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Great stuff, Shubhomita! All of these are super important, especially analyzing the market. A while ago when I was starting my content marketing agency, these steps were essential. I’d also add a few other important tips that saved my neck back then. First of all, make sure to partner up with the right people. The wrong business partner could cost you your business (I learned that the hard way). And secondly, make sure to have the right tools to help your business take off. Good luck y’all!
Conducting thorough market research on your field and demographics of potential clientele is an important part of crafting a business plan. This involves conducting surveys, holding focus groups and researching SEO and public data. A guide to conducting market research can be found on our sister site, Business.com. It's also a good idea to consider an exit strategy as you compile your business plan. Generating some of idea of how you'll eventually exit the business forces you to look to the future.
My current company, Outbox Systems, began this way. We wanted to connect two software applications, but we didn’t have the capital to build the integration. Knowing we needed to generate money to fund our product development, I approached the partner channel at AtTask and asked if I could build a software integration for them. Fortuitously, an enterprise AtTask customer needed to integrate AtTask and Salesforce and was willing to pay us $125 per hour to build the integration. Then we turned around and resold the product to others. A typical tech entrepreneur thinks, “Raise money, build software.” But we turned the model on its head and essentially got the company to help us develop intellectual property for our business.
Provide excellent customer service. Answer any questions buyers post as quickly as possible. Be professional and courteous. Positive communication builds your reputation with buyers and gets you return business. Also, package your product well and ship it out quickly. Allowing an item to become damaged or taking too long to ship can negatively affect your reputation among buyers. Wrap all items, especially fragile ones, in appropriate packaging. Commit to shipping items as soon as you receive payment.
New applications are launched on a daily basis and if you believe you have the skills to create your own and a unique enough idea, you should do it! Aside from the fact that you will have to invest little to no money to get started, it is far less time consuming than the average 9 to 5. Once you have created your application, couple it with the right marketing strategy and you'll be making money in your sleep. The best part about developing applications is that you can do it from anywhere in the world.
If you enjoy writing, find a topic you’re passionate about and start a website dedicated to covering that topic and anything else interesting you want to talk about. All you need is a computer, some time, and some energy to consistently write. It can start as a hobby and turn into a business over time. And blog hosting can cost less than $12 per month.
Every year, hundreds of millions of documents are notarized in the United States: wills, mortgages, citizenship forms, handgun applications. While for decades, this has all been done in person, there is a budding crop of sites that allow notaries to take their services online. If you’re already a notary, you can sell your services online. Or, if you want to get started, check out the National Notary’s checklist for becoming a certified notary.
If you have experience with marketing, SEO, or a knack for getting people excited about the products and services you use on a regular basis, think about refining your skills and putting them to work making money online as a small business marketing consultant in your region—especially if you can become a local SEO expert and can help local clients rank higher in their search results.
Congress passed the Commercial Motor Vehicle Safety Act of 1986 to ensure that drivers of commercial motor vehicles are qualified to operate those vehicles. States have the right to issue a driver's license, but they must meet minimum national standards when issuing a commercial driver's license. The Commercial Driver's License (CDL) Program places requirements on the commercial motor vehicle driver, the employing motor carrier, and the states.
If you've developed valuable skill sets or picked up certifications within your industry over the years, offering your consulting services to local business owners can be a lucrative way to make money online. Whether you're an expert marketer, business strategist, or manufacturing aficionado, there's likely a local business owner who's willing to pay you to help them solve an issue with their company. Start with this 18-step checklist to becoming a local business consultant from Karyn Greenstreet and then use my guide to crafting an effective cold email to convince them to hire you.
Use current resources in new ways. Like most young companies, we encountered a cash flow crunch at PC Care Support. We had about 50 employees, and we wanted to protect everyone’s jobs. We looked at all of our departments and all of our employees’ skill sets to see where we could generate revenue. A few employees in the tech support department stepped up and offered to develop software for other customers. Then a few in the marketing department offered to develop websites. We added website and software development to our suite of services and landed a contract with Nationwide Insurance, taking the company from negative cash flow to 15% net profit per month in three months. This got investors interested in our company, and it enabled us to have the cash we needed to get back to our core services.