20 Small Business Ideas For 2019 – [Infographic]

MERCY - CBNATION | August 25, 2019

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As we move towards the gig economy, small businesses are becoming highly profitable as customers look towards a diverse range of providers selling good and services at highly competitive prices. Are you looking to become an entrepreneur? Before taking the plunge it’s important to examine current business data. Data is the backbone of a company’s strategy, and can reveal insights that you need to know to make informed decisions. Becoming an entrepreneur isn’t a decision that one makes lightly. You’ll never be more motivated, or work harder, than when you’re working for yourself. Answering to yourself can be both a challenge and a blessing. If you have extreme drive to reach your goals, good analytical abilities and a talent for customer service than entrepreneurship may be for you. Read on to find out more about the current business climate in Ontario and beyond.

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OTHER ARTICLES

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7 Intrinsic Small Business Marketing Mistakes to Look Out For

Article | August 5, 2021

Marketing is the biggest challenge for small business owners because there is no one-size-fits-all approach to promote your business. And in this process, lot many marketing mistakes are incurred by small business owners. So here is a few intrinsic yet avoidable small business marketing mistakes. There are countless marketing activity combinations to choose from; all you have to do is tailor to the marketing activities that best suit your company. Small business owners frequently try new marketing methods without conducting extensive market research or measuring the results, resulting in losses. To figure out how and where to spend marketing resources for small businesses, you must first avoid marketing blunders. Effective marketing techniques are far more than just using channels, such-and-such an approach or content strategy. Here are the top 7 most typical small business marketing mistakes to avoid in your business. Not Having Written Marketing Plan A business needs to have a well-defined marketing campaigns goal that the marketing plan is supposed to achieve. Small businesses without a strong marketing plan face failure and lack the proper marketing budget. However, it is equally important to have the marketing plans and strategy documented to increase the effectiveness of the business. A business started without a marketing plan in place is a total waste of money and time. A marketing plan generally has the following: Marketing SMART objectives and tactics for achieving them. What sets your company/service/product apart from the competition? (USP). Target audience persona. Pricing strategy. Marketing budget and measurable ROI on previous marketing strategies Metrics and how you plan to evaluate the effectiveness of your marketing strategies. It is crucial to have a marketing plan because it provides a clear direction for the future, evaluates past performance, and educates anyone on your overall strategy. A well-documented marketing plan will make it easier to plan future marketing strategies and ensure that you use best practices in small business marketing. Not having a written marketing plan is one of the most common small business marketing mistakes. No Systematic Marketing Budget When promoting on any social media site, it's smart to approach cautiously and, more importantly, with a particular budget in mind. However, no systematic and realistic marketing budget plan can cost you a significant loss of time and a waste of money. It is recommended that small businesses devote 9-12 percent of their income to marketing. If you are a start-up, though, you may need to invest more to establish brand awareness. If you cannot give 50% of your time and energy to marketing, then the best option to go for is outsourcing your marketing. This holds two benefits; firstly, you can put up your 50% of time and energy into other business tasks, and secondly, a good marketing agency will do a better job of marketing than you would. When you have decided to outsource your marketing, you will have to set a reasonable budget for doing the same. Determine the budget based on your industry and resources, but it is an investment at the end of the day. A portion of your budget should be set aside for technology and software tools to provide a return on investment for your overall marketing efforts. Good marketing has a direct and positive impact on the amount of money your company generates. Lack of Strong Online Presence From a marketing perspective, not having a website is devastating and a substantial small business marketing mistake. Unfortunately, as per the study, nearly half of small businesses in the US don’t have a website. Many small business owners do not see the need for an online presence for them, and this could do fine some ten years back but now, when the world has transformed into the digital world, surviving without a website is nearly impossible. As per the research, more than 90% of consumers search online for services or products. Remember that websites should be designed for conversion rather than just information delivery. According to Neil Patel, businesses with conversion-optimized websites are "twice as likely to see a large increase in sales." Having an online presence is one of the best marketing approaches with many benefits. It enhances accessibility, reaches a broader audience, builds customer relationships and trust, enables effortless marketing, and many more. A strong internet presence may give insightful data that can be used to measure and track the effectiveness of various marketing campaigns. Marketing Metrics Ignorance One of the risky small business marketing mistakes is failing to understand your marketing metrics and ratios. However, most small businesses do not track marketing metrics. Metrics allow you to track your progress and measure your success. Marketing analytics allows you to see what works and what doesn't, assists brands in determining whether campaigns are successful, and assists you in recognizing what adjustments need to be made and providing insights to adjust future campaigns accordingly. Knowing your marketing metrics is essential no matter what type of business you run. Google Analytics and Google Search Console are tools that provide information about your visitors. Tracking is essential because what is not measured cannot be improved. Here is the suggestion that you can implement, set aside time each week to evaluate the effectiveness of your marketing. Take note of what works and what doesn’t and use that information to guide your next marketing campaign. No Emphasis on Valuing the Current Customers It is natural to focus on acquiring new customers to see those numbers increase, but never forget about your existing customers in this ongoing process. According to studies, it costs six times more to acquire a new customer than it does to retain an existing one. Listen to customer feedback because, according to Forrester Research, nearly 70% of consumers read customer reviews before buying a product or service. Be quick to appease customers when they complain; losing an existing customer indeed costs more than acquiring a new one. This will increase their trust in your brand. Finally, a satisfied customer will return to your business and spend more time and money. Furthermore, happy and loyal customers are more likely to spread the word, and word of mouth is still the most potent form of marketing. Therefore, loyal customers can be your company's most influential advocate. Right Audience Was Not Targeted No matter how well your campaign and marketing strategy may be, if you are not targeting the right audience, then all your money and effort are in vain and can be one of the most pivotal small business marketing mistakes. Sometimes targeting the wrong audience is worse than not targeting the market because you find out that none of them respond to your marketing efforts, and it leads to a total waste of your time and effort without any return. Spend some time learning about your customers' behavior, their goals, what motivates them, and so on. Market research from your customer base, such as surveys and interviews, allows you to create a strong target audience persona. Target people you know will be interested in your service. If you try to talk to everyone in marketing, you will have a difficult time reaching anyone. However, if you target your ideal buyer, you will be able to make the most of your marketing budget while also attracting and retaining more customers. Ignore Reviewing Your Competitors Many small business owners avoid keeping track of their competitors, which can be considered small business marketing mistakes. However, examining your competitors can provide you with a thorough understanding of your customers. This could be your hidden weapon. There are mainly two types of competitors: Direct competitors. Indirect competitors. Ignoring your competitors is akin to ignoring your customers. Examine your competitors' marketing efforts, successes, and failures, and never replicate them in your business practices and allocate your marketing resources to find new customers. SpyFu, Facebook Ad Library, and Google Alert all allow you to view your competitors' marketing campaigns. To put it concisely, investigating what your competitors are doing or not doing, determining what they plan, what their next move will be, and analyzing their strategies may provide you with valuable insights to use for your benefit. This clears that ignoring reviewing your competitors can be one of the pre-eminent small business marketing mistakes. Running a business is full of mistakes, especially when it comes to marketing. However, knowing the errors and rectifying them timely is the key to success. In the above article, I have listed seven essential small business marketing mistakes to be avoided. FAQs: What are some marketing mistakes? Here few common marketing mistakes to avoid: Not having written marketing planning. No systematic marketing budget. Lack of strong online presence. Not knowing marketing metrics. No emphasis on valuing the current customers. Not targeting the right audience. Ignore reviewing your competitors. What problems are small businesses facing? Major problems faced by small businesses are: Money management. Maintaining online presence. Lack of proper marketing strategy and planning. Obtaining and keeping customers. Quality and growth must be balanced. How do you avoid marketing mistakes? Marketing mistakes can be avoided by proper planning in every aspect of the business. Do thorough marketing research, focus on your potential customer’s needs, track your performance, and more. These are a few ways you could avoid marketing mistakes by being a little cautious. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are some marketing mistakes?", "acceptedAnswer": { "@type": "Answer", "text": "Here few common marketing mistakes to avoid: Not having written marketing planning. No systematic marketing budget. Lack of strong online presence. Not knowing marketing metrics. No emphasis on valuing the current customers. Not targeting the right audience. Ignore reviewing your competitors." } },{ "@type": "Question", "name": "What problems are small businesses facing?", "acceptedAnswer": { "@type": "Answer", "text": "Major problems faced by small businesses are: Money management. Maintaining online presence. Lack of proper marketing strategy and planning. Obtaining and keeping customers. Quality and growth must be balanced." } },{ "@type": "Question", "name": "How do you avoid marketing mistakes?", "acceptedAnswer": { "@type": "Answer", "text": "Marketing mistakes can be avoided by proper planning in every aspect of the business. Do thorough marketing research, focus on your potential customer’s needs, track your performance, and more. These are a few ways you could avoid marketing mistakes by being a little cautious." } }] }

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