Creating an effective business plan

A business plan is a tool that will help you get to your entrepreneurial destination within the timeframe you set or even at a faster pace. It provides you with a map and directions on how to get there.  Not everyone may be able to read a map, as much as not many may find a business plan useful.  Maybe not in all circumstances, but in major crossroads of your entrepreneurial journey, it is advantageous to have something that you can refer to that can help you stay focused on your goals.

Whether you are opening a new business, launching a new product or service, expanding or growing your venture, bringing in more investors or coming up with a new campaign, a business plan will help you put form and shape to your ideas and plot out the details. It will also help your stakeholders visualise what you have in mind and bring them on board on your journey.

There are templates available online, and you can choose one that is most suitable for your organisation. Keep your plan short and direct to the point, but cover all the bases. Take into consideration the following factors that you may need when you draft your business plan.

Gather data and verify them

“Knowledge is power,” as they say, and every bit of information about your industry and other key players in your field may be useful to your plan. You have to know everything about your target market – what clicks and what ticks them. Research statistics, do a survey, conduct focused group discussions or interviews, visit sites or read materials about your prospective customers and competitors. Check the industry pricing, the sources of materials you need, and the people known in your business arena. While you’re into it, make sure to verify all the facts you gathered as they may change from time to time.

Analyse your current situation

Armed with the data you gathered, match them with your current situation and evaluate your position in the market. Conduct a SWOT analysis to review your strengths, weaknesses, opportunities and threats, then address the things you need to do to enable your business to operate towards the direction you want it to take.

Set targets

The main ingredient in a business plan is your objectives. You create a plan because you want to achieve something. However, be SMART in creating your goals. They have to be specific, measurable, achievable, realistic and time-bound. When you do your regular monitoring and evaluation, whether it’s monthly or quarterly or annually, you will have to refer to your objectives to see where you are in your journey towards your targets. It would be better to break down your timeline into monthly goals so you can keep track of your progress easily.

Plot strategies

Once you have defined your objectives, strategise how you will be able to attain them. Outline the steps on how you can market your business and appeal to your target customers. When it comes to mapping out your business journey, find the fastest way possible to get from point A to point B and the kind of vehicle you need to take to arrive there.

Make detailed action plans

With your objectives as your compass and your strategies as your map, you can fill in the gaps with specific action plans, complete with a timeline and comprehensive information. Put alternatives and contingency plans in scenarios where your plan may not work out as expected. Include point persons from your team and people who can help you carry out your action points.

Assign figures and costs

To complete your business plan, it should have a budget and projections, which will help you keep track of your expenses and sales. The financial aspect is significant in any business because it allows you to check if your investment is growing, remaining the same or going the opposite way. Make your budget thorough so that you can approximate how much you need to shell out for you to realise your goals.

When you have finished writing your business plan, put it somewhere visible and accessible. Refer to it in your regular huddles. Share your plan with your team or, better yet, draft the plan with them. Get everyone on board, including your family members and friends. Adjust items if necessary.

If you are not confident with your business plan, consult with a mentor or colleague. Listen to the stories of other entrepreneurs, such as those in EO, and attend learning events to get more pointers on how to make your plan work. Lastly, a plan will only be as effective as the actual output you do. Let not your plans go to waste. As you have converted your ideas into words, bring life to it through your actions.

Platforms you can use for online meetings

Doing business in different parts of the globe or having team members in various locations may require a lot of communication to ensure that things go well. In this age of modern technology, being physically apart is not a hindrance in doing business transactions or official meetings. Within EO and among EO members, online meetings are also common and widely used.

Several online platforms are currently available to make video calls and meetings more plausible. Nowadays, you can see each of the meeting participants on your screen, share files and record conversations, depending on the features of the application. Take a close look at 11 video conferencing platforms that you can consider for your remote meetings.

GoToMeeting

You can access GoToMeeting on your desktop or mobile devices, which makes it easy for participants who are on the go. It goes beyond screen sharing because it also has drawing tools which you can use to direct your participants’ attention and focus on a particular part of the screen. It can record and store your meetings on cloud storage. GoToMeeting offers a free 14-day trial with up to 50 attendees.

Skype

One of the many platforms that have been around for some time is Skype, which offers free calls and messaging globally. You can even connect to a mobile or landline number. It Is downloadable to computers and mobile devices. Skype is widely used and popular, which makes it easy to use for video calls and conferencing.

Join.Me

You can customise your meeting link and personalise your meeting background. There are one-click screen sharing and free conference calls. Join.me is also downloadable in any device, which makes it easier to have an online meeting. It offers simple integration solutions for Chrome, Outlook, Office 365, Trello, Slack, G Suite and other apps.

Google Hangouts

Google Hangouts is one platform to consider because it is easily accessible through Gmail, Google Calendar and Chrome. Google users can open the application from various devices and use it for messaging and calls free of charge. Another advantage of Hangouts is that Gmail and Google are widespread globally because many Android phones already have the app built-in upon purchase or activation.

WebEx

Cisco’s WebEx has cloud calling that has the advantages of a traditional phone system, less the intricacy of securing and managing it. WebEx products have features for video conferencing, team collaboration, webinars, online training, video support, conference calling, conferencing devices, and cognitive collaboration. There are different plans available according to your meeting size and needs.

Zoom

Users and attendees can do video calls and online meetings through the Zoom site or its downloadable app. Companies and organisations also use Zoom for webinars, virtual conference rooms, phone system, business messaging and file sharing. Apart from its free basic features, Zoom also has other plans for your various business communication needs. Zoom caters to industries like education, finance, government and healthcare.

Zoho Meeting

Zoho Meeting provides an avenue for participants to connect online and integrate other apps like Zoho CRM, Zoho Projects and Zoho Calendar. Hosts can also have webinar polls and Q&A to facilitate discussions.

ezTalks Meeting

You and your team can hold virtual meetings with a real video conferencing experience where you can share your screen, use online whiteboard tools, record discussions, and chat as a group or privately. It also allows attendees to use the app on any device.

Highfive

Highfive is a cloud video conferencing software that is easy to use as there’s no need to download an application. You can join meetings by going to the Highfive URL in your browser, making it smooth for users and administrators to conduct online video calls. The URLs are also simple, which you can customise and make it easy to remember. Lengths of meetings are unlimited. Although it does not use PIN codes, meetings are still kept secure.

AnyMeeting

Another browser-based app is AnyMeeting, which is accessible on any device. The online meeting software allows hosts to customise their meeting rooms where they can include their business logo on the background. It has a built-in phone conferencing, video sharing, screen sharing, recording and meeting notes.

With all these platforms and many others that are available online, distance is no longer a problem to meet and discuss important points. You can even use the applications to further your business and exchange knowledge and information with others.

Let us know in the comments section below which ones you have tried and which ones you find suitable to your meeting needs.

Why make your business green

Our planet is aging. It is a fact that we cannot ignore. Harmful products and activities contribute to the worsening of our ecological problems. The rising concern on our environment has heightened the awareness of several industries and markets to take steps in preserving our ecosystem. Going green has become a buzz word where small to large companies implement ways to lessen the negative impact of their operations on the environment, society and the economy.

You, too, can be part of this undertaking by shifting your venture to become a sustainable enterprise. It starts from the vision, mission and values of your company where you take to heart environment principles in every aspect of your business. You can go paperless, plant more trees, conduct regular clean-ups, limit utility and energy consumption, remove hazardous ingredients in your products, recycle and reuse materials and wastes, lessen the use of natural gas, utilise renewable energy, carpool, and many other methods that can minimise your outfit’s negative effects to the earth’s natural environs.

It may take a lot of major changes to convert into a green business, but the rewards are huge and with a lasting effect. It can outweigh the birth pains that you have to go through when you transform your business. The advantages can benefit greatly your enterprise as well as stakeholders and other sectors of society.

Good for the environment

We only have one earth, and we are its stewards. Whatever we do to our biodiversity will eventually come back to us because we live in a network of ecological units. When you make a move to protect the environment, you will also reap the fruits of your labour, which can even extend to your family and loved ones, the future generation, and those in your community. Who wouldn’t want to see our planet lush and verdant? A clean environment can make us healthy and well, while the opposite can bring us many problems.

Less cost and more savings

If you keep track of your company’s usage and limit your wastage, you can lower your spending and secure some savings for your business. You may have to invest in executing changes and adjustments in the onset, but you’ll save a significant amount in the long-term.

Positive image and brand reputation

Your sincerity to push for sustainable development will see through your messaging, actions, initiatives and the endeavours that you support. It will appeal to the government, communities, industry players, and the general public. Running a green business will earn the trust of various sectors and enhance your brand’s reputation. A positive image is essential in the entrepreneurial space because things can work favourably for you. To maintain the public’s confidence in your venture, you have to be consistent in your fervour of making your business green.

Marketing advantage

Letting the public know that you are a sustainable business will give you a bigger chance of earning their support. They may patronise your products and services and keep you top-of-mind. Whether it will lead to bigger sales or not, it will allow your enterprise to be a vehicle for educating people about protecting the planet. You can even take your advocacy further by creating cause-related marketing campaigns that will benefit a non-profit or local community.

Stronger team satisfaction

Another benefit of becoming a green business is the increased morale of your internal team. They will work harder, knowing that there is a bigger cause than just aiming for targets and securing sales. Going green also means looking after their welfare and the people they love, advancing their wellbeing and those of their families and friends.

The age-old proverb “You reap what you sow” is an assertion that when you do good deeds, such as care for the environment, you will also enjoy its benefits. Becoming a green business will create ripples of progressive impact to more generations in the future. Imagine if several businesses will take this direction. Surely, many people will enjoy the positive change it can do to our communities.

With all the natural calamities and changes our planet is experiencing, it is never too late to take action to save Mother Earth. All it takes is the conviction to take action by going green and helping protect our environment. After all, we only have one earth, and we have to do everything we can to preserve it.

Tips on creating a successful event for marketing

Most brands and companies organise events to nowadays promote their products and services to their target audience. While it takes a lot of resources and effort to stage an event, organisations still consider it as an important tool in marketing because it provides an opportunity for the brand to have a face-to-face interaction with their market, giving them an experiential taste of their offerings. It can also result in instant sales and feedback if utilised wisely.

Examples of events that can boost your sales and marketing are product launches, press conferences, trade fairs, seminars, exhibits, mall tour, and the like. You can be as creative as you can and make it either intimate or huge.

Organising an event, big or small, is a tedious process. You may need to hire the services of experts to mount a successful one. However, with limited resources, you may opt to do things by yourself. If you are in such a situation, you can consider these tips that may help you or your event organiser come up with a memorable event.

Plan carefully

Meticulous planning is the foundation of a successful event. First set your objectives and targets, then you can draw everything else from that. Base your strategies, publicity and promotional tactics, timeline and budget from your goals and resources available. Always review your plan and go back to it to adjust some details, if necessary.

Form a team

One person alone cannot stage an event. You need a team to oversee various aspects of the project. Open communication and harmony with your teammates will help you achieve the objectives you set for your event. A project leader is crucial to consolidate everything and supervise things so that each team member is not left behind.

Set the theme

An event is a vehicle to send your message across your audience. Having a theme is like tying everything in an integral axis. It’s easier for participants to remember your event and the purpose of the activity when you have a central idea that can bring each part of the event together.

Choose good suppliers

Some of the blockage in carrying out a good plan is a problematic supplier. It can be a thorn on the side if they are not able to produce the much-needed result. When you choose a third party partner, do not only consider their cost but also their success rate. Gather three to four possible suppliers, evaluate them carefully, do a background check and select the best supplier that is value for your money and have great working relations with you.

Create a checklist and monitor well

Proper coordination is key to a successful event. They say that the devil is in the details. Have a checklist of everything you need to do and have for every activity of the project. Monitor your checklist regularly so that you don’t miss out on important things. A team meeting will help you see gaps which you haven’t noticed before.

Come up with back-up plans

There may be unforeseen circumstances and factors that may hamper in the process of organising an event. Weather, costs, and other internal and external conditions can affect the preparation. Make back-up plans that you can do on varied cases.

Select the right people to invite

The guest list is important in attaining your objectives. It’s not enough that you gather warm bodies to fill in your venue. You have to bring in people who can help you with your brand. They can be your clients, industry partners, media people, social media influencers and target customers.

Have run-throughs

When everything is ready and in place, do some run-throughs to make sure that everything works out fine. You can polish certain things, such as seating arrangement, lighting, sounds, timing and food serving. Aim for perfection and bring the best experience to your participants and guests.

Evaluate and do a report

Like in any other experience, it is good to learn from an event, both the mistakes and the milestones. Evaluating the entire process and coming up with a report is a method that can help you improve on your event organising skills. It will also serve as a guide to your team for your succeeding campaigns.

On top of these tips, another way to learn about mounting a successful event is to attend as many events as you can and observe attentively. See how they execute events and note the areas that you can improve if you will have to do it yourself. More importantly, enjoy the experience and take this opportunity to interact with the guests.

Surfing the entrepreneurial waves

Surfing is not for the faint-hearted, and so is the entrepreneurial journey. It takes skills, practice, determination and passion to ride the waves of tribulations. One can brave the perils of surfing or entrepreneurship through persistence because perseverance is necessary to achieve the needed to accomplish.

However, one has to know the basics of surfing to get it right. From this kind of discipline, we can draw out the lessons and apply them to the entrepreneurial journey.

Before jumping on your surfboard and heading to the sea, there are a few things that should be noted down. It is imperative that you brush up on your swimming skills first. Equip yourself with the right gear and get a good instructor if you’re a beginner. Don’t go out there all by yourself. It’s the same when you wade through the entrepreneurial waters. You have to learn the ropes of running a business and arm yourself with the right tools and skills. Here are a few more reminders as you prepare yourself for the sea and the business world.

Warm-up and practice on land

Stretch those muscles. Practice your moves. Exercise first and prepare your body for the harsh conditions of the sea. In business, familiarise yourself with the various aspects of managing an enterprise. Do an internship, work in other companies or gather some skills and experience that you can later use in your venture.

Listen and follow instructions

Pay close attention to your instructor. Make sure you remember the safety precautions and surfing etiquette. Interact with other surfers and learn from the more experienced ones. Watch carefully how others surf so you can gain more tips and insights. When you start on your entrepreneurial journey, it is helpful to have a business mentor who can guide you. Be part of a business group like EO where you can meet like-minded individuals and learn from their experiences.

Choose a good spot, start small and finish big

Scan the area before you surf. Choose a spot for beginners that is not crowded where you can move freely. Start with waves that are not too huge for your limited skills. As a businessman, acquaint yourself with the industry, which includes your competitors, stakeholders, target market and various players in the area where you want to establish your enterprise. Operate first on a manageable quantity or magnitude, then work your way towards bigger things.

Paddle hard

When the waves are coming, paddle hard and go with the force. As much as in surfing, many businesses succeed because of the hard work that is put into the endeavour. Devote yourself to improving yourself and your venture. Invest resources, time and effort in bringing every milestone a notch higher until you get to achieve your goals.

Be quick to rise and stand

The key in surfing, whether you are waiting for the right moment or recovering from a fall, is the swiftness to rise and stand. Be quick to capture the coming wave or bounce back. Don’t be intimidated by a few failures, both in surfing and entrepreneurship. Watch out for great opportunities, and do not hesitate to take advantage of them to move your business forward and enable your brand to make a mark. Better yet, create opportunities that can accelerate your growth and bring your business closer to your target.

Bend your knees and keep your balance

Balance is crucial in riding the waves longer. Bend your knees so you can easily adjust your weight. Always keep a balance in your entrepreneurial journey for you to survive and sustain your accomplishments. Listen to your body, the people around you and the market you serve. Bending one’s knees also signifies readiness, humility and action. Be swift to respond to your customer’s feedback and serve their needs.

If you believe you already have the skills and the courage to go into the deep, do not hesitate and just take the plunge. It’s good to start sooner than later, whether in surfing the sea or building your business. You’ll never be fully prepared unless you find yourself in the spot where you need to put your learnings into good practice. When the wave comes and you are able to ride through the challenges, don’t forget to have fun and enjoy the fruits of your success. So, get ready! Surf’s up!

Finding the right mentor for business

The challenge-laden entrepreneurial journey is not for the faint of heart. One may get lost or burdened going through it, especially for the new ones. It becomes bearable when you take it with other entrepreneurs or when there is someone who can guide you along the journey. A mentor is someone who can do that and help you get to your destination faster.

It is important that you have a full grasp of the concept of mentorship to keep things straight from the beginning. Understand that a mentor is neither your boss nor instructor. You will be the one to make decisions in the end. Your mentor will only guide you towards the right path. Because you are too caught up in your venture, a mentor will help you look at your business at a different angle and see gaps and loopholes.

But finding the right mentor who can help you in your personal and professional development is easier said than done. It’s not just all about the achievements your supposed mentor should have but also the personality that can match yours as well. The main concern is where to find the one that can fit your values and entrepreneurial needs. Having a checklist of things that you prefer in a mentor will help you narrow down your search.  

Family and Friends

Start looking for a possible mentor among your inner circle of family and friends. Someone close to you might be able to support you in providing advice and processing your ideas and decisions. There are pros and cons in choosing a family member or friend. While it is easy if they already know your character and work ethics, it may also become a deterrent in the mentorship as this can cloud your judgment of each other. However, if you feel more comfortable with someone familiar, then you can take this route in having a mentor in your entrepreneurial journey.

Business Groups

A good venue to find a mentor is a business group or organisation like EO. Such groups are composed of people who are also in the same boat as you are, some may have already been ahead while others are still starting out. In addition, they have programs and learning activities that can provide you with an opportunity to have a mentoring session with someone who can support you in your business experience.

Networking events

Seminars, conferences and workshops are a a great opportunity to meet business leaders and experts who can give you tips and advice when it comes to running your business and braving business challenges that may come your way. You may even meet business people whom you look up to as a model or inspiration. Events like these can open doors for you to establish friendship with them that can lead to a mentor-mentee relationship.

Mentoring service

There are many online platforms nowadays that provide mentoring services to startup founders and entrepreneurs. They often provide resources and experts who can share pertinent points on various apects of the business. Some platforms can even match you with a mentor. Examples of these onine applications are SCORE, MentorCity, Find a Mentor and Mogul.

Social media

There are social media networks that can connect you to other entrepreneurs. You can find some online communities where you can find like-minded individuals exchanging business insights. LinkedIn is one particular example. However, it is best to connect with a mentor through social network if you have established rapport with the person.

Once you have your eyes set on a particular person as your mentor, get to know that individual first so that you have an idea of the best approach to do the ask. Learn well from your mentor. Who knows, you might also become a mentor to someone in need when the right time comes.

The makings of a powerful logo

A logo is a visual mark that can make your brand stand out. A powerful logo, whether that of your company or product, can become top of mind among your target public. It represents the essence of your business because it is the initial thing that can capture the interest of your clientele.

There are millions of logos worldwide, each seeking the attention of consumers. To avoid getting drowned by the many brands and marketing campaigns and paraphernalia, you must ensure that your logo relates with your target market and, at the same time, your company maintains its integrity and high-quality offerings. 

Come up with a good logo for your enterprise or product with a design that can deliver the following things.

Convey your brand’s message

The primary thing in creating a logo is the clarity of its illustration. It should not confuse your audience. You have to put a lot of thought on the symbols, font and colour that you will use in your logo. They must all come together to convey the personality and meaning of your brand. Endeavour to reflect your corporate value and characteristics on the design. Remember that simplicity is often the best way forward.

Attract your target customers

A powerful logo can stand out in a sea of signs and marketing visuals. Colour and font are significant in attracting the eyes and etching the image in people’s minds. Test your design and see how they can capture the interest of your target audience. A catchy and witty one can strike conversation pieces and spark interest to the public.

Elevate your image

Since your logo is your form of identification, it should be unique, classy and recognisable, wherein it elevates the image of your brand, product or business. Placement and proper usage of your logo have to be carefully filtered as it will also create an impression on your company’s appearance. Your team members, partners and target market must be happy to wear your logo as a badge and be associated with your brand.

Connect with your customers

Although a logo speaks volume of who you are as a business, also include your consumers in the thought process of designing and creating your logo. You can put science and art in designing it, but don’t forget to make it meaningful enough where it can evoke the right kind of ideas and emotions on your clients.

Stand the test of time

Think big and long-term when you conceptualise the logo of your business or product. While creating a trendy one may be good for now, it may no longer be interesting many years down the road. Imagine it on buildings and big venues. It can become known worldwide. Design a logo that can weather time and boundaries.

More importantly, it is best to consult an expert when you are making a logo. Work with a design team that can come up with the best representation of your brand. Don’t rush things because your logo becomes your mark. Conduct market research and test your logo before you even launch it to the public. However, your brand goes beyond your logo. How you conduct business and come up with quality products and services will give you the results that you want when it comes to your brand image and individuality.

How yoga can make you productive at work

No matter how passionate you are with work, it is inevitable to feel a bit overwhelmed and exhausted from all the rigours of the entrepreneurial life. One way to relieve yourself from stress is to get into meditative exercises like yoga.

There are different kinds of yoga, and you can choose which you think is best suited for you. Look up for yoga classes in your locality and learn more about it. Although it is originally part of a spiritual discipline, it has evolved into a physical and reflective workout in its modern practice. The good thing about yoga is that it’s something you can also do at home or in your workplace. If you are a newbie, it is best to have an instructor who can introduce you to the proper way of doing it.

Several people and companies get into yoga because they have seen the potential benefits it can bring to an individual or a group. One particular result that others have found is the increased productivity of those who get into this exercise. We give you some of the benefits of yoga that can heighten your efficiency at work.

Relaxes mind and body

Meditation and exercise free your body and mind from stress, helping you achieve mindfulness. Too much responsibilities and tasks can burden you and take a toll on your body. Yoga enables your physical and mental state to ease a little bit to relax. Over time, you will find that it will help you gain a positive outlook in life and makes you view work as a way of improving yourself.

Enables you to focus

When you have mindfulness, you tend to focus on your target and the necessary things. Trivial things and those that are not helpful are weeded out and become less daunting. Such focus is needed at work as you have to set your mind on your goal and not be distracted by the difficulties and trials of the entrepreneurial journey.

Gives you energy and good health

Yoga is like relieving yourself of the toxins in your body and mind. It helps you take out the negative things in yourself and stretches your mental and physical muscles, enabling you to increase your capacity, generate more energy and develop good health. In return, you perform better and meet challenges with vigour. You get renewed strength every day as you incorporate yoga in your daily life.

Instils self-discipline

Once yoga becomes part of your system, it can instil self-discipline. The mindfulness and focus, as well as the positive change you experience, will motivate you to carry it out regularly. Such discipline can extend to your work habits that can inspire order in your workplace and direction for your career.

Increases creativity

Freeing your mind of all the clutters of work and the daily grind will allow you to sharpen your thoughts and encourage creative thinking. You can channel this creativity to your profession, which can advance your personal and professional growth.

Makes you flexible

Yoga exercises can develop your body’s flexibility. It is applicable not only on the physiological sense but also in life, in general. Flexibility at work is necessary as unforeseen circumstances often arise. As you practice yoga, your body and mental disposition adjust to the situation.

Improves confidence and morale

One of the benefits of yoga is that you start to feel good about yourself. With a positive attitude, you reap good results in your business. When you see that your performance at work has improved, it boosts your confidence and uplifts your morale.

It’s never too late to get into yoga. Set your apprehensions aside and get into meditation and exercise. Achieve things at an accelerated rate by handling stress competently and focusing your energy towards your goal.

What you get out of joining business associations

If you are a new entrepreneur or have kept to yourself all these years, it’s probably time to go out of your comfort zone, huddle with other entrepreneurs and consider joining business organisations. There are pros and cons to becoming part of a group. Membership may entail investing your time, talent and treasure into the group, but the rewards can be tremendous if you use it to your full advantage.

The value you receive from a membership of a business association can benefit your business and personal growth. There are even business owners that found a second home in groups like EO Melbourne. Not only have they surrounded themselves with like-minded individuals but they also come to establish good relations with them. It is necessary that you carefully choose which groups to join that can match your needs, background and commitment level.

Taking the entrepreneurial journey means entering into space where you don’t exist in a bubble. Everything is interrelated. The journey is also full of challenges. Thus, you need a support system that can help you carry through the difficulties and bring you closer to your goal at an accelerated growth. Once you join one, you will realise the rewards you get out of it.

1.) Networking

To run a business, you need staff, suppliers, contractors, consultants, partners, third-party agencies, customers and clients. Many players are needed to enable your venture to run at full speed. Joining business associations can introduce you to different kinds of people who can help you directly or indirectly. Some may even be your competitors, but it’s still advantageous to establish good relations with them. More than anything else, business groups can improve your social skills and help you adjust to the business world, especially if you are in a cutthroat industry.

2.) Added opportunities and knowledge

Business groups can open floodgates of opportunities for you and your company. Learning events, seminars, training sessions and workshops may be available to members only, one that you cannot get into if you are not part of the organisation. You can also avail various resources and materials that may not be accessible to the general public. Interacting with other members can also allow you to gain insights from them, listen to their stories and take their lessons with you on your journey.

3.) Brand image

Other entrepreneurs join groups to boost the image of their brand or company. A prestigious business group can add brand value to your enterprise. It increases your credibility because being part of such an organisation ensures your clients and customers that you go through a regular review process by your peers. It’s also a symbiotic relationship where the organisation also generates a positive image from the integrity of its members and vice versa.

4.) Cooperation and common voice

As a business owner, there are several concerns and issues that only fellow entrepreneurs can understand. There may be situations where you have to take a collective stand within your industry or the business space, in general. Certain problems may not be resolved by yourself alone. But through concerted effort, you will have a common voice that will be heard by more people.

5.) Build relationships with other entrepreneurs

You experience business and personal growth in joining business associations because of friendship and mutual trust your form with other members of the group. The good thing is that you sometimes find a mentor in this setting. As you go on with your journey, you also develop to become a mentor to others. Since it’s a give-and-take relationship, you develop a bond beyond business.

There may be several business associations in your area. List them down and conduct some research on the group where your interest lies. Inquire from their secretariats, talk with members of the groups and know the activities and requirements of the organisations. Once you have chosen the right association for you, send in your application. Moreover, if you are accepted to be a member, don’t forget to have fun, learn from the members and enjoy the experience.

The value of a rewards program

Rewards programs are now common as more and more businesses in various industries get into this method. From the travel industry to hospitality, dining, finance and retail, many companies offer special privileges to their clientele through a rewards program.

A rewards program is also sometimes referred to as a loyalty program. As the name implies, it acknowledges valued clients and provides benefits to those who avail of the program, may it be through gifts or discounts after accumulating certain points or fulfilling particular requirements. For EO Melbourne, for example, a Rewards Program is in place for members who stay in the organisation longer.

While there may be some cost and effort involved to make this program work, there is immense benefit and advantages it can bring to the brand if done properly. Firstly, there must be a person dedicated to looking after the program to make sure it works. Another thing is to keep your promises and deliver the rewards at a timely and efficient manner. The returns, however, are good.

Customer retention

The most obvious advantage of having a rewards program is customer retention. Some studies have indicated that it costs more to acquire new clients than to maintain existing ones. With a rewards program, you attract repeat customers and build loyalty with them. Having a card that consumers carry around will help remind them of your brand.

Data gathering and market research

Since customers have to sign up to join the program, you instantly get their information and file them in a database, which you can later use for market research. Through their details, you can do some profiling on their demographics and create constant communication with them. You can run surveys, send out newsletters, or announce special events to them.

Building relations

When you communicate regularly with your loyal customers, you strengthen your relationship with them. As you take care of them through this program and offer remarkable benefits to them, they will feel valued by your company.

Drive sales

Having a rewards program may not be a guarantee of increased sales, but it will be a factor in helping bring in sales directly or indirectly. You can come up with special sales events or exclusive promos to rewards members and encourage them to patronise your products or services.

Generate referrals

If rewards members are satisfied with the program, they will even end up as our brand ambassadors as they share their positive experiences with their families and friends. It can generate referrals and bring in new customers to your business.

However, remember that several other companies are also offering rewards programs. Your direct competitors may even be doing the same thing. Make sure that your program stands out and provides better and enticing prizes and benefits to your loyal customers.

How to effectively close a sales pitch

Marketing efforts can only be as effective as your ability to bring a sales transaction into a successful close. Whether you are selling an actual product, a concept or a service, being able to convince your prospect is a skill that can be learned and practised. Many become sharp at selling as they get more experience at it.

It is inevitable to feel some apprehension whether you are a newbie or have done it before. You can seek the advice of experts and learn from experienced entrepreneurs like peers and members of EO Melbourne. A few tips can help you face a target client and make your way towards success.

Research your assignment

One of the successes of a sales pitch is your extensive knowledge of your brand and product as well as your ability to assess your prospect. They say that “knowledge is power”, and this particularly works in sales and marketing. Know your business by heart, gather data and information, understand your consumer base and update yourself with the trends and happenings in your industry and location.

Focus on objectives

Before you make your pitch, review your objectives and aim. While doing the pitch, you might make compromises along the way in your eagerness to close a sale. Remember the value that you can offer and the corresponding benefits it can give to your lead. Don’t short-change yourself and never forget your corporate vision and mission, as well as your long-term and short-term goals.

Offer a solution to a problem

The best way to approach a sales scenario is to position yourself as someone offering a solution to someone else’s problem. Your product, idea or expertise is only a tool to address a prevalent concern. A convincing presentation will help your prospects recognise the value you are giving them. Once your clients understand this, they will look at it as an investment rather than an expense.

Listen to feedback

When you are pitching your sales points, bear in mind that it’s not a one-way conversation. You can formulate your strategy depending on how the other party reacts or responds to your offer. Listen to what they are saying, get non-verbal and underlying hints, especially when you sense some doubt, apprehension, objections or complaints.

Tailor fit your strategies

Getting the pulse of your prospect will lead you to come up with an effective strategy that can close your sales pitch. While there are several techniques in cinching a sale, remember that good relationship with your client or lead is key that will guide you in the right direction. Mutual trust is a pillar that can bridge the parties together. Depending on the situation, you can provide alternatives, ask questions, share testimonials, stress the urgency to avail of your offer or allow your customer to test your offering. If one technique hits a blank wall, you can try other methods that will bring you to a successful deal.

Now, if you feel you still need to hone your sales skills, try it out with your colleagues, friends and family. Confidence is an important ingredient in locking a sales deal. When you feel good about yourself and your offering, it will radiate to others and will assure them that they’re talking to the right person.

The advantages of attending conferences, talks and seminars

Not many may adhere to the thought of leaving their workspace and be with several other people, mostly strangers, to listen to a speaker. Others may prefer to read books, watch videos or listen to podcasts in the comforts of their offices or homes rather than going to a venue, which may be a bit intimidating. However, there is a great benefit in being in that space where you absorb the energy of experts and other like-minded individuals.

Consider seminars, talks, conferences and learning events as an investment to your growth and personal development. Choose the events you’ll attend that can add value to your entrepreneurial journey. Some of them may come for free as a benefit of being a member of a group like EO Melbourne. Not only is it a mental exercise but it is also a social activity that can help hone your skills. Such advantages can be listed down, but not limited to:

Change of environment

To spark the creative flow within you, you often need to have a change of scenery and get out of your comfort zone. Of course, you might need to be away from your work, and that’s the cost of attending a conference, apart from the fees you have to pay to participate. But having more people around you can spike up your competitive spirit. You get to see how others react to the speakers and gauge their response vis-a-vis your way of receiving the information.

Networking with various entrepreneurs

You’ll be surprised at what you will get when you expand your horizon and meet new people. There are different personalities with various backgrounds that come to conferences and seminars. Acquainting with them can lead you to know more people from different industries and businesses where you can deepen through a mutually beneficial relationship.

Face-to-face interaction

Seeing an expert talk to you face-to-face is different compared to just watching him on a screen or hearing him from an earphone. You can ask questions and get answers instantly. Also, you can receive additional hints from non-verbal signs like gestures, intonation and facial expressions. There may even be workshops where you get to apply what you heard and check your output with a group that can guide you on the right way to do things.

Use of your five senses

The main benefit of attending a learning event is the lessons, information and stories that you pick from the speakers and people present. You get to listen to them, to see them and the surroundings, and experience the whole thing. There’s instant gratification that you get when you feel the energy and excitement that come together in such a venue.

Fun learning experience

More than anything else, being surrounded by people with the same passion and enthusiasm can be a fun experience. You get to learn and meet new friends. Look around the exhibits and check out the side activities. The event may only last for a day or two, but the energy you’ll take from it is enough to re-charge you for months.

Although not all experiences may be pleasant and some may fall short of your expectations, you still have the choice to make the most of it. Stay positive so that you can bring the learnings and energy back to your business and your team. The best way to nurture the lessons you receive from the event is to pass it on and share it with others. When you repeat and explain what you have learned from the speakers, you get to understand it better. Moreover, it will also help improve your team.

Finding ideas for creative marketing

There are times that your marketing ideas hit a slump when your brand appears ordinary and your activities become a routine. It’s always good to put variety in your marketing strategies. You can brainstorm with your team to get various insights, but you still need to widen your horizon to find inspiration from things within and outside your workplace.

The question is: where do you start?

Inspiration can strike anytime and anywhere. All you have to do is open your senses and allow your imagination to take you further. However, if you have a timeline to follow and you are pressed to deliver something, you can get ideas from the sources below.

Internet

The world wide web is a rich repository of concepts and information. You can search for a particular topic, read websites and blogs, browse social media networks, watch online videos or listen to podcasts. Discover new things by going through these platforms where you can come up with new thoughts that may fit perfectly with your brand.

Commercial Centres

Go to where the crowd goes and observe what draws them together. Attend events and check out shop interiors. See how consumers react to brands and marketing campaigns. Actual situations can help you formulate marketing concepts that you can bring full-scale to your venture.

Traditional media and resources

Don’t discount books, magazines, newspapers, TV and radio as they still hold great value when it comes to knowledge and viewpoints. Revisit old ones because they are a treasure trove of concepts that you can modify to modern settings.

Surveys and interviews

If you want data as your reference to your marketing ideas, surveys, focused group discussions and interviews are the best way to go so you can customise your campaigns according to the preferences of your target market. Market research is a big help when you plot your marketing plans because you can align the data you’ve gathered in every aspect of the business.

Business groups and conferences

Another avenue that can help you generate ideas in marketing your enterprise is by interacting with other entrepreneurs and like-minded individuals. Joining groups like EO Melbourne, attending learning events and participating in conferences will enable you to listen to their stories and encourage you to craft your own while taking into consideration the lessons from their journeys. You can also throw in your thoughts and test how they are well-received by your peers.

Neighbourhood, family and friends

Walk around your area. Talk to people. Look at your surroundings. Meet with your friends. Listen to family members. Big ideas often come from small things. You can also find marketing gaps just by consulting with your family and friends. Create something new that you can get out of day-to-day slices of life.

If you think you need to inject new things to your brand to re-introduce it to your existing clientele or launch to prospective customers, there are plenty of ways to do it. Keep your eyes, ears and mind open to various ideas that can boost your business and take you closer to your goals.

12 YouTube channels for entrepreneurs

One of the great resources of information for entrepreneurs is YouTube. There are plenty of things that can be found in this platform, varying from several genres and interests. To help you find amazing content, we have listed down 12 YouTube channels that you can follow and watch their videos that are rich in insights and learnings.

TED

This channel brings you talks from various experts and remarkable ideas during the TED conferences straight to your computer and smartphone screens. You can pick up the lessons from business leaders and bring them to your enterprise.

Gary Vaynerchuk

As chairman of media and communications company VaynerX, Gary Vaynerchuk, known as Gary Vee, shares his life as an entrepreneur and his thoughts on business through his YouTube channel. You can also watch his keynote speeches, pod sessions, advice, interviews and even rants through the various videos posted on this platform.

Behind The Brand

Bryan Elliot takes us to how things happen behind the brands we know. Hear the stories of entrepreneurs, innovators, celebrities, athletes and artists as they talk about how they brought their brands to success.

Marie Forleo

Describing herself as a “Multi-Passionate Entrepreneur”, Marie Forleo came up with her online show, MarieTV, which is recognised by many award-giving bodies. She also has training programs and books to help her audience succeed in life and business. Her YouTube channel features her interviews with various personalities as they share their lessons, tips and ideas.

Pat Flynn

Learn from the many things Pat Flynn did to create passive income after he got laid off in 2008. He experimented on several initiatives, and he shares his experiences through his YouTube channel. He tackles topics about how to make money online and features other interesting discussions.

Brian Tracy

Brian Tracy specialises in the training and development of organisations and individuals. As the man behind the best-selling books Maximum Achievement Goal Planner, Speak to Win and Eat That Frog, Brian fills his channel with step-by-step guides, tips and recommendations, and other insights that are helpful to one’s entrepreneurial journey.

FightMediocrity

If you want to think big and fight mediocrity, browse through this channel that captures the audience not only for its rich content but also for its interesting presentation. The videos are animated sketches of lessons from self-help and development books that make them easy to digest and understand.

Moz

Moz is known for its website analytics, such as domain and page authorities of sites and SEO. Over the years, Moz has produced software and marketing products that help boost online presence. Because the internet is a complicated web, Moz has come up with a YouTube channel that enables businesses and individuals to understand the various concepts of the cyber world and how to navigate their way towards a successful online marketing campaign.

Business Insider

Business and financial news site Business Insider brings some of its stories into a video format curated in their YouTube channel. Watch short features on businesses and brands, interesting information about products and thought-provoking stories of personalities.

Startup Grind

This community of startups has come up with monthly events that help educate and support entrepreneurs. To cater to its community worldwide, they brought the content of their Global Conference to their YouTube channel that others can watch and learn some business lessons.

Y Combinator

Helping out startups is at the core of Y Combinator. They provide seed funding for new businesses. Apart from financial support, they also plant ideas to help ventures grow. They’re even sharing wonderful stories and learnings through their YouTube videos.

Prosperity TV

Critical thinker Randy Gage wants to inspire people and help transform their lives. He believes that everyone is born rich, so he hopes to create a prosperity mindset in others through his books, speeches and videos. In his YouTube channel, he touches on various topics that can motivate people to aim and work towards success.

Sometimes, you may not have the time to attend all the talks and conferences even when there are great speakers in the line-up. But thanks to video sharing sites like YouTube, you can watch and replay these talks and interviews and make them your guide to your entrepreneurial journey.

However, if you prefer getting help from other entrepreneurs through face-to-face engagement, you can hear their stories through learning events and forums in groups like EO Melbourne. You can complement the learnings you get from YouTube channels and other resources with those you acquire from like-minded individuals around you. Bring these lessons together and map out your entrepreneurial journey towards achieving your goals.

The art of negotiation in the entrepreneurial world

Running a business entails interaction and engagement with different people and various players in the industry. One major component in the entrepreneurial journey is negotiating for your business. You do it when hiring or retaining a staff member, purchasing materials, contracting suppliers, getting into a partnership or marketing and selling your product or services.

As the business owner, you have a major role in representing your venture as its voice and face when you negotiate with another party. The outcome lies heavily on your shoulders, particularly in the early stages when you are still doing things by yourself or leading a very small team.

Negotiation is key to the success of your business. You want the best interest for your venture to move forward, but you also prefer things to be done in a just and fair manner. The sad truth is that not everyone may look after your interest, so you have to approach things cautiously and meticulously. That is why it is important to note a few pertinent things when you are entering into a transaction.

Scan the landscape

Before you go into a negotiation, you have to scan your landscape and evaluate your internal and external environment. Do a SWOT (strength, weakness, opportunity, threat) analysis so that you have an idea of what you can bring to the discussion and what you need to get out of it. Know your worth and be mindful of it throughout the various stages of negotiation.

It is to your advantage to know the background of the other players in the deal. Research about them and see the potential for success for all parties. Preparation is vital before you even begin transacting with others.

Identify your objectives

Focus on the result you want to achieve out of the transaction. Negotiating is a process, and you might get side-tracked along the way. When you have your eyes on your goal, you become more conscious of the type of deal you get into and more discerning of the decisions you have to make.

Build positive relationships

Deals may sound cold and devoid of emotions. Although you should keep your emotions and ego in check while transacting with others, don’t forget to forge relations with the people involved in the negotiations. Create a friendly atmosphere without overdoing it. Take verbal and non-verbal hints while engaging with the other party. Listen intently to what they want to convey and clearly express your stand in the offers.

Plot your strategy and methods

If you already have identified your goals, looked into the big picture and the details, and prepared for the transaction to take place, you can define your strategy and methods. Know your limits and up to which point you can compromise and make concessions. Review possible scenarios and draw alternative plans for each.

Go for a win-win solution

While you are putting your venture’s position first in this deal, also look at things from the perspective of the other party. Have a fair agreement and always aim for a win-win solution. Look at options that are for the good of all those involved, if possible.

Finish the transaction harmoniously

Complete the negotiation by closing the transaction, whether it’s signing a contract or making a sale. Some negotiations may not end up with all parties in accord with the offer. You may arrive at a consensus or not, but maintain a polite disposition at most times. If you cannot reach an agreement, walk away from the negotiation table and settle things amicably.

If you are new to the art of negotiation, do not hesitate to ask entrepreneurs who have been on the journey ahead of you. Being part of a group like EO Melbourne allows you to hear their stories and bring their lessons with you for your personal development and business growth.

Nurturing effective communication in the workplace

Communication happens in our everyday life. It plays a fundamental part in the business world because it keeps the whole engine running. The same goes for any venture, big or small. But for your organisation to run smoothly, you need to hone good communication methods and tone down those that can cause problems.

Bear in mind that for the process to work, there’s a sender and a receiver of a message transmitted through a medium. Miscommunication can occur, which can negatively impact a situation. Effective communication is important, especially in the workplace, because it improves interpersonal relationships, strengthens teamwork and produces positive results.

When you work out a system that creates an atmosphere for good communication to thrive, it can minimise conflict and misunderstanding, increase engagement with your members, raise their satisfaction level, and inspire productivity. There are certain things you can do to foster effective communication within your team.

Know the various kinds of communicators

A single message can mean several things to various people. It is important that you understand how people communicate differently. There are different communicator types. Some have cited controller, promoter, analyser and supporter, while others name the various kinds of communicators as analytical, intuitive, functional and personal. Learn how each type sends a message and responds to them.

When you have identified the differences in how people convey and grasp messages you can adapt your communication methods and style accordingly. Tailor-fit the way you express and transmit ideas to your audience as they can also vary per person. One-on-one interaction may differ from a small group and large group communication. Know the most efficient way to avoid communication “accidents”.

Identify your style and evaluate your process

As a business leader, you also have to evaluate your communication style and the methods you infuse within your team. How do you talk to your partners, peers and subordinates? How do you word your letters and messages? Do you send everything electronically? Have you tried handwritten notes? What are your usual gestures and expressions when you speak with someone?

Being aware of the communication processes and checking through the cracks can help you improve the procedures you put in place when it comes to transmitting and responding to messages. Learn from mistakes and yearn for growth and improvement in your communication techniques.

Get feedback and verify how the message is received and understood

Communicating is not just about talking or sending messages. Listening and absorbing the message plays a huge part in it. It’s good to put some feedback mechanisms in place to verify how a message is received and processed. Provide opportunities for interaction among team members so that they learn more about each other.

Make sure to resolve things at the onset when miscommunication occurs and avoid problems to escalate. Set the standard for a corporate culture that upholds open and healthy discussions. Lastly, let politeness, patience and respect reign within your organisation.

Why you need market research for your business

Starting a business entails a lot of risks involved. You put into it your financial resources as well as your time, ideas and energy. The costs are high, and the risks are great. There is a huge probability of failure if you do not carefully plan how to build your venture, while your success rate may be substantial if you do the necessary preparations.

Decision-making is crucial in every stage of the entrepreneurial journey, which is why you have to get as much information as you can to make informed decisions. Market research is a tool that can guide you on the right path as you go about establishing and expanding your business. You may conduct primary research and scale it to a secondary one, come up with quantitative data-gathering or have in-depth discussions with prospective customers.

Whatever method you use, whether you do the research yourself or hire a third-party consultant, it is important to analyse the information thoroughly. Market research brings in several benefits to your business and experience. Here are a few reasons why.

Environment scanning gives you a bigger picture

Knowing the trends, identifying opportunities and threats and taking in pertinent lessons can help you comprehend the industry and the landscape that you will be dealing with when you build your venture. They give you significant knowledge of the various players in the field, such as competitors, clients, suppliers, influencers, etc. When you scan the external factors that may affect your business, you can effectively come up with plans and strategies that can help you move forward.

Understanding the market allows you to see through the cracks

You often have initial ideas and concepts that may deem promising at first glance. Market research can help you better understand the consumer and its needs. You will know the demographics of your target market, their mindset and their buying habits. In the process, you will sometimes find that your ideas do not match what they are looking for in a product or service. You will then see some of the cracks in your internal environment, as well as to your external environment, which you can take action to correct those within your control.

Testing the waters helps you make important decisions

Apart from interviewing prospective customers, it is also good to give them a taste of your product or service. There is no better way of projecting the results than to have an actual sample where you can see their reaction and gather feedback. You can then do some modification and fine-tune your offering.

Making the right fit for your customers leads to good results

When you create the right fit between your brand and your customers, it can generate positive results. Market research will provide you with the tools to create a blueprint for a sturdy business if you use them right. Others fail because they do not apply the learnings to their strategies and business decisions. Put your consumers first and things will fall into place.

In the end, market research will lead to higher customer engagement, bigger sales and faster growth for your business. It may not be easy, as you have to invest some time and resources in doing the research, but it will be worth your while.

Things to know before you franchise

Franchising is one of the business models that aspiring entrepreneurs explore when they think of entering the business world. There is already a system in place and a brand that is recognised by customers. Although there are many success stories on franchising, there are also futile ones. Before you go into franchising, you have to weigh first the pros and cons and their possible effects on you.

Research, preparation and careful study of your internal and external environments are necessary for making this crucial decision. These are things you can do to make sure that you choose the right option for your business journey.

Consider your strengths and interests

“Where do I start?” It’s one of the questions that those contemplating to start a business ask. The best place to begin looking is where your interests and skills lie. Scan through the businesses in an industry where you are most comfortable to venture so that you will be able to withstand the challenges and hardships of running a business may bring.  

Research and due diligence

Gathering data, information and insights is key to your decision-making process. Conduct research on the brand where you want to invest your money and study the market’s reaction to trends and disruptions. Do your due diligence on the location, company, suppliers and other stakeholders to ensure that you got all areas covered. Match the data with your observation, which is why it is good to visit the site and know the brand from a consumer’s point of view.

Understand the agreement and obligations

Consult with a legal advisor on the various aspects of the agreement and other obligations that may come out of the partnership. Look at different scenarios and determine the costs and benefits from your standpoint as an investor and franchisee of the business.

Review your finances vs costs

To franchise a brand, you will have to shell out an amount for investment. Always be mindful of your financial resources and the list of things you need to spend on this venture. You have to consider salary, administrative costs, electricity and other bills.

Know your weaknesses and areas where you need help

The good thing about franchising is that the company will provide training to take you through the entire process. They will assist you in setting up and running the business. However, there may still be other areas where you feel you will need a lot of help. Do not hesitate to seek guidance from those who have the experience and know-how. Listening to stories of entrepreneurs, such as those that EO members do, can help you gain a lot of insights that can guide you in the different phases of managing a business.

In the end, you have to take a look at the pros and cons of franchising vis-à-vis to opening your business from scratch. Both have advantages and disadvantages, but you have to choose according to your capability and evaluation of your self and the external situations. If you still prefer the franchising route, be sure to keep doing the things cited above as there may be factors that will change along the way.

Increasing sales through online shopping sites

If you are a startup or a small enterprise and you want to sell your products using the online platform, you can promote them on your site and provide an option for site visitors to purchase them there. However, you can move your products faster if you make them available in top online shopping sites.

Before you embark on this direction, you have to review the site, its security features and partnership agreement, as well as the advantage and relevance of such to your brand. Once it has fulfilled your requirements and standards, you can begin featuring your items on your chosen shopping site or sites. But there are a few things you have to keep in mind to get more visitors and prospects to your page.

Write clear descriptions and catchy titles

Your description must be able to inform readers of the features of your product and how it can become a solution to a problem or situation where your item can fill in the need. Do not try to sound hard sell though, but be sincere in stating your offerings. You can include a call-to-action to motivate visitors to do something after reading about your product.

Use nice and attractive photos

Graphics and images are better than a thousand words. People can immediately see how your product looks like and how they can use them through photos. Invest in good product images that can attract people to your page. Make your photos easily searched online by putting tags and captions.

E-mail and engage your buyers

Take the extra step and engage your customers by communicating with them through email. Establish trust and build positive relationships with them through constant updates and fast turnaround on inquiries and complaints.

Follow-up on leads

Build your database of inquiries and convert visits into sales. Follow-up is key to completely closing a transaction. Check out concerns and assist prospects so that they become repeat customers.

Give discounts and special deals

Putting your product photos and description on an online shop may not be enough to bring in sales. With several vendors and many other products available in every online store, you have to compete for attention and gain the trust of site visitors. Coming up with discounts and special deals can put you on the homepage and featured portions of the online shopping site.

Utilise product reviews

When buyers are satisfied with your product and customer service, they will promote your brand and leave positive reviews. But don’t shy away from unfavourable comments. The best way to approach that is to respond sincerely and communicate well with disgruntled customers.

Promote in other sites

Even if your product is on your website and the online retail sites, you still have to strengthen your presence on the internet by using social media marketing and targeted sites. Check out blogs, vlogs and popular accounts of social network influencers. You can send them samples or tokens to feature your product on their sites.

There are plenty of options and opportunities for you even when you are only starting your venture. It is best that you scan the industry and study carefully the various online shopping sites that may lead to increased sales. If you are not too familiar with the terrain, seek help from experts or fellow entrepreneurs who have experience in this area. Attend learning events and seminars, such as those offered by EO Melbourne, and expand your knowledge on business, particularly in using e-commerce.

How to become a successful entrepreneur in the medical field

Getting a medical degree does not automatically makes one work in hospitals or pharmaceutical companies. It may be a specialised field, but there’s plenty of opportunities for entrepreneurship in this business space. There is a door in this industry that can lead you to the entrepreneurial journey.

There’s no denying that the medical and healthcare industry is becoming a popular arena for startups because of technology, specialisations and people’s increasing consciousness to their well-being. Even if you do not have the expertise in business, you can still dip your feet into the water and establish a venture in this field.

Armed with your medical know-how, you can prepare yourself for the journey and survey the playing field before you embark on starting a business. Then work your way towards improving your craft, expanding your business and caring more for patients who need your services.

Maximise your skills and capabilities

Your medical background is already an asset to the business. Add to that your hands-on experience and training. Look at your strengths and let them work to your advantage.

Identify the need

The reason most businesses thrive is that they provide a solution to a problem. Consider the gaps in your industry and the need of your target market or patients. Keeping in mind the need of the people you serve will make you stay true to your purpose and balance profit with purpose. Do market research and reach out to your prospects and clients regularly.

Work on your limitations

Define your weaknesses and work on addressing them by getting partners, investors, consultants or third-party service providers to help you out. Bring an edge to your venture that will make it stand out from the competition.

Create your team

Put together your dream team who can embody your corporate values and culture. Be discerning in selecting those with potential, efficient in retaining the good ones and fast in letting go of those that do not fit in your standard. Hire people that can help you with administration, finances and operations. Remember that your team are your hands, feet, eyes, ears and mouth. They are an extension of yourself, so you need to preserve the trust and harmony when you work as a group.

Keep learning

Look for a group that can help nurture your business sense. Join organisations like EO and surround yourself with like-minded individuals. Learn from other entrepreneurs who have experienced the journey ahead of you. Listen to experts and nurture your business knowledge through books, podcasts and other resources that can hone your skills. Be mindful of trends and disruption, especially in the use of technology in business and medicine.

With commitment, passion and proper guidance, you can take a step towards becoming a successful entrepreneur. More importantly, don’t lose sight of your vision as it will motivate you to keep going amidst the challenges and hardships that the journey may bring.