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Archive for the ‘What You Need To Know About Small Business’ Category

The Art Of Part-Time Trading

In What You Need To Know About Small Business on April 23, 2018 at 7:45 am

Once upon a time, being a trader was a full-time job. It was a career. It was a lifestyle and a life, all-encompassing and totally overwhelming. Just to get access to the markets, you had to be on the floor full-time or have the words ‘forex trader’ emblazoned across part of your business card.

But in today’s world, anyone and everyone can become acquainted with the world of trading; one of the best investments you can make. It’s a massive by-product of the internet. But it’s not just broken down the barriers of accessibility, it’s melted away the time-based shackles too because you don’t even have to commit to it in a 9-5 kind of way. You can do it part-time and still be mega successful. Yeah. That means you can enjoy having a stable income while topping this up with a nice dollop of extra cash. Woohoo.

The trick is knowing how to get off on the right foot, which is why we have pulled together a list of top tips and industry tricks.

  1. A Style To Match Your Schedule

Full-time traders get to commit a large chunk of their every day to the cause. But being a part-timer doesn’t come with this luxury. You only have a limited time and that means making the most of it. It might be that you only have an hour to spare and that hour is at a pretty antisocial time (read: when the markets are closed). That’s why you need to know your schedule before you pick a trading style. If the whole hour thing struck a chord, don’t worry. Swing, forex, position, and even scalping can all work for you.

  1. Get More Out Of Your Minutes

The time-thing is obviously the biggest hurdle you are faced with, which is why you need to do everything you can to make the most out of every minute you plan to spend trading. That could mean using a platform that allows automated execution, like the one developed by CMC Markets, or it could mean honing your skills when volatility is low knowing that practice makes perfect. We’re talking about charting, trade journaling, backtesting, and understanding which are the best strategies for you. Anything that will stop you faffing and keep your earning.

  1. Practice Patience, Okay

No one has ever made money trading by thinking and acting impulsively; it’s all come from sitting tight and waiting. It’s about knowing what to look for in a chart and a good trade and then waiting for the price to come for you. This is tough when you only have a small amount of time to play with each day; you naturally want to chase the price. Don’t. The best way to do this is to enable price alerts. Not only is this an overlooked tool, it is also a big time saver (and that’s what you need – a time-saver).

  1. It’s Your Mindset That Matters

The advantage full-time traders have is charting everything over a longer period of time, which is why you might start to feel super-frustrated when you miss out on that big move because you were doing your day job. But don’t despair. Instead, take a deep breath and focus on how you can create the most profitable setup for your circumstance. Sure, catching all the big market moves isn’t possible; but getting one set up right can see you get a very tidy gain indeed.

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Business 101: What To Consider Before Finalizing Your Business Plan

In What You Need To Know About Small Business on April 23, 2018 at 5:00 am

After completing a rough draft of your business plan, it’s important to look over the material and to make sure that it falls in line with your business concept. This keeps the business aligned with your personal values and determines the type of corporate structure necessary for success.

Your Business Concept

The Business Dictionary defines a business concept as, “An idea for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors.”

Your business concept will help to lead your business plan and define the direction of your corporate structure. This is one of the most concrete portions of your business plan. It will ultimately help to dictate your product and the nature of your future products.

Choosing Your Corporate Structure

Your corporate structure is going to be based on the size and intention of your business. Looking at your business plan can help you to predict the type of structure that you’re going to require at various intervals within the life of your company.

It’s very important to choose the appropriate structure, as this can impact your taxation and ability to employ other people. When starting a business, you want to make sure that you stay within the legal parameters dictated by your state and your industry. Falling outside of these parameters can lead to legal issues, problems with the IRS, and the need for a sample hardship letter to combat financial ruin.

It can help to go and speak to an attorney about exactly what needs done to ensure your company’s legal success.

There are four main types of corporate structures to choose from:

  • The Sole Proprietorship is the simplest of these corporate structures. This is only appropriate when you will be the only employee and responsible party for your business. You will be absorbing all responsibility and legal consequences of anything that happens within the parameters of your business.
  • Partnerships allow you to divide the financial and legal responsibility of the business between yourself and other partners. There are varying degrees of partners, and their responsibilities will need to be detailed in very specific contracts. You’ll need to understand the tax implications.
  • Corporations are generally the preferred structure for larger businesses. This separates the business owners from the business itself. The business becomes its own tax entity and takes on many of its own legal responsibilities. This can result in higher tax payments, or several complicated procedures that need to be completed every year. Corporations often have the most maneuverability when it comes to employment and growth.
  • Limited Liability Corporations and S Corporations are really a mixture between partnerships and corporations. They spread out the liability and the responsibility for the business and its taxes. An S corporation focuses primarily on shareholders within the business. These can be silent partners or people who invest and hold a portion of the business. Making it Legal

After you’ve worked out the initial details, it’s time to file the paperwork with your state to finalize your corporate structure and to officially create your company. This can be both exciting and intimidating. Going further will involve the application of your financial plan and hard work.

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Business 101: Bringing Ideas To Life With A Business Plan

In What You Need To Know About Small Business on April 23, 2018 at 5:00 am

The business plan may sound like a simple enough concept, but it’s actually a complex roadmap for the continuity and growth of your business. It should outline every aspect of your business including your basic concepts, marketing ideas, and your financial resources.

This is a plan that should be fluid and constantly changing to adapt to your business. A business plan acts as a professional mission statement that directs your employees and sets the tone for your company.

It will identify your goals and define success. When making a business plan you need to come up with a step-by-step guide and a theoretical guide that will take you through every other aspect of your business is growth.

Understanding the Different Types of Business Plans

Keeping things up-to-date will allow you to accurately and adequately plan for your future. There are four primary types of business plans. All of these are appropriate throughout different times in your company’s growth:

  • The Summary Plan or the mini plan is a functioning outline for your eventual business plan. This gathers together all the concepts that will be important to your business growth in one outline that expresses your future planning. Think of this as the building blocks of a larger concept. This outline will allow employees or potential business partners, to see where you plan on going with your company.
  • The Functional Plan provides a more fleshed out version of your business plan. This is something that people can start following as you build your company. Many employers will hand this out to their partners or executives. Consider this plan a tool that can initially get things off the ground.
  • The Public Plan is a more polished version of your functioning plan. This is a plan that you’re going to use for presentations to entice investors and potential clients to take an interest in your business. It needs to be complete and cohesive with a positive outlook. This can turn into a very important business-to-business marketing tool.
  • An Electronically Accessible Plan can be implemented for those who have a business that requires long distance communication between executives and stakeholders. This plan needs to have all of the components of your public plan, but in a universally accessible way. It can help to have an IT department look over this and make sure that every aspect of it is secure.

Your Marketing Plan

The marketing plan is one of the most important sections of your overall business plan. It can take months to develop and will be the vehicle used to reach consumers. Each portion will need to be revisited as your business grows and diversifies.

The first step to any good marketing plan is to identify your target market. These are the people that you plan on appealing to. Think of these as the very first people that will purchase or take an interest in your product. Once you understand exactly who these people are, you can develop advertising that will be focused primarily on them.

To do this, you’ll need to dig in and really commit to several different research methods. You need to look at the habits, preferences, and socioeconomic demographic sets around your area. This will let you know whether your product is going have a local market, or whether you need to go international using digital marketing.

Certain groups like millennials are best reached using social media traffic, while baby boomers may prefer print. Having a brick-and-mortar location can help with credibility. Consider finding an Irvine office space for lease, or another place that will put you at the center of your target market.

Many companies have a separate marketing department or a consultant that can help them to focus on this aspect of their business plan. Your marketing is ultimately responsible for your initial sales and repeat customers.

This is something that absolutely can’t be overlooked or underdone. A cohesive and complementary business and marketing plan can lead your business to success.

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Social Media Tactics To Grow Your Business Like Never Before

In What You Need To Know About Small Business on April 20, 2018 at 4:48 am

If you didn’t already know, social media is one of the most powerful ways to grow your business in a short space of time. All startups need to utilize social media in one way or another to get their business to where they want it to be. However, simply creating profiles and then not doing much with them isn’t going to do the trick. You need to ensure you have laser focus on your social media strategies so you can grow your business like never before.

Here are some pointers you’ll want to pay attention to:

Know Where Your Audience Are

First of all, you need to know your audience well enough to know where they spend the most time. Will you find them on Facebook and Twitter, or mostly on sites like Instagram and Pinterest? Or will you find them on all of them? It can depend on the type of business you are, the age of your audience, and so on. You need to do your research and figure out where you’ll find them for yourself. However, it’s important to remember that you shouldn’t take on more social media platforms than you can handle. If you set up 4 profiles and you can’t handle that many, you’re going to do more harm than good. Make sure you can handle the amount of platforms that you create.  

Know The Difference Between Each Platform

Knowing the difference between each platform is essential, as they are not the same in the slightest. Different people use different platforms, they focus on different types of content, and they require a different approach. That being said, you need to make your brand clear across each platform. It can’t seem like a different company from platform to platform. Make sure everything is consistent but you know the difference at the same time.

Run Competitions On Social Media

Running competitions on social media is a great way to generate more shares, more followers, and more interest in general. People just love being given the opportunity to win free stuff, so make your prize a good one! You can use sites like Instagram and Facebook for this, and you can generate more interest by making one of the competition rules that the audience must share your page.

Share Quality Content

You must offer true value to your audience with social media. Make sure when you’re sharing quality content, you’re offering value. What can you tell your audience that they don’t already know? What might they need help with? What are some of your frequently asked questions? Use these as an opportunity to create content. You can create blog posts, share pictures, and create videos that all help your audience. You need to make them easy to share and as attractive as possible, too.

The problem with a lot of businesses is that they are scared to share their expertise through fear of being copied, or that the audience will simply go off and do something themselves. This is not the case. When your audience sees that you know what you’re talking about, they are far more likely to come and work with you.

Reciprocity

This law will make you more active, famous, and likable. If you share and upload content created by other businesses and people on your profile (obviously not direct competitors) then people tend to do the same with your posts too. Just make sure you share relevant information and that you’re not sharing for the sake of it. Make sure the content you’re sharing from others still offers value.

Come Up With An Effective Brand Voice

You may have multiple staff members using your social media platforms. It usually isn’t as effective if they are speaking as themselves rather than the brand. Take this time to come up with an effective brand voice that must be used in each interaction. It should match your business and industry perfectly, and help your brand to build connections with the audience. However, don’t make it too false. You don’t want each response to a member of your audience to look like it was generated by a computer, or copied and pasted. Make sure each response is personalized.

Hire A Social Media Manager

Don’t have time to take care of your social media? Most businesses don’t. The businesses that attempt to run their social media platforms alone are usually the ones who suffer. Hiring a social media manager may seem like an unnecessary expense, or like it’s not a real job, but this couldn’t be further from the truth. Social media managers can be extremely valuable members of a team. Look at it as an investment and track how your social media platforms are progressing so you can see for yourself just how effective they are.

Optimize Your Social Media Platforms

You need to make sure your social media platforms are optimized properly to be as effective as can be. For example, your name, address, and phone number need to be consistent across all of your platforms. You should also be writing effective bios, and taking further steps to make your social media platforms even more successful. Use search engine optimization services if you’re unsure how to do this. Again, as social media is such an important part of business these days, you should look at it as an investment.

Make Sure You Respond In A Timely Manner

There’s nothing worse than taking a day or more to respond to a customer’s query. Sure, even big businesses can take a few hours to respond to a customer, but the faster you respond, the better. People want answers, and they want them now. This is why they don’t call – they don’t want to have to wait on hold, leave a message, or be put through to multiple people. It’s why they don’t email. Writing a social media message is quick and easy and is supposed to give them a fast response. Make sure that you aim to respond in a timely manner whether your audience is asking a question, making a complaint, or even singing your praises. You should never point blank ignore a customer, either – this is business suicide. Make sure you stay polite and professional, as people will see these interactions. This is your opportunity to turn things around for your business and bring them back.

Post At The Right Times For Each Platform

We mentioned earlier how you must know the difference between each platform, and one of the biggest differences to remember is the right times to post for each platform. Each platform has various peak times, and you’ll need to post at multiple times during the day. This is why having somebody else take care of your social media rather than doing it yourself is smart. Giving social media the attention it needs to be effective will take up way too much of your time. These days, you can’t just post once per day on social media and expect fantastic results. You need to be prepared to post multiple times to get the effect you want.

When it comes to sites like Instagram, don’t forget that you can use this as a sort of mini-blog profile. You can post helpful captions with your pictures to further give your business a boost!

Consider Paying To Promote Your Page

Social media is free for the most part, and that’s one of the great things about it. However, you can consider paying to promote your page to ensure that the people who are interested in your kind of product or service actually see it. You can create targeted ads too, that members of your demographic see come up at the side of their profiles. If you have a little budget to dedicate to this, it can be pretty effective.

Listen To Your Audience

Make sure you pay close attention to everything your audience tells you on social media. If the same sort of issue keeps on cropping up, pay attention. Do something about it. Showing that you’re actually listening to your audience will make a big difference. People want to work with businesses that truly care about what their audience thinks. Your audience might be telling you that their items are low quality, or mentioning improvements that they would love to see in the next version. Pay attention to this!

Conclusion:

Social media gives businesses a fantastic platform to market their business in the best possible way. Being consistent and smart with your approach is a must. Make sure you stay ahead of the trends so you don’t fall behind, and use things like videos, GIF, and other compelling imagery to reach out to your target audience. You should have a professional strategy in place, too. When you’ve mastered this, you should be able to promote your brand on a much larger scale.

Will you use these social media tactics? Leave your thoughts on social media and how it has helped your business in the comments. Thanks for reading!

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First Class Customer Support Is An Essential Part Of Your Web Hosting Deal

In What You Need To Know About Small Business on April 19, 2018 at 5:39 pm

There are many things that go into a first class web hosting deal. One of them is the ability to reach your provider at any time of the day or night. There is no telling when you may suddenly be attacked by a cyber criminal. Your site may be the victim of a prank hacking or something more serious like a phishing attempt. If this should happen, you need to know that you can quickly reach your web hosting services provider to get them to take action. If your site languishes for days in the grip of a cyber attack, you will lose business and the loyalty of your customers.

There is No Time to Lose When Your Site is Under Attack 

If your site comes under attack, you need to be there to deal with it instantly. This means that your web hosting services provider needs to be in touch with you in order to get the issue resolved. If a cyber criminal is phishing your site for customers’ private info, your provider needs to have a team of experts on hand to fix the gap. The last thing you need to hear is that your provider has closed down their office for the night or the weekend. If this is the case, you are basically on your own and your business will pay the price for dealing with a less than reputable provider.

You Need to Have Adequate Security and Support for Your Business Site 

There is nothing on Earth that can replace the peace of mind that you get when you deal with a provider that knows how to furnish adequate support and security. This is a feeling that is worth its weight in gold. If you don’t feel that your present provider will back you in an emergency situation, you need to find a company that will.

What Can You Do When You Need Instant Support for Your Site?

If a situation should arise in which you need instant web hosting support for your site, what can you do? If you have a deal in place that allows you to reach your provider on a 24/7 basis, you can simply contact them by phone or email to explain what is going on. This is the basis of a long and fruitful relationship with your provider. It’s up to you to sign with a provider that understands your personal needs as a business owner and is fully responsive to them. To learn more about what dealing with a reputable domain host can and should be like, you can feel free to click here.

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