Reasons Why Business Owners Think That Social Media Is Not Worth It

Quite a few company owners and others remain uncertain that social media marketing is useful for their business and some believe it is simply too complicated and not worth pursuing. Whilst some of them may have done it improperly, others might be right about that. It is extremely important to look at a couple of factors to be able to figure out what to anticipate from social media marketing before you begin your campaign. The reason behind why lots of individuals think that their social media marketing is unsuccessful is based on their wrong expectations. In simple terms, their social networking campaign didn’t fulfill their requirements within the time period that they had in mind. To avoid having this trouble make an effort to take into consideration your particular business and set fair expectations and deadline.

Social media marketing may not be the most effective option to your business and that is one factor that ought to be considered. While you don’t need to completely stop your social media, you ought to take a look at the facts of success within your marketplace or industry.

The kind of business you are a part of directly correlates to the scale of your social market. For those companies within small geographical areas or very specific niche markets, it isn’t realistic to anticipate to have a very high number of followers. Consequently, it is simply more reasonable to invest little percentage of your resources, and also have expectations accordingly prior to considering your social media marketing efforts failed.

Conversely, you might be in a business that is a whole lot more open to people to assemble fans and followers. When this is the scenario it might be more beneficial to raise the investment in resources to be able to promote and engage your business.

The length of time that’s needed to be able to be accepted socially is one other issue social marketing can encounter. The very fact it takes a fair stretch of time to build up relationships links back to this matter. Most of those who quit on their social networking campaigns are, once again they were under the wrong impression of social networking. The relationships within social websites can be associated with a real life relationship as they develop as time passes. It isn’t likely that your sales will increase greatly or momentum will be created within a few weeks or possibly a few months of developing these relationships.

Whether or not you possess credibility within an industry has an impact on how strong the relationship you can develop within social media. Trying to transform right into a credible authority or perhaps source through completely counting on the use of social media is stupid. In order to get accepted in the social community your credentials must first be coming from sources apart from social networks. While social media might not solely be utilized to create credibility, it is another way to increase the amount of credibility you already have.

Starting or implementing a campaign in wrong media platforms, attempting social media with no plan, or even the quality of your product or service can also be the reasons your social networking campaign may not succeed. Nevertheless, with that being said, it isn’t any reason to stop using social networks. Instead, having a reputation in online community is one thing all businesses should ensure. The important part is being in the position to look at the truth of your industry and considering practical expectations in just a reasonable timeline.

Setting Up Your Small Real Estate Business for Success

It is said that 80% of all small businesses fail within their first 5 years. There are many reasons for this, ranging from people simply being lazy to people not knowing what to do in order to prepare a business for success. Oftentimes, new business owners think that they can open the business and, with a couple of customers, profits will flow in; they do not understand that it takes much more than a few good customers and some snazzy business cards to create a solid foundation for a new business.

Although this article focuses on a real estate investing business, the tips can be used in any line of work. Before opening any LLCs or corporations, the primary individual needs to sit down and write out a concrete business plan, including financial goals and timelines for his new endeavor. Without goals, nothing will prosper. Alan Lakein, the well-known time management icon, said: “Failing to plan is planning to fail.” This is true in more than a business plan, also. The lesson can be carried into any new investment. In the world of real estate, it is very easy to walk into a deal with no idea how you are going to get out of it. You have already put your own money into purchasing the property, and likely to repair or enhance it. Now, what do you do if the property sits for months and months with a “For Sale” sign in the front yard, but no one expresses interest in buying it? You are out the money you have put into it, and now you must maintain and continue to hold without profits. This is a sinkhole which can be avoided if you have some defined goals before stepping into ownership. Smart investors will have plans A, B, and C for every deal they approach, so they have an exit strategy in any given situation.

Another important part of creating a firm foundation for your business is to operate – at least in the beginning – on a shoestring budget. Since most new business owners are paying out of pocket at the start, it is smart to keep the overhead to a minimum. A good rule of thumb is that if what you are looking to purchase will not immediately put money in your pocket, save you time, and/or replace something you have that does not or is not working, do not buy it! A brand new business does not need the latest in handheld computers or furniture to operate profitably. The Rich Dad Education group released a great board game several years ago, called Cashflow. In this game, players work around a wheel of paychecks, unexpected expenses, and small investment opportunities until they can get out of the Rat Race and onto bigger investment chances, where they become financially independent using passive income.

One of the most frustrating squares to land on while in the Rat Race is called a Doo-Dad square. When a player lands here they must pick up a Doo-Dad card and pay whatever it tells them to. Doo-Dads range from coffee with friends to a $17,000 boat, and you never know what you might get. When setting up your new office or buying pretty accessories, think about if you really need that item or if it is just another Doo-Dad that you may regret. A beginning real estate investor needs only a few items to get started: a telephone and voicemail, a functional computer, basic computing software (such as Microsoft Office), the Internet, and a printer at the minimum, though I would recommend a printer/copier/scanner combination unit. Most other things at the opening of your business are Doo-Dads.

Being organized is crucial to a successful business. Struggling to find important paperwork, references, contacts, and other documents or resources can lead to anything from losing a deal to going under. One way to avoid wasting time and energy and maintain organization is to ensure that you are not reinventing the wheel. Technology is huge in today’s world; even if you are uncomfortable using or understanding it, the fact is that it is essential for a time-efficient business model, and worth your while to learn about it. In real estate, there are thousands of technological tools that can make and investor’s life simpler and easy to organize. Automated calling services exist where you can record a short message and the program will call 1,000 potential buyers/sellers. There are virtual assistants who work hard and well (at an extremely affordable rate) doing your busywork, such as creating spreadsheets, making flyers, organizing paperwork and files, prioritizing emails, and paying bills. Microsoft Publisher has dozens of templates you can customize to your exact specifications. Documents are easy to create and sort in Microsoft Word, so you can just open and print them off. In Microsoft Excel, it has never been easier to make spreadsheets involving complex formulas, graphs, and diagrams which you can save and search for later. There are so many ways to incorporate technology into your business that it would be foolish to stick to old-fashioned methods that take more time and energy away from what matters.

A great-yet-simple organizational idea that I recently read in Thomas J. Lucier’s book, “The No-Nonsense Real Estate Investor’s Kit,” is to keep a Deal Book for every real estate property you are working on. Lucier uses 1-inch thick 3-ring binders, which have plastic overlays on front, back, and spine. He labels the book with the property’s street address on the front and spine of the book, for easy-reference, and keeps every paper relevant to said property inside, in sheet-protected pages. This is makes accessing records relating to that property extremely easy, and it looks professional when he has meetings with owners, bankers, loaners, et cetera. Once the deal is closed, he holds on to the binder for as long as he owns the property.

As you can see, there are so many ways and more to form a concrete basis for your new business. However, the basics still apply: keep things simple and use what is already there and available to you. Do not neglect to plan. If you go into this new endeavor with a good, solid goal of what you want and how you plan to get there, the chances are pretty high that you will have success in your new adventure.

7 Ways to Exit Your Business – Choose One

There are several ways one may exit their business. Business Owners may want to exit a business they have owned for decades just because they just no longer have an interest. Or a small business owner may “get out of their business” after a short period of time of just owning it a year or 2. Most all entrepreneurs and small business owners think long and hard before they decided to buy a business or start a business. So often so little thought goes into an exit strategy. A small business may be the result ones passion or burning desire to provide a certain service or product. A small business can also be and usually is one of the largest asset a small business may own. It can be a passion but it also is an investment. A significant investment. Most investments one enters into an exit strategy should exist before the investment is made.

You buy a commercial property to rent out with the intention to rent it for 10 years, hope for market appreciation and plan to sell in 10 years.

You buy a stock. You buy at $10 a share and plan to sell if stock goes to $15 (unless the company fundamentals change)

You decide to start or buy a business, it gets going and does well- is your plan just to run it forever? Well you cant, because none of us are here forever.

If your plan is to start a business grow and run the business until you are 65 and then sell it- you have a plan and are ahead of most. It is so easy to start and buy a business and spend a lot of time preparing for that acquisition or start up, then get wrapped up in the transition or start-up, then get wrapped up in the day to day, and then one day you get real sick, and you have no one in your business that knows how to run your business, and laying in bed decide that you may need a plan- it may be to late then.

I am currently a business broker based in Florida and find my role of meeting with small business owners brings awareness to the need for an exit strategy. I had owned my own small business for 20 years and realized how ensconced with the day to day one can get with their small business. There are several ways to exit ones business- I primarily work with small business owners looking to sell their Florida business, but observe some of the other exit mechanism and have been personally involved with several of these methods.

These are a few methods a small business owner may utilize to exit a business. Some are good, some not so good.

The Good, the Bad and Ugly Ways to Exit Your Business

  1. Sell at profit- can include “merger with other companies
  2. Sell at Loss
  3. Close your doors-bankruptcy, long term negative cash flow.
  4. Poor Health, Significant Injury, Death
  5. LBO (Leveraged Buy Out)
  6. Successfully grow it to such a size and take it public
  7. leave to children

Or some combination of the above- one could die and leave the business to the children

But when you look at the above list you recognize that some of the exit strategies you choose on your schedule and others are “chosen for you” and you have less control over the time frame. Your plans can change and often do, but I suggest you plan to have a plan.