Image Source: Pexels
3 Types of Free and Paid Services Entrepreneurs Can Leverage to Grow Their Business in 2023
One of the keys to success for any small business is maintaining a healthy bottom line. In addition to adopting sound financial practices, this can be achieved by automating or delegating time extensive processes in the areas of marketing, finance, product management, and more. In this article by The Virtual Consulting Firm, we’ll explore the best free and paid services businesses should leverage in 2023 to streamline operations and maintain a strong bottom line.
Over the last few years, the discipline of project management has grown in prominence among businesses of all sizes. The main reason is to find the best ways to streamline business processes and reduce costs. Additionally, in the aftermath of the COVID-19 pandemic, businesses have understood the importance of adopting lean project management processes allowing them to quickly pivot in times of emergencies or market slump.
There are a host of free and paid project management tools on the market that small businesses can utilize starting today. Here are the benefits they provide:
The business structure has a direct impact on the level of the owner’s liability towards business liens and dues in addition to its tax burden. For instance, if the business is established as a sole proprietorship, the owner bears unlimited liability and receives limited tax benefits. Given the complexity of choosing the best business structure, small business owners should take the help of experts i.e. formation services.
A formation service will provide you with guidance on the best structure suited for your business and undertake the tedious task of filing paperwork with the required authorities. Additionally, come tax season, they’ll assist in making the right deductions and helping you save as much as possible.
When it comes to small businesses, an LLC (limited liability company) is often the best option, owing to its ease of formation and tax benefits, according to Management Library. Additionally, it protects the owner’s private assets and finances from business-related risks, which helps overcome the biggest drawback of a sole proprietorship.
According to research by Smart Insights, businesses need to create a sound digital marketing strategy to be successful in 2023 and beyond. More people than ever are using the internet and interacting with brands on social media. Additionally, every year millions of new customers (predominantly young buyers) are entering the market, bringing along a change in demands and products based on their needs. Hence, digital marketing is not a one-time strategy, rather it is a constant process that needs to be studied, analyzed, and taken advantage of to drive business growth.
Understandably, not all businesses have the in-house expertise to manage the gamut of social media activities, but here’s where working with a digital marketing agency like The Virtual Consulting Firm serves as the best choice, as they can successfully manage the following projects:
Professionals will also know how to implement search engine optimization (SEO) strategies that will get your content out to more people. If you are managing your digital content strategy on your own, definitely look into SEO so that you can make the most out of your campaigns.
It can be challenging to expand your business, but there are great support services available that can help you. Don’t be afraid to outsource when necessary. If you are strategic about where you invest your money, you are likely to see a significant return on investment. So focus on your project management, business structure, and marketing to make 2023 your best year yet!
This article was written by a guest writer, Sally Hook of freelancingresource.com.
Become an Entrepreneur By Launching Your Side Hustle in 6 Steps
You’re curious about entrepreneurship, and you have a business idea in mind – but you also realize that you can’t leave your full-time job just yet. After all, you need a stable source of income and benefits for your family. But with this advice from The Virtual Consulting Firm, you can start a side hustle, test out your idea’s economic potential, and create a brand new income stream for your household. Here’s what you should include in your business plan, how to create a preliminary budget, and why you should form an LLC.
Set Up an LLC
Even if you haven’t mapped out every detail of your vision, you can register your company as an LLC before you start making sales. By researching how to start an LLC, you’ll keep your personal financial assets safe from litigation and qualify for certain tax perks. Additionally, you’ll want to set up a business bank account and open a credit card for your expenses.
Develop a Plan
If you’re launching a side hustle, you still need to create a business plan. Block off a few hours to drill down into the nitty-gritty details of your business idea. In your plan, Novo recommends including an executive summary and general company description, as well as an analysis of your market and major competitors. You can also write out your marketing and sales plan, along with descriptions of your offerings.
Budget Carefully
As you put together your business plan, you also need to think about your budget. Don’t treat this lightly – keeping your finances under control and your spending in check is of the utmost importance if you want to turn your business into a full-time income source down the line. Qonto states that your business budget should cover your estimated revenue, fixed and variable costs, one-time costs, cash flow projections, and expected profit.
Balance Your Schedule
As you get your side hustle running, you don’t want to stretch yourself too thin. If you’re juggling a side hustle with a 9-to-5 job, DollarSprout recommends setting clear boundaries early on. Define how many hours you’ll work per week, turn down work that would push you beyond those limits, and communicate your schedule to your loved ones.
Cost-Effective Marketing
You need to market your side hustle in order to attract your first customers or clients. How can you advertise with a limited budget? Turn to digital marketing channels! Set up a company website with a blog where you can share updates about your business, post product demo videos, and display your contact information.
You should also set up business profiles across several popular social media platforms, such as Twitter, Facebook, and Instagram. If your target audience is on the younger side, it’s a good idea to start using TikTok for your business, too! It’s free to utilize all of these platforms, which makes social media marketing very cost-effective.
Hire Contractors
Do you need a little help managing your side hustle? You don’t have to burn yourself out trying to do everything on your own, but you don’t necessarily have to hire employees right away, either. Instead, consider hiring independent contractors and freelancers for tasks like writing blog posts, updating your social media profiles, or bookkeeping!
Starting a side hustle is a great way to learn the ropes of business ownership without the financial struggles that come with full-time entrepreneurship. You can test the waters, tweak your business model, and keep saving money and supporting your family! With these tips, you’ll be ready to file for LLC status, hire contractors for help, and manage your schedule with these new responsibilities.
The Virtual Consulting Firm is unique in our ability to offer you the services of the best consultants, software and web developers, information technology (IT) and business professionals. If you have any questions, please email info@TheVCF.com.
Photo via Pexels
This article was written by a guest writer, Christopher Haymon of Adulting Digest
The Virtual Consulting Firm offers you the services of the best consultants, software and web developers, information technology (IT) and business professionals with all of the skills and experiences needed to satisfy the requirements of all of your project(s). Contact us today for more information! info@TheVCF.com
Image via Pixabay
Launching an Eco-Friendly Business Concept
If you’re entrepreneurially minded and you have a passion for eco-friendly sustainable living and business ventures, you may have the right formula for a “green” business concept. The first step is assessing your options, researching the competition, and considering your funding needs. The Virtual Consulting Firm has some guidance for getting started.
What Drives You?
Are you interested in developing or selling sustainable products? Providing eco-friendly services? Or possibly greening your current operations?
Define Your Business
Part of developing a business and marketing strategy involves defining specific operational functions of your company.
Create a Marketing Plan
Your marketing plan should speak to your specific demographic and will ideally promote the sustainable benefits and eco-friendliness of your product or service.
Eco-entrepreneurship is growing, and there’s no better time to harness your passion for sustainable living with a winning business concept.
This article was written by a guest writer, Adam Evans.
Adam Evans has worked in a variety of educational roles, from substitution to full-time teaching to administration positions. Currently a full-time private tutor, he likes to spend his free time exploring museums and natural wonders of the West Coast with his wife and their sons.
Develop Your Growing Business in 5 Innovative Steps
Finding success as a business owner is cause for celebration, but “being successful” is not the goal in itself. Being content with the current state of your company will lead to stagnation and ultimately the downfall of your business. If you wish for your enterprise to continue thriving for many years to come, the solution is to continually develop through innovation. In the Internet age, innovating entails utilizing digital advancements and online resources to breathe new life into your company. The sheer possibilities may seem daunting, but you can start growing your business further by following a general roadmap of innovation.
Need help marketing, managing, and growing your business? Learn more about how The Virtual Consulting Firm can help you find success!
1. Adopt Cloud Computing
The best way to expand your business’s capabilities is by adopting cloud-based solutions. Cloud computing is the process of using remote storage or software as a service without maintaining expensive infrastructure within your own office. This makes it possible to complete tasks that are otherwise outside the scope of your budget. Because the cloud can be accessed from anywhere, incorporating cloud services opens up new opportunities for remote work for you and your employees.
Cloud-based accounting software is one example of how this particular frontier of digital innovation can serve you. This software makes it easy to send electronic invoices to clients, which in turn makes it easier for you to get paid on time. Implement accounting software that will provide options for organizing and storing receipts. This functionality will come in handy when applying for tax deductions and striving for legal compliance.
2. Use the Latest Marketing Techniques
Marketing is an essential and constantly-evolving area of business. Social media is at the current forefront of the business marketing field, so you must adapt innovative ways to capitalize on the platform. Instagram is a particularly effective medium for boosting brand awareness and showcasing your business’s values. Create Instagram posts that provide eye-catching visual content that can display the appeal of your products.
3. Prioritize Business Process Management
Many businesses today are turning to business process management (BPM) in order to improve efficiency and better utilize resources. But what exactly is BPM? Business process management is a system that helps businesses to optimize their processes in order to achieve specific goals. This can be done through a variety of methods, such as process mapping, process redesign, and process improvement. By utilizing BPM solutions/technologies, businesses can improve their overall performance by automating processes, reducing errors and waste, and improving communication and collaboration. In addition, BPM can help businesses to better understand their customers and meet their needs more effectively.
4. Invest in Big Data Analysis
Research is crucial for staying ahead of the curve, but many small businesses neglect to acknowledge the power of big data. Experts explain that analyzing big data can reveal hidden patterns or trends within an entire market.
Equipped with this information, you can optimize your processes according to your informed projections of consumer demand. This can help you hone in on effective marketing strategies and strategic release windows for new products.
5. Seek Strategic Acquisitions
Your business can enjoy lucrative growth through the power of effective marketing and data analytics. Coupled with the money-saving benefits of cloud computing and other efficient solutions, you may eventually have more cash flow than you know what to do with.
When you reach this point, you will have the opportunity to make huge expansions to your company in one fell swoop through mergers and acquisitions. Combining new teams and companies under your umbrella is an unparalleled way of introducing innovative new ideas to your overall business.
Every business starts out small, but it can work its way up in the world through innovation-driven leadership. Early success leads to opportunities for investing in technology and new techniques. When you adopt cloud software, invest in BPM and data analysis, market on social media, and look for strategic acquisitions, your company can become a powerhouse that leads its industry with bold ideas for the future.
Image via Pexels
This article was written by a guest writer, Adam Evans.
Adam Evans has worked in a variety of educational roles, from substitution to full-time teaching to administration positions. Currently a full-time private tutor, he likes to spend his free time exploring museums and natural wonders of the West Coast with his wife and their sons.
Photo Credit: Unsplash
Why the Name of Your Business Matters
In business, your name does matter from both a business standpoint and for your marketing strategy. It’s like meeting someone for the first time and processing that all-important first impression — your company’s name is the equivalent of that first impression. It should also make a statement about your brand, both in what you provide and your personality. Would you feel confident if your local emergency clinic was called “In ‘N Out Express?”
This article is brought to you by The Virtual Consulting Firm, which provides information and services to help you market, manage, and grow your business virtually.
What do you do and how you do it
Your business name is the start of building your brand, which is what makes you distinct from competitors and defines your business personality. Consider “Toys R Us,” for example — it clearly defines what it sells, and the colors and styles they use are childlike, fun, and distinctive or memorable.
However, not every business is so lucky as to have its products or services so clearly defined. Someone may set up a business that later provides multiple business lines or services. For example, you may set up a business selling lawn and garden items, and then later branch out to sell all-natural products and essential oils. There’s a loose connection, but the same name wouldn’t make sense. In this case, it may make more sense to have a legal business name and then create a fictitious name — or a DBA (“doing business as”) — for a specific and separate business line. You can select a DBA that clearly defines what it is you do or sell.
You want to also create a distinct logo for your business. Adobe Spark is a free logo design tool you can use to create ideas and try them out. As you go along, try out several different ideas to shape and create a logo that stands out and makes you unique.
Your other marketing consideration is your online presence. Can you find and reserve a domain name that exactly (or even just closely) reflects your business name? If not, your customers or clients may have a hard time finding you, and it offers up some marketing challenges. You can attempt to buy your desired domain name from whoever owns it, but once someone knows they have something you want, they are in a position to name an asking price. You may be better off selecting a name that will work with currently available domain names.
Legal nuts and bolts
You will also want to select a name that is distinct from other business names, especially if they are in the same type of business as you are. This not only gives you a competitive edge by making it easy for your customers and clients to find and identify you, but it allows you to trademark your name and logo for additional protection.
This is the part that can get tricky, as trademarking involves following both state and federal laws. You can search for existing trademarks through the United States Patent and Trademark Office, as well as register your own. But before doing so, you have to follow your state regulations that oversee business naming. Such regulations could include prohibiting certain words, such as those that imply any affiliation with a government agency. You may also need to select a distinct name from another business incorporated and operating in that state — how distinct will vary by state.
If the name fits. . .
Naming a business can be like naming your child. Your business is, after all, an entity of your creation and one that is at least a partial reflection of you. You will want to do it justice from an operations standpoint, and that starts with a name.
Learn how virtual consultants can help you run your business more efficiently without having to hire personnel on the ground. Also, you can become a virtual consultant to help spread your reach.
This article was written by a guest writer, Christopher Haymon.
Christopher Haymon has learned the value of saving and budgeting the hard way. He created Adulting Digest to help others who need help navigating the world of adult finances.
Would you like to start Making Money working from home Now?
You Can! … and You can Chose how you would like to start Making Money working from home all for FREE! …
Do you need and/or want to grow your business?
You Know I really don’t know were to start, …
because, …
I can not say enough good things about The Virtual Consulting Firm!
I guess I will start at the beginning …
Rather than sitting around and waiting for a recovery or “upturn” in the global economy…
Why don’t we just all work together to create one?! 🙂 .
If you don’t believe that this is possible…
Then please allow me to share with you a “story” / “case study” when and how we have seen this successfully done before! 🙂
(more…)
Are you aware of the Hot New Wave of Social Networking going on right now?!
Are you aware of All of the Benefits You may realize from and how You may Make Money for Your Business(es) from this Hot New Wave of Social Networking?
(more…)