the whole thing.

Of course, these processes rely on how close your communication has been with the clients. If you have been doing more of email exchanges, it may be wise to send an email before meeting in person.

“The easiest ways to break bad news to your clients are going straight to the point, preparing before you contact them, avoiding blame-trading, listening to the clients’ response, choosing the best medium to relay the news and offering to help.”

6. Proffer Solutions and not Just be a News Breaker

Finding a fault is one thing and fixing it is another. Now that you have delivered the bad news to the clients, do you just sit there and wait for them to make all the decisions?

Since you are a part of the problem – or you were unable to prevent the problem, you may as well be a part of the solution.

Offer advice on how to navigate out of the situation. By explaining yourself and providing a viable solution, you make the clients believe that you are still interested in fixing the situation. That is how you win trust back and when trust is there, you have yourself a deal.

Also read: The Biggest Enemies of Success and How to Conquer Them

Conclusion: Break Bad News to Clients in 6 Ways

The easiest ways to break bad news to your clients are going straight to the point, preparing before you contact them, avoiding blame-trading, listening to the clients’ response, choosing the best medium to relay the news and offering to help.

In addition, you want to keep in touch with the clients until the situation is over and avoid doing anything that will cause another. That way, you fix the situation, win your clients’ trust back and continue doing business like it never happened.

The post How to Deliver Bad News to Clients appeared first on SME SCOOP.

As a college student, you can niche down and tap into this burgeoning SME market in the US. This article gives you a clear direction on the best small business ideas for college students looking to make money during their studies in the US.

Am I too Young to Start a Business in College?

You are not too young to start a small business in college. In a recent report, Statista hinted that the number of young business owners was 0.27%, which translates to about 270 new entrepreneurs per 100,000 adults in the US.

The report checked the statistics between 2000 and 2021 and discovered that young business owners between the ages of 20 and 34 had a higher chance of starting a business.

Your age range certainly falls within that category, so yes, you can start that small business idea of yours as a college student.

Top 5 Small Business Ideas for College Students

With that being said, let us now look at some of the businesses you can establish with little funds and the potential to make more money over time.

1. Start a Dorm Cleaning Service

You need to live in the dormitory for this business idea to work best, but you may also stand a chance if you live outside. Cleaning the dormitory involves taking care of rooms and tidying the surroundings of the dorms.

Since these are student-dominated areas, they tend to be dirty sometimes, and these students may not have all the time to take care of their surroundings. You can easily tap into this opportunity by getting a small business license and cleaning tools to help you kick-off.

For a start, you may want to do it alone but as the business grows, consider hiring other students to help you. It would help expand the business and get more clients, as you now have more hands to take care of the cleaning jobs.

2. Become a Gig Worker

The gig economy, aka freelancing, allows you to work from any part of the world with just your gadgets (laptops and smartphones). Provided you have a good Internet connection; you can become a freelancer while still in school.

But there are certain factors you want to consider before towing this path. Freelancing can be exhausting, especially when you have more projects to handle and little time to complete them.

Due to your studies, you may want to take fewer gigs, especially the ones that aren’t on an hourly basis. That way, you have a flexible schedule that permits you to work at your pace and earn a decent income.

Several gig-based projects exist today and can be sourced through Upwork, Fiverr, Freelancer, and Guru. You also want to become a near-professional in the specific skill to offer optimum services to your clients.

Examples of freelancing gigs or projects are:

• Website development
• Graphics design
• Content writing
• Ghostwriting
• Website design
• Mobile app development

Also read: Top Side Hustles That Can Make You Money Than a Full-Time Job

3. Sign up with Uber Eats

Students need food to survive. From snacks to meals, they need access to a decent dish to keep the worms in the belly happy.

It would help if you considered signing up with Uber Eats or any other food delivery service nearest you. What you would be doing is to help these delivery companies fulfill orders for their clients, in this case, students. You get to earn a specific amount of money for each delivery – and tips, too, if the customers feel like giving you some.

But this isn’t limited to food delivery. If you can run errands for people, you can pretty much fit into any of the markets. From laundry delivery to parcel delivery, you can start your niche-based delivery business in the shortest time possible.

Just find a lucrative niche, one that is in high demand. Find reputable delivery companies within your locality, partner with them, and start delivering these items to their customers on their behalf.

4. Become a Content Creator

Facebook was originally a platform for connecting with friends and family, especially the ones you haven’t seen in ages. Twitter became a hub for active discussions and real-time information across different industries.

With the evolution of the Internet over the years, these platforms have become a hub for content creators. So, who are these content creators? They are individuals that create different informational pieces of information, either in the form of written texts or videos.

The content creation market is extensive, from skit makers to writers and YouTubers. If you are versed in a topic or niche, you can consider becoming a content creator. TikTok has even simplified the process by allowing you to make short videos where you can talk about the things you know.

You can also leverage Instagram and Facebook, and when your page is monetized, you get steady revenue when people interact with your content and the ads served through them.

5. Write for Fellow Students

Have a knack for writing? Are you good at research? You can make a decent income by becoming a researcher for your fellow students. From term papers to essays and assignments, you get to help these students with their academic work and get paid for it.

You, however, want to keep in mind that third-party academic work affiliations aren’t always excellent, as some universities and colleges frown at it. So, be sure that the students you are helping are fully authorized to seek help in that area before working for them.

Conclusion

Being a college student consumes time, costs money, and can be exhausting. However, if you can make out the time, you will be able to start a small business idea as a college student. The ideas in this article are only a few, but they are also one of the easiest to start and scale into a more significant business by the time you graduate.

Running any of these businesses while in school helps you get real-world industry experience, and by the time you graduate from college, you will have the zeal, money, and passion for starting something more prominent.

The post Small Business Ideas for College Students in USA appeared first on SME SCOOP.

Probably as the head of the creative unit in a large enterprise, you need to always be on the game with a well of ideas. To stay on top of the competition, you need ideas and not just any ideas but smart ones. An idea that will set you apart from the competition.

But how do we find those ideas? Well, let us first look at how to differentiate a good idea from a bad one.

What Makes a Business Opportunity Good?

With the birth of every new idea comes the risk. No idea is exactly bad or good under the right conditions; it’s just that risks involved with a particular idea might be greater than another.

Before you start going for an idea, you should check the resources available to you, can you exploit it? Are the resources enough? These burning questions should be the first step to determine what idea you should go for. Other things you need to check includes:

Is it affordable?

I know that idea probably sounds so perfect to you, and you are already thinking of all the profit you will make and other investments you’d put the money in, but have you thought about how you’d afford it? And I am not really talking about taking a loan or borrowing from friends because you shouldn’t borrow while starting out. Do you really have what it takes to pull it off?

While starting out a business, things can become foggy at times; having a clear roadmap is essential in building a successful startup. Also know that things may not always go according to plan.

Are you motivated enough to push through?

This is as important as having the money for your startup. If you are not passionate enough about that idea, you will probably hit the rocks soon. Setbacks are sure to come while starting out your business and if you are not self-motivated, you will see yourself throwing in the towel.

Skills

Getting to work on an idea comes with its own responsibilities, do you have the skillset required for the idea to become a success? If no, then you need to develop the skills or find someone to help you out.

Scalability

Look at the long-term life of your business and determine if it will be able to grow in productivity and profit in the long run with low cost on human resources. A good business idea will probably be able to scale up within a few years.

Explaining further, this means that you can expand your business with a low capital and still be able to make maximum profit. You will have enough to pay for your workforce and other costs and still make good profit.

Location

Location is very important when determining what idea to go for. If you are located in a place where your idea will not sell, then it is probably better to let it go unless there is a way to reach your target audience.

Timing

Timing in business in everything and might just be the thin line between business success or failure. If you enter a market when the timing is perfect, then your business is sure to bloom.

One of the key ways to determine a perfect timing for a business is when the market is in great demand for a particular solution or need something new and different; That is when you should come in with your idea.

Is it measurable?

A good business idea should be measurable. You should be able to measure your production and efforts. For example, you are able to deliver 10 different clothing to your clients in a week.

Types of Business Opportunities to try in 2023

Automation

With the appearance of more workflow, more companies are moving into automations. Automation is setting up a process that can be repeated overtime without supervision.

More companies use different automating tools like buffer, Pushowl’s, HubSpot, etc. to make a process efficient.

Some of the skills you will need is programming which will help you build a good automation tool.

Drop shipping

Drop shipping is a good business idea you can start from home. This is where you sell to consumers and the manufacturer takes care of all the logistics and delivery.

It is a good business venture if you are still starting out.

Artificial intelligence

The world as we know it is constantly moving into frequent use of artificial intelligence in different fields. Many tools are now programmed with artificial intelligence.

We have virtual assistant tools like Cortana, Siri and Google assistant which uses artificial intelligence to make our lives easier. This article also mentioned AI as one of the top businesses of the future.

Cyber security

With the rise in the use of internet to perform various functions, cyber-crimes also increase. There is a need for cyber security now.

Website flipping

This involves increasing the worth of a website by applying good SEO and marketing, then you sell the website at a high price.

You can buy a low performing website for $300 or even less and work on the site to improve it. Once the value is much higher, you can sell for as high as $5,000 within a year if you’re good.

To improve a website’s value, you will need to generate traffic and run ads.

Consulting

Consulting is one service that you can render at the comfort of your home. If you find yourself knowledgeable in a particular field, you can start offering consulting service and charge people for your time.

Real Estate Investing

This is one of the gold mines you should checkout. Although it requires a large capital, it is still a good way to have huge earnings.

Dog walking

Dog walking is a business that has become popular and quite lucrative. Busy Dog and pet owners are now willing to pay to have someone walk their dog.

This is a business you can start with no capital.

Housekeeping business

Most people do not have much time to take care of their home because of their busy schedule, they are ready to pay to have people clean up their house for them.

Once you have bought the necessary tools, you can start running adverts to promote your job. Soon enough you’d start getting calls from people requesting your service.

3 Smart Ways to Find Business Ideas and Opportunities

Identify a job that needs to be done

People take advantage of service/product offerings to perform a job that they cannot do themselves. When they need to get something done, they think of the best tool that will do the job perfectly.

Any idea you have should be one that does a job. So, when you identify a job that needs to be done, you will start getting different ideas of what you can do or build to do that job.

Market research

Conducting market research can also help you to identify new opportunities to venture into. Using the disruptive innovation according to Christensen, there are two methods you can follow which are:

a. Low end disruption

This is when a company enters the lowest market segment with a low profit. The dominant company will not be motivated to see the new entrant as a competition and therefore does not fight back, the new company further advances to the next higher segment with time. The dominant company might decide to go into higher segments with great profits.

Overtime, the new company keeps scaling into higher market segments until it has completely driven out the former company. It then becomes dominant in the market. This type of market disruption is so much better than going head on with the company at first.

b. New-market disruption

This is a process when you create a product to cater for people who are tired of the existing products. They are already worn out by having to pay more for updates and additional features in old products and earnestly crave for something new.

You can create a product that offers better services at a reasonable cost.

Conduct surveys

You can ask for feedback from users of a similar product you might want to create. Ask what features they would like in the product, and how to make it better.

Then you can try to win the competitors customers by making the product cheaper with good quality, faster process, assured security, accessible to all.

Growing a startup can be tricky especially for beginners who have no experience, gathering enough information before you start can help put your feet at the door.

We are glad to have been part of the process of feeding you with the right information to start out. Do you have any questions? We would love to hear from you in the comments.

The post How to Identify Good Business Opportunities in the Market appeared first on SME SCOOP.

In Blogging, there is what is called search volume and search traffic. Search volume determines the rate at which a keyword is searched. Sometimes, the search volume for a particular keyword might reach up to 8000+ in an hour. Search traffic on the other hand deals with how many people actually click on a website to view information about the query they searched for.

Because of the way Google and other popular search engines work, it provides snippets of answers for a particular keyword when it is searched. This at times prevent searchers from diving furthermore into the topic. A word, sentence or phrase might have up to 1k+ search queries/demand in a day but only a search traffic of 20 in a month.

While writing a page, the title should be chosen in the form of keywords that has search traffic. A number of key factors can determine your web traffic and some of the factors are explained below. Be patient and read through.

Why you are not Getting Enough Web Traffic and How to Fix them

1. Using Random Titles

As much as it is fun to write about titles you want to, you need to do your math. What is the point of writing for titles that nobody will search for or read?

You should make good research to identify if the titles you use has any search traffic. A good tool you can use for this is Ahrefs keyword research tool.

They let you search for keywords that have search traffic using their keyword explorer. It allows you to see up to 10 listings of a particular keyword and analyze the SEO metrics like volume, traffic, domain rating etc.

2. Searcher intent

Does your blog post satisfy searcher intent? Searcher intent is the reason behind a particular word, phrase or sentence that a person types into a search tool for example Google.

When a person searches a phrase like dog feeds, they are hoping to find different types of feeds for their dogs. A page that has this keyword as its title should include different types of dogs and the variety of meals they can feed on. That is how you satisfy a searcher’s intent. The title can also be crafted in a way to tell the searcher that you understand what they are searching for, and you have the answer to their query.

Satisfying searcher intent plays a big role to determine if your web page will get much traffic.

3. Use Keywords with business potential

When working with keywords, those that have a business potential will always get maximum traffic.

A business potential keyword is one that you can get the user to make a purchase by suggesting products or services suitable for their need.

When you craft your post in a way that informs your reader, they will automatically trust you with a lot of decisions that once you tell them that this is better based on facts and statistics, they will go for it. This side of blogs is very beneficial to affiliate marketers as it helps them drive traffic and make gains from the traffic.

4. Use Interlinks

To help Google better find, index and crawl your page, always add interlinks. These interlinks will help readers find useful information about what they are searching for. A good example of this is adding links to pages with helpful information about what they are looking for.

Always link from a page on your site to another page on your site that talks about a similar thing. For example, you can make a post about different breeds for pet dogs, and another about dog feeds. The former should link to the latter at a certain part in the page. Doing this will let Google crawl your page better.

This is an example of an internal link. Linking out to external pages that clarify your point also helps in your SEO.

5. Make use of Images

One good way to increase your rank on Google is to use images. When you use images, it helps to illustrate the information to the reader (like the image below) and helps them understand the information being passed better. Google uses this as a metric in ranking pages, although you shouldn’t just add images. You should also add alt tags that describes these images.

6. Disorganized headers

One way Google ranks a page is through headers for each title. Your blog post title should have a font size different from other titles and it should be the biggest.

Most preferably, your blog post title should be the size of an H1 tag, and the rest should be in decreasing order.

See image sample below.

Using this method will help google to appropriately understand how your web page is structured,

7. Make use of subtopics

Most pages ranking on google do not rank for a particular keyword but for multiple keywords. The goal of every blogger should be to write web articles that rank for different keywords and the most common way to do that is using subtopics.

With subtopics, you make it easier to rank for those subtopics as well, but to achieve that, you also need to play your cards well.

Also Read:

• Top Side Gigs That Can Make You More Money Than Full-Time Job
• What are the Biggest Enemies of Success and How to Conquer Them?
• Best Marketing Tips for Content Creators

8. Focus on quality content not keyword quantity

One mistake most people make is using a predefined quantity of words to rank. There are multiple sites that use less words than others but are ranking because of the quality of the content. Most especially when most guest posters or writers are given a word count of maybe 2000 or more, when the writer gets short of quality words, they try to write meaningless things in order to make up count.

This is a very wrong idea, what makes a page rank on Google and drive traffic is the quality of the blog post and nothing more.

9. Your page is slow to load

When people click on a site and it takes more than 3 seconds to load, most visitors will abandon the webpage and move on to another. You can test your web page speed here. There are a number of things to do to customize your web page to load faster, click here to see them.

Ranking on Google is equivalent to getting more views/traffic. When you do the necessary things, your page will rank and get traffic.

10. Plagiarism

One of the things you should watch out for while writing is that you do not plagiarize a content knowingly or unknowingly. Plagiarism can be a key feature in not driving any traffic, and it might cause a lot of red light on your site. Original content that provides solution to searcher’s problem will always be king.

The post 11 Pro Tips to Increase your Webpage Traffic this Year appeared first on SME SCOOP.

It is a fantastic time to live in, and you, too, can cash into this opportunity to start a side gig that makes you more money than a full-time job can. This article breaks down the concept of side gigs, their benefits, and the top side gigs you can start today.

What are Side Gigs?

Also called part-time jobs or side jobs, these are the tasks you can take on a temporal basis and get paid. Today, you can become a side gig worker either by using the Internet or going the traditional way – offline.

Side gigs benefit people who have a lot of time to spare and are looking to augment their income.

Let’s talk about some significant side gigs you can start taking today to earn more money than your full-time job can ever pay you.

Online Side Gigs that Pay More Than Full-Time Jobs

To simplify these tasks, we will divide them into online and offline variants. Here are the primary online side gigs you can start taking today.

1. Start a Dropshipping Business

Dropshipping is a business model that involves three persons – the buyer, the seller, and the middleman. Your role is to become the middleman, agent, or intermediary connecting the buyer and the seller.

Shopify lets you start a dropshipping business by helping you set up an online store where you publish your dropshipped products and attach a fair price. Once someone buys from you, contact the original seller to fulfill the order and take your cut or percentage from the transaction.

2. Manage Social Media Platform Profiles for SMEs

Small and Medium Enterprises (SMEs) are now tapping into the digital normal of having an online profile or page for their brands. Often, these brands either don’t have enough time to attend to social media interactions or are not experienced in that regard.

Your job as a social media manager is to help these SMEs (and even the established brands) manage their brand’s “social life.” You can help engage the target audience, talk about the brand’s services and attend to queries and complaints in real-time.

3. Start an Online Reselling Business

Buying and selling take place online almost every minute of the day. You tend to see at least five sponsored posts daily on your Facebook Timeline and up to 10 on Instagram. If you are active on Twitter, you can see 15 sponsored posts.

What does this tell you? People are continuously paying to have their services pushed out to a larger audience that may be interested in them.

Likewise, you can model this and start your reselling business using your social media accounts and third-party platforms.

Examples of reselling businesses you can start today are:

• Thrift Shop: You can open an online thrift shop where you promote anything from clothes to used items. eBay is an excellent platform to start this business.
• Domain Flipping: Do you have an eye for detail? Can you spot trends? It may be an opportunity for you to start a domain-flipping Domain flipping means the purchase and sale of domain names. It would help if you knew how this works before getting started.
• Website Flipping: It is similar to domain flipping. But here, instead of buying and selling domain names, you are now selling the entire website. The idea is to buy a domain name, build a website on it, grow the website, and possibly make a brand out of it before selling.

Also read: How Social Media Visibility Can Improve your Business

4. Become a Freelancer

Freelancers make money online by providing services that their clients want. You can do anything from online blog post writing, graphics designing, voice-over and website development.

To get started, you can sign up on Upwork, Fiverr, Freelancer.com and Guru.com. If you are looking at getting skilled, consider picking one or more skills on Udemy, ClassCentral, or ALX to get these in-demand skills that pay you more than a full-time job.

Offline Side Gigs that Pay Higher than Full-Time Jobs

Let’s now talk about some side gigs that can make you more money than full-time jobs, even when you do them physically.

Here is the list:

1. Become a Dog Walker

Do you love pets, especially dogs? Here is a side hustle that can pay you more than your traditional job could. Walking a dog entail taking the pet for a stroll and taking care of it.

Start pitching to dog owners in your neighborhood and see if they need your services. You also need to set a price range for your services, so you don’t sell yourself short.

2. Become a Nanny

Moms now have a lot to do. It’s either they are working at the office, needing some good time to take a rest, or taking care of the home. Either way, the fact is that many moms don’t have a lot of time for themselves, and that could tell on their newborns.

If you are good at minding babies, you can opt to become a live-in nanny or take it on a part-time basis, coming in the day and leaving later. You will help these moms concentrate on other things while keeping the babies comfortable and earning a decent income.

3. Start a Daycare

If becoming a nanny seems a bit off for you, why not start a daycare? Your home can be the first day care center; as you expand, consider looking for a bigger space and hiring more childminders.

4. Drive for a Ridesharing Company

Ridesharing companies like Uber and Lyft make money connecting passengers to drivers. Consider signing up with any ride-sharing companies if you have a car or know someone who can let you have one on a lease.

Even when you don’t have a car, you can get into an agreement with someone that does on the amount of money (and frequency) to remit either weekly or monthly.

 Also read: Top 10 Legit Sites for Job Hunting

Final Thoughts

Side gigs are booming right now, and more people are capitalizing on that opportunity to earn a decent income. If you love working online or are Internet-savvy, taking any of the online side gigs is best. Otherwise, consider continuing in the traditional path of taking two or more jobs offline and earning more income than a full-time job can pay you.

Which of these side gigs would you prefer to start and why? Let me know in the comment section.

The post Top Side Gigs That Can Make You More Money Than Full-Time Job appeared first on SME SCOOP.

Are you trying to figure out how you can make money on TikTok? You don’t need to be the next Addison Rae or Charli D’Amelio to start making some cash on the TikTok platform. In this post, you are going to learn 5 different ways you can make money on TikTok while having fun and doing what you love.

TikTok is the fastest growing social media platform at the time of writing this post, and a lot of creatives are taking advantage of the trend to build a career as influencers and generate sustainable income for themselves.

With over 1.5 billion daily active users presently around the world, you should definitely join the train to start making money on TikTok.

So, without much ado, lets get to it.

5 ways you can make money on TikTok doing what you love

1. Going Live

You can actually go live on TikTok and start making money. This is a very amazing feature in TikTok that allows you to get virtual gifts from people which equates to money. How does this work?

First, you need to have at least 1000 followers to enable the Livestream feature on your account. To be able to do that, you will need to create good content that your target audience will enjoy. When your audience enjoys your content, they will follow your account and even share your videos with their circle in and outside TikTok. And before you know it, your account is growing fast.

Once you are able to go live, viewers can send you virtual gifts which you can redeem as money. The minimum payout is $100. This means you cannot withdraw less than $100.

So, if you are the type of person who likes to stream and go live all the time, you can make a lot of money as a TikToker. Aside from that, going live will help you increase your followers and build a strong relationship with them.

2. TikTok Creator Fund

TikTok created this fund for its content creators in other to support them to keep the platform busy and engaged. To get into this program, you need to have at least 10,000 followers, 100,000 video views in the last 30 days and be at least 18 years of age.

Now, there is no fixed amount to what users get paid per a thousand views as the calculation is based on different factors. But the more views and engagements your videos receive, the more money you make.

It may not make you rich, but it is a good source of additional income to pay some bills.

Note, you need to confirm if this feature is available to users in your country because as of the time of writing this post, this feature is only limited to users in the United States, Spain, Italy, Germany, France, and the UK. Maybe other countries have been added to the list.

Don’t get discouraged if this feature is not available in your country as you still have other options.

3. Sponsorship

This is pretty common with platforms like YouTube, LinkedIn, and Instagram. You will need to have at least 50,000 followers to start getting requests for sponsorship from brands.

With sponsorship, brands will approach you to make sponsored content for them. They might want you to create an advert about their product around your content. Or tell you to review their product and endorse it to your followers and pay you for that.

One reason brands do this is that they are not just using the influencer as a marketer for their products, they are also using his or her asset to promote their product as an advert on the TikTok platform.

If you want to get sponsorship, you will need to position yourself as a brand and create a media kit. A media kit is where you talk about who you are on TikTok, your target audiences, how many views you are getting on a daily on your content, what you can do for the brand, and your price per post.

When you have this sorted out, you can present this to brands you will like to work with and see if they will want to work with you.

One rule of thumb is to not take sponsorships that don’t fit you and your audience. If you start promoting products your audience doesn’t like, you will start losing followers and that may lead to the end of you being a highly-sought after influencer.

Also read: How to Build a Massive Following on TikTok

4. Sell Your Products or Services

You can also make money on TikTok by selling your products or services. If you have a good number of followers who you have built a strong relationship with, you can sell your products or services to them.

Followers who love you and your content will gladly buy whatever you are selling if it is of value to them. You don’t need large followership to begin selling your product or services. You just need a loyal following who loves you and your content. Although, the more followers you have, the more sales you can make.

TikTok has a feature called TikTok Shopping that empowers users to sell products directly on the platform. With TikTok Shopping, you can add a shopping tab to your profile where your followers can see products you have on sale.

5. Affiliate Marketing

This is how most people on TikTok are making their money. With affiliate marketing, you don’t need to own any product. You just need to sign up as a marketer (affiliate) and promote the product to your followers.

You get paid a commission when your followers click the link to purchase the products. You don’t also need large followership to start making money with affiliate marketing on TikTok. But the more followers you have, the more money you can be making.

Tips for Building a 6-figure Empire on TikTok

• Stay in Your Niche

If you want to be successful in making money on TikTok, you will need to pick a niche and stay in your niche. If your interest is sharing financial advice, stay and dominate the niche. Build yourself to be famous as a financial advisor on TikTok.

Kat Norton, popularly known as Miss Excel on TikTok built a large followership by sharing Microsoft Excel tips. As simple as that may seem, she has grown her audience to over 750k followers and now she earns seven figures from the sales of her course and brand sponsorships.

• Understand Your Audience

When you know and understand your audience, you will be able to feed them with content they will enjoy. Majority of TikTok users are under the age of 35 and majority are in their 20s.

So, whatever niche you choose to position yourself in, make sure your style of content suits this age bracket. Your content must be presented in a fun manner or else, you won’t be able to grow your account easily.

Conclusion

TikTok can be a good source of income if you give it your 100%. A lot of users are making a full-time income on TikTok doing what they love. There are too many ways to make money on TikTok. You can go all-in on all the ways and build a 6-figure empire with it. There is no limit to how much you can make with TikTok. Good luck!

The post How to Make Money on TikTok appeared first on SME SCOOP.

Consulting is a huge industry. It is one of the largest and rapidly growing sectors within the professional service industry. And with the increase in Small and Medium Enterprises (SMEs), this translates to more clients, which means more money to your business. But there is a limit to how far you can go running the business all by yourself.

Consulting is a service-based business where you are selling your expertise, knowledge, and experience through time. Consulting is a great business idea as you are trading your time for money. You can scale your consulting business and generate more revenue without trading more hours of your time.

Please note that by one-man consulting business, we mean you are the only professional (consultant) in the firm that attend to clients professionally. No partner or junior associates. That said, here are 6 steps you need to take to scale your one-man consulting business to your desired height.

1. Develop and Grow Your Team

To be able to render your service to so many clients without selling more hours of your time, you will need to develop and grow a team. You shouldn’t be the one handling advertisement, sending out invoices, handling clients, or even answering all the calls that come in if you want to scale your consulting business beyond just you.

To scale your one-man consulting business, you will need to hire a team of talented, motivated staff who believe in the company’s mission and vision that will assist you in other areas.

Your only focus should be on attending to your clients and thinking of different ways to grow your business. As ideas come, you share them with your team and they put their heads together to make the idea work.

Have someone who handles your social media marketing, run social media ads and take advantages of these digital marketing tips to promote you and your consulting firm. Have someone who sends out invoices to clients and answers calls coming in and can also manage your website and content creation for your blog. Delegate as much as you can so your mind can be free to think of ways to grow yourself in the profession and the business as well.

There is no way you can scale your consulting business when you are busy sending invoices to clients, creating content for your blog and social media accounts, pitching to clients via the phone, etc.

To scale, you will need to develop and grow a team.

2. Get a Mentor

No matter your years of experience and how much you are making from your consulting business, you can benefit from mentors.

Some people are doing 10X more than you and can give you invaluable advice that can turn your business around for good. You need to seek out these people and sign up for their mentorship program.

There is no limit to what you should learn as a consultant. If you are serious about scaling your consulting business, you should get a mentor who you can pay for one-on-one help and consulting.

Mentoring will increase your productivity and help you succeed. To find the right mentor for you, you need to look for someone in the same consulting niche who has taken his or her business to the level you are aiming for. Don’t go out and buy a course from a marketer claiming to be a coach or mentor.

3. Offer Group Workshop Program

Instead of being hired by a company to offer your service, you can scale your revenue by holding group workshops. With group workshops, there is no limit to how much revenue you can generate.

With this method, you are serving more clients at the same time and making more money. This will save you all the numerous travels, and you will have time for yourself and your family.

And with the internet, this can be done online with apps like Google Meet or Zoom. You don’t need to rent a hall or any equipment to hose this group workshop online.

With group workshops, you can help more clients, create more awareness of your consulting firm and make more money.

4. Create a Premium Price Package

When you know what you offer and the value you bring to your client, nothing should stop you from charging a premium price for your service.

A premium package will not be for any clients. It will be for the 1% of your target audience who can afford it. Pricing your premium offer $10,000 is not bad at all. Most top consulting firms are doing it and clients are still signing up for their offers. It all boils down to the value you provide and the solutions you offer to clients problems.

Some high profile consultants generates more than one million dollars annually by offering $10,000 for premium package with just 10 clients per month.

You can do it. You just need to first overcome that mental barrier that will make you feel guilty for wanting to charge a premium price for your service.

5. Think Multiple Streams of Income

Consulting should not be your only stream of generating revenue for your business. You need money to scale. This is where thinking of more ways to generate revenue comes in.

You can consider becoming an author. You can go into public speaking. Other consultants in different niches do this. This doesn’t only generate revenue for your business, it also helps in marketing your consulting business.

The more you speak at events, the more people get to know about you and how you can help them. Also, as your books get into the hands of more people, more people get to know you and be able to contact you to enroll in your workshop, pay you to come to speak at their event, or book a consultation session with you.

6. Think Long Term

Scaling a one-man consulting business doesn’t happen overnight. You need to develop a long-term mindset and stay true to your vision. Have short-term and long-term goals. This will keep you organized and help you stay on track.

Don’t give too much attention to competitors. Your focus should be on how to dominate your market and have that first-call advantage. Make sure you and your team are working towards your short-term and long-term goals.

Conclusion

To scale your one-man consulting business, you need to think about leverage so you don’t end up sacrificing your life and time for money. This is why having a team, getting a mentor, offering a workshop program, having a premium package, and thinking of more ways to generate more revenue are important.

The post How to Scale a One-Man Consulting Business appeared first on SME SCOOP.

There are businesses you can start right from the comfort of your home or backyard and make a huge profit. Most service-based businesses require little to no funding to start. Most of the big companies today started from home. Companies like Google, Amazon, Apple, and others started in the garage.

So, if you are looking for small business ideas to start with little capital, here are the top 10 businesses you may likely consider to start your entrepreneurial journey. These business ideas don’t involve any degree, fancy equipment, or expensive training to start.

1. Cleaning Service Business

This is a very lucrative business idea with a low cost of entry and increasing demand. You don’t need any fancy equipment to start. You just need to have your cleaning materials and workers ready. And you don’t also need an office as no one will be coming over.

The only work here is putting your energy into marketing your service to potential clients. You will need a website and an Instagram account for online marketing. You may also need to print out flyers to share around as a way to get clients offline.

2. Blogging

This is a lucrative online business idea that has made a lot of people millionaires. To date, a lot of people are still making money with blogging. There are a lot of ways you can make money blogging.

Affiliate marketing, selling your products like eBooks and online courses, AdSense, promoted content, and many others are among the various ways you can make money blogging.

The secret behind making money with blogging lies in your niche and passion. With these two alone, nothing can stop you.

Just do your research on it to know what it entails and see if it is something you will like to give a try.

3. Event Planning Business

If you have the gift for planning and organizing events that normally turn out successful, then you can start your own event planning business. You can choose to specialize in a specific type of event or go for all types of events.

Depending on the type of event you will be planning, you will be working closely with DJs, rental companies, and caterers. You can launch the business with zero capital. Everything that will be needed for whatever event will be paid for by your client.

If you satisfy your clients, they will always use you for their events and refer you to their friends and family members.

4. Coffee Shop

This is a business with ever-growing demand worldwide. If you are a coffee lover who visits coffee shops regularly, you will understand and agree that having a coffee shop is a lucrative business.

You won’t need to invest in a big place for a start. You can start small and grow as your revenue increases. The key factor here is location. If you can get this right, you don’t have anything to worry about apart from managing the business.

5. Bookkeeping Service

With simple accounting knowledge, skill, and experience, you can start a bookkeeping service working with business owners. This could just be the best business for you. Most businesses prefer to hire freelancers than employ a permanent bookkeeper. This is to save costs for their business.

As a bookkeeper, you can help businesses balance their sheets, create and process payroll, issue financial statements, papering tax returns, and more.

This business involves handling sensitive data, and so you will need a team of seasoned professionals to work with so business clients can trust.

6. Digital Marketing Agency

If you know how digital marketing works, you can start a digital marketing agency. You must not be an expert in all the areas of digital marketing. You can be an expert in running Facebook ads, and hire other freelancers in other fields like SEO, content creation, social media management, graphic designs, etc.

A digital marketing agency is a small business idea you can start with little capital. All you need is a website and a small budget for running ads targeting small business owners.

7. Ecommerce

Gone are the days when you need to rent an expensive store and buy fancy furnishing to open a store. These days, all you just need to do is create an ecommerce website and upload pictures of your products. This you can do from the comfort of your home.

If you don’t have money to create your online store, online marketplaces like Esty, Amazon, Shopify are third-party websites you can use to sell your products. It is free to join any of these sites.

Using third-party websites like Shopify, you can contract the packaging and shipping work to them. The major work lies in driving traffic to your online store to generate sales for your business.

8. Ice-Cream/Smoothie Stand

Starting an ice-cream or smoothie stand/kiosk is another lucrative business idea that can generate daily cashflow for you. You can choose to operate a mobile stand moving from street to street to maximize sales.

People love trying icecream with a new flavor, so make your audience aware of new flavors and offers using your social media accounts and offline. Also have different variety of mixed fruits for your smoothie joint giving customers many options to choose from.

9. Home Based Food Business

Are you a good cook? Can you cook foods eaten by majority of people in your locality? If yes, then you can start a home-based food business and make good amount of money daily.

Unlike a food truck or restaurant, you prepare food in your home and deliver to clients or clients can request for a specific food and you prepare it and deliver it.

Social media marketing and word of mouth is effective in marketing this business. But the best advert you can do for this business is the sweetness of your foods.

10. Pet Grooming Business

Why not start a business around your passion if you love dogs and other animals? People love their pets but don’t have the time to take care of them and take them for a walk. You can start a pet grooming business with the with these.

You can create a Facebook page and run ads targeting people in your neighborhood.

This business doesn’t require a license, degree, or large amount of money to start. And if you plan to go big with this business in the future, you can enroll with the National Dog Groomers Association of America and earn a certification.

Bonus

Here are other small businesses ideas you can start with little capital;

• Delivery business
• Shawarma/pizza joint
• Lawn moving
• Graphic and website design
• Fashion designing
• Bakery & pastry
• Make up business
• Start a podcast
• Online course and coaching
• Handy man jobs

Conclusion

If you find this list of small business to start with little capital of great value to you, then you have been inspired to think of a business to start before the end of this year. All you will need to do now is to decide on which you will be launching and go seek counsel from those already into this business for expert advice.

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