Tag: business

How To Attract Top Talent To Your Business?

September 1, 2024
5 Powerful Strategies That Can Help You Get a Return on Investment (Every Time)
How To Get A Profitable Return On Investment?

Getting a good return of investment (ROI) is all about doing sufficient research and planning.

Now, how much do you agree with this?

By default, most business owners who put money into their company would eye for a healthy return on investment. After all, no one is willing to do a business that doesn’t generate them revenue.

ROI is important

No matter what industry you are in, return of investment is crucial. Even for me as a writer, I make it a point to publish blog posts that are valuable not only for my readers but to myself as they will generate indirect leads for me to expand the business.

But there’s something you should know.

Every business situation is different and the mindset that you have will ultimately determine your success or failure in the financial investments you do.

If you’re planning on putting some serious money into your business and you want a return on investment, here are some strategies you may want to consider.

1. Never Gamble With Your Money

Life is a gamble but money … you got to be really wise in using it.

Having multiple second thoughts such as “can I afford this investment” can easily save you money (from going the wrong way).

According to Darren Bonawitz, co-founder and CEO of Sherpa Fiber (Kansas), he recommends you to avoid investing money that you are not prepared to lose.

When you’re mulling over whether to make a big investment, playing devil’s advocate may help you with your ROI analysis. Bonawitz suggests spending twice as much time coming up with all the reasons things may not work out as you spend determining why things will work out.

And this makes all the sense.

If you look back last three years during the Bitcoin boom, I was one of the first early adopters in Malaysia. I invested close to RM 8,000 in Bitcoins and made over RM 16,000 in just three months. Sure, the risk was there but it was something I was willing to lose.

Important tips to get high return of investment: Invest only if you are willing to lose the money as there is absolutely no such thing as safe investment.

2. Invest In Something That Has Staying Power

Not all investment are equal and some investments are only profitable for a short time period.

Let me give you an example.

If you put all of your money into a lot of advertising that will run for a day or two, you could get sales that do give you a good return on investment. But you might also get absolutely nothing from it.

Advertising is like gambling. There are always chance for not getting anything from it. And through my consultancy career, I know a lot of entrepreneurs and business owners who blame the economy, the strategy or even their products when something failed to lift off the way they want it to be.

There are a lot of things that we cannot control, and this is one of it.

According to Felix Hartman, the CEO of crowdfunding site FundThis, his words are “To me the best investments are those that are permanent.” For instance, Hartmann says that he made a $5,000 investment in his research and development that ended up increasing his checkout rates by 300 percent.

“These benefits are permanent, while ads are short-term sales,” he says. “The key is to strike a sustainable balance between the two.”

While you’re trying to find that balance, this next step can help(if you are dead serious in increasing your return of investment.

3. Research And Weigh The Risk Of Your Investments

Do you know that researching the risk of an investment can help increase the likelihood of a return on that investment?

Yes. You read that right.

At times, somethings just look so good. An idea, a property, a strategy, a product etc. They look good and you are confident that you had found a unicorn in the highly competitive world.

Here’s a great quote from Jason Parks, owner of The Media Captain, a digital marketing agency based in Columbus, Ohio.

“If I bring on a new hire or invest in technology for my marketing agency, I want to make sure I can pay the bills right off the bat,” says Jason. “I don’t get romantic thinking about the potential [I might see] a year or two years down the road, a mistake a lot of business owners make.”

The next time you had a thought like “I will be able to pay off my investment and make a profit after three months”, you should skip the idea completely.

Make sure you are affordable for the investment because if you are not, you are not going to make enough to see a nice profit margin. Period.

4. Crunch The Numbers To See The Possible Return On Investment

Have an idea about investment? Good … but don’t proceed yet.

What you should be doing next is to get down to the numbers. You probably heard about this, “it is not a numbers game.”

But the truth is, it is always a numbers game!

If you want a solid return on investment, this can be one of the most important things you can do.

Performing ROI analysis is going to help you determine the effectiveness of your investment, as well as the chance to score some serious profits from the investment.

ROI analysis is tedious work—but it is beyond critical for you especially when you are serious in making a profitable home run from your investment.

5. Remember To Invest In The Person Running The Business

As a success coach, I can’t fail to highlight this anymore. The success of you is determined by your colleagues, team members and associates.

And it is beyond paramount to ensure that you are constantly investing in the person running the business.

Not only that you have to invest in your team, you have to invest in yourself!

“The best investment is always an investment in yourself. Whether that be in your education—business books, seminars or conferences—or physical and emotional health, the highest return you’ll ever see on your money is when you invest in yourself,” says Doug Sands, founder of Restaurant Clients Magnet, a social media marketing firm in Iowa City, Iowa.

Some of the quick ways to invest in yourself (and get a good return of investment) are:
- Book reading
- Attending networking events
- Going for courses for personal improvements
- Face your challenges and learn from your mistakes
- Allocate time for self meditation and time off from work
You’ve made your business what it is today, but if you feel like there’s room for improvement, perhaps you’re holding it back.

There is always room for improvement that every entrepreneur can improve on something,.

And don’t make the idea run away because whatever you improve might be the jet fuel your company needs.

If you want a strong return on investment on your business, but you’re not sure where to start, the best place to look may be in the mirror.
August 2, 2024
How to Start Your Online Business in the Internet Jungle of 2020?

Starting and running a successful online business is not easy; it involves many details and considerations. You need to choose a product that is in demand, grow your online presence, and drive traffic to your site, among many other factors. Read on to learn how to start your online business in the internet jungle of 2020.

Generate a Viable Business Idea

Come up with a few different online business ideas, and choose the most feasible one based on your niche and target audience. There are various business ideas that you can consider, and online drop shipping can be a good one since it does not involve a large inventory. You do not have to manufacture or store any products when you choose this type of business. Instead, you will be selling different products manufactured by other companies, and your role will be only to market these products and attract customers online.

Before you start selling online, you must find the right niche that you will focus on. You need to conduct market research to evaluate the viability of the market you are considering. Think about different things that can impact your new business by evaluating the trending products in the market. Additionally, you must also conduct a competitive analysis to help in branding and positioning your business.

Optimize Your Sales Funnel Strategy

The sales funnel strategy involves different steps that affect customer behavior. Analyzing your sales funnel is crucial, as it helps you identify the weak points that may exist in each stage where some prospects will lose interest and never become paying customers. The digital marketing funnel consists of different stages that start from creating an opportunity, connecting with potential customers, converting them into paying clients, and ultimately, closing the sale.

Visitors land on your website through your search engine optimization strategy (SEO) that determines your site’s ranking on search engine results pages (SERP). The method uses unique searchable keywords that drive organic traffic to your site, marking the beginning of the sales funnel journey. The marketing consultants at https://marketing-leap.com/one-funnel-away-challenge-review/ explain that customers usually go through different stages before making their first purchase. You need to create brand awareness to catch the customers’ attention to know what your business offers. To spark the customers’ interest, you must then provide relevant content that will help them decide whether your products or services are right. At the decision or conversion stage, the customer will be ready to buy, so you need to be prepared to close the sale.

Choose the Right Ecommerce Platform

Without the right e-commerce platform, your online business may not realize its intended goals. You should choose a channel that uses powerful software that can help you generate quality leads and attract traffic to your site. When the site is up and running, you need to stay on top of all the important details, starting with your customer engagement rates to your customer support and follow-up care. By closely monitoring your site’s performance, you can implement the necessary measures to help your venture grow.

Create an Email Marketing Campaign

As you start building your customer base, you also need to bolster your business by using an email marketing campaign to generate quality leads by providing relevant and engaging content to your target clients. As little as one email per week can help you stay connected with your customers. If you want this strategy to be effective, you can personalize the emails and address the customers by their names. This helps create trust and promote loyalty between the customers and your business, as it makes them feel that they are valuable assets to your company.

It is important to continually provide valuable information that can help the customers solve different problems they may encounter. Make an offer at the end of the email that compels the leads to take action. Always keep in touch with your customers and thank them for investing in your products or services. Interacting with your customers through social media will also help you create a strong bond with them.

Measure Online Success

You must measure your online success using analytics that will help you evaluate various key performance indicators. As your business grows, your sales funnel might require some tweaks as you begin to learn more about your customers. You may also be interested in diversifying your products and services down the line, and you will need the right information to do so. That is why it is vital to track your conversion rates to measure the success of your sales funnel. You must pay attention to each stage of the funnel to pinpoint the areas where certain changes are required.

Understand Business Laws

Before you launch your product, you must be aware of the online business laws to avoid common pitfalls that can impact your new business. Start by reading up on laws regulating shipping, zoning, and trademark considerations to get insight into how your chosen market operates. You also need to analyze the market further to understand your real shoppers’ needs and interests. Only when you fully understand your prospective customers will you be ready to start operating.

Scale Your Business

When your business reaches a stage where it’s performing steadily and strongly, you can gradually scale it to reach a wider audience. If you want to grow your business successfully, you must ensure that you regularly conduct market research to understand your customers’ ever-changing needs. It is always a great idea to learn from the industry’s top experts. Get first-hand information on how to make it in the e-commerce world by consulting other successful entrepreneurs who managed to grow their small businesses and become successful.

Starting an online business can be quite challenging. First off, you need to come up with a viable market idea and identify your niche to start building your venture. You must also design a quality website for your business and provide unique and engaging content to generate quality leads and help your target audience find what they will be looking for. When you close a sale, try to retain the customer so that they can make repeat purchases.

December 19, 2020