Most Common Expenses Underestimated by Entrepreneurs

Entrepreneurs face many challenges including the finance. Managing your financial flow is not easy. You need to be detailed and thorough in planning your financial setting. You have to get better, clear understanding of your financial trajectory. Accurate analysis is always needed so that every plan don’t mislead you. There are also another problem when it comes to financial problem. There are certain expenses that you often underestimate. It can lead to another problematic financial plan. 

Most underestimated business expenses

Being entrepreneur is not easy and it’s the truth. The most challenging part is usually the beginning. The feeling of inexperience and lack of knowledge can intimidate you especially when you start young. Being underestimated by others is also one of the most common problems experienced by young entrepreneurs. As for financial problems, underestimating certain expenses is a mistake most entrepreneurs did. What business expenses are most underestimated by entrepreneurs?

Most Common Expenses Underestimated by Entrepreneurs

Maintenance and repairs

These are common to be underestimated by business owners. When you buy equipment to support your business, it is rare to think of the the long-term cost such as maintenance and repairs. It is often that you only look at the price tag and decide whether or not to buy them. This is important to think of the long-term holding cost when purchase equipment for your business because they are not going to last forever. There will be times when they break down and need fixing. It can a lot especially if you are not aware of their maintenance’s expense from the start.

Product development

Product development expense is often underestimated as well. Why? Developing product is not a one-time process. It is complex so you need to go into detailed estimation. You should follow strict guidelines and meticulous testing to make sure that the new products are going to work. Through those detailed and complex process, you will know that the cost is higher than you originally thought. There are always additional steps entailed no matter how meticulous you think you are. It leads to additional cost. 

Read More: How to Separate Business and Personal Finance

Human resources

Human resources is also often underestimated by business owner. You see, the cost of human resources doesn’t limit to hiring process only. You should plan the expense of their salary as well. In fact, salary is not the only expense you should estimate when it comes to human resources. You should consider other important expenses entailed with it include bonuses, training, retaining, benefits, and many more. You may skip training and cut other necessary parts to keep the budget fit. However, it may disadvantage your business in the future because working with untrained employees means you lose chances to get customers. 

Customer acquisition

Customer acquisition is also another business expense most entrepreneurs underestimated. You should find the right system in order to acquire customers. To dos o, you have to focus on marketing and sales to connect with people who want what you are offering.  In this process, you need calculate the cost properly. This way, you can prevent it to come back and bite you in the future. 

How To Create Effective Quality Content Marketing

In business marketing, internet is one of the most powerful tools to use. It is also proved to be effective marketing tool to attract customers. Modern customers spend most of their time online. Therefore, it is a great place to attract them. Internet should be included in to your business foundation. However, another factor that’s just important as internet itself is the content. You won’t attract your customers without making high quality contents, especially because modern customers are smart enough to differentiate which one is worth their time and not. 

High quality content marketing for your business

It is true that business requires actions that need thorough plan and estimation. There is no room for careless actions because every decision has its consequences. Content production is quite challenging especially if you don’t target specific customers. You won’t know what kind of contents to attract them the most. So here are several tips to create high quality contents effective for your business marketing.

High quality content marketing for your business

Decide your target audience specifically

You have to target specific audience because they are varied from age, interest, and demand. If your content is too general, you won’t attract any of them. Therefore, you should conduct a research to identify your target audience.  When you decide target audience, make sure to create contents to raise your brand awareness. There are several option to decide your target audience. You can identify your current customer base or find another factor such as age, gender, level, occupation, background, etc. 

What kind of content you are going to create

There are various types of content you can make. You can choose to use only one type of content. However, it is also possible to combine all types to attract more audience. You can create video, blog, or templates contents. Some content types might not suitable with your brand so you can decide yourself what type to use instead.  

Choose the right tools market to publish and manage your content marketing

Managing content is not easy. Thus, make sure to not only choose effective, mainstream tools market but also the one that is helpful. Choose tools that can help your work easier. Therefore, you won’t waste your time trying to figure out how things work. 

Choose particular style of how you deliver the content

Every entrepreneur must have their own trademark in how they deliver their content. Some of them try to match with who their customers are. For example, some of entrepreneur use formal language in their content since their majority of customers are people involved in business management and industry. You can decide your own tone to make you different from others. You can be friendly, playful or authoritative. However, make sure that regardless of the tone, your messages are honest, reliable, and direct. 

Content management is part of important aspects in business you should develop because it keeps growing. Running a business in this modern world requires you to keep up if you want it to keep growing in the long run. 

Benefits Of Starting A Small Business For Young Generation

Young generation are full of potential. They have enough time to grow and fix their mistakes. That’s why it is great as well for them to start a business at young age. Business is challenging but it is not something for adults only. There’s a lot young, successful entrepreneurs out there who proves that age doesn’t truly matter. In fact, starting at young age can give more benefits and bring more opportunities to success. 

Start a business as early as possible

There are many studies that show young generation’s interest to start their own business. Even though not all of them end up pursuing it, lots of them still try various attempt to start their own small business. There are also doubts regarding to starting a business at young age. Lack of knowledge, experience, and financial support are some of challenges that young generation should overcome to be a successful entrepreneur. Here are some advantage of starting business at young age.

Benefits Of Starting A Small Business For Young Generation

Even though young generation are lack of experience, they make it up by their eagerness to learn. Besides, young generation are easier to adapt to new environment. They are more agile and flexible in facing different circumstances. They can also adapt to new culture, as well as age. It is because they are still molding their characters so there are still opportunities to adapt, unlike older people who usually tend to be stiff and stick to their own beliefs. Young generations are more willing to accept differences and new environment because they are also more open-minded. 

Young generation might be lack of financial support, but they have strong desire, passion, and motivation which can help them to keep going. They also still have string energy that won’t allow them to stay still. Their enthusiasm is on another level because they are eager to try something new and face challenges. In addition, young generation are full of creative ideas which are important for growing business. Innovation comes from creativity after all. 

Read More: Earning Loyalty From Younger Consumers

Starting business at young age might be risky. There are many holes to make mistakes. However, that’s the best thing of being young. There are still plenty of time to make mistakes and fix them. Besides, the younger you are, the better you are at tolerating risks. Being young means there is string eagerness to suppress negativity such as afraid of taking risk. Therefore, starting a business at young age is advantageous especially because of the given time to try, fail, fix, and succeed. 

Another advantage for young generation to start their own business is that their resilience. Young generation are no quitter. Reaching goals with everything they have is the tendency and characteristic of young generation. This trait is important in business because starting your own business will not full of rainbow and sunshine. There are many challenges that can tramp your confidence to keep going. However, being young means you still see everything in optimistic view. Thus, you won’t get easily give up when you fail at the first attempt. 

Earning Loyalty From Younger Consumers

Every business must have their own target marketing. It is one of the most important ways to target particular group of consumers because then it will be easier for you to identify their needs and preferences. Another important thing in business is not only to attract new customers but to earn their loyalty. Once you get customers, make sure to do your best to make them loyal to your brand. It is not easy but with the right strategies, it is not impossible to achieve. 

How to make younger consumers become your loyal customers

Among various groups of consumers, younger audiences are as important. Younger generation or we call them millennials play key role in improving business, especially the small ones. They have their own tendencies to shop local and get connected to a brand with credibility. What should you do to attract younger audience in raising your brand awareness?

Earning Loyalty From Younger Consumers

Make sure your brand is social-media friendly

Younger consumers have been familiar with the presence of social media. Thus, they also often use them as the tool to decide which brand is worthy of their attention. In addition, younger consumers tend to be constantly hungry for brand education via social media. Those online platforms are where you can find younger consumers spend their most of time. 

Make high-quality contents

It is true that younger consumers like spending time in social media. However, they don’t like spending time in unworthy content. If you want to earn loyalty from younger consumers, make sure to not only create attractive contents but also the quality, informative and inspiring ones. Younger consumers are smart generation. They will decide where to give their loyalty to the one that truly deserve. 

Put them on spotlight

Another way to get loyalty from younger consumers is to let them be the star. Younger generations like being on the spotlight. They like attention. For example, do not be afraid to ask them to make video reaction about their experience in using your products or services. You can use the contents as your marketing tool to raise your brand awareness even more. Younger consumers like it when you put your attention to them. 

Read More: Side Business Ideas for Young Adults

Let them spread the words

Encourage younger consumers to spread the words if they have good experience using your products or services. Word of mouth marketing is still effective even till now. Thus, do not hesitate to encourage your younger consumers to share their stories. Besides, this will earn their loyalty because it means you appreciate their opinion and feedback. When they pass long recommendation, you will even get more loyal customers in the long run. 

Quick to response

Always be responsive because younger consumers tend to be impatient. They like instant response when they question things. It will happen to your brand once they try your products or services. They will ask some questions to satisfy their curiosity and to make sure that they chose the right brand. Thus, always make sure to give them instant response whenever they give their feedback. You may need to create special team to handle this. 

Tips to Maintain Effective Communication in Business

Starting your own business is easier than maintaining it. Communication is important in business because it can help you reach your goal. It is also more crucial when you have team to lead when running your own business. You need to make sure that everyone is on the same page or else conflict will be inevitable. Communication is also important to be maintained between you and customers, as well as business partner. Effective communication give more chances for positive results. Building effective communication cannot be done overnight. It needs to be nurtured gradually but surely. 

Maintaining effective communication in business

Tips to Maintain Effective Communication in Business

The challenges of maintaining effective communication in business are many. The most obvious factor is that individual’s differences. Every individual has different perspective, method, and response which results in different problem-solving skills. In addition, communication between you and customers can also happen effectively if give mutual respect and understanding without belittling each other’s needs or opinion. As for communication with business partner, the challenge is to make win-win solution. 

Open Minded

To maintain effective communication in business, it is important to be open-minded as well as mindful. Differences are inevitable but it doesn’t mean you cannot reach agreement. If differences arise within your team, you need to mediate objectively and use your assertiveness to solve it. if everyone understand that they are on the same page, it is easier to solve the problems without causing any conflict. 

Receptive Atmosphere

Try to create receptive atmosphere when communicating with your teammates, partners, or customers. It may sounds simple but it requires a lot of self-restraint because every individual has their own ego. If the conversation is started with tense atmosphere, the communication won’t work effectively. You need to find a way to lessen the tension.

Power of Positive Words

Use the positive, simple words to deliver your message to others. Business tends to have formal atmosphere but it doesn’t mean you have to use difficult terms just to delegate task to your teammates. Simple vocabulary will lead to better understanding and prevent miscommunication. It is also important to encourage yourself and others to use positive language even in a heated discussion. Negative language will only increase the tension and solution is far from your reach. 

Read More: The Importance of Wellness Traits in Business

Listen to Other

Be more willing to listen to the others. Even if you are the owner of the business and the others are your employees, you work in together in team with the same vision and goal. Thus, you need to show them that you value their opinion and are willing to listen with attentiveness. You need to encourage your teammate to speak more and open up. 

Joke!

Do not be afraid to insert some jokes when necessary. It can help the others to open up in more relaxed way. Sometimes, people are too shy or scared to open up due to seniority or tension. By throwing some light jokes, you can brighten up the atmosphere and lesson the burden. However, you don’t get to joke every time especially when discussing crucial matters. It will only make you unprofessional. 

How to Sustain Your Business In The Long Term

There is a saying states that you should treat business like a business if you want it to grow successful. It is true. Of course, every individual may have different reasons why they jump into business. Some people do it because they love it and some others do it due to needs.

sustain long term business

Every individual also may have different goal when they decide to run their own business. However, there is one important principle for successful business; treat it like a business. If you run a business half-heartedly or do it as your hobby, it will be harder to reach success that will last in the long run.

Read More: DIY Social Media Optimization For Your Business

Sustaining the success of your business

Running a business requires hard work. You also need the right approach to reach your goals. Besides, you cannot do it all alone. You need to build a solid, reliable team that can help your business to remain in the long run. Here are things you should do if you want the success of your business remain in the long term:

  1. You should commit to what you do. You cannot treat it like casual thing. It is not something you can tend to only when you have spare time. If you want your business to grow successfully, you need to make time for it. You have to be fully committed to your business. Therefore, you can focus on achieving your goal. Keep in mind that business is more than a side project, especially if you have high expectation.
  2. You also should set clear goals and objectives. When you treat your business like a hobby, the purpose behind it may only be for fun. However, it will be different when you treat it like a business. You need to set clear goals driven by passion and ambition. Goal is one of important element that can drive you to run business successfully in the long run. When you have goal, you have motivation to keep going and do it seriously.
  3. To sustain your business in the long term, you need to work hard and work smart. It is not a secret recipe for successful business. First thing first, you have to love what you do. If you already dislike your business, it is hard to find motivation to success. When you love what you do, you will find ways to make it work. You won’t hesitate to work hard. In addition, you also need to work smart to sustain your business in the long term so that you can find efficient and effective strategies to make it work.
  4. It is also great to know your value and how to use it to your benefit in running business. You have to understand who you are and what you are capable of. Of course, it also means you have to know your weaknesses. You can run a business based on thing you love. However, it won’t work if it is something you are not good at. Thus, make sure you know and understand very well your own value.

The Importance of Wellness Traits in Business

Managing your own business requires you to create positive and effective working environment. Running a business also requires well management. It is not easy to create but it is not impossible to achieve. It may take time until you can create a solid team in effective working environment.

Working with wellness traits in workplace

However, your attempts is worth it. Business is rewarding but is can also challenging due to negativity because working environment is full of pressure. Creating and maintaining healthy workplace is not easy but you can do it for sure.

Working with wellness traits in workplace

The workplace where you run and manage your business should be in positive, healthy, effective condition. Thus, everything will go smoothly and positive result is more likely to happen. Besides, healthy workplace can also help increasing productivity. There are common set of traits in healthy workplace you need to know so you can start encouraging and building them:

  • Open, clear, and honest communication – This is one of the most crucial element in the workplace. This trait sounds simple to create. However, it is also challenging in some ways because every individual in your team has their own characteristics which can influence how they communicate to each other. However, you can encourage more open and honest communication. This is more effective in solving problems because everything is viewed through objective lens. When all in the team understand the value of this trait and practice it, they will view feedback as an opportunity to grow and work better.
  • Respect, understanding, and compassion – These traits are important to practice within workplace for more effective business. One might think that in business, professionalism is the only trait that matters. However, respect, understanding and compassion are also essentials because those can make everyone feel more valued and appreciated. People tend to act kindly when they are treated with respect and understanding.
  • Cooperation and support are also wellness traits which are very important in business. You see, you can go faster alone but you can reach farther in team. However, a team won’t work without cooperation and support. When you can create a workplace with those traits as the evidence of the wellness, healthy competition will emerge.
  • Sense of humor is also a trait you need to practice in the healthy workplace. Business is about professionalism but adding some sense of humor won’t hurt. In fact, it can lift up the mood of everyone. Business is full of expectation and goal so it is common to feel overly-pressured or stressed. Humor can drive happiness and laughter can generate endorphins. That’s where natural antidepressant emerges to help everyone in your workplace feel less stressed.
  • Flexibility in business is also wellness trait you need to practice along with your teammates. You see, there are many challenges in business such as rapid growth of technology, demands, and many more. If you cannot be flexible, you will get easily left behind. Change does happen and you cannot avoid it if you want your business to strive. Flexibility is one of the most important traits to deal with it.

DIY Social Media Optimization For Your Business

There are more businesses can be built through internet and one of the popular among the other available ways is to start building and optimizing the social media accounts.

I think I will not give you the reasons why you are going to do that for your business. Moreover, you have also been knowing that there are so many internet users today are signing into their social profiles and start interacting with what they are thinking to be interesting at the moment.

What is Social Media Optimization (SMO)?

Before we are getting started to optimize the business social media pages that you are going to do it yourself, let me give give you a short brief intro about what it is actually.

In digital marketing, there are 2 main popular strategies to build an online business which are getting the best rank for your site through Search Engine Optimization (SEO) and SMO itself.

DIY social media optimization (SMO)

Both are ways to build an online business to reach more audiences and customers for free or starting it using the paid service like the ads platforms.

And apparently you are possible to doing it all together if you’ve got time and budget. Else than that, you may need to hire the social media specialist or service if you have no idea to optimize your page in an advanced level.

Read also: How Does Digital Marketing Agency Help Your Business?

But for now, let’s see what you can do by yourself alone since you don’t need to find services for something that is not actually consuming more of your time and money.

Recommended DIY practices in optimizing social media accounts

To start your own social media optimization, you have to realize that there are 2 kind of profiles based on their usage: Personal and Business.

The best example for this is after you have just registered on Instagram. There, you will find that the personal profile can be changed into business profile.

Doing this is important since each profiles have their own features and they will help your audience a lot in accessing your main business platform which is the official site.

The next thing you can do is that providing your business logo as the profile picture. Keep in mind that you will need a professional logo for this but if you have no skill in creating that, just make one that will not make you ashamed by that. You know what I mean right?

The importance of doing this is to promote your business brand and to be honest, this step can’t be skipped. So, spend your time for awhile before registering for social media accounts and find an inspiration for your logo.

The third thing to deal with social media optimization is to write the short brief description about your business. In this section, you can actually include the description with the targeted keywords so it can also be indexed and compete on search engines as well as to be found by the social media users.

Keep in mind that you will write the short description only with the relevant keywords so your page will also get the higher rank in the platforms you are using and search engines.

And surely, don’t forget to included with the tags or hashtags if that will be possible.

In accordance of filling out the Bio section of your business pages on social media, the complete of all forms you are filling in, the better to help your audience as well.

Another social media optimization you will need to considering is to create the consistent NAP (Name, Address, Phone).

The interesting thing about NAP is that, it can also help search engines to rank your social media as well as the business site.

You will need to write the same NAP on all social media accounts you have registered and you must use the same format in writing them all.

For the best example, see how you are dealing with NAP in your site. That’s what you will be written on your social profiles as well. Ensure that the name of your business, the address, the phone numbers are written with the same format.

Last but not the least, the all above practical ways to build social media optimization won’t be work at their best if you have no editorial contents to share with your audiences and followers.

Today, there have been many social media tools to schedule your posts so they will really save your time with only one or two times of setting up.

And if you are confusing or running out of finding ideas about what else to post, just see what your competitors are doing or find the same businesses with yours to examples their works.

No time to do them all? then simply hire the social media bali services to finish all the hard works that put you into hassles. As simple as that since DIY things sometime is not for all the businessmen and women.

The Importance of Happy Employees in Building Your Own Business

One of the most significant factors to the success of your business is happy employees. It is because they are related to the productivity and satisfied customers. It is common for employees to feel underappreciated and mistreated by manager who keep breathing their neck and point out every little mistakes they make. This is not a healthy relationship you should have with your employees. As the owner of your own business, you are responsible of their happiness during work. Unhappy employees will only deflate your business because they will feel less motivated to contribute and reach objectives. 

Happy employees and your business smooth operation

When your employees are happy, it is easier to satisfy customers as well because you can fulfill their demand with increased productivity. Besides, employees are important element that can keep your business going. They are also the face of your business and company so it is vital to make them as happy as they can while working. 

The Importance of Happy Employees in Building Your Own Business

Happy employees for happy customer

One of the reasons why it is important to keep your employees happy is that because it is somehow related to the happiness of your customers as well. The correlation is easy. Just imagine when you have unhappy employees and they have to face customers with unhappy mood and sour face. As the result, your employees won’t be able to treat your customers perfectly. In return, your customers will leave with unsatisfied service. Of course, there are also employees who can keep their attitude in serving their customers no matter what mood they are currently in. However, happy employees will easily smile and give their best to serve customer without any force or fakeness. 

Happy employees for high quality performance at work

There is no doubt that when employees are happy, they will feel more motivated to work better. It is easier for them to work accurately to finish their tasks. Happiness is positive emotion which can drive your employees to do better. When they are unhappy, they will easily get stressed. It is also easier for them to lose their focus due to the things that bother their mind which makes them unhappy. 

Read More: Why Energy-Efficient Property Will Be Good For Business

Happy employees and improved business

Happy employees are important if you want to grow your business smoothly. It is because they will be more driven to have higher level of performance which affect the productivity and general performance of your business as well. If your employees are happy, it is easier to make money because everything is under controlled and well-organized without any drama.

Happy employees and smooth business management

Happy employees are easier to manage. Keep in mind that running your business means you need to manage many things including your employees. When they are unhappy, they easily make mistake which affect your business performance if it keeps happening. It is also harder to handle unhappy employees because they are more likely to be unwilling to cooperate. That’s why, it is important to keep your employees happy so your business management will come smoothly. 

How to Separate Business and Personal Finance

Financial setting is one of the most important fundamental in business. You need to establish it so your business will stay afloat. Of course, it is not the only things that can determine your success. However, it is crucial for the future of your business. However, one of the most common mistake done by many business owners is mixing up their business and personal finance. It is not only a matter of personal preference. It results in some legal consequences too. Therefore, separating business and personal finance really benefits your business.

Tips to separate business and personal finance

Running your own business means you need to be dedicated in slotting your energy and time so you can make sure that everything is on the right track. One of the right thing to do is to separate your business and personal finance to avoid further problems. It is not an easy task especially in ht beginning of your business. So here are some tips to do it:

Open bank account for business. If you have already had personal bank accounts you use for your daily expenses and transactions, don’t use it for your business transaction. Instead, open the new one that you will use for your business transactions. This makes your business looks more credible and professional. Besides, it will easier for you to keep track of the record of your business’s finance.

To make it easier to separate your business and personal finance, pay yourself a salary. Transfer monthly salary from your business account to your personal account. This way, you don’t have to use your business account when you have personal expenses to pay. You can just use your personal account because you earn your salary. This benefits you as you can control and manage your monthly personal expense. You may be the boss but you deserve a salary after working so hard and use it for your personal needs.

Managing business expenses can be difficult. Thus, you may need a business credit card to handle all your business expense. It is better than using your personal credit card. Besides, banks tend to offer rewards program for business credit card owners so you can take advantage of it. Ensure to choose the right credit card with the options that your business needs.

To make it easier to differentiate between business and personal expenses, document all the transactions and expenses of your business professionally. This makes you easier to keep track of your business and you won’t find difficulties if someday you need documentation for your financial settings.

You can manage the separation of business and personal finance manually. However, it is even more efficient if you use technology to help you managing them. You need to develop system so you can track your business and personal finance efficiently and separately. There are accounting software you can download for free. Use advanced technology as tools for you to make your work easier. Choose apps that fits your needs.