According to Alan Safahi Orinda, a professional and experienced business expert, entrepreneurship is an excellent way to ditch your 9-5 job and start a business to achieve financial stability and build a brand reputation. However, many entrepreneurs fail to run their startup companies. Today’s article will highlight the mistakes or reasons entrepreneurs make to experience failure. Read on!
1. Not Having a Business Partner Starting and running a startup is challenging, especially when you set it up alone in a competitive niche or industry. Alan Safahi, a successful entrepreneur, says it requires commitment, sheer dedication, and hard work. So, if you lack entrepreneurial knowledge, setting yourself on this road alone can lead to complexities. Setbacks and blows make it challenging to tackle all processes alone. Therefore, having a business partner or team lets you receive insights from different mindsets. Alan Safahi recommends working with a co-founder to establish a sophisticated plan. However, before choosing a co-founder, you must perform a SWOT analysis. Assess your potential partners on various factors to determine whether they can achieve in stressful situations. 2. A Complex Business Plan A startup company requires building a business model and sticking to it to succeed. A business model is the backbone of your company. However, Safahi says this requires your utmost attention. If you develop a complicated business model with unnecessary details, you will set wrong goals, create confusion, and establish poor or unachievable benchmarks. The good news is that Safahi recommends reasonable solutions to avoid these problems. Safahi advises new entrepreneurs to create a concise plan by hiring a business planning professional. Likewise, obtain valuable feedback from all potential investors and seek constructive criticism before finalizing your plan. Review your strategy from time to time and look for the scope of improvement to streamline your business plan. 3. Delaying Product Launch Many startup companies wait too long for a product launch. According to Alan Safahi, the scope of what you have built fizzles out by the time your product reaches the market. Therefore, spending too many resources and time to make your product stand out can lead to severe consequences. At the end of the day, you will experience adverse outcomes. Therefore, you must not wait months to introduce your product’s prototype or the final version. Alan Safahi Orinda CA recommends not underestimating the value of your product’s prototype, even if the initial version has loopholes or problems. When you launch the minimal viable product in the market and collect feedback from your targeted audience, you can analyze the data and gain insights. You can use these insights to make informed decisions and positively modify your product. Therefore, launching your minimal viable product earlier is essential. 4. Not Collecting Customer Feedback Not collecting feedback from your existing or prospective customers is one of the most significant reasons startups fail on the market. After launching the initial version of your product, take user feedback and welcome the negative reviews. If you fail to focus on customer feedback, you will not understand what changes you need to make for a successful product. According to Alan Safahi, staying open to negative reviews or feedback, analyzing the root cause of your customers’ concerns, and modifying the product can help you stay competitive in the market. Safahi advises entrepreneurs to remain open and honest about the progress while making changes to their products. 5. Ineffective Hiring Strategy Employees are a core asset of your startup company. Your business goals, project success rates, and product quality depend on your employees’ skills and productivity. Therefore, you must hire skilled and experienced people. According to Safahi Orinda, most startup businesses compromise in these areas and shortlist candidates with fewer skills to save money on salaries. Although this strategy can save you money for a short time, you will experience financial losses due to consumer complaints in the future. The most optimal solution is planning your recruitment and hiring strategy. Develop a robust employee background checking and screening strategy and select people with experience and skills relevant to the job positions. Check the employees’ backgrounds, references, educational credentials, and track records. Determine the strengths and skills needed for specific roles and implement a solid training program to ensure everything goes smoothly. Originally Posted: https://alansafahicontracosta.com/reasons-entrepreneurs-fail-to-run-startups/ Saving money on purchasing a product or service is customers’ primary objective. Most businesses, including small-medium companies, offer discounts or coupons to attract buyers and streamline business processes. Research shows that 92% of online shoppers search for a coupon.
According to Alan Safahi Orinda, professional marketers and entrepreneurs, coupons are valuable for online businesses because they inspire consumers to act and buy products. Small companies must leverage the power of coupons to improve their business processes and build brand reputation. Inmar Intelligence research highlights that 54% of people purchase products or services from a new business because they are affordable. Likewise, 35% look for digital coupons before buying a product. According to GoDaddy, developing a reliable coupon marketing strategy is critical to target your target audience. For instance, you must identify whether your target audience uses email, social media, or texts. A coupon campaign that uses timeliness, relevance, and perceived value can boost exposure, improve brand reputation, and enhance customer follow-through. Today’s article will list the best ways to improve your coupon marketing strategy. Establish a Customer Reward Program According to Alan Safahi, reward programs are an excellent way to increase customer loyalty. Customers receive exclusive gifts, discounts, or offers in exchange for consistently buying your products. So, this provides value and lets customers save money. Safahi says the long consumers stay loyal to your company, the higher their lifetime value is, leading to increased revenues. Fortune Business Insights reveals that loyalty programs will grow from $4.43 billion in 2022 to $18 billion in 2028. Safahi says this is due to machine learning algorithms, artificial intelligence, and predictive modeling techniques that provide companies with valuable insights and use strategies to attract customers. Offer special discounts to reward customer loyalty. You can throw in additional perks like a complimentary service or product when a customer hits a specific milestone. For example, you can send a “Thank you Product” when a customer remains loyal to your company for six to twelve months. Add Discounts to Lead Magnets Lead magnets are powerful tools to attract customers. Not only are lead magnets flexible, but they also offer various incentives based on your business niche and customers’ needs. For instance, you can provide your customers with a resource guide, a checklist, a webinar, or an eBook in exchange for sharing their email addresses. A discount offer is the most popular type of lead magnet, allowing subscribers to save money on a future purchase. According to Boston Consulting Group, 90% of consumers share their email addresses if they get a discount or coupon. Therefore, Alan Safahi Orinda recommends offering an email coupon to make the most of your lead magnets. Put an Expiration Date on the Coupon Putting an expiration date on the coupon is an excellent way to improve its value. A limited-time offer is a coupon or discount customers can access within a specific duration. For instance, you can set availability to a few days or weeks. The primary goal is to encourage customers to purchase your company’s products before the expiration date on the coupon. Alan Safahi calls this a scarcity marketing strategy because it gives consumers the perception that a product or service is more desirable now. In addition, putting an expiration date on the coupon tends to pop up during special times of the year, such as Christmas or holidays. It is an excellent approach to attract customers and streamline their buying journey. Customers thoroughly research and narrow their options before landing on your website to see the coupon codes or discounts. So, they understand your company’s value and purchase your products at a discount. Alan Safahi says conducting thorough research to see the types of offers other businesses offer consumers. The purpose is to provide special discounts and coupons to your customers and stand out from the competition. It would help if you found a way to go one step further. For instance, if your competitor offers free shipping on their first purchase, you can do the same and add a small gift. So, this is an excellent way to stand out from the competition and achieve your goals. Final Words Coupon marketing strategies are reliable for small businesses to improve their bottom line. However, these strategies work well with other methods. Relying solely on coupons or discounts is not a good idea because it can cost you money and negatively affect your business. Combine your coupon marketing with social media, online, and offline advertising strategy to attract more customers and improve their desire to save more money on purchasing your products. Increased sales mean higher profits and ROIs. Follow the tips and tricks above to achieve your goals. Originally Posted: https://alansafahicontracosta.com/how-to-improve-your-coupon-marketing-strategy/ There are numerous reasons your employees are leaving your company. According to Alan Safahi Orinda, a professional entrepreneur, inadequate salary, uncompetitive perks, benefits package, limited career advancement, and lack of recognition are the primary reasons a company has lower retention rates.
Safahi says effective employee retention saves your company from productivity losses. It employs more engaged workers who work diligently and dedicatedly to improve your business’s bottom line. So, how do you improve your employees’ retention rates? Today’s article will answer this question based on Safahi’s recommendations. Read on! 1. Hire the Right Talent Hiring the right candidate for a particular position eliminates the need to search for additional professionals. Employees who are a good fit for your company develop their skills and improve their performance in your organization. According to Alan Safahi, recruiters and hiring managers ensure that the job description and company culture are clear to facilitate the onboarding process. Only when employees are satisfied and enthusiastic will you be able to retain them. Encourage and actively listen to employee feedback, provide ongoing training, and build a mentoring culture to increase employee retention rates. Safahi says retaining employees is more significant than hiring them. Candidate loyalty is one of the most desirable traits for employers to have productive and skilled employees. Therefore, you must create a solid strategy and thoroughly analyze the situation from time to time to achieve your goals. 2. Focus on Employees Training As part of an ongoing performance evaluation, you can help employees identify areas for professional development, such as the need to learn new skills. Employee development is critical today as technology continues changing the work. Safahi says skills development is the acquisition of new competencies and capabilities in response to changing business needs. Make it a priority to invest in your employees’ professional development. Provide time to attend virtual conferences, compensate for the cost of training, or pay for continuing education. 3. Improve Communication The transition to hybrid and remote work has highlighted the importance of good communication in the workplace. Your direct reports need to feel they can come to you anytime with ideas, questions, or concerns, whether local or remote. As a boss, you need to make sure that you are contributing to the development of timely, constructive, and positive communication throughout the team. Keep in contact with each team member to monitor their workload and satisfaction levels. If the team is disorganized, engagement will not increase. Without attention, the workplace looks boring. Therefore, team-building activities are essential to improve team cohesion. Safahi says suitable team-building activities include holding unofficial social events, conducting systematic brainstorming sessions, explaining roles, and creating a good work culture that eliminates micromanagement. 4. Implement a Reward System Rewarding and recognizing employees can increase employee engagement, improve retention, and create a more positive workplace atmosphere. Implementing a reward and recognition program can lead to increased employee engagement, which can benefit your company, including increased productivity and staff retention. Create an effective management system based on implementing strategies and policies to reward all employees in a company fairly and consistently. Rewarding employees for good work makes them feel valued, increases motivation and increases business productivity and success. According to Alan Safahi Orinda, founder of a San Francisco-based company, reward systems motivate employees to achieve goals and organizational objectives in exchange for rewards. While reward systems are a great way to encourage employees, you can also motivate them by proving themselves to the organization. In addition, reward systems reduce absenteeism in an organization. 5. Ensure Flexible Work Arrangements A flexible system is an arrangement or schedule separate from the traditional work day and hours. Employees can choose a different work schedule to meet their personal or family needs. Alternatively, employers can initiate various plans to meet the needs of their customers. A flextime system allows employees to negotiate a less rigid work schedule to improve their work/life balance and overall contribution to the company. A flextime system changes the terms and conditions of an employee’s employment. It allows for a better work-life balance and provides other rights and protections for employees to streamline their personal and work-related tasks. The purpose is to improve employee retention rates and achieve success. You can consider: Final Words Employee retention is daunting, frustrating, and time-consuming. It requires you to make substantial efforts and create solid strategies focusing on the above factors. In addition, you must emphasize your organization’s culture, acknowledgment at the workplace, and provide your employees with benefits. An optimal workplace environment, ongoing training, and aligning mission, vision, and values with training and development can lead to success. Follow these five strategies to achieve your goals. Alan Safahi, a San Francisco-based business owner and a highly qualified, experienced, and skilled entrepreneur, entrepreneurship is a rewarding career that gives you work-life autonomy and helps you achieve financial stability.
It streamlines your leadership qualities, ensures a flexible schedule, strengthens corporate connections, and increases your satisfaction. Here are the five crucial attributes of a successful entrepreneur, according to Alan Safahi Orinda. Confidence Confidence is an essential and hallmark quality of a successful entrepreneur. According to Safahi Orinda, not everyone is born with self-confidence. However, this does not mean people can have confidence. Many confident men and women create a sense of self-confidence by facing challenges and developing strategies to fix the problems. There are numerous ways to increase your self-confidence. These include embracing discomfort, learning from setbacks, learning the art of saying “No,” celebrating small achievements, and seeking out mentorship. A Sense of Ownership A successful entrepreneur has a strong sense of ownership. According to Safahi, you can become a successful entrepreneur when you focus on streamlining your business operations and pay attention to things. Instead of viewing an issue like someone else, you should see it as your own and make substantial efforts to find a solution. The purpose is to leave things in better shape and improve situations instead of leaving them unattended. Communication Skills A successful entrepreneur recognizes all critical aspects of a business and focuses on human resources, whether in the form of strategic partners, employees, or customers. Your communication skills can make or break your business. Therefore, to become a thriving entrepreneur, improve your communication skills to strengthen relationships with people. Safahi recommends honing your communication skills, including spoken, written, and non-verbal messages conveyed through effective body language. Leverage essential resources and tools, including public speaking classes, telecom technology, cutting-edge computer technology, neurolinguistic programming grants, and search engine optimization. Team Player Your business will thrive when you have a team of professionals with diverse skills. These people can contribute to individual ideas, identify issues, and solve problems. A successful entrepreneur is a team player and collaborates within a group to resolve issues. Brainstorming is an excellent opportunity for you to exchange ideas with your team and develop creative ways of doing things. In addition, communicate constructively with everyone in your company, including employees, coworkers, partners, customers, and other stakeholders. Not Afraid of Risks The fear of taking risks is one of the most significant causes of business failure. According to Alan Safahi, every time you take a risk, you put yourself and your business on the line. However, taking risks can pay off with incredible success and help you achieve your goals. A successful entrepreneur accepts risks as a cost of opportunity. Although you must not be afraid of taking risks, make sure you evaluate the entire situation and perform possible calculations to proceed to the next step. Identify, analyze, prioritize, treat, and monitor the risk for proper management. Originally Posted: https://alansafahicontracosta.com/crucial-qualities-of-a-successful-entrepreneur/ Business management is the effort and actions to improve the productivity and competitiveness of your company. According to Alan Safahi, an experienced entrepreneur, a company's management optimization aims to improve things.
Identifying the factors that influence the success or better results of the management is necessary. Business management seeks to ensure that the supply meets the demand for the different activities or products of the company. It ensures procedures with lower costs and benefits the consumer, thus constantly increasing the company's productivity. Faced with a global panorama, where the market is changing, the development of information and communications technologies (ICTs) has led companies to function in an increasingly complex context with easy access to information. Companies must take on the challenge of modifying and adapting business management to successfully compete in the changing, competitive, and flexible market. Today's article will discuss business management and its critical aspects to help you understand the concept and make the most of it. Read on! Critical Aspects of Business Management The managerial function involves the ability to lead, be recognized, and be followed by dependents. According to Safahi Orinda, it requires greater professional technical capacity and other managerial aspects, such as: • Decision making • Honesty and impartiality • Imagination, creativity, and development of new ideas • Supervise, control and lead • Assume responsibilities and run inherent risks • Ability to analyze and solve problems • Detect opportunities and generate new business • Ability to adapt to change • Active communication and conflict management • Management of marketing techniques to promote products and services Business Management Techniques Business management involves handling a set of techniques, which depend on the company's size and find proportional difficulties in business management. It focuses on improving productivity, sustainability, and competitiveness, ensuring the viability of the company in the long term. Alan Safahi recommends considering the following business management techniques. Administrative Management Plan the company's future work, set strategies and goals or objectives to be met, organize, determine the functions and structure necessary to achieve the objective, establish roles and processes, and assign these responsibilities to people. Strategic Analysis Diagnose and identify the most likely international, national and local political, economic and social scenarios, to analyze business agents. It involves researching your organization's business culture and environment, formulating strategic planning, and making informed decisions to ensure everything goes smoothly. Technology and Financial Management Apply the company's internal and external information and communication systems to all areas to make appropriate decisions through the Internet. Technology is an integral part of your company that streamlines communication, improves data protection, and optimizes operations. According to Alan Safahi, financial management involves obtaining money and credits at the lowest possible cost, assigning, controlling, and evaluating the use of financial resources of the company to achieve maximum returns, and keeping an adequate accounting record. Human Resource Management Seek the use of the workforce in the most efficient way possible, worrying about the process of hiring, maintaining, and developing employees. It involves training and development programs to improve employees' skills, align their skills with the company's objectives, and put them in the right direction to improve productivity. Logistic Management Logistic management is an integral part of your business. According to Safahi, it involves purchasing, storing, and supplying goods and services that will satisfy consumer needs, transforming a set of raw materials, labor, energy, supplies, information, etc. Business Management Functions Alan Safahi Orinda says business management functions are critical to your company's success. It helps you understand your company's areas, such as human resources, financial aspects, technology tools, productivity strategies, and marketing plans. Here are the four critical elements of business management functions. Planning: This function contemplates establishing the goals and strategies of the organization. Therefore, based on sound business management, a good businessman seeks to consolidate his model that involves detailed plans for integrating and coordinating activities. Organization: Design the structure of a business or company. Determine the tasks and functions, personnel and decision-making levels, dependencies, and obligations. Management: Companies, businesses, organizations, or institutions' success depends on their employees. The responsibility falls on administrators to direct, coordinate and lead the activities of the staff. Control: A company with goals, formulation of plans, structural outlines, training and motivation of personnel, also needs to ensure operation, based on monitoring the performance of the business or organization to compare the results with the goals set and estimated budgets. Final Words There are various functional areas of business management. However, Alan Safahi recommends focusing on strategy, finance, marketing, technology and equipment, human resources, and operations. When you understand these areas, you can streamline your business management, increase employee productivity, promote products/services, reach prospective customers, turn them into loyal customers, and improve your overall business's bottom line. Starting a small business requires thorough planning and preparation, allowing entrepreneurs to develop goals, strategies, and actions to ensure their business thrives and stays competitive, prospers, and improves the overall bottom line. According to Alan Safahi Orinda, a professional entrepreneur and founder of a startup company, small business is the backbone of socioeconomic prosperity, with about 31.7 million small businesses in the U.S economic system. Before starting a business, Alan Safahi recommends that you take a few steps to improve your chances of success. Today’s article will discuss critical things or factors to consider before starting a small business. Read on! 1. Self-Assessment: The most important task, and also the first that you should carry out, is a self-assessment. Being the owner of a business can be a challenge. Knowing your weaknesses and strengths helps you focus your initial efforts on the things you do the best while at the same time finding ways to improve or compensate for your weaknesses. 2. Multitasking Skills: When you start your own business, you must do everything yourself. It can be a significant change from working for someone and being responsible for only one area of a company’s operations. According to Alan Safahi, you may have the right profile to start a business if you think of risks as an opportunity rather than a threat. Think about how you would handle unexpected projects. Starting a business often means unexpected setbacks and spontaneous opportunities that you need to act on quickly. 3. Business Proposition: It’s essential to clearly understand and define your unique proposition to potential customers. While you can have a concept so different from anything seen on the market before that it grabs immediate attention, it is through the application of the following tactics that companies often achieve success:
4. Writing a Business Plan: A business can help you bring on new partners and get funding. According to Alan Safahi, an experienced entrepreneur, having a solid plan will help investors feel more committed and confident because they will see a higher ROI. In addition, a business plan is a powerful tool to persuade investors and people working with you. It enables you to develop S.M.A.R.T goals, create effective strategies, and make informed decisions to streamline your company operations. A business plan defines your business idea, identifies your goals, and functions as your company’s resume. Essential components include a current and pro forma balance sheet, a profit and loss calculation, and a cash flow analysis. Because it provides specific, organized information about your business (including how you plan to repay your loans), a good business plan is a critical part of any loan application. 5. Business Capital and Expenses: Capital can be obtained through bank loans, personal savings, family contributions, etc. A professional business coach or mentor can help you identify the type of financing and lender that’s right for you while helping you organize your loan application. You must know all your expenses, both your initial one-time expenses and the steady demand for cash. You must itemize each purchase and each payment and determine its actual cost. Alan Safahi recommends taking into account: equipment, insurance, business presentations, advertisements, furniture, stationery, supplies, inventory, legal and accounting services, salaries, bank commissions, employment benefits, etc. 6. Set the Accounting System: If you don’t keep track of sales, inventory, expenses, and cash flow, you won’t know if you are making or losing money or being out of stock. These records will also allow you to compare your current results with your projections and will be needed when you file your taxes at the end of the year. An accounting system helps you monitor your business growth, build financial statements, track deductible expenses, prepare tax returns, streamline finances, and legitimize your filings. Therefore, establishing an accounting system is critical to organizing receipts, documenting data, and analyzing records. Final Words: Starting and running a small business is one of the best ways to escape the traditional nine to five job, access credit, stay competitive in the market, and streamline your company’s operations to improve its overall bottom line. Similarly, it gives you personal satisfaction, access to resources, technology tools, and flexibility with changing conditions. Alan Safahi says a small business requires you to thoroughly analyze the market conditions, define your target audience, and develop a product that aligns with customers’ needs. Consider the factors above to optimize the overall process and achieve your goals. Until Next Time! Originally Posted: https://alansafahicontracosta.com/things-to-consider-before-starting-small-business/ A payment processor allows you to accept your customers’ debit card, credit card, and ACH payments. You must choose a reliable processing service to leverage a powerful and customized system and manage your transactions effectively, reliably, and quickly. Today’s article will list eight tips to select the best payment processor for your business. Read on!
Transaction TypesAccording to Alan Safahi, an experienced, skilled, and professional entrepreneur, transaction types are the first factor to consider when choosing a payment processor. It refers to the methods by which the payment data enters the system. Safahi says this may include:
Therefore, look for different methods you take payment data and confirm that the software tool or payment process has these features. If the payment processing system offers these essential features, go for it. Pricing TransparencyPricing transparency is another critical factor when selecting a payment processing system for your business. According to Alan Safahi, a successful business owner in San Francisco, pricing transparency enables you to compare products and services, define the right pricing strategy, and save time. In addition, it indicates your company is confident, dedicated, and committed to providing the best services to consumers. Likewise, it showcases your company’s fees are competitive. Therefore, choose a payment processing system with high pricing transparency features. Processing Service PriceThe cost or price of a payment processing service is one of the most significant factors to consider. Safahi recommends looking at the costs of a processing service, including monthly fees, transaction fees, chargeback fees, membership fees, PCI compliance, and cancellation fees. A company that offers the cost per transaction via an interchange-plus model is less than the cost per transaction via a flat-rate model. However, Safahi says that monthly volume minimums and fees with a pricing model can add to the service’s costs. So, it would be best if you found a payment processor that comes within your budget. Technology FeaturesTechnology is an integral part of a modern payment processing system. For example, a card reader and associated application are essential if you plan to receive in-person payments. Remember, the card reader technology must accept magnetic stripe cards, contactless payments, and EMV chip cards. Alan Safahi Orinda says payment processors like “Square” provides companies with a free magnetic strip card reader. However, they charge businesses for an EMV chip. Therefore, contactless or EMV chip reader fees and applications can add to the service’s overall costs. Safahi recommends choosing a reader with high Android and iOS smartphones. Point-of-Sale HardwareMost systems offer payment processing and POS system. However, they are different things. A POS system can process card transactions and record cash payments, inventory management, sales reports, and integration with accounting software. So, if you are looking for a system that combines POS and payment processing options, make sure you choose a system with cutting-edge features. You can select a processing system that aligns with your current POS system, including hardware and software capabilities. Accounting System IntegrationChoose a payment processing system that exports transaction data to your accounting software. According to Safahi, exporting transaction data to your accounting software is essential regardless of a card reader and application or a complete point-of-sale system. Therefore, the payment processing service you choose for your business must import or synchronize sales data to the accounting software. The purpose is to improve accuracy, enhance precision, make an informed decision, and save yourself from manually entering the data. Contract DurationAlan Safahi recommends choosing a short-term contract because you may not like the service over time. Although some payment processing system providers do not require a contract and provide monthly services, determining the contract duration and features of the service is crucial to streamlining the entire process. Some companies tell their clients to “Cancel” at any time; you must confirm they don’t charge termination or cancellation fees because this can cost you money. So, perform thorough research before choosing a payment processor for your business. Customer supportA payment processing system provider that offers 24/7 customer support is reliable and convenient. Therefore, select a company that provides 24/7 help to resolve problems immediately. Although most companies do not prioritize 24/7 support for businesses that need payment processing systems, choose a service provider with experienced professionals. The purpose is to contact them anytime, discuss issues, and receive solutions to the problems. Final WordsA payment processor is an integral part of your business that helps you manage credit card and debit card transactions. It acts as a mediator between a financial institution and a merchant. Consider the factors above to choose the best payment processing system for your system and authorize credit card transactions efficiently, reliably, and securely. Until Next Time! Originally Posted: https://vocal.media/journal/8-tips-to-choose-the-best-payment-processor-for-your-business Launching a tech startup requires planning, preparation, and a step-by-step approach. Alan Safahi, an experienced San Francisco-based entrepreneur, says that a tech startup begins with a business idea and turns into a cutting-edge product.
When you develop an innovative technology product, it reaches millions worldwide. According to Alan Safahi Orinda, think of Google, Facebook, and Apple, the most popular and profitable organizations, began as technology startups. Besides, tech startups focus on developing innovative products that provide an effective and reliable solutions to users’ problems. A successful startup identifies and addresses customers’ pain points. Today’s article will give tips on launching a successful and profitable tech startup based on Safahi’s insights. Follow these strategies to streamline the entire process and achieve your goals. Read on! Create an Innovative Product Building a tech startup requires a step-by-step approach, and the first step is to define your company’s vision. It focuses on developing a product on innovative and technological foundations. Your enthusiasm, commitment, and passion for building a product are critical to your startup’s success. Data collection identifies consumers’ pain points, analyzes them using analytics, and generates valuable insights. For example, your company offers a SaaS-based cloud storage platform, allowing businesses to store and access their files, documents, data, etc. While using the app, you identify several bugs that cause problems for the users. In that case, your development team makes substantial efforts to eliminate the bugs and launch a new product version that understands users’ pain points and addresses their concerns. The purpose is to provide consumers with better experiences. Develop a Business Plan Your business plan must align with your vision and mission. For example, your business answers the question of how you can create an innovative product. However, this becomes possible when your vision answers the question/problem. Sometimes, entrepreneurs develop a business plan at the later stages. Other times, people develop it right at the beginning of building a startup. Although this depends on your preferences and goals, it is critical to include all business plan elements and align them with your objectives. Alan Safahi Orinda, a successful startup owner in San Francisco, recommends adding short-term and long-term goals to your business plan. At the same time, focus on your target market/audience, competitors, industrial opportunities, trends, financial and operational milestones, and projections. Build Your Minimal Viable ProductA minimum viable product, also known as MVP, is a prototype of your technology product. The prototype has a few essential features that attract your target audience’s interest. According to Alan Safahi Orinda, you must create a minimal viable product to test whether it meets the requirements of your target market. Launch the MVP and see whether it addresses consumers’ pain points. Thus, you can further develop the product and include more features. However, if your MVP fails the test or does not attract consumers’ interest, you will have to create the product from scratch. Collect Customers’ Feedback Collecting customers’ feedback on your MVP is critical in launching your tech startup because the data gathered can help you enhance your product’s features. For example, users may provide feedback about the product’s design. Likewise, your SaaS-based cloud storage service may have security issues. The collected feedback can help you identify and address problems based on consumers’ preferences. Originally Posted: https://alansafahiorindaca.wordpress.com/2022/08/15/how-to-launch-a-tech-startup/ Marketing helps you identify and understand the needs and wants of your customers. It allows you to promote your products/services and stand out from the competition. According to Alan Safahi, a successful entrepreneur, marketing gives entrepreneurs an opportunity to gain insights and reach their potential customers.
It enables you to promote your products and make them more appealing to your target audience. It is about finding the right people for your products and includes various disciplines, including public relations, sales, pricing, packaging, and distribution. Today’s article will discuss strategies to build your fan base. Read on! Create a Website Creating a website is a must-have for an entrepreneur or small business. According to Alan Safahi, investing in an intuitive, informational, functional, easy-to-use, and navigational website can improve your fan base. Remember, a website is your business’s online storefront. Safahi recommends making it consistent with your products or services and engaging your customers. Add a Blog Section Your company reflects your experience, skills, and expertise. A blog is an excellent way to build your business authoritativeness and credibility by educating your existing and potential customers. Your blog must have the same branding as your business website. Create engaging, informative, and helpful content. Build Email Lists Collecting email addresses from your existing and potential customers is an excellent way to keep them informed about your business. At the same time, you can use the email list to send valuable stuff to your customers. Alan Safahi Orinda recommends avoiding heavy sales jobs or constantly nagging your customers about the latest product offerings. Follow the 80/20 rules, meaning 80% of your content should be informative and 20% promotional. Offer Free eBooks Offering free eBooks is another best way to build your fanbase and create an online reputation. When you provide eBooks that contain helpful information, it shows your expertise in the respective industry. As a result, your potential audience or targeted customers will trust you more and buy from you. Improve Your Social Media Presence Whether Twitter, Facebook, Friend Feed, LinkedIn, or Myspace, building a solid social media presence allows you to reach your target audience, engage them with valuable content, and drive organic traffic to your website. Remember, this is directly proportional to increasing your sales, boosting revenues, and improving your business’s bottom line. Become An Active Community Member A professional entrepreneur is an active community member online and offline. The purpose of actively participating in community events and providing advice to fellow professionals and customers is to showcase your expertise, credibility, and authoritativeness in your niche or industry. Manage Third-Party Reviews Third-party websites, such as Yelp, are an excellent way to promote your business and build a fanbase because 55% of people read online reviews before purchasing a product or service. Third-party reviews are accurate and truthful. Even if you have bad reviews, you can respond positively and discuss what went wrong. Replying to customer reviews on third-party sites will show professionalism, allowing people to trust your business. Originally Posted: https://alansafahicontracosta.com/strategies-to-build-your-fan-base/ |
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