Many entrepreneurs struggle with how to best use social media as a means to engage their audience and promote their business. According to statistics, 46 percent of online users count on social media when making purchase decisions. Social media advertising is forecast to grow to $11 billion in 2017. Savvy entrepreneurs are aware that it’s all about engaging the right audience through offering valuable content, seven out of 10 consumers are more likely to use a local business if it has information available on a social media site (comScore Networks/TMP Directional Marketing).
Success comes through first-hand observation. The most successful entrepreneurs have worked in the industry in which they start their business or have personal experience and/or understand it firsthand. The top four things a small business/start-up must have in order to succeed are:
Did you know that 54 percent of all sales in the U.S. happen due to small business? According to a study by Constant Contact, 84 percent of small business owners would start up a business all over again if given the opportunity. The motivating factor is the ability to both pursue a passion and gain freedom.
What can a business coach do for my business that is different?
With 2017 just getting going, it’s important to focus on attainable goals and begin the New Year with new goals and habits in place by transforming our ideas into realities. Whether you're looking to grow your business or taking a leap with a new start-up, reflect on your business progress over the past year and research how comparable successful businesses have developed. Take into account your own strengths and weaknesses. The most successful businesses outsource business coaching. Business coaches are able to see what is missing and accurately identify blind spots.
Keeping track of what is new in technology can be near impossible for small businesses; but is a task that must not be overlooked. With advancements in technology, there is heightened customer expectation of accessibility 24/7. It's important to stay on top of things to meet customer expectations, but few people launching or running a business have the time or expertise to spare. This lack of technological knowledge by small business owners is often due to limited time /resources, fear of the unknown, and little to no experience with technology. It can lead to costly mistakes such as:
According to The Harvard Business Review, to get your team to a good start for the new year, it is important to focus on progress. This is called "the progress phenomenon." This progress phenomenon can be any contribution, because when people feel they are contributing they are highly engaged employees. The best way to measure this progress is through an "End of the Year Review." This is the way to "close out one year and start another prepared and strong."
Did you know that people with written goals are 50 percent more likely to achieve them than people without written goals? Successful business people, athletes and all those who have achieved highly in their fields did so because they set goals. According to Inc.com, “More than 80 percent of the 300 small business owners surveyed in the recent 4th Annual Staples National Small Business Survey said that they don't keep track of their business goals, and 77 percent have yet to achieve their vision for their company.
As small business owners, we need to be aware of new laws and legislation that may affect us. Small business owners are the major source of job creation in our economy. According to the Small Business Administration (SBA) 64 percent of businesses are considered small businesses and they make up 99.7 percent of firms with employees in the United States. With this in mind, our concern as small business owners is to support reforms that can lower taxes on our businesses and promote growth.
Take the Lead Women, Gloria Feldt's organization promoting leadership for women, has an interesting blog post, Are You Really an Entrepreneur? that includes nine key questions to ask yourself about your comfort level with important leadership and management skills and personality traits. It also offers some encouraging facts about women-founded businesses and tips for getting started if you've decided that becoming an entrepreneur is the right next move for you.