Investing for retirement is one of your most important financial decisions. With life expectancy increasing, it’s more important than ever to get started early on and make sure you have enough money to live comfortably in your later years.
Investing for retirement can seem intimidating and daunting, especially if you are new to the concept. However, by understanding a few key concepts and taking advantage of available resources, you can create a retirement plan that works for you.
This guide will provide an overview of what you need to know about investing for retirement.
1. Manage Your Taxes Wisely While Investing for Retirement
Managing your taxes wisely is an important component of any retirement plan. Tax laws are constantly changing, so it’s important to stay up to date with the latest information. Investing in tax-advantaged accounts such as a 401(k), IRA, or Roth IRA can help you save more for retirement while minimizing your tax burden.
Knowing how taxes will affect your investments and withdrawals from them is important. You should also account for other taxes, such as capital gains, state and estate taxes. Taking the time to understand how taxes work can help you make the most of your retirement savings.
2. Choose The Right Type Of Investments For Your Risk Level
The type of investments you make for your retirement will depend on your risk tolerance. Generally, those with a lower risk tolerance should choose safer investments such as bonds, CDs, and money market funds. For those willing to take more risks, stocks may be the best option. Diversifying your portfolio by investing in different asset classes, such as real estate and commodities, is important.
You should also consider your time horizon when selecting investments. If you plan on retiring in the near future, you may want to invest more conservatively than if you have a longer timeline. Understanding the different asset classes and how they’re expected to perform in different market conditions can help you make informed decisions.
3. Don’t Just Think About The Stock Market
When you think about investing for retirement, it’s easy to depict the stock market as your only option. However, there are other choices accessible that can help secure a healthy future! Real estate investment can be a great option to diversify your portfolio and achieve long-term growth. Real estate offers potential tax benefits and the ability to leverage your investment with mortgage financing.
Commodities such as gold and silver can also be part of a successful retirement plan. Investing in commodities provides the benefit of portfolio diversification and protection from inflation. Precious metals are considered safe investments since their prices remain relatively stable.
Finally, don’t forget to consider alternative investments such as private equity and venture capital. These investments require careful research but can offer substantial returns if done correctly.
4. Have A Clear Plan For Your Retirement
A clear retirement plan is essential to ensure you can meet your goals. It’s important to figure out how much money you need to save and what type of investment vehicles will get you there. You should consider factors such as the time between now and when you want to retire, the age you plan on retiring, inflation rates, and your desired lifestyle.
Knowing what kind of retirement income you’ll need will dictate the types of investments you make. You should also consider any additional retirement accounts available, such as a 401(K), IRA, or Roth IRA. These accounts offer tax advantages that can help you save more for retirement. And there’s more you can learn about income investing here.
5. Protect Yourself From Fraud And Scam Schemes
Unfortunately, there are plenty of scam schemes and frauds targeting retirees. It’s essential to be aware of the different types of scams to protect yourself against them. Common scams include pyramid schemes, investment frauds, identity theft, and fake charities.
It’s also important to be wary of anyone promising guaranteed returns or pressuring you to make a quick investment decision. You should also be careful of unsolicited phone calls and emails requesting personal information. If something seems too good to be true, it probably is.
Be sure to research any potential investments and verify that the person offering the investment is properly licensed with your state securities regulator. Ask questions and read all disclosure documents before investing.
6. Invest Regularly Through Contributions To An Ira Or 401(K)
Regularly contributing to a retirement account such as an IRA or 401(k) can be one of the most impactful ways to save for retirement. Contributing regularly allows you to take advantage of compounding interest and tax breaks, which can help your money grow faster.
Additionally, regular contributions enable you to set up an automated system, so you don’t have to manage your investments daily actively. Most employer-sponsored retirement plans will automatically deduct money from your paycheck and deposit it into the account of your choice.
Depending on the type of retirement plan, contributions may be tax deductible or subject to tax credits. In either case, you’ll benefit from the tax savings, allowing your money to grow faster.
7. Diversify Your Portfolio
Diversifying your portfolio is a key part of any retirement plan. Investing in various assets can reduce risks while still allowing you to capture returns. Investing in stocks, bonds, mutual funds, and ETFs can provide a stable foundation for your portfolio while allowing you to take advantage of different market conditions.
It’s essential to have a mix of investments that fit your goals. For example, if you’re looking for growth potential over the long term, consider investing in stocks. On the other hand, if you’re looking for income or preservation of capital over the short term, bonds may be a better choice.
In addition to diversifying between asset classes, it’s also important to diversify within those classes. For example, even if you’re invested in stocks, you might want to diversify across different sectors and industries. This way, if the market shifts, some of your investments will still perform well.
8. Monitor The Markets Carefully
Monitoring the markets carefully is an essential part of any retirement plan. Staying up to date on economic news and market activity can help you make informed decisions about when to buy, sell, or hold your investments. You should also be aware of the risks associated with investing, such as market volatility or geopolitical events.
It’s important to be realistic about your expectations and set achievable goals. Monitor your investments regularly and make adjustments as needed. Pay attention to the fees you’re being charged and any changes in yields or returns that could affect your investments.
Finally, seek the advice of a financial advisor to help you stay on track with your retirement plan. They can provide valuable insight and guidance and help you make decisions that are in your best interest. With careful planning and monitoring, you’ll be able to retire confidently.
Bottom Line on Investing for Retirement
Investing for retirement can be daunting, but with careful planning and monitoring, it’s possible to create a successful retirement plan. Understand the types of investments available, diversify your portfolio across different asset classes, and regularly contribute to an IRA or 401(k).
Additionally, monitoring the markets closely and seeking advice from a financial advisor can help you make informed decisions that will ultimately lead to a more secure retirement.
Investing for retirement should be taken seriously, and with careful planning and monitoring, it is possible to create an effective retirement plan to ensure a secure future.
Guide to Business Success and How Businesses Succeed
Every entrepreneur wants to create a successful and profitable business; this is a basic and obvious statement. But what does not seem too obvious to most small business owners is how to run a successful small business. To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business doesn’t just happen as such. In this article, we’d look at business success – what business success is all about, how businesses succeed, and some key tips you can apply to your business to achieve business success. So, keep reading.
Business Success Definition
A successful business makes efficient and effective use of resources like human capital, money, inventory, plant, and equipment. A successful business is a living, breathing organism that contributes to everyone’s wealth and quality of life. It is crucial to remember that business success is never a certainty or a final goal. It is a journey that never ends since any one of the factors that could have an impact on a business’s success could alter at any time.
Business Success Dimensions
Personal: For entrepreneurs, the process of creation – starting with an idea and producing something that lasts – provides immense gratification. Seeing your family name on the corporation gives you a sense of ownership. Successfully confronting problems and, as a result, discovering abilities and strengths you didn’t know you possessed are undoubtedly parts of personal success in business.
Financial: Successful businesses provide a significant return on investment for the shareholders who put their money into the endeavor. The company’s founders, who are typically also stockholders, can produce riches for their families and future stability while simultaneously living a more wealthy lifestyle. They define success as being able to offer a better life for their children than they had for themselves when they were younger.
Social: Business success is also measured by the benefit they provide to society. Some of the products and services they provide have explicit social purposes, such as helping the environment or offering educational opportunities for children. Others are really dedicated to philanthropic giving and becoming good corporate citizens.
Longevity: With the number of organizations that fail or start off strong only to falter in the competitive marketplace a few years later, the capacity to sustain success in the tumultuous, ever-changing business environment is another measure of corporate success.
Customer Satisfaction: Many of the goods and services we use every day were established to assist clients in solving an issue. Seeing that your goods have made a major difference in the lives of your consumers is one of the driving elements that keeps company owners working persistently to build even better solutions. Praise from delighted clients creates a sense of success that is as significant to some company owners as the financial gains they get.
Employee Satisfaction: Business owners can be able to assess whether the satisfaction of their employees is their topmost concern by assessing how hard their workers work and how dedicated each member of their team is to the goals of the business. This component of business success is measured by how many employees stay with the company for five, ten, or more years – sometimes their whole career.
How Businesses Succeed
Certain key attributes make a business successful and can be synthesized into a stepwise process of how businesses succeed.
1. Pursuing a defined mission
The purpose of a small business is critical to the operation of all areas of the organization. It assists the entrepreneurs in growing the firm with a large aim in mind. It offers employees something to strive for and provides them a feeling of purpose. It also informs clients about the company’s values and fosters personal relationships.
Your goal is more than just a flag proclaiming your support for something. Your company should operate by its goal.
2. Pursuing long-term goals
Successful businesses have both short- and long-term goals. Long-term goals are vital, whether they be investments in new technology that will not be available for several years or aiming for a particular level of growth in the next decade. Instead of bouncing from tiny success to small success, a long-term aim integrates those modest victories into a larger image.
3. Focusing on customers
The most successful businesses prioritize customer care and the customer experience. The first stage is to develop items and services that clients desire. However, concentrating on customers extends beyond your products. Customers are fed up with dealing with businesses via phone menus and automated chat bots. They are looking for a human connection. A consumer wants to know that their company is appreciated and that you will endeavor to address their difficulties. A few negative client experiences may have a significant influence on how well-liked a company is.
4. Retaining employee talent
Good managers help a successful business maintain good personnel on the payroll. Another approach is to create a purpose with strong core principles in which workers may believe. The most successful businesses identify and seek to retain their top employees. That entails more than just good compensation and a few perks.
Offering additional training opportunities and other incentives such as telecommuting days are common approaches for businesses to retain their finest employees. Another example is benefit packages that provide flexible sick and vacation day options. Finally, employees must be aware that chances for advancement, such as moving up the ladder or laterally within the business, exist. You won’t lose someone to a similar position at another firm this way.
5. Employing a great management team
Successful businesses, large and small, require effective management, from the top down to foremen and shift supervisors. Quality leaders provide communication, a natural business culture, and clear goals and objectives to their staff. Criticism is constructive, and employees feel appreciated while also knowing where they need to improve. A good leader embodies the corporate culture, follows norms and rules and serves as an example to workers. Finally, successful leaders make their staff feel appreciated.
Being a bad leader isn’t just about making poor decisions for the company. In fact, a bad leader can make good financial or marketing decisions, yet lead a team of miserable employees. From failing to empathize with an employee who struggles to communicate in an unclear or frustrating manner, bad leaders inspire employees to quit or switch departments left and right.
In picking out leaders at your business, it is important to have an expert who whispers advice and coaches you on what suitable steps you can take.
Do you need the services of a small business coach for your business? Then click here to book a free callwith one of our small business coaches now.
6. Keeping detailed financial records
Financial records are an important part of how businesses succeed. Businesses must have a clear understanding of how much money they make and spend. Keeping track of money allows organizations to identify beneficial tendencies as well as potential financial hazards. Businesses that understand their finances might choose to invest, seek innovations, or pay for new equipment or suppliers. It is also how firms determine when they need to hire extra employees.
7. Continuous innovation
People will imitate you if you make a high-quality product. That’s why the most successful businesses are always inventing, whether it’s improving on existing items or creating totally new ones.
Improving a product, finding a means to give a reduced price, or inventing new ways to express gratitude to clients are all examples of effective innovations. Never give up on amazing ideas.
15 Keys to Business Success
1. Provide a Great Product or Service
While marketing is important for building excitement and increasing visitors to your brand, it can only get you so far. Once the consumers arrive, the items or services must be good enough to meet or exceed their expectations. This is how you develop a lifelong repeat consumer who will aid the business by spreading the word.
Making consumers become brand ambassadors is one of the most successful and cost-effective strategies to get a small business noticed. However, this can only happen if the service is of high quality and, most all, delivers an amazing solution to a real problem that fits a market demand. Many entrepreneurs have created mind-blowing and unique goods that fail, while others with a simple idea dominate the market – Why? Perhaps the first group became so focused on the end product that they forgot to resolve an issue, whereas the second group solved a common problem to which many potential buyers can connect.
2. Focus on Customer Service
A NewVoiceMedia research found that 51% of customers won’t do business with a company again following a negative service encounter. Additional research also shows that it usually takes numerous happy customers to make up for one unhappy one.
Make providing excellent customer service a top priority since devoted consumers are much simpler to sell to. To make sure that your small business is offering a service that is superior to that of your rivals, evaluate your existing customer service and implement the necessary modifications. You could need to spend money on employee training, change your return policy, or make simple adjustments like immediately answering consumer voicemails or emails.
3. Expand Your Marketing Efforts
You must use effective marketing to boost your sales, but doing so doesn’t have to be expensive. There are several low-cost alternatives to sell your goods and services, such as:
Advertising your business on your vehicle with a vehicle wrap
Cold calling (yes it can still work)
Creating and using a promotion kit
Developing business partnerships and doing cross-promotion with complementary businesses
Giving free workshops or classes related to your products or services
Involving the newspapers in your grand openings, moves, or charity events
Joining professional organizations
Sending out promotions with your invoices
4. Do Your Research
Business is never simply business; it must be extremely personal as well. This is not to say that entrepreneurs should throw caution to the wind and launch firms based simply on their own opinions. For example, you may believe that walking a cat on a leash is a terrific idea, but will a cat leash business be successful? Gut instincts are useful, but they are not the same as information. It is derived from data, which is derived through study. How large is the prospective consumer base, and what qualities do these people have? To effectively target customer profiles, it is vital to understand what drives and motivates them. One of the most important factors to small company success is research.
The competitive assessment is another important part of the research. To establish a brand that meets the demands of the market, you must first comprehend the playing field. Here are some questions to think about asking:
Are there any companies that may be considered competitors?
What can you learn from your rivals?
Is there one that sticks out as a leader in the industry?
If so, how did they rise to the top?
What were the secrets to their small company’s success?
Have they made any errors that you might have avoided?
5. Update Your Business Plan
One of the key factors for business success is to regularly update your business plan.
Before establishing your business, you did create a business plan, correct? For several reasons, including determining the viability of your business idea and obtaining a loan or equity funding, a business plan is essential for startups.
It’s not too late to make one if you haven’t already. Successful, well-established companies revise their business plans every year to assess their successes (or lack thereof) and choose new objectives or paths.
The income statement, the cash flow forecast, and the balance sheet, which is all included in the business plan’s financial section, provide an overview of your company’s financial health. From there, you may decide how to increase sales, decrease losses, or reduce costs to make your company more lucrative. You require a strategy to achieve your goals if you want your company to be more successful.
6. Keep Things Organized
This point cannot be overstated. Access to information quickly and effectively will make a huge impact in the everyday operations of a small business, whether it is through a real file cabinet or an ordered digital folder structure in your computer. It is strongly advised to retain individual folders for each part of the business that are suitably labeled and structured in a way that makes sense to you and is intuitive enough for everyone in the firm to access as needed. Backups of digital information are very critical, particularly when it comes to financial data. It is critical to keep them in a secure location to avoid potentially catastrophic circumstances later on.
7. Detailed Record Keeping
Proper bookkeeping allows you to understand the financial health of your company and what may become an issue in the future. It might be the difference between becoming a success story for a small business or not. At the same time, it can help to envision future forecasts and aid in company planning. You must grasp how much money the company makes and how much it sells. While many entrepreneurs consider hiring an accountant to perform their taxes as needed, understanding your statistics entails much more. You must be able to make changes to your business every quarter to ensure that you stay on pace to meet your annual goals.
It pays to clean up your records when it comes to excellent tax record keeping. Here are three other ways that accurate records might benefit a small business owner:
Identify income sources: Using the books, you should be able to distinguish between business and non-business revenues and taxable and nontaxable income.
Maintain a record of deductible expenses: everything should be noted as it happens to prevent leaving anything out when completing tax returns.
Support items listed on tax forms: If the IRS requests extra explanation on the items reported on the tax returns, a comprehensive collection of precise and thorough documents will be crucial to speeding the inspection.
8. Keep Focus & Have Patience
Here’s another amazing small company success tip: to help you stay to a plan and avoid distractions, make a “to-do list” every night before going to bed and attack it first thing in the morning. However, it is critical to create a realistic to-do list in order to avoid setting yourself up for failure.
Maintaining focus on a specific objective is critical to achieving business success. The overarching aim must be determined, and smaller milestones must be established along the route.
That being said, it is equally critical to be resilient, not just in the face of everyday problems, but also in the face of overall company success expectations. Most successful firms do not emerge quickly; it may take years for a company to reach its full potential and become a small business success story.
9. Be Prepared to Make Tough Decisions
Every business owner must make sacrifices for the betterment of the company. However, there may come a time when the most difficult decision you must make is to set your ego aside. Pride may be fatal to a business, and not all decisions will always reflect your values and ideals. And, while a small business owner should have substantial personal and emotional stakes in the company, these should not be the driving force behind every daily decision. You should realize when you need assistance and acknowledge that there are individuals who may know more about some parts of the business than you do.
It is OK to seek assistance as a business owner. You must be willing to leave your ego at the door and listen to what others have to say, especially if it comes from your consumer or business coach. It is difficult to approach a problem with humility and an open mind, but it is the greatest way to make smart business decisions.
10. Keep Your Overhead to a Minimum
One of the keys to small company success is cash. Most business owners recognize the importance of capital liquidity as the first line of defense against any unanticipated issue. However, not all small firms can maintain a substantial enough reserve to sustain unexpected income losses or expenditure spikes.
A decent rule of thumb is to not increase the company’s overhead above what its cash reserves can support. It is far simpler to expand the firm as cash liquidity improves, rather than being forced to reduce later because the business couldn’t afford its overhead expenditures in an emergency.
11. Know the Operational Needs
You must understand everything about your company, and this knowledge should not be restricted to figures. It is critical to understand what the organization needs to function efficiently. Employees, equipment, supplies, and everything else required are all included. However, there is also the intangible factor to consider. Efficient operations and inventory management may have a significant impact on operating expenses. Researching best practices in a certain market and testing to see what works best for the firm (by trial & error) may be a time-consuming and laborious task. However, it will increase the profitability and performance of your company.
12. Build Your Online Presence
Your small business has to have an online presence since it is very quick and simple to create a professional-looking website. According to statistics from the E-commerce Wiki, 88 percent of shoppers now do their shopping research online before going to the store.
Many small businesses only need a basic website that outlines who you are, what you do, and how to get in touch with you. Your website should at the very least include:
A summary of what you do—your products and services
Your mission, e.g. “We make the best pizza in town…”
Social media may also be a terrific tool for marketing your company, depending on your target demographic. For the majority of businesses today, creating an online presence on Facebook, Twitter, and Instagram isn’t really optional for some businesses these days.
13. Hire the Right People and Treat Them Well
This is one of those areas that may come under making difficult decisions, but the organization must have A+ team players. All small business success stories have one thing in common: they understand that the people they recruit are critical to their company’s success. Every employee at a small firm, more than in a huge corporation, must be trusted to perform his or her daily tasks with as little monitoring as possible. To reduce overhead costs to a minimum, the structure must be as lean as feasible. As a result, no small business can afford to squander a job by recruiting the wrong person. The converse case, however, is true. No small business can afford to lose a top-notch employee. So, create a team and treat them nicely. Listen to them and assist them in growing.
14. Always Look to Improve
To achieve business success, stay away from becoming complacent and innovation-blind. It’s time to start searching for methods to improve once things get going well and the company finds its rhythm. Perhaps it involves adding a new item, developing a special taste, automating a manual step in the process, or opening during more hours. Whatever it is, keep in mind that there is always an opportunity for development in any company. To prevent becoming stagnant, you must remain active. Innovation is crucial to your success as a small firm.
15. Build Word of Mouth for Your Business
Word of mouth is more crucial than ever, whether you run your business in a small town or a big city. Building a solid reputation is essential to the success of your business because the majority of customers use the internet to research businesses before choosing where to purchase.
How can you spread good word of mouth? By offering excellent, professional service, establishing and maintaining a solid local (and online) reputation, and obtaining recognition by supporting and sponsoring neighborhood groups and charities. This all adds up towards lasting business success.
So, there you have it. We trust you found this article helpful.
A business should strive toward a particular objective or mission in order to be productive and grow its potential. But how can one determine what is and isn’t important to the goal? This is what planning involves.
Learning how to use a simple planner successfully is a key impactful step towards more efficient time management as a business owner and even a business coach. Simple planning is a simple yet effective tool to help you stay organized and plan your day-to-day business activities
Now, when it comes to simple planners, there are several simple planner options available, like traditional paper-based planners, digital calendars, and bullet journaling.
In this article we go over some essential tips on how to implement simple planning as a small business owner and business coach, to get the most out of your time for the betterment of your business and coaching gig. Plus, we’d also talk about business plans and how to make a business plan. So, keep reading.
What is simple planning?
In management, planning is determining what actions must be taken to achieve a goal, anticipating changes and obstacles, and determining how to best utilize human resources and opportunities to achieve the desired end. The planning process involves thoroughly examining the currently available resources and market trends while forecasting growing markets and future demand.
A goal, in simple words, is where your business wants to go at a certain point in time, and a plan is how you will get there.
Planning is a fundamental management activity, and when it involves a simple planner for informal planning that gives a short-term focus, then we are referring to simple planning.
Importance of Simple Planning
There are several advantages to adopting a planner. They can assist you in remaining more organized, increasing your productivity and sense of control over life events, feeling less stressed since you have clearer expectations for the day/week ahead, setting objectives, and making plans without feeling overwhelmed.
But simple planning can be more effective than the traditional business planning approach. Simple planning boils down the important aspects of planning to the most essential parts and makes your plan easier to remember and thus easier to deploy. It is one thing to develop a plan; that part is easy. The hard part is deployment of your plan. But that’s the most important element of planning. Actually doing what is in your plan is what gets spectacular results!
Simple planning gives guidance: following a simple planning system would require that you clearly state your business objectives in the short term and long term, so that they may be used as a model for determining what action should be done and in which direction. As a business owner, being daily conscious of what the business needs to do and what role you have to play to see those goals achieved becomes a lot easier when following a simple planner.
Simple planning reduces risk: Planning is an activity that allows you as a business owner and business coach to look ahead and foresee changes for your business and clients. Planning indicates the technique to deal with changes and unanticipated effects by specifying the activities to be accomplished in advance.
Simple planning reduces overlapping and unnecessary actions: Planning serves as the framework for organizing your activities and goal, and syncing them with the efforts of your employees/team members. Using a simple planner helps to avoid chaos and confusion because planning ensures precision in knowledge and execution, and, as such, work is completed quickly and without delays.
Simple planning fosters creative thinking: Because management is the key job, innovative methods can take the form of genuine plans. It is the most difficult project for the management of a business since it directs all planned actions aimed at growing the business.
Tips for how to use a simple planner
Now let’s get into some tips you can use to help you become more efficient at simple planning as a business owner or coach.
#1. Understand your reasons for using a planner
What is your motivation for seeking out a simple planning system? To prepare ahead for the following week so you may unwind on Friday evening without worrying about what’s going on this weekend? Or do you want to improve your work-life balance by learning how to allocate your time more effectively? Or do you want to rest assured that your plan is complete, is being deployed and you have an advisor to share your concerns with?
Before we can decide what form of simple planner to employ, we must first understand why we want or need one in our lives. Do you need assistance prioritizing tasks? Have you recently been stressed out by a lack of control in your life and business?
You truly want to get to the point where you realize why you need the assistance of a simple planner. Whether it is to feel more organized, balanced with priorities in both work and home life, or any other reason, recognizing this is critical to helping you keep the habit when you become tired of it. And believe me, you will become tired of it!
#2. Determine the type of planner you want to use
When deciding on the sort of planner you want to use, there are a few factors you should consider.
The technique of planning is the first type of planner (the media used). Traditional paper planners, digital planners and calendars, and bullet diaries are all examples.
With traditional planners, you will get a planner in the shape of a book. This might be spiral bound or have a hard/soft back.
Digital planners provide a bit more flexibility and the added benefit of being always available.
The bullet journal is the most creative method of using a planner. The process of planning becomes more of a creative experience with bullet journal planning, and the flexible form lets you make each planning session anything you desire.
Finally, hiring a simple planner professional can quickly lead you through the simple planning process, make recommendations on actions you can take, produce a final plan version, and help you deploy the plan, the most important part!
The next planner category is based on the time it tracks. Typically, plans are classified as either daily or weekly. Both often offer the option of monthly monitoring.
Daily Planners: A page in a daily planner is allocated to one day. These plans typically include 365 pages plus a few extras. Most of them have a space for daily to-dos, appointments, a thankfulness part, and a few additional added sections that are unique to each planner. If you want to organize your days down to the hour, a daily planner app or paper planner is for you.
Weekly Planners: In general, most planners include a weekly planning framework. These are basic daily plans that do not fall into the monthly category (and hence do not get overpowering). Some of these weekly plans additionally include a sidebar for notes or any additional information you’d like to include. You may also use a weekly calendar that is digital.
Monthly Planners: Monthly planners are thinner than daily planners and allow you to obtain a bird’s eye perspective of your month. The majority of these planners have 12 monthly calendar views.
Ongoing Accountability Planners: This is the business professional who assists you in plan deployment. This person will meet with you regularly to review your progress, overcome obstacles to your progress, make revisions in your plan, make recommendations on actions and keep you moving forward with your progress. In other words they will hold you accountable to your plans.
#3. Select a planner
Examine your needs: Consider your daily existence. Are you often on the run and in need of something portable? Or do you want to work from the convenience of your own home? (Who isn’t in 2020 these days?) A smaller and sleeker planner is ideal for running around, but you may want something a little more solid that will remain there on your desk.
Layout of the planner: Do you prefer a more practical layout? Or something more general, such as a monthly planner? Choose the best one for your needs from the many alternatives available.
Style and aesthetic: Are you a minimalist or do you enjoy bright colors and chaotic patterns To achieve success, make your planner something you’ll want to refer to again and again.
Done For You: In this scenario you allow the simple planner professional create the most effect plan to ensure it’s deployment and to teach you how to use it.
#4 Plan a consistent daily planning session
Plan a regular time each day to accomplish the planning that works best for you! Some people prefer to plan in the mornings, while others prefer to plan after work or before night.
The advantages of having a simple planner in the morning include being more aware of how to effectively manage your time and being able to plan for any diversions or interruptions. Morning planning may also help you in setting your intention for the day.
The advantages of using simple planners at night are that we may reflect on our day and prepare for the next when we are more relaxed. Night planning also helps us to unwind by reflecting on what went well and what did not go well today.
#5. Have a daily routine so planning is easily incorporated
Similar to the previous tip, making and sticking to regular routines is an important planning technique. That way, simple planning becomes part of your routine and does not seem like labor or a waste of time.
What you plan each day may vary based on what you have planned for the day, but many planners include breakfast, lunch, supper, cleaning duties for the week ahead, as well as appointments, exercises, and evening plans.
Planning ahead of time is essential for effective time management, and regular habits make this process much easier.
#6. Create time for weekly planning
In addition to daily planning meetings, weekly sessions should be included. This doesn’t have to last long; just long enough to create goals for the week and figure out how to prioritize your responsibilities and appropriate adequate time for your business/coaching.
Setting a time on Sunday night before bed is the greatest method to ensure you plan for the week. This will keep your objectives fresh in your memory when you get up Monday morning and will allow you to notice any modifications that need to be made during the day as you arise.
This also allows you to express gratitude for the previous week.
#7 Write everything down
How many times have you promised something only to find hours later that you forgot about it? Planning is essential for remembering what you need to do.
Simple planning should be an ongoing activity, so adding tasks and events as they arise reduces stress when it comes to remembering them!
Make a list of everything, including daily routines, weekly objectives, errands, messages from friends, and quiet time!
#8 Keep your planner with you
The last simple planning tip is to keep your planner with you! Consistent planning is hard if your planner is sitting on a distant coffee table, waiting for you to open it.
Keeping your planner in a backpack or at home requires you to take time out of your day to locate a planner alternative (typically sticky notes) and then keep track of those items to transfer to your calendar later. This may be the most difficult at first, but ultimately remembering your planner will be as simple as remembering your phone!
How To Make a Business Plan
What is a business plan?
Before we discuss how to make a business plan, it is essential we cover the basics of what a business plan actually is.
A business plan is a document that explains your firm, the products and services you provide, and the clients that you sell to. It describes your company’s strategy. How you want to create and expand your company, your marketing plan, and who your rivals are.
Most company strategies incorporate future financial projections, setting sales targets, spending budgets, and cash flow projections.
A business plan is no longer just a static document that you draft once and then forget about. It also serves as a guide to help you establish and realize your objectives; a management tool for analyzing outcomes, making strategic decisions, and demonstrating how your company will function and flourish.
What’s the purpose of a business plan?
Before you begin writing your business strategy, you must first comprehend why you are doing so. The following are the three primary reasons why you should have a business plan:
To create a business focus: The basic goal of a company plan is to define your plans. These plans should include goals or milestones, as well as precise actions outlining how your organization will achieve each one. The process of developing a roadmap for your goals will assist you in determining your business’s focus and pursuing development.
To attract funding: A well-researched business plan is one of the first things private investors, banks, or other lenders look for before investing in your company. Investors want to know how you run your firm, what your revenue and expenditure estimates are, and, most crucially, how they will make a profit.
To attract executives: As your company expands, you’ll most likely need to hire executives. A business plan can assist you in attracting senior talent and determining whether they are a suitable match for your organization.
Importance of a business plan.
Your company plan is most likely already formed in your mind. So, you might be asking, “Why should I bother creating a business plan?” Here are some benefits of investing in business planning.
Businesses with business plans expand 30% quicker: A surprising amount of study on company planning has revealed that organizations that take the effort to establish a plan and review it regularly grow 30 percent quicker than those who do not plan. These businesses not only expand quicker, but they also perform better and are less likely to fail in the long run.
Business plans are required by lenders and investors: If you want to expand your firm and secure a business loan or raise money from investors, you’ll need a business plan. Most lenders and investors will want a business plan, but even if they don’t want to see the actual paper, they will ask you questions that only a well-written business plan can answer.
Business planning lowers risk: It is always dangerous to start and maintain a firm. Instead of flying by the seat of your pants, you may employ a strategy to foresee possible cash flow concerns and avoid being caught off guard. A business strategy can assist you in reducing risk and navigating the future.
Business planning allows you to make wise spending selections: Before making a large investment for your company, you should consider the financial implications. With a business plan in place, you can simply test multiple scenarios to determine how new hiring or growth to a second location would affect your company.
How to make a business plan step-by-step
While there is no standard framework for developing a business plan, some items are commonly included. Here are some things to think about when creating your business plan.
1. Executive summary.
The executive summary, which should be no more than half a page long, should quickly identify your company and clarify the goal of the business plan. Are you creating the strategy to acquire capital? If so, state how much you want to raise and how you intend to return the loan. If you’re drafting the plan to align your team and offer direction, explain what you aim to accomplish with this alignment, as well as the size and status of your current team.
The executive summary should clarify what your company performs and give an outline of your financial health and notable accomplishments to date.
2. Business description.
To adequately present your business, you must also discuss the broader industry. What is the monetary value of your market? Are there market trends that will impact your company’s success? What is the current situation of the industry and its prospects for the future? Use facts to back up your statements, and be sure to include all relevant information—both good and bad provide, to provide investors and workers with a comprehensive and accurate image of your company’s environment.
Continue by describing your firm and what it offers to its consumers. Are you a sole proprietor, limited liability company, partnership, or corporation? Are you an established business or a fledgling startup? What is the composition of your leadership team, and how many workers do you have? This part should give historical and future context for your company, including its foundation narrative, goal statement, and future vision.
It’s critical to highlight your unique selling point in your company description, as well as any benefits you may have in terms of professional staff or cutting-edge technology. This is usually one of the first parts of the plan that is written.
3. Market analysis and opportunity
To complete a business plan, more effort should be spent on research and analysis, than on creating the plan itself. Understanding the market’s size, growth, history, future potential, and existing threats is critical for your company’s success, and these aspects should be discussed here.
In addition, research on the target demography of your product or service is essential. This might take the shape of fake consumer profiles or a larger overview of your present and future customers’ income, geography, age, gender, and purchasing behaviors.
Though the research should be impartial, the analysis in this section is an excellent opportunity to reaffirm your point of difference and the strategies you intend to use to capture the market and outperform your competitors.
4. Competitive research
It is critical to present an in-depth study of your rivals in addition to outlining the characteristics that distinguish you from them in your business plan.
This study should dive into your direct and indirect rivals’ operations, financials, history, leadership, and distribution methods. It should investigate these rivals’ value propositions and describe how you might compete with or exploit their strengths and flaws.
5. Execution plan.
This section of your business plan describes how you intend to carry out the tasks outlined in your business strategy. It should contain information on your organization’s structure as well as the day-to-day activities of your employees, contractors, and physical and digital assets.
Include your company’s organizational structure into your business plan, as well as additional detailed information about the leadership team: Who exactly are they? What is their history? What are their contributions? Include the resumes of important members of your team.
Your startup’s execution plan should include how long it will take to start operations and how much longer it will take to attain profitability. It’s a good idea for established businesses to detail how long it will take to implement your plan and how you will adjust existing processes.
6. Marketing plan
As you increase operations or launch a new strategy, you must have a complete marketing plan in place, which should be communicated to your stakeholders and workers. This section of your business plan should outline how you intend to advertise your company, recruit consumers, and maintain existing ones.
Include a brand message, marketing materials, as well as a timeframe and budget for engaging customers across several channels. Include a marketing SWOT analysis in your list of strengths, weaknesses, opportunities, and threats. Examine how your rivals promote themselves, as well as how your target audience reacts — or does not respond — to these messages.
7. Financial history and projections
Within your business plan, you must detail all finances involved in running your firm. This is done so that your shareholders understand how you’re expected to perform in the future and how far you’ve come.
Your income statement, which details annual net earnings or losses; a cash flow statement, which indicates how much money you need to establish or expand operations; and a balance sheet, which displays financial liabilities and assets, should all be included.
An appendix to your business plan is not a mandatory chapter. It is, nevertheless, a helpful location to incorporate any charts, tables, definitions, legal notes, or other crucial material that seemed too extensive or out of place elsewhere in your business plan. If you have a patent or a patent-pending, or images of your product, add the information here.
So, there you have it. We have discussed simple planning and key tips on how to make a business plan. We trust you found this article helpful.
When thinking about the many types of entrepreneurship, this is a big reason I decided to become a business coach. I love the variety of the amazing small business owners that I coach.
An entrepreneur is someone with the ability and desire to start up, administer and succeed at a particular business, bearing the associated risks to make a profit. When we hear of entrepreneurs, we often think of individuals who establish new business ventures regardless of the risks.
Entrepreneurs are often regarded as a hub of innovation, as they bring new ideas and innovation to the market. They break cycles of monotony in processes and products. They combine resources like land, labor, capital to generate new goods/services.
There are various types of entrepreneurship, classified based on several factors. In this article, we will be exploring the nine different types of entrepreneurs. But before we get into it, let’s see some common characteristics among entrepreneurs. Check out this information on employer of record services.
Characteristics of Entrepreneurship:
Before we proceed, it is worth mentioning that not all entrepreneurs succeed in their ventures and being an entrepreneur doesn’t automatically make one successful. However, most successful entrepreneurs have some traits in common. Here are a few of them.
They take risks
The associated risks with starting a new business venture are pretty considerable, as there are chances of failure. Entrepreneurs, therefore, need to be bold and very courageous. They also need to evaluate the risks and benefits of a new venture and make relevant conclusions about whether it is worth engaging. Taking risks is what being an entrepreneur is all about.
They are innovative
Entrepreneurs are a hub of new ideas. They think differently and outside the box too. Their innovative ideas are capable of generating new revenue streams for their companies. This could involve introducing a new product to the market, augmenting an existing product in the market, or establishing a new market for products. They could also positively impact the production process, making it more efficient, thereby maximizing profits.
Having the vision is one thing, and materializing it is quite another. Thus, successful entrepreneurs can combine available resources towards the attainment of set goals and objectives. They possess unparalleled leadership skills in guiding and influencing employees in the path of success.
They are usually open-minded
Successful entrepreneurs can recognize circumstances as opportunities with the potential to benefit the company positively.
They are flexible
Successful entrepreneurs aren’t rigid; they are flexible and open to change when the need arises. They are ready to embrace a new path or product when necessary.
Nine Types of Entrepreneurship
Entrepreneurs materialize ideas into reality. They create jobs and have a tangible impact on the economy. There are many entrepreneur types, each with a distinct characteristic and path, defined by their personality, ability, and surrounding environment.
There isn’t a universally accepted distinction in the types of entrepreneurs, as the types differ from region to region based on the country and the sectors active in that country. The most common, however, are,
Small Business Entrepreneurs
Large Company Entrepreneurs
Scalable start-up Entrepreneurs
With the many types of entrepreneurship I would venture to say that when you factor in the many different styles, talents and personalities, there is a different type for every business on the planet! But to simplify the list, we will discuss the 9 types. Each of these distinct categories of entrepreneurs has different rules of business success. Still, they usually go through similar tussles regarding finance, people, marketing, and even self-management issues.
Let us explore some of the more prominent types of entrepreneurs, what makes them unique, their roles, and how they impact the business’s success.
As the name implies, innovators describe the class of entrepreneurs that develop entirely new ideas and transform those seemingly far-fetched ideas into viable business opportunities.
These entrepreneurs usually change peoples’ perceptions of things, opening up their understanding to view and think differently. As a general trend, innovative entrepreneurs are usually passionate about their cause, sometimes coming off as obsessive, and are deeply intrinsically motivated because of their business ideas’ uniqueness.
As a unique characteristic, innovating entrepreneurs usually introduce new goods/ / services and new production methods, create new markets, and completely restructure an enterprise for greater productivity.
Being innovative also applies to their ability to devise new approaches and ways to market their products. They use unique strategies that separate their companies from the crows and help them stand out with product differentiation strategies. And it doesn’t end there. They may not only stand out from the crowd but have the potential to create a new crowd, changing the status quo in significant ways.
Advantages of Innovative Entrepreneurship
They usually receive all the credit for the business’s success, as they bear the brunt.
They create the rules of engagement.
During the initial days of the business, they would, very often, face minimal competition
Disadvantages of Innovative Entrepreneurship:
Birthing a new idea to reality would usually necessitate vast amounts of capital.
They often encounter significant resistance and opposition from current shareholders.
Their job always requires patience as the timeline for success is a lot longer than usual.
They can work only when a certain development level is already achieved, and people look forward to changing and improving.
This type of entrepreneurship’s unique attribute is their ability to visualize a new pattern of thinking and discover new ways of doing things, which sets them apart from the crowd of entrepreneurs and makes them largely successful. However, innovators’ burden reflects the amount of patience, commitment, and required capital to bring about innovation.
As a mark distinction from innovators who go through the pain to develop new ideas as fuel for the business process, hustling entrepreneurs invest hard work. They are not afraid to get on their blue-collar suits and get their hands dirty. Unlike the innovative type of entrepreneurship that looks to significant capital to implement their new vision, hustlers usually start small and focus on investing hard work and effort to grow their businesses. These entrepreneurs pay attention to a small start-up and look to grow it steadily with the hope of becoming more prominent in the future.
With their dream, hustlers find the motivation and the commitment to work very hard to realize them. They are usually very focused individuals who’d stop at nothing to achieve their dreams. They would quickly get rid of any distractions in their path, preferring to take risks and the discomforting path than indulge in pleasure and comfort. Think of the famous Mark Cuban, as an example here, who started at a very young age selling trash bags, postage stamps, and newspapers. His company later progressed to a goldmine which the internet giant Yahoo later purchased.
Advantages of Hustler Entrepreneurship
they are the most hardworking of all types of entrepreneurs. They will outwork most
they usually don’t give up easily and will usually develop thick skin.
Having a thick skin also implies they’d see challenges, rejection, disappointments, and failures as a part of the journey.
Disadvantages Hustler Entrepreneurship
Having to invest such gruesome amounts of hard work means they are more likely to burn out.
The degree of work they engage in can also wear out their team members, who may not have the same agility of work ethic.
Some hustlers may overlook the need to accumulate capital as they’d prefer to invest their labor in working harder.
This type of entrepreneur usually never gives up. It also means they are usually more willing than most to try just about anything to succeed. Though they may succeed, the number of trials and errors may become significant, and the time taken to achieve their dreams daily increase.
Fabian entrepreneurs are a type of entrepreneurs that are generally stereotypic concerning change. They are generally skeptical about implementing changes in the business.
Fabian entrepreneurs do not initiate new ideas but can copy innovations only after being fully satisfied with the innovative entrepreneur’s already implemented initiative. Fabian entrepreneurs are more imitators than initiators.
Imitators are those who copy others (captain obvious!) Fabian entrepreneurship, thus, involves copying the trends and patterns of other businesses and making improvements upon them. Fabian entrepreneurs can copy other business ideas or products and improve upon them to gain the upper hand and dominate the market.
This type of entrepreneur usually has great readiness to adopt successful approaches already implemented by successful innovative entrepreneurs. Though they may not innovate themselves, they also do not copy and implement without making some adjustments and improvements to suit their context and agendas. In developing nations, such entrepreneurs are pretty instrumental in driving in a new wind of change. They can adopt new strategies and techniques from other successful entrepreneurs and usher in combining factors of production foreign to their economy, but not to already developed regions.
Imitators incorporate attributes of innovative and hustling types of entrepreneurship. They do not seek to maintain the status quo but seek to change things, and they ride on a great deal of confidence and handwork in what they strive to achieve.
Advantages of Imitators
Modifying and adapting an already-existent and tested idea is a lot easier and less strenuous.
Adapting an already tested idea also makes it possible to compare your results with the original developer and implementer of the idea.
Taking the route of imitating makes it possible to avoid mistakes that would have been made in initiating a new idea.
Disadvantages of Imitators
The ideas of imitators always appear to be in the shadow of the original.
They are always behind, trying to reach up to already set standards.
It can be a great idea to adapt an existing idea to suit one’s context in developing a business. The associated risks with imitation aren’t as much as initiating a new venture altogether, but it might not acclaim all the credit for the initiative when the copied idea finally succeeds.
Even when an individual has an idea, there needs to be adequate research to gather relevant information, which takes time. This is where research entrepreneurs come in.
Researchers take the time to get all the necessary information before engaging an idea. To them, there isn’t any room for failure since they know all there is to know about the venture they’re engaging in.
Researcher entrepreneurs go the route of information gathering because they believe a business has a higher chance of success when there is an in-depth understanding of all aspects of the business. That is why they put in the work to seek out the knowledge. Consequently, they usually take a great deal of time to launch new products or make new decisions because they need great knowledge foundations upon which to act. They, thus, rely heavily on facts and existing data than intuition and instincts.
For researcher entrepreneurs, there should be no room for errors.
Advantages Researcher Entrepreneurship
They consider and plan for as many foreseeable contingencies as possible
Their business and financial plans are usually well thought out, detailed, and substantiated with relevant data.
They rely on data and facts rather than instincts for decision-making.
They usually wouldn’t make a move until they feel they have adequate knowledge of the market.
Because of the immense research, they are less likely to make mistakes or fail in business.
Disadvantages of Researcher Entrepreneurship
Since they require extensive research backing their actions and decisions, they usually move slowly.
They don’t like taking risky ventures, and for new ventures, that will stagnate and hinder the move as every new venture requires some degree of associated risks.
Researcher entrepreneurs invest a great lot of time investigating and digging into existing to substantiate their decisions/actions. That can easily land them in the harmful habit of drooling over the numbers rather than paying attention to the business’s running.
This type of entrepreneurship is very resistant to change. Drone entrepreneurs exhibit great reluctance in accepting change and are very conservative in their methods and procedures.
Drone entrepreneurs exhibit great contentment with the business’s current state and see no need to alter an already perfect system of operation. They will, thus, prefer to maintain an inefficient production process even though they are suffering losses than to introduce changes of any kind.
Advantages of Drone Entrepreneurship
They are more stable in their operations and can’t be influenced by temporal trends.
They quickly get content and can wave off unnecessary pressures for change
Disadvantages of drone Entrepreneurship
Stereotypic attitudes can birth stagnation in the business
They run the risk of having irrelevant businesses in their failure to embrace changes.
Buyers have a characteristic feature as entrepreneurs – their wealth. They have the money and are specialized in buying off profitable businesses.
Buyers scan through and identify valuable businesses. They then assess the business’s viability and, based on their conclusions, move to buy the business and get a competent individual to run and grow the business actively.
Advantages of Buyer Entrepreneurship
The risks associated with purchasing an already established business are minimal.
This type of entrepreneurship has little worry for innovation as it jumps on already implemented innovation.
Rather than building from the foundation up, buyers can easily focus on developing an already-started venture.
There already exists a market, and buyers inherit the products’ market when they purchase a business.
Disadvantages of being a Business Buyer
The cost of acquiring a business can sometimes be very costly, and buyers often pay high prices for profitable businesses.
There is still a degree of associated risks involved in buying businesses with problems that are underestimated or you think can be easily handled. That may not always be the case.
Small Business Entrepreneurship
Small business entrepreneurship is a type of entrepreneurship that involves the ownership and running of one’s small-scale business.
Most businesses today are small businesses. This type of entrepreneur toggles capital and profit sufficient to take care of self, household, and other basic needs. They don’t go for large-scale ventures or capital-demanding businesses. They would, most often, hire family or local community members.
Funding for such small businesses comes from gifts, small-scale loans, or savings.
Advantages of Small Business Entrepreneurship
Requires very little capital to become a small business entrepreneur
Work with smaller teams of individuals
Disadvantages of Small Business Entrepreneurship
Profits from these businesses are small
It May sometimes not be recognized by official government programs.
Large Company Entrepreneurship
Large-scale entrepreneurs work with companies with a finite amount of life cycles in this size-based classification, larger-scale businesses. This type of entrepreneurship requires professionals with innovative skills to sustains business.
Large companies usually introduce new products to meet customer demands and grow from small businesses under the right growth conditions. Small businesses can also become large companies if an already large company buys them over.
Advantages of Large Company Entrepreneurship
Prominent company entrepreneurs are innovative. They can bring new ideas and sustain company relevance for generations
Disadvantages of Large Company Entrepreneurship
Requires more professional skills and innovations, thus limiting the range of persons that can become prominent company entrepreneurs
Scalable Start-Up Entrepreneurship
When entrepreneurs believe that their company can change the world, they become scalable start-up entrepreneurs. They are often funded by venture capitalists and must need hire professionals with specialized skills.
This type of entrepreneur has an eye to identify needs in the market and provide adequate solutions as a business idea. Most cases of scalable businesses are technology-based and have global impacts, like Facebook.
Scalable start-up entrepreneurs require investors who believe in their idea and can appreciate out-of-the-box thinking. Their need to work with just the best and brightest in a specialty can sometimes make this entrepreneur picky. They also would need incredible amounts of capital to fund their ideas.
Advantages of Scalable Start-Up Entrepreneurship
They are innovative and can think outside the box
They usually have a great degree of confidence in what they do.
Disadvantages of Scalable Start-Up Entrepreneurship
They require more professional teams of individuals to work with and can be very picky
Their notions of changing the world with an idea can sometimes depict them as crazy, especially if they fail.
They require significant amounts of capital to start and fund their ideas
When an entrepreneur focuses on solving social problems by supplying particular goods and services, they are social entrepreneurs. They aim to make the world better by their goods/services they supply. Their focus isn’t the amount of profit they make but the degree of a positive impact on the world.
Social entrepreneurs will, most often, engage in non-profit companies and NGOs, dedicating themselves towards the social welfare of humanity.
Advantages of Social Entrepreneurship
They focus on the social well-being of humanity
Their focus isn’t profit-making but making the world a better place
Disadvantages of Social Entrepreneurship
Having a social well-being perspective means their decisions and actions may not always favor the company’s growth.
Social causes may not attract as many investors as profit-making ventures.
Importance of Entrepreneurship:
The activities of entrepreneurs generate employment opportunities for the public. They create new jobs for both skilled and unskilled labor.
Increase Public Standards of Living
Entrepreneurship harnesses and promotes innovation. Such innovation is the drive behind introducing new products, services, technology, and qualities of goods to the market. Their innovation, thus, enhances the standards of living of the general public.
There is bound to be development in society when there are increased employment rates and better living standards. Facilities for investment like education, sanitation, markets, infrastructure, etc., become highlighted for development. By their activities, entrepreneurs promote social and community development, leading to a better quality of life.
Increase Income Levels
Entrepreneurship also provides more opportunities for individuals to raise more money for themselves and their loved ones, thus raising income levels in the community. Increased income levels mean increased expenditures on essential commodities and luxury commodities, thus raising general living standards.
Promote research and development
Entrepreneurship is a hub for innovation, and by the work of entrepreneurs, new products and services come on the scene. But these new products need to be adequately researched before they can be introduced for public consumption. As such, entrepreneurs invest in research ventures and dispense towards research institutions and universities. Their drive promotes research and, consequently, development in the economy.
Despite its age, the phrase retained its power and even gained on it as it has never been more accurate than the present time. In our highly technologized times, with readily available mountains of information, knowledge is extremely powerful.
As an online entrepreneurs in today’s hyperactive online world, you can never have enough knowledge. New skills will keep you one step in front of the competition and will make you better prepared for modern customers’ demands.
3 Technical Skills Online Entrepreneurs Should Have
While an online entrepreneurs must have a diverse set of skills, from a wide range of domains, technical skills are crucial. Of course, this is a broad term, so we narrowed it down to three main tech skills that any online entrepreneurs must acquire.
For instance, Google launched two broad core updates in 2020 (one in January and one in May).
While they perform small updates almost daily, broad core updates have an impact on search results all over the world. This is usually seen in changes in search ranking. For instance, if a site’s content improved in relevancy towards its core audience since the last update, it will be moved up in SERP. If it lost relevancy, it will be pushed down.
What ONLINE Entrepreneurs Should Know
Whether you have a team of SEO specialists working around the clock, or you’re a one-person business, there are a few knowledge bits that can help you stay on track with these changes:
How Keywords Work
There will always be people who will say that keywords don’t matter anymore.
And, to some extent, they are right.
While search engines don’t establish a page’s position by the number of keywords it uses, they still use them as a factor for relevancy and ranking. Furthermore, according to SEO specialists, it matters the type of keywords you use.
Long-tail keywords are the ones that help you reach a specific niche, that’s more likely interested in making a purchase rather than browsing.
For instance, if you develop a virtual reality (VR) software product (an app or a game), the go-to keyword is “virtual reality”. However, the competition is high on this keyword and the audience is broad.
On the other hand, if you use “virtual reality games for PS4” or “virtual reality app for Android”, you have a better chance of standing out from the crowd. With long-tail keywords, the competition is lower, so it’s easier to rank in search engines.
Content Relevancy is Key
You probably know that “content is king”, but you also need to know how to use its power. There are many bloggers out there who post new content on a daily basis without any significant results.
So why doesn’t it work for them?
It’s all about relevancy and how search engines interpret your intentions. Are you creating content just for ranking or are you genuinely trying to create value?
According to a study done by Neil Patel, the May Google update impacted (in a negative way) websites with old and thin content the most.
In conclusion, search engines appreciate content that’s constantly updated to reflect the present and that brings value to the target audience by providing detailed information.
This sort of knowledge can be integrated into SEO strategies to adapt to the current market demands and prevision for future fluctuations.
2. Coding Skills
Whether you own a standard website or you’re a prolific e-commerce online entrepreneurs, coding skills are a must-have.
While there are plugins (especially with flexible platforms like WordPress) that can help with virtually anything, there are situations when a few lines of code can save time and money. As such, basic coding skills are valuable knowledge for today’s online entrepreneur.
Most modern web pages are developed using a mixture of HTML, CSS, JavaScrip, Java, and Python, but it never hurts to consider other technologies as well.
Luckily, nowadays it’s rather easy to understand how coding works and it doesn’t take much to learn your way through functions and procedures. Also, there are plenty of online coding courses one can join and it only takes a few weeks of study to become familiar with the process.
As an online entrepreneurs, you will work with highly-skilled developers, but it helps to know how to solve quick and easy problems. It’s also a way of knowing your product, whether it’s an app or a web page.
3. Social Media
Why is social media a technical skill? After all, you’re only using these platforms, you’re not developing them.
Social media is a bit different for businesses than it is for regular people. As an entrepreneur, you’re using these platforms to attract new leads and disseminate messages in an optimal manner.
This means that you need to understand how the platform works and how it is being used by your audience.
For instance, according to HubSpot, the success of your Instagram posts depends on the day and time of day you decide to publish. Research suggests that the best time to post on Instagram is on a Thursday, at 5 AM, 11 AM, 3 PM, and 4 PM.
Of course, the data is different for other platforms, and it’s important to understand why and how the information is relevant for your target audience.
In addition to this, social media platforms offer analytics data and tracking tools that can be useful in planning new marketing strategies. A successful online entrepreneurs, you must be up to date with everything social media has to offer and learn new methods of promotion.
There’s more to a successful business than just learning new skills, but it all starts here. When you’re open to new information and knowledge, you open your mind to new possibilities. As a result, it will be easier to accept and implement change and adapt to a market that’s highly influenced by new technologies.
Erika Rykun is a content strategist with Udemy which offers online courses and producer who believes in the power of networking and quality writing. She’s an avid reader, writer, and runner.