Business Tips For Entrepreneurs

A great marketing tip is to come up with a brand logo or symbol that goes with your brand name. This is something visual that you’re giving to your customers to remember, and hence will be even more easy to retain than a brand name.  Remember, your brand name is the identity of your products, so if you have a name that people recognize, your customers will find relating to you an easier matter. Take Nike, for example. The logo for this brand is a tick mark. This technique will definitely increase your sales in the long run.

It can prove extremely beneficial for you to take a short marketing course, so you can get to know how to advertise your product properly, for example. There are different periods for such courses, and they can be over a week long, or can last for even six months. Not only will they equip with the skills to market your product, you will also learn the technical jargon involved in your home business marketing. These can be workshops conducted by the universities in your city, or programs set up by organizations and certified individuals that provide such services. But if these courses are proving to be too heavy for your pocket, don’t despair. Most of these courses have supplements in the form of online presentations or workbooks and case studies that you can attain just by searching for them on the web. 

Apart from marketing courses, there are also other courses that you can take up. One of such is on business management, and you can look for specific ones that have a home business slant so that it can suit your needs. Not only will it provide you with invaluable skills and information on how to manage your business effectively, such courses also provide you with certifications that deem your business to be more ‘legitimate.’ 

   

      Often, in the initial stages of your business, you need to devote a lot of time to it, and as a result, you family life tends to suffer. But believe it or not, giving your family an adequate amount of time will actually be very beneficial for your home business. Learning to strike a balance between your family and your home business is very important because it will give you the mental peace and satisfaction that you are not neglecting any of your home duties as a parent, for example, or a husband. 

5 Ways To Fund A Home Business!

Let’s face it.  You simply can’t start a home business if you don’t have the money to start it up. Sure, there are certain businesses that can be launched without the need of capital, but that pretty much restricts your options.  Thankfully, it is fairly easy to fund a home business.

We have chalked out 5 major ways in which you can fund your home business, whether it’s part time or full time, large scale or small scale. Some of these amazing options are as follows:

Crowdfunding:

Crowdfunding utilizes one of the best technological advancements man could ever have made –the internet.  What you do is that you simply list your home business ideas on sites like IndieGoGo, GoFundMe, GiveABuck etc and ask people to invest in it. Here are some of the reasons why this is such a good idea:

•  It gives you access to potentially millions of users because of the wide scope of the internet.
• You can choose which website you want to put your idea onto. You can simply search on a web engine and many options will come up.
• You don’t have to pay back your investors in terms of money or equity. You can pay them back with bonuses or perks. Say for example, your idea of a home business is to make and sell beauty products. 
• You could pay back your investors by giving them the contact details of your clients. So if those investors were interesting in the same business, they would have access to clients too, and that would be a big bonus to them.

Bank loans:

Almost everyone would agree that this is a conventional or traditional way to fund a home business. But hey, it’s tried and tested, and it’s fool proof. You can loan a principal amount of money against a certain percentage of interest that you would be liable to day according to the terms and conditions of the contract. It could be monthly, quarterly, semiannually, or even yearly. You have to pay back the principal amount of money at the end of the term.  One thing that you should make sure is to go to a bank which provides you with the set of terms and conditions that you like.

Business plan competitions:

Business plan competitions are all the rage right now because they allow investors, such as people in the corporate social responsibility sector of big companies, to meet people who have great and practical business venture ideas.  These investors often come to universities and hold competitions, asking students to pitch in their best ideas, demonstrate how they can be workable, and then reward the winners by giving them the means to making their ideas materialize.  

Business incubators:

These are public-private partnerships, which reward you by offering perks like clerical assistance, work space etc.

Corporate venturing:

This means you get incubated by a larger company. So if your idea is worth it, you will easily be able to find someone who is willing to fund a home business.

These options will have you up and running your business in no time!

Direct Marketing Technique: Door-To-Door Selling

What is door-to-door selling?

Door-to-door selling is an important direct marketing tool in which a salesperson walks from the door of one house to the door of another in an attempt to sell, on the spot, a product or service to the general public. The target group is willing to switch to that product or service after research. It is used in the comfort of the potential consumer’s environment where he or she is in control.

Why is it used?

In recent times, this form of direct selling has become more and more important because it is personalized, and this aids in breaking through the clutter of competing brands. A salesperson in the flesh is more likely to be able to build a relationship with the customer than someone over the phone. 

 

Who is the target group of door-to-door selling?

This largely depends on the product or service. For example, if this technique is being used to sell a home security system, then people who are home owners and are very security conscious should be focused on. Similarly, for beauty products, individuals who are self-conscious and want to appear better looking among their social circle should be segmented as the target group.

How is it used?

After making a list of which area to go and how many houses to visit, the sales representative, with the actual products with him/her knocks on doors, and attempts to sell the merchandise. In case of intangible services, the sales force team would encourage the filling of membership forms.

It is often used by companies who have a much selected consumer base. Research has proven that if is effective in selling brands that are not mass marketed, since they need loyal, long time consumers to survive and contribute to the life time equity.

Tips for effective door-to-door selling:

• Companies enforcing this method of marketing should make sure that their sales force team is competent, and is able to answer all the questions that the consumer is asking. They should also be convincing enough for the customer to make an actual purchase.
• The sales force team should always hand out brochures and leaflets at the end of their visit, so that the potential customers can refer to this material, should they wish to make a purchase in the future. Such material also helps in brand recall.
• Door-to-door selling can be an expensive marketing tool, since it not only utilized human resources, effort and time, but also costs such as that of reaching the customer. Therefore, it should be made sure prior to contacting the customer, that he or she is not distracted by any other activities and has the sale rep’s full attention.