8 Steps To Set Up A New Small Business

Did you know that there are over 30 million small businesses in the USA? That is a lot of competition for new startups to take on.

The business world is more connected than ever before. More and more people are taking the opportunity to market their commercial skills to a broader national or even international market. 

If you are thinking of starting a small business, what do you need to know? What are your first steps in the business world? Why not take a few minutes to find out in our in-depth startup launch article. 

8 Steps To Setting Up Your New Small Business 

1. Define Your USP: Unique Selling Point 

Before you sit down and get to grips with your business plan, it is good to sit and think about what your product or service is offering. What will make it different from other products? 

Perhaps your unique selling point will be the materials that you will use. Perhaps you will use recycled materials and you can highlight this to customers. In other cases, you could be planning to use rare local ingredients. In any case, there is likely something specifically attractive about your product. 

Understanding your product's unique selling point will help you to have greater confidence in the product and market it more accurately later in the process. 

2. Create Your Business Plan 

Your business plan is the basis for your goals for the immediate future. It may only detail your activities for the next 2 years however, it will lay the basis for your applications for funding. What should you include in your business plan: 

• What does your company do and what model does it follow? 
• What are the current market conditions and how the company fare? 
• What is your product and how will you produce it? 
• What marketing strategy will you choose? 
• What funding will you need at each stage of the process? 
• How many people do you envisage working in your small business? 

Remember that your business plan is flexible and only outlines the initial years of your business life. You can update it during this time and use the lessons that you learn for your subsequent business plan. 

3. Analyze Your Market 

While your product may be sound, timing your introduction into the market is crucial. This will ultimately make or break the success of your business. When considering your market, consider how your competitors are doing and why they are succeeding or failing. 

When you conduct this research be as specific as you can. Find out how each demographic in your target audience will respond to your product and why. You can use survey groups or other methods to gain insight into public opinion and consumer confidence levels. 

4. Create Your Management Structure 

Next, consider who will help your business meet its initial goals. Who will you use in your management team what will each person do? 

Instead of simply quantifying how many people you feel you may need, you should create a profile for each role. Then, when interviewing for this role you will see whether this person meets your requirements, or is motivated to learn how to. 

5. Create A Marketing Strategy 

Since you have now performed a market analysis and have in place the people who will manage your business's main departments, you can plan to market your product. 

On the basis of the knowledge you have accrued about your market, you can begin to create your marketing strategy. 

What age group will you be advertising to? What social media channels do they tend to use? Will you also incorporate traditional forms of advertising such as television and radio? Should you set up a PPC advertising strategy online to attract attention to your product? 

The answers to these questions will form the basis for your marketing campaign. 

6. Plan Your Funding And Costs 

As you bring your business plan to life, you will be better able to predict your outgoings. This is important as you will need to relay these to investors and others who will provide funding. 

You will need start-up cash. This is immediate funding that allows you to start production. This cash will cover office space, computer, and telephone needs amongst other initial outgoings. 

Potential investors will want to know how many employees you have and how you will retain them. Will they be direct employees with wages and health plans? Perhaps you will rely on freelancers and other self-employed workers who will create a pay stub and care for their own taxes. 

Investors will want to see that your economic business plan is waterproof before they will be willing to invest. 

7. Register Your Business Name 

Next, you will need to register your business name. This may not be as easy as you may think. 

You should first conduct a search to ensure that your preferred name has not already been taken by another company. After this, you will be able to pay a small fee to claim it as your own. 

Your business name is important as it is the name that people will use to identify your company for many years to come. It should be relevant and memorable. Your name is also important as it lays the foundation for the next step. 

8. Develop A Brand Identity 

Branding is one of the most important steps that your company can take. Branding is the image that your customers will see for years to come. It will include your company name and perhaps some artwork. 

After you have confirmed your company brand, you can start to incorporate it on your website, on your business cards, your social media webpage, and more. Your first job is to spread that logo as far and wide as possible and build up interest in your SMB. 

How To Start A Successful Small Business And Much More 

In today's super connected world, there are more opportunities than ever to start a home or small business. You simply need to learn what skills you have and how to market them. 

If you are interested in learning more about the latest business and lifestyle developments, then we are here to help. 

We gather the latest information on top business topics and more and bring it to you via our feed. Why not take a look to see how we can help your business on a budget today.

10 Ways To Grow Your Small Business

Small businesses are the backbone of the American economy. According to statistics, small businesses account for more than half of all jobs in the United States. In order for these businesses to thrive, they need to grow in scale and profitability. 

In this blog post, we will discuss 10 ways that you can grow your small business. We will also discuss 1 way that you can fail in small biz. Follow these ten top tips and you will be on your way to success! 

What It Means To Expand Your Small Business 

There are a lot of factors that contribute to the growth of a small business. To some people, growth means expanding to new markets. For others, it might mean increasing profits or hiring more employees. Whatever your definition of growth is, there are a few key things you need to do in order to make it happen. 

Here are the 10 most important things you need to do in order to grow your small business: 

1. Find Your Niche 

The first step to growing your small business is finding your niche. What sets your business apart from the rest? What can you offer that no one else can? Once you find your niche, you can start marketing your business to the people who need what you have to offer. 

2. Develop A Marketing Plan 

The next step is to develop a marketing plan. This will help you reach your target audience and promote your business in the most effective way possible. There are a lot of different marketing strategies out there, so make sure you do your research and choose the one that will work best for your business. 

3. Build A Strong Online Presence 

In today’s day and age, it’s more important than ever to have a strong online presence. Make sure your website is up to date and that you are active on social media. This will give potential customers an easy way to learn more about your business and what you have to offer. 

4. Invest In Your Employees 

Your employees are one of your most valuable assets. Invest in their development by providing training and opportunities for growth. This will not only help them be more productive, but it will also make them more loyal to your business. 

5. Offer Incentives To Your Customers 

Another great way to grow your small business is by offering incentives to your customers. This could be anything from discounts to loyalty programs. By giving your customers a reason to come back, you’ll increase the chances of them doing business with you again in the future. 

6. Expand Your Product Or Service Line 

If you want to reach new markets and grow your small business, then you need to expand your product or service line. This will give potential customers more reasons to do business with you. 

7. Create A Referral Program 

A referral program is a great way to grow your small business. Offer your customers a discount or incentive for referring new business to you. This is an easy way to tap into new markets and increase your customer base. 

8. Focus On Quality 

It’s important to focus on quality when you’re running a small business. Your customers will appreciate it if you offer products or services that are high-quality and well-made. This will help you attract new customers and keep the ones you already have coming back for more. 

9. Be Willing To Adapt 

In order to grow, your small business needs to be willing to adapt. This means being open to new ideas and change. By being flexible, you’ll be able to adjust to the ever-changing needs of your customers. 

10. Have A Positive Attitude 

Last but not least, it’s important to have a positive attitude when you’re running a small business. Your employees will take their cue from you, so if you’re positive and upbeat, they’re more likely to be as well. Having a positive attitude will also make it easier to attract new customers and grow your business. 

One Way You Can Fail Big Time In Small Business

These are just a few of the many things you can do to grow your small business. If you follow these tips, you will be on your way to success. Now that we have discussed some of the ways you can grow your small business, let’s talk about one way you can fail.

The number one way to fail is by not taking action. Giving up also falls in this category.

Final Thoughts On Building A Bigger Small Business 

It’s not enough to just read this blog post and then do nothing. You need to take action if you want to see results. Implement some of the tips we have discussed. But more than that, also start to GR0 your small business today. 

If you would like to share your own tips on how you've successfully grown your small business, feel free to post this article and your insights on social media. We would love to hear from you and your small biz experiences. Thanks for reading the Frugal Finance Business Blog!

Frugal Digital Marketing Tips For SMBs

When it comes to communication and marketing, Bob Dylan said it best when he sang, "the times they are a-changin'." The onset of modern technology has no doubt been explosive in terms of how we receive information and from where we receive it. Knowing how to reach and engage your target audience is key to success. We used to rely on television, newspaper ads, billboards, word of mouth, radio and other static platforms which now all sound rather dated compared to modern internet marketing. 

Frugal Marketing Is Essential In The New Economy

Our current Digital Age is fast, revolutionary and a language all on its own. It’s no wonder a lot of businesses are struggling to keep up with their competitors and are left feeling a bit overwhelmed and stranded. It was a difficult learning curve for a lot of companies, especially traditional and low-tech businesses, in the past couple of years with lockdowns and shutdowns. Many small businesses without strong digital marketing strategies and know-how lost a lot of money or shut down completely.

But this doesn’t need to be the case for frugal entrepreneurs, SMBs, and SMEs. Small business owners can reap the benefits of affordable, flexible and professional marketing strategies to boost them to the top of their industry and keep them there. 

What Is Digital Marketing? 

So, what exactly are we talking about when referring to digital marketing? Digital marketing is composed of channels and strategies like these outlined below: 

● Social Media Services: Everything including strategy, ad management, data reporting, and content and community management across social networking channels. 

● Paid Advertising: Media strategy, design, reporting and analytics, campaign management, ad copy and account optimization. 

● Search Engine Optimization (SEO): SEO strategy, on-page optimization, computer analysis, keyword research, SEO content and SEO Health Checks. 

● Email Marketing: Email strategy, list management, campaign testing and reporting, managing replies, design and copywriting and campaign management. 

● Website Optimization: Landing page optimization, UX audits, data-driven insights, A/B testing, hypotheses testing, mobile optimization and behavioral analysis. 

● Marketing Reporting: Customer lifetime value, campaign performance, web analytics, social analytics, blog performance and return on investment. 

● Graphic Design: Branding and logos, display ads and banners, infographics, social media posts, engaging email and digital or print work. 

● Copywriting: SEO content writing, landing page copy, e-commerce content, email newsletters, blog writing and paid media. 

● Web Management Services: Website security, back end updates, analytics and reporting, web hosting support, content updates and website audits. 

● Website Development: WordPress sites, Shopify websites, tracking and analytics, project management, HTML sites and mobile vs desktop web page building. 

Frugal Digital Marketing Makes A Difference

As you can see, there is a lot more to it than meets the eye with digital marketing. Whilst some might argue marketing is a fairly obvious component of business operations to tackle, there’s simply no denying that in today’s technological landscape this is a highly skilled arena. The truth is there’s a lot to take on, and often this is where a lot of companies struggle as the reality versus expectation are amiss during frugal digital marketing campaigns. Large corporations can dedicate substantial budgets because they know with proper digital marketing, financial gains will follow. 

Hire A Top Digital Marketing Agency

There are many companies like Vayner Media, Neil Patel Digital, and Schiemer Consulting rated as top agencies specializing in Digital Marketing worldwide. There are plenty of options online to choose from when it comes to digital marketers and inbound marketing firms. 

Your best bet is to do some research and contact a few to get a feel for them. Do their core values align with yours, and do you get a sense that they’re in the business of fully supporting you on your quest to enhance your business? What are their credentials, and what does the fine print say? A little time invested in some digging around can save you your hard-earned cash down the line. 

Outsource Social Media Marketing Management

What about businesses who want and need the growth of an online presence but lack the budget? Where do they go? Well, outsourcing your social media services needs is the perfect solution for many businesses. These outsourced SMM agencies offer you a professional agency type experience with all the bells and whistles, but with more affordable freelancer rates. What’s more, you’re free to opt-out at any time if your budget shrinks and aren’t tied into complex contracts spanning months and years. There’s a no-questions-asked policy for many of these organizations, so if your circumstances change and you need to put things on hold for a while, or indefinitely, there’s absolutely no negative impact for you. If we have learned anything this past year, it’s that flexibility is crucial for companies. 

Maximize Your Digital Marketing On A Budget

Outsourcing simply means you have access to specialist services without the heavy financial overhead costs. Furthermore, you can adapt your plan as your needs change and evolve, leaving you free to concentrate on the areas of your business you really want to. Visit more of our digital marketing and social selling blog posts for some more insights into how simple and affordable digital marketing can expand your business and add actual value today. 

How to Start a Canadian Business: A Brief Guide

Almost 98% of Canadian companies are small businesses, employing up to 88.5% of the workforce. 

But when it comes to launching your company in Canada, where do you start? 

If you're wondering how to start a company in Canada, keep reading. In this brief biz guide, we'll give you the essential tips to get your Canadian business up and running in no time. 

Choose Your Business Form 

If you want to own a business in Canada, you have three options: purchasing a business that already exists, starting your own business, or buying the rights to a franchise. 

Starting your own business gives you the most freedom to shape your company the way you want it, but it takes the most work. Buying an existing business lets you rely on the company's past success but gives you less freedom. 

Buying a franchise has the least risk because the business plan has already been proven successful. (In fact, with a franchise, most of the business planning has already been done for you.) However, you'll have even less freedom to adapt your business. 

Each of these types of Canadian companies has its pros and cons, so carefully consider which one is right for your company. 

Draw Up Your Business Plan 

Your business plan includes all the details that you need to know to successfully launch your business. You'll need to account for logistics such as: 

• What costs you will incur 

• What returns you will get 

• How to source and develop your product 

• Your target market 

• Your marketing strategies 

• Your business goals and how to meet them 

Creating a business plan can feel tedious when you are eager to launch your Canadian small business. However, a business plan is the foundation of your company, and without it, you risk building a business that will collapse later. 

With many popular business plan models out there, you'll be able to find one that makes it easy for you to define your logistics easily without getting bogged down. 

Register Your Business 

Each province has its own system of business registration. Since these systems can differ slightly from one another, you'll want to get familiar with the business registry system in your province. 

For instance, Ontario uses a dual system of numbered and named businesses. Before approaching the registry board, you'll need a better understanding of how this system works and which option you'll want to choose. 

Check Municipal Requirements 

Some cities require you to get a municipal license in addition to your provincial registration. Check your municipality's business bylaws to see if your city requires this step. 

You will also need to check your city's zoning laws to make sure your business's location falls within the commercial zones. 

Register for Business Taxes 

Finally, be sure to register your business for a taxation account with the Canada Revenue Agency. This allows you to pay the correct tax amount on all the sales you make. 

Check the Canada Revenue Agency's requirements to see which taxes your business is required to register for. 

Start Your Canadian Business 

Are you intimidated by your ambition of opening a Canadian business? Starting a business in Canada isn't as complicated as you might think. 

With this Canada business guide, you'll be able to navigate the practical challenges and legal hurdles so that you can start the small business of your dreams. 

Was this article on Canadian business building helpful? Then don't forget to check out the rest of our company blog, where you'll find more tips on business, startups, and budgeting in Canada and beyond.

Top 10 Reasons Startups Fail

The infographic below on the top ten reasons startups fail is brought to you by Wrike agile project management software free programs to help your business succeed:

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5 Tips for Local Business SEO Strategies

Did you know that nearly 80 percent of consumers search for local businesses online?

This might not come as a surprise, as chances are that you've probably googled something like "sushi restaurants near me" or "touristic attractions near me" before.

However, as a business owner, are you doing everything you can to improve your local SEO? Is your online presence optimized for potential customers in your area to easily find you?

If not, today's article on local search engine optimization is for you. Discover five essential local business SEO tips!


1. Create (and Optimize) a Google My Business Account

By creating a Google My Business account and making sure to complete it with all your updated business details (including website, phone number, address, and email), you'll gain more visibility in Google's SERPs and, hopefully, rank higher on Google Maps.

To optimize your account:

• Reply to reviews, including your location and business name in your comment
• Choose an accurate and relevant category
• Make sure your details are consistent online

2. Encourage Happy Customers to Post Reviews Online

Once you have a complete and optimized Google My Business account, it's time to do what you can in order to get more Google reviews from your happy customers.

After all, consumers are a lot more likely to invest in a certain product or service once they see that other people have had a positive experience with it!

To encourage your customers to leave a review, remember to:

• Directly ask for a review once you close a sale
• Reward consumers who leave a review
• Send follow-up emails after someone buys one of your products or services

3. Create Location Pages for Your Website

This tip is particularly important if your business has more than one location.

Without ever duplicating content, create one page for each location, including not only the address and phone number, but also specific information like your schedule, parking information, customer testimonials, and active promotions.


4. Publish Local Content

If you have a business blog, publishing local content is an easy, yet effective way of improving your local SEO.

This can be as simple as publishing posts about local news that are relevant to your business and industry.

Otherwise, you can look for local keywords and include them in the type of article you've already been writing. As an example, if you were a plumber in NYC, instead of writing a piece called "How to find a good plumber", you could go for "How to find a good plumber in NYC".


5. Use Online Business Directories

We've all used Yelp, Foursquare, or Reddit to find products or services in our location and, as a business owner, that's an opportunity you can't miss.

Make sure to create listings in online business directories, both general and industry-specific, and make sure to include:

• Updated name, address, and contact details
• A brief business description including local keywords
• Links to your website and social media pages

The Importance of Local Business SEO

Local business SEO is now more important than ever and, by implementing the tips we listed today, you can successfully improve your local rankings and help people in your area find your store online.

If you enjoyed this article and you'd like to read more about digital marketing, keep exploring our blog! Visit the SEO, Marketing, and Blogger Outreach sections for more local business search engine optimization strategies.

How To Grow A Business Online In Just 30 Days

A recent study revealed that on average, humans will spend about a quarter of their lives online. That's equal to about 100 days online for an entire year. 

So much of our lives exist on the internet. We watch movies and TV online, some of us do school and work online, and we can pretty much purchase everything we need on the internet. 

So it's only natural for you to start your new business online. If you're wondering how to grow a business online, you've come to the right place. Keep reading to hear our tips on how to launch an online company in just 30 days! 

Set Goals For Your Business 

The first thing you'll want to do to set up your online business is to outline some plans and write down your goals. What are some of the ideas you have for your business? You should make a list of easy business ideas and then decide which one you think you can get up and running in 30 days. 

You'll want to create a business plan so that you can be as successful as possible in a short amount of time. In this business plan make sure to outline what your goals are and how you'll go about accomplishing them. 

Don't forget about your business' name. Choosing the right name is crucial because it's the first thing someone will come across. Make it something that represents what your business stands for and what makes you unique. 

Set A Budget 

While you might have some clear goals and ambitions in mind, it's crucial to figure out what starting and growing your business will cost and the budget that will work best for your current financial situation. 

Setting some financial goals is crucial to growing a successful business and you'll want to have a clear picture of how much it will take to start your business and how much you'll need to continue running it. At this stage you'll also want to do research on how much you'll need to charge for services and/or products, you want to make a profit but also make sure your customers are getting their money's worth. 

Don't forget about other expenses you might have as well. Will you have any employees you'll need to pay? You can create check stubs for them to keep track of what they're paid. 

You'll most likely have to make some room in your budget for purchasing a domain for your online business and a company email if you want to keep all of your work emails in one place. 

Design Your Website 

If you want to know how to start a business fast then you need to learn everything it takes to design your website. You can't grow a business online without a killer website. 

First, you want to find the perfect logo. There are plenty of online templates but make sure to give it the personality it needs to represent your company. 

Writing the web copy for your website is one of the most important steps to growing your business. You'll be able to customize fonts and website layouts as you write your web copy. Writing out what your business is all about and what you sell is crucial because it's the best way to gain new customers. 

It's also important to keep in mind that your website should be accessible on mobile devices. Most people do their shopping on their phones and if your website isn't optimized to be used on mobile phones then it's likely you'll lose valuable customers. 

Find Your Customers 

If you want to know how to grow a small business it's important to find your target customers. You'll want to research the kind of people who are interested in what you're selling and are able to afford it. It's also important to know why people are looking to buy your products or services, that way you'll know how to market to future customers. 

Email Marketing Is A Must 

Once you know who your target group of customers is, you'll have to find the best ways to reach out to them. This is where email marketing comes into play. 

Email is still a major means of communication, so creating a list of people to send marketing emails to is very important. You can try sending out marketing emails for major holidays or to customers who've done business with you before, offering more of your great service and products. 

One way to get new customers to sign up for your marketing emails is by offering them some coupons or free consultations. You can then set up autoresponders to send out to all those potential customers who've signed up to receive emails. These automatic emails can include some advice or answers to some common questions about your business. 

Use Social Media to Grow Your Business 

Social media is a powerful tool for communication. If you know how to use it well it can be a great tool to grow a following and gain new customers to help grow your business online. 

There are a ton of social media apps out there these days but you'll want to take advantage of the ones that work best for your business. Use your social media to promote your business and your services but also include links to your social media on your website and in your marketing emails. 

Content For The Win 

One of the best small business tricks and tips would be to dive into content marketing. Creating content for your business will show potential customers that you're an expert in your type of business and are the best company to look to for those specific products and services. The type of content you use will depend on what works best for your type of business but you can use everything from videos and podcasts to blogs and infographics. 

Don't forget how crucial SEO can be. When the content you write ends up on the first page of a search, more people will engage with your website and eventually become a paying customer. Create your content to please visitors AND search engine crawlers.

The Best Advice On How To Grow A Business Online 

If you're wondering how to grow a business online follow the tips listed above and you'll have a successful business in no time. Make sure to check out some of our other business blog posts to learn more about launching an online company successfully!