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Business planning

When determining your target market, would it be better to be niche or have a broader client base?

12

Answers

Rebecca G

Management Consulting

Specific is Terrific! But how do you choose? Work to your strengths! What problem do you solve and how do you solve it? Now look to your market: who has that problem, and who wants/needs it solved in your particular way? Start there to build your niche market, then work outwards to demographic criteria.

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Lee von

Unique Insights, Creative Solutions

Answering this question efficiently requires being able to see how you are currently going about it, so that we can see what you may be doing wrong, and suggest corrections / additions. Feel free to send a link that we can check out. best, Lee

Mike Gracia

Digital marketing & SEO consultant, over 12yrs exp

Personally I'd: - Crawl the existing site - save to Excel - Run a search in Google for: site:domain.com Then export the list (use Chrome SEO quake extension) and add to Excel Put both lists into 1 Excel file & de-duplicate. Next, get the sitemap of your new site, so you have all the URLs. Then map every old page from the site crawl and Google site: command search export to a NEW URL on your new site structure. Try to match to relevant pages. This way you can build '301 redirects' from the old URLs to the new ones, to help avoid too much loss of link equity (and avoid too many 404 error page views by visitors!). If there's a lot of pages, prioritise older (old structure) pages that have: 1) Most number of backlinks 2) Most amount of traffic (if you have Google Analytics access). Lastly, if you can access server log files, you can parse this info from these and look for other pages to redirect... though this is quite a lot more advanced. Oh, and yes - Google Search Console (WMT) - you can check for 404 error pages there to redirect to (ideally relevant!) pages on the new URL structure. Hope this helps!

Brandon Uttley

Digital Marketing Expert

It all begins with understanding who your best potential customers are. Spend some very focused time in determining not only who they are (moms; small business owners; homeowners; etc.) but want needs and desires they have. How will these align with your products or services? Also—talk to these people! Don't assume you know who they are and what they are thinking. Otherwise, you could build "a better mousetrap" or launch the greatest business ever (in your mind)...only to find it doesn't resonate with anyone. Narrow your focus as much as possible. It's very tempting early on to try to appeal to everyone ("every woman will love this!), but that is a recipe for disasters. As the saying goes, "The riches are in the niches." Aim for a tightly defined audience and ensure they will be treated like royalty. Remember, it's not about how great you are—or how many features you have or how much better you are than alternatives that may exist. It's about the value you can bring to those potential customers. If you are introducing something brand new into the market, why should they care about it? If you are bringing a new twist on an existing product or service—opening a new shop, starting a consulting business, becoming a Realtor or whatever—why should they consider switching to work with you? Once you understand your ideal customers' persona, the strategy part will be easy. Go where they go—online and offline. Pick a few key channels at first and pour your marketing time and dollars into them. As you grow and have more profits to invest in marketing, you can increase what's working, cut what's not—and experiment with new channels. Finally, think more in terms of objectives, which I like to remember with the acronym PLOT: People—whom you are trying to reach L-a measurable level you are hoping to accomplish O-what outcome you wish to achieve T-Timeframe An example could be: • Invite at least 75 small business owners to attend a free webinar (download an ebook; attend a free tasting; etc.) in exchange for signing up for our mailing list by July 1st

Jeff Gibbard

Strategist. Speaker. Coach. Leadership Expert.

There are two parts to your question: finding and convincing. Finding influencers within your industry verticals should not be difficult as there are numerous influencer search engines as one method. To start, try: https://intellifluence.com/ https://thecirqle.com/ https://influencity.com/en/search The second method is manual research. That is a whole topic on its own. The more important part is the convincing. You can find and reach out to as many people as you'd like but if no one engages with you and takes you up on the offer, then it's a waste of time. The important thing to understand is that this is no different than any other marketing or sales situation. Influencers are simply people with influence. If you were trying to get them to do anything their motivations will likely be the same as any other human being: value (monetary or otherwise) or status. Figure out what is important to them and you're halfway there. Understand how they typically engage with brands. Do your homework and be prepared to ask them about the value they can bring to you. Let me know if you'd like to discuss this further on Clarity.

Amit Sarda

Pipedrive, Zapier, Excel, Google Sheets, Tableau

Andrew Chen's blog is probably the most relied source when it comes to learning about metrics like CAC and LTV. For real life case studies, follow Nathan Latka's podcast to know what each of these mean for different startups in different industries. Growth Hacking is ever evolving and hence what worked in the past may not work in the future. But they are still good resources to learn about what worked in the past. Two books that I can recommend are: 1. Viral Loop 2. Traction You can ask me any follow up questions that you may have.

Market Research

How can I do a market research?

6

Answers

Abdeljalil Mouhafid

Fertilizers markets expert

- Define the appropriate market you're targetting - List major producers and consumers by geography and key products. - Visit their websites to get more informantion. - You can buy reports from consulting platforms which are expensive. - Or contact an expert via like me via clarity for calls or in depth reasearch which are cheaper.

Kerby Meyers

Strategic thinker and communicator, author

Hi: Your rationale here is decent, but you run the risk of trampling all over copyright issues. And ending up in a legal soup as a result. Giving credit does not absolve you of profiting off someone else's creation. And just because it's available for free doesn't mean there's no copyright protection. Sorry. Given all of that, consider a pivot for your business idea that involves working with the creators of these videos and podcasts to generate transcripts. If you wish to discuss, send me a PM through Clarity for 15 free minutes. Cheers, Kerby

varun sharma

Growth Consultant & Founder of Upreports

There is always space for expansion, even in crowded markets like hosting services. At the end of the day, all that matters is whether you have a good product and whether your audience can see the value in it or not. If you are entering into crowded market, then, the first thing to do is do a thorough analysis of your top 3 market leaders. Find answers to questions like: What features are they selling on? How are they selling (channels)? How are they retaining? After careful study of your competitors, you will have a fair idea why works. Now, you got to figure out the pain points. What their customers want but are not getting right now. It can be better support, flexible plans, or anything else. Now that you know what people are missing out on, sit with a pen and paper to find out how you can differentiate your product. I hope this helped. For more clarity, let's have a call. Or feel free to email me at varun@upreports.com Since marketing is crucial to success, leaving this blog link for your reference: https://www.upreports.com/blog/marketing-growth-strategies-hacks/ Chao!

Assaf Ben-David

Mentor, Entrepreneur, Lawyer, Public Speaker

From a legal standpoint: an NDA is an agreement - something contractual, and therefore is not limited (by law) to any specific jurisdiction. So, you can select Delaware or California, or India for that matter. From the business aspect, the best jurisdiction to select would depend on: 1. Jurisdictions that are known to be 'friendly' to your type of business. 2. Jurisdictions in which your lawyer is licensed to practice / the cost of lawyers isn't too expensive. 3. Somewhere not to far from where you are physically located - in case you actually have to go to court. Lastly, best to add a required arbitration or mediation clause if you don't have one. Good luck

Mor Assouline

2X VP Sales | Tripled ARR in 12 months

Thank you for posting your question. I took a look at the site and to be honest, it was difficult for me to understand the problem you solve. I started scrolling through your site to get a better idea, which is not a good indicator. I would make it extremely clear about what you do and what problem you solve. If your target audience is Founders, startups, etc, then you need to be targeting them where they hang out. 1. Linkedin - #1 social media platform for b2b. I would start posting insightful content, that leads back to your brand, on Linkedin, daily. 2. Connect with people linkedin, minimum 20 new connections a day. Use the search bar and type in either: Founder, CEO, COO, CMO, Co-Founder and start connecting with each one of them. 3. Once you're connected, send them a short DM with something that you're offering that is literally 100% valuable to them. 4. Go to remote.co and weworkremotely.com and look up the companies that are posting new jobs. Find the name of the CEO/Founder on Linkedin and message them. 5. Consider doing Linkedin ads 6. Network at Meetups The strategy that you'll need to implement is long-form. The only short form strategy you have/can do is advertising. If you have the budget, run with it, if not, then take my advice above.

Kevin Denny

CPA|CFO. Attentive, Objective Problem Solver

You can fund your new Corporation bank account by depositing personal funds into that Corporation account for initial capital for the business. That investment can be classified as a loan to the Corporation or may be for issued stock shares of the Corporation (a needed conversation). I can help you set up ta chart of accounts, based on your specific business, which can be used by any accounting system but I mostly work with QuickBooks Online. (Message me for a referral to a Xero bookkeeper if Xero is imperative.) Best wishes!

varun sharma

Growth Consultant & Founder of Upreports

Hey, Wordpress is a good choice if you only want to display products, videos, and blogs. Wordpress is pretty fast. So, it will certainly help you in scoring high in terms of speed. Mobile and desktop experience can also be balanced. That said, almost everything depends on finding a Wordpress theme that: 1) Fits your design vision 2) Is fast 3) Offers impeccable mobile and desktop experience Though the task look simple, it isn't. You can judge the visual appeal of a theme on your own but you will need help of a developer to see its technical strengths which will determine whether it will performance as fast as you want it. Also, you will need a developer to deploy the theme correctly, secure it from hacks, and also make design & programming tweaks. My team takes care of theme selection, deployment, and updates for the websites we manage for our clients at nominal fee. I can get the same done for you. Email me at varun@upreports.com to discuss further. Or simply call :) Further reading: https://www.upreports.com/blog/small-business-website-design-wordpress/ Chao!

Jason Knott

International Tax Attorney and U.S. CPA

Your company is required to file Form 1099-MISC for each person you paid rents of at least $600 during the year. There are, however, certain exceptions where some payments do not have to be reported on Form 1099-MISC. Generally, any payments made to a C corporation, S corporation, or an LLC treated as either a C or S corporation, are exempt from reporting. In addition, payments to a tax exempt organization are also exempt from reporting. You should request the non-profit organization complete and sign a Form W-9 which certifies its tax exempt status. You can certainly report the rents if you wish, but you are not obligated to report rents or other payments to tax exempt organizations.

Jason Knott

International Tax Attorney and U.S. CPA

When you open a bank account for your corporation, you'll need to make an initial deposit with your personal funds. A shareholder's initial contribution can be recorded as either debt or equity. If you want to record the initial contribution as equity, you would debit cash for the amount deposited into the bank account, and credit an equity account, such as “shareholder’s equity” or “capital stock”. Alternatively, you can record the deposit as a shareholder loan. Debit cash for the amount deposited, and credit a liability account, such as “Loans from Shareholder”. There are also methods to bifurcate the contribution by recording a contribution as a combination of debt or equity.

Bob Hatcher

Sales training and consulting for the complex sale

You answered your own question when you said "I built it for me, but feel that it has commercial viability for many others." Other than what you said, what problem did you design it to solve? Who are "many others"? What problem do they have? Why not cruise the Excel forums on the MS support site and see if others have that problem? Enlist some of them to help you find how to market it?

Lakisha De

I am a photographer based in the Netherlands

If you're in marketing, a great way to attract people to your website is through blogs writing. There are so many topics you can write about. Teach people something and they will come vack for more. The important thing when writing a blog is not selling your product. You have to write something usefull for your potential users to create awareness. Slowly lead them further down your tunnel. At the end of your blog you could send them to a landing page related to your blog post. After a few blogs and after you have enough people reading your blogs, you have to write one blog talking about your product/service and refer them to a landing page that explains more about what you have to offer. If you have any questions. Call me. I can tell you more about what's important for your blog posts. What to inclide and what not to and help you gain loyal potential customers for your platform.

Strategic Financial Planning

How do you keep an eye on cash flow in your company?

3

Answers

Rebecca G

Management Consulting

Let others do the heavy work: use a software solution. There are many out there, so start with exactly what you need to know (the information you need to have available comes first, then you determine what and how to track). Do some research on the available software and then call up a few companies and explain what you need, asking how they solve that problem. Think of your priorities here: the right solution should be simple to manage, give quick access to information, not require a lot of interpretation, etc. Beyond the software, think about what you can plan for to help give you the information you need. Build certain budgets to help manage how you categorize and view different invoices and areas of cashflow. Remember, the key is to have immediate information, not just data.

Simone Marzola

CTO & Scrum Master @ Oval Money

Hey! If you are US-based the cheaper and faster option is to use a service like clerky.com, they provide little to none customization but it's good enough for anything before a series A. After that I strongly suggest to use an international law firm, I've had good experiences with Bird&Bird and Orrick

Phillip Shkomi

Digital Business Consultant

Gig economy is taking over industries and consulting is no exception. Global management consulting industry is said to be worth around USD 260 - 300+ billion, depending on how much we blur the line between management and technology consulting. Another research says that 20% of the industry works in micro-consulting firms (freelancers included). If we ponder it by the difference in average contract size, we get approximately USD 20-50 billion. Of course, the trend can be easily observed in a rapid growth of freelancing consulting sites (e.g. as this one). My personal opinion is that it's not really an opinion, but rather a fact. However, the question can be observed and discussed from multiple angles. If you want to get more info, feel free to contact me. :)

✨Sean A

Venture Capital & Business Development Consultant

The best method to facilitate funding transactions for an accredited investor on the Fundable platform is to use the platform's built-in investment management tools. These tools allow for easy communication and documentation sharing between the issuer and investors, and also provide a secure and compliant way for investors to complete their investment transactions. In addition, Fundable's platform also allows for the use of electronic signatures and electronic funds transfer for added convenience and security. It's also advisable to consult with a legal advisor to ensure compliance with the regulations.

Joe Reggiani

Photography and Marketing Consultant

Hello there could be many ways to publish your own book with a small cost. About the editing, you can edit the book yourself or hire a graphic designer that will do for you. About publishing, I can suggest platforms like amazon or blurb that have their own publishing platforms that allow you to publish and sell on the biggest book platforms and even bookstrore around the world, but your book has to have certain criterias based on the platform you want to use. The copyright is yours untill you decide to sell it to someone.

Christy Norfleet

Entrepreneur

Licensing allows you to give suppliers, competitors or complementary businesses certain rights over your patent, while receiving royalty income and still retaining ownership of your asset. To be successful, a licensing arrangement should benefit all the parties involved. By acquiring rights to a patent, a licensee can: create new products, services and market opportunities for themselves reduce costs to acquire new technologies, without having to develop their own save time getting a new product to market gain competitive advantage over rivals, especially if their licence is exclusive If put into place correctly, licensing can be lucrative and mutually beneficial to both the patent and the licence holder. However, licensing can also increase potential competition and risks for both parties, so it's important to consider potential pitfalls. Disadvantages of licensing patents It can take a lot of effort and determination to find the right licensee. To give your product the greatest chances of success, you should put a lot of thought into evaluating potential licensees and structuring your licensing agreement. Other potential risks and downsides to patent licensing include: loss of control (partially or fully) over your invention relying on the licensee's ability to effectively commercialise your patent risk of poor strategy or execution damaging the product success poor quality management damaging your brand or product reputation In addition, by licensing out your product, you are effectively creating competition for yourself. You may try to limit the scope of the license as much as possible to avoid giving your competitors unnecessary advantage in the marketplace. Keep in mind that you will need to manage your relationship with the licensee carefully. If things go wrong, you may find yourself in disputes or needing to cover legal costs. Before you sign over any rights to your patent, it's worth doing due diligence checks on any potential licensees to assess their suitability and track record. If you decide to sell or license your patent, you should keep detailed records of any contracts or agreements you have made. Seek legal advice if in doubt.

Beverley Theresa

Hands On Social Media Strategist & Consultant

Hey! So if you just need it for purely scheduling, Buffer is no-fuss and I would 100% recommend them. BUT if you want to manage comments/engagements, have in-depth reporting and analytics, I would recommend Sprout Social. I haven't tried Hubspot before, but I've used Sendible and Planable. If you need clients or a "higher up" to approve posts, Planable can do it, but they can't auto post to IG (you have to schedule it, then the phone app notifies you) which is one of the main blockers. If Sprout Social is out of your budget, I recommend checking out Social Report! It's what I use when I need complete management but I use Buffer for when I need just scheduling. Hope this helps, LMK if you have questions.

Jason Kanigan

Business Strategist & Conversion Expert

Disclaimer: I am not a lawyer nor an accountant, and this is not "professional advice." I have, however, set up a few businesses and had partners. What you need to do is incorporate and then write up an Operating Agreement that lays out the terms of your partnership. Who owns what. How the new partner will "buy into" the organization with their sweat equity. What happens when revenue targets are reached. And how exactly you separate when it's time to move on. Lay these details out and more in your operating agreement. You'll be so happy you did, later. When you incorporate, you may do this on your own...or you may want an attorney or accountant to help. They will know how to set up an operating agreement, but now that you know the term it's likely you can google a template. There'll be a lot of technical mumbo jumbo in there you probably won't need, but the section headers will guide you in the right direction.

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