Author: veumagazine

online-business

Essential Guide To Starting And Growing An Online Business

Starting an online business takes a lot of effort and time. Many procedures and decisions always come together to generate a great outcome regarding the income stream. The following guide will help you on you can start your online business. 

online-business

Choose Your Niche

When you are thinking of starting an online business, it is better to remain very niche-specific. You may not expect to sell all of it and gain huge profits. Most online businesses give hundreds of products and many categories with no actual focus on being niche specific. You may not be the next Amazon overnight unless you have a huge investment behind your business.

Until then, it is ideal for focusing on your niche and running a successful business in only that niche. 

Select A Business Model

Now that you have picked the business area in which you will be selling your products, you should come up with a strong business model. Remember that there is no single structure of the business that works ideally for all.

Therefore, you will have to evaluate everything and pick the business model after a thorough level of consideration. If you wish to earn big profits without managing the inventory or investing heavily, dropshipping will be your answer.

It is also a smart, cost-effective choice that fits well with initiating an online business. 

Start The Online Business

To start an online business, you will have to consider the following basic needs. Let us go through them in the following list

  • Selecting the name
  • Get a logo 
  • Register your business 
  • Apply for permits and licenses 
  • Visualization 
  • Find the right vendors       

Choose The Right Online Business Platform

Most entrepreneurs tend to make a huge mistake by going for an eCommerce platform that is not ideal for the business model. There are many aspects you should evaluate before picking the eCommerce platform. The wrong platform not only brings trouble in the future, but it also affects the operations you have ongoing greatly. There are many online platforms that you can choose from. The following are a few suggestions. 

  • WooCommerce 
  • Magento 
  • Shopify 
  • BigCommerce 
  • Prestashop 

Add Products To Your Store

Before you start selling your products using any platform you have picked, you should evaluate the basics. It is important to learn the basics of the WooCommerce online store to use it in an ideal way. And then once you get a hold of it, start putting your products on it. 

Target Right Audience

It is highly important that when you market your brand, you market it right. You don’t want to let your marketing strategies go in vain. This is why you always make sure who you are selling to and always target them using your marketing strategies.

You want to have more attention online, and this attention will bring you customers that may also turn into your loyal ones. 

How To Be A Leader Who Creates More Leaders

Being a leader is what people with influence want to be. But only good leaders want to see many more leaders budding around them. It is only a thought of great people that they wish to see others winning as well. So to be a leader who creates more leaders, you can follow the given tips. 

1. Be A Good Leader Yourself

To make someone else grow into you and have traits similar to you, you first have to be the best you can be. If you are a leader and want to create more of yourself around you, you will have to possess certain traits that will distinguish you from the rest.

Other leaders who fall in the category of being bad leaders have traits that contradict a good leader. A good leader whose actions are inspiring for others empowers and elevates others for an extended time period. 

2. Be Persistent and Consistent

Becoming a leader who leads will need time. It can’t be an overnight process, and it doesn’t also ever end. Walking up to some proficiency level, being a leader will not imply that your learning process has ended.

You will always keep on learning new and also trying out new things to continue the development process. Building up more leaders will need a lot of love of learning and also professional development. It would help if you were an example for your people. 

3. Teach and Coach Constantly

Elevating others to be their best selves takes a lot of patience and constant work. A random lesson here and there isn’t going to do the most.

You have to have the teaching and coaching hat on all the time because any of the given moments may expose the opportunity to teach vital lessons or use the question to coach someone so that they can come up with answers themselves.

4. Admit that you don’t know everything

There will mostly be such moments where you will learn something you have been teaching is proved wrong. In such moments, you have to reject the natural tendencies and say that many people struggle to come out with, i.e., I was wrong, and here is a better way to do it.

There isn’t any doubt that the best leaders are constant learners. It means that it is totally fine if you don’t have all of the answers.

5. Give away the Ownership and Responsibility

Power is quite a funny thing for leaders, as often with the title comes a lot of power they never had. Unfortunately, some like the sensation so much that they will hold onto it and also take advantage of it.

The best of leaders always give away power and responsibility to other people to take ownership of the decision and behaviors they make. This is quite easy to write but hard to put into practice.

These were a few things that you must practice to be a leader who creates more leaders. 

successful-entrepreneurs-in-the-world-2

6 Most Successful Entrepreneurs In The World

When the talk is about money and success, most successful entrepreneurs in the world keep changing. This list sometimes brings some names up and sometimes brings them down to replace other new successful ones up there. But which are the most successful businessmen these days in the world? Let us find out.

First, let us find out who entrepreneurs are. An entrepreneur is a person who sets up a business or an organization by taking on financial risk.

With the financial risks comes the chance of earning financial rewards in terms of profits. Apart from the financial gain, businessmen and entrepreneurs are also motivated by the factors such as innovation, disruption, and making a strong impact, etc. 

Let us now see the 6 most successful entrepreneurs in the world:

1. Jeff Bezos

Jeff was born in 1964 and is the founder and CEO of the e-commerce giant Amazon. Having a net worth of $131 billion, he is at the top of the richest entrepreneurs’ list. He founded Amazon being an online bookstore in 1994. And after that, there wasn’t any spot to look back for Bezos.

He kept adding more and more products to his store. At present, Amazon is the world’s biggest online shopping platform and has diversified interest in a lot of business such as Amazon Web Services, Audible, Alexa, Junglee, etc. 

2. Bill Gates

Bill Gates is the founder of the Personal Computer Software firm Microsoft corporation. Having a net worth of $97 billion, Gates is on the number second on this list. He is widely credited as one of the most initial people who revolutionized the personal computing worlds with the Microsoft operating system ‘Windows’ that started in 1975. Microsoft has, over time, diversified the interests in many companies, including LinkedIn, Skype, Microsoft Mobile, Yammer. He is also very actively involved in projects regarding philanthropic. 

3. Warren Buffet

He is one of the most successful investors of this time. Having a net worth of $82 billion, he is on the number 3 in this list. He owns Berkshire Hathaway that is more than 60 companies in one, including Geico & Duracell. He has pledged to give away 99% of his earnings in a donation. 

4. Bernard Arnault

Bernard Arnault is the CEO and chairman of the fashion conglomerate LVMH. It is the world’s biggest luxury goods company. Having a net worth of $76 billion, he is the richest person in Europe. LVMH has over 70+ brands under its name. 

5. Carlos Slim Helu

Carlos Slim Helu owns America Movil that is the biggest mobile telecom company in Mexico. With a net worth of $64 billion, he is on #5 on this list. Also has a very diversified taste in other sectors like consumer goods, construction, real estate, mining, and media.

6. Amancio Ortega

He is the co-founder of Inditex that runs the very popular fashion chain Zara. Having a net worth of $63 billion, he is number 6 on this list. He has 8 brands and also operates on more than 7,500 stores around the world!

Conclusion

This was the list of top successful entrepreneurs in the world that lie at number 1 to 6. What are your plans in the future to lie at any of these numbers?

types-of-crisis-your-company-could-face

5 Types of Crisis Your Company Could Face

Nobody can ever plan their mistakes and nobody would like that too. But mistakes just happen like that. They often happen at the worst times possible. Many of us want to quickly fix our things as soon as possible, but when you are running a business, it gets messier if not resolved or noticed at the time. Small mistakes can end up being a hugely costly endeavor. So what are the types of crisis your company could face

5 Types of Crisis Your Company Could Face

Following are a few crises that you may face while running a company hence you better stay aware of them. 

1. Financial Crisis

A financial crisis happens when some business loses value in its assets and then the company gets unable to pay off the debts. Mostly this is due to a significant decrease in the demand for a product or a service. In such cases, the company should move funds around to quickly cover the short-term costs.

Then, they will have to reanalyze their revenue sources to have a look for some new ways to gather up long-term income and also to increase the margins. 

2. Personnel Crisis

This kind of crisis happens when an employee who is linked to the company is involved in any illegal or unethical misconduct. Whether it is in the workplace or the employee’s personal life, such situations can result in a very bad backlash against the company.

Since an organization supported and had employed these personnel, their lack of judgment is often showed on the company’s reputation. 

In such cases, you will have to identify the scope that this situation has got, and also determine any proper action. You can also give a verbal or written statement for it. 

3. Organizational Crisis

Organizational crises are the times where the company has greatly wronged its clients or customers. Rather than having a mutually beneficial relationship, such businesses use their customers as a source of benefitting the business. This kind of crisis includes certain misconduct such as holding the information, exploiting the customers, and also misusing the managerial powers. 

Changing the company culture is the ideal way to address such a crisis. 

4. Technological crisis

In the world of tech-driven businesses, there is a huge number of businesses that rely on technology to carry out their daily functions. So when this technology crashes down, they have a lot to worry about than only a few missing emails. Ecommerce sites and software companies may lose millions of potential leads if the servers they have in use suddenly break off.

That is not only a big loss of the revenue that may have generated but is also a huge hit to the service or product reputation. 

5. Natural Crisis

If a sudden earthquake destroys your office, you can call it a crisis as well. while it can happen very rarely, such natural disasters can greatly impact your business. If your company is at a place that is greatly exposed to extreme weather, you will have to prepare an emergency response to deal with such events. 

Conclusion

These were the types of crises your company could face. You will have to be ready to face such a crisis and should bring in reforms even before you face such things. 

strategies for quickly expanding your business

5 Strategies For Quickly Expanding Your Business

Businesses these days are not the same as they used to be in the past. You have to deal with many things, one of which is huge competition. Many businesses are growing every day, and many are taking their first leaps. Hence you need to know the ways through which you can quickly expand your business. A few strategies for quickly expanding your business are as under:

strategies for quickly expanding your business

1. Know Your Customers

Knowing who you are selling your products will greatly help you bring things they like buying. You will go through the process of knowing your market and then developing the business plan accordingly. But an active customer base will make you constantly keep an eye on the changing trends and know what people are buying and what they are interested in.

 You can have surveys, online searches, and many other ways to identify who your customers are wishing to buy and are looking for online. 

Strategies for Quickly Expanding Your Business will let you see how you can grow more.

2. Be Well Focused On Customer Service

As you look towards scaling your business, your present customers’ quality customer service may fall by the wayside. Sure the customers churn is the part of dealing with any business, but you don’t wish it too be a direct result of your attempts to scale up.

And you don’t even wish to compound people leaving by giving them a poor experience. At the same time, focusing more on quality customer service may be a direct avenue of growth. 

3. Extend Value From The Current Customers

It is common when you are looking for growth opportunities to attract new customers immediately, but what about those you already have? You have built credibility with them means they are more likely to buy from you again or even pay more for the new products and additional services. Explore the new opportunities to extend the value of the customers you have.

As a new product line which compliments the previous purchases, test the increasing service prices in exchange for the additional features. 

4. Leverage On Social Media

Diving into social media may be daunting. But here is the thing; you don’t need the experience with it to leverage the social platforms. It may be as simple as opening the business profile and beginning to grow the community of customers. 

5. Grow Your Team

Growing the customer base and also growing your sales mostly means growing your team. Just like you need to focus on giving exceptional customer service, you will have to focus on the propel’s quality that join your team.

Focus on looking for diverse voices that may not only fulfill the duties of the roles you have assigned them but can also give a unique perspective that challenges your own. It is harmful to have a whole staff that says yes, and can potentially lead to poor internal culture and self-serving decisions. 

Conclusion

Being able to grow your business with these few tips will be the big hit you make next. These tips have helped many people acquire their business goals, and the same can be true for you!

qualities-of-an-effective-leader

6 Must-Have Qualities of an Effective Leader

Leaders at heart wish to be an employer of choice and not be an imposed boss who is hated lest liked and followed. Having the qualities of an effective leader, leadership of people who are associates of managers and supervisors must be important. They have to understand that we don’t have to manage our associates. We lead them.

We should also manage finances and the team members. Such leaders should have the following 6 qualities to be effective every day. 

qualities-of-an-effective-leader-1

Relevant Knowledge

An effective leader goes beyond knowledge by also having the relevant knowledge for the role they are playing. This also includes theoretical, technical, and conceptual knowledge. The person should have the ability to image and conceptualize. He or she should know the whole operation so that he can effectively lead a team. 

Intelligence

This is related to the ability to follow and interpret the vision and the mission of the whole organization. It also brings together the small decision-making processes and effective communication because a leader must synthesize, communicate, and interpret information highly successfully. 

Ethical and Moral Character

To become an effective leader, one should be highly honest and also have a strong moral character. Your character will let you always support the right thing and order the right methods in your office and workspaces. 

Desire to Influence Others

This desire is mostly seen as the willingness to accept strong authority. In other words, the person is okay to be in hold and authority and does not shirk this reasonability. They may use the authority to build strong and trusting ties and also influence others. 

Self-confidence

Someone who has a strong presence and bearing also can influence the lives of other people. A good leader has the strength to pursue his goals and always stick to them. Such a person must have strong beliefs that will let him through dark times and help him always achieve his goals and dreams. Such traits are linked to self-confidence. 

Integrity/Dependability and Drive

These characteristics include endurance and leaders’ enthusiasm. It means that the individual is strongly willing and can put in the energy needed to achieve certain goals. Such an individual can also be depended upon to do all that he thinks of doing. 

These were the few qualities of an effective leader that all leaders must look forward to having and should try to grow into a trusted person by his associates.

You can also grow into a strong leader if you have the will and hope to always stick to your goals and also keep your team connected to you in all situations. These traits, along with the inbuilt desire to achieve big things, make a true leader. 

Importance of Mentoring and Being Mentored In Life

Importance of Mentoring And Being Mentored In Life

There may have been many such moments in life when you felt helpless or open to the big bad world. At such times one needs to have a trustable source of help. Someone who has the right amount of knowledge to lend you a helping hand out of this situation is a mentor. It may be a friend, a colleague, a teacher, or your parents, but someone who helps and guides you out of the bad and into the good in life is a mentor.  Human beings always need help steer clear of their paths into a world of confidence and a brave heart. The Importance of mentoring and being mentored in lifeis as follows.

Importance of Mentoring and Being Mentored In Life

Gives knowledge

Mentors share all of their knowledge and experience with you to learn from their vast experience. You may apply these lessons to your life as a student and in your personal and professional areas of life. 

Help you Improve

It is often very easy for someone out of your own body to tell you where you have to improve. A mentor gets to know all of your strengths and weaknesses with time and may play a very important role in helping you be the best version of your existence. 

Broaden Professional Network

Mentors are well connected and also well-liked. This is why they decide to give back to the world by being a mentor. They may introduce you to the network they have built over time and help you set straight for success in your career. 

Provide Encouragement

Mentors are not people who are always around you to point the flaws out and give advice. They also happen to be a support system to encourage you to take risks and believe in yourself. 

Help Advise

When you have to ask for someone’s opinion on a huge decision, you may turn to a trusted mentor to take some advice. At the same time, some mentors prefer to guide you through your answers. And others may give you their advice. 

Being a mentor yourself will also be a very rewarding experience. Being able to give back to the world all that it gave to you is such a gift. You can set many lives straight and let those people enjoy a better life through your mentorship. Mentoring someone and seeing them improve will be the biggest reward that will help you grow more in yourself. You may have gained your knowledge in life the hard way.

But if you will mentor someone, you will guide them through your advice and set them on a path to explore the world through their own eyes and find new challenges to surpass. 

Conclusion

So what is your stance in life? Are you looking for a mentor, or are you ready to spread your wings and mentor other people who are more in need of it? Do you now know the Importance of mentoring and being mentored in life?

marketing

Should You Put Your Money into PR or Marketing?

Are you running an online business or a business otherwise? You may be putting off your best time and money into marketing. As marketing is the big ingredient that goes into business success, many people pay off a lot of attention to sending PRs. But what is a PR? 

PR, i.e., Public Relations, is all about creating brand awareness. In other words, it is a campaign such as a marketing ad which is the story behind the actual ad. It engages and turns potential customers into long-term relationships through brand engagement and brand awareness. 

pr vs marketing

So should you be sending PR for Marketing?

There are, at the same time, pros and cons to the world of marketing. If you have the budget, both of these can work together. If you don’t currently have the budget, it is always better to spend your money on PR first, as you need to create the brand story first before spending money on marketing. And if you don’t have a compelling story to market, then going into marketing won’t help you at all. 

PRs can help you build up your brand, position your journey in the right way as the expert and a leader, influencer in the field you are in, and then follow that up using highly aggressive marketing tactics. This can help you get your message in front of the right set of people and have them do something with it. Your potential audience may click on the link you have given in the PRs or opt-in. 

Experts also suggest that PRs are free, while marketing is something you will pay for. In a way, a client pays for a PR while the exposure is free, which may sometimes complicate a PR firm’s ability to place a hard number for the returns of your spending.

Surely someone may learn about the product you are offering through the article as well. They might also buy the product causing immediate gratification. But if it is the digital article, we are also boosting SEO that increases the traffic to your website and, over the long run, will give more returns as people will search keywords, your brand’s credibility, and a lot more. 

Whereas marketing has a time frame over it. It is almost quantifiable. If a well-established company starts thinking of marketing, then it will be known through a quick boost. Marketing is a lot more helpful for bigger companies, whereas PR is when a company doesn’t have the right amount of money for going for marketing campaigns.

Conclusion:

Marketing is the quick spend for direct results, which are easily measured. At the same time, PR is the investment for a mix of both short and long-term successes.

So being a business owner, which one do you think you must opt for? Marketing or PR?

book-writing

Thinking About Writing A Book? Here’s Why You Should Publish It Yourself.

Are you thinking of writing a book? Book writing is a great hobby and also a great way to let your knowledge and learning reach the masses. Most entrepreneurs are using their time to let their knowledge be moved onto a book’s compiled form. Most are headed towards eBook writing. But what if you are doing book writing and have the option of self-publishing? Following are a few reasons why you should pick to publish the book yourself.

book-writing

You Are Guaranteed To Have Your Book Published

With traditional publishing, you will mostly find a literary agent to show you and your work. But finding the agent representation may be a long and tiring journey. Some writers have spent a year or two sending out the query letters, and it still hasn’t become possible to have an agent.

Many traditional publishers will only have a look at the manuscript if it comes in through the agents, so literary agents are a valuable resource and also contact when going to the traditional publishing route. 

The main issue with this kind of approach is that nothing in the way is guaranteed. You may be one of those who spend years trying to find an agent, or you may land an agent that would later reject you. But when you are self-publishing, you are in control. Your consumers will be the end judges of your book.

You, Will, Have Control Over Your Book

Writers do not consider the topic of all the rights when comparing the self-publishing route and traditional publishing. With the traditional publisher, it is common for you to get your publishing rights to the company, meaning that you will lose control of your publishing rights and creative control.

If you reach the point where the agent pitches the book, you have to a publisher, and the said publisher accepts your manuscript for the process of publication, the publisher will have the rights to your book.

This will ultimately have the final say on your published book’s content, but self-publishing is a wholly opposite thing. Through self-publishing, the author has publishing rights and all of the creative controls. 

You, Will, Enjoy Higher Royalty Rates

When you are book writing and are thinking of publishing it yourself, you are the rightful owner of getting the royalty rates. You are in full control to own the earnings made through your book and won’t have to pay anything to publishers or the publishing agents. An author may self-publish online and reach a wider audience if online retailers use a distributor such as Ingram. 

These are why you should think of self-publishing when you are ebook writing in the current time. You can avail the increased benefits of book writing this way. 

How-To-Grow-Your-Business-Fast

5 Ways of How To Grow Your Business Fast

Scaling businesses these days is hard. It takes a lot of effort to boost when it is just in the beginning. Running a business these days means wearing many hats and running in different shoes. Dealing with sales and marketing and understanding taxes and corporate compliance comes under running a business these days. You have to get involved with your customers on a daily basis. And this is why it is smart to learn how to grow your business fast in easy ways.

Following are a few ways that you can use to grow your business upper fast. 

Build A Sales Funnel

The very first way to quickly scale your business is by making a sales funnel. If at present, you don’t have a sales funnel, you are making a huge mistake. Sales funnels may automate your business processes. It allows you to scale and then grow quickly and rather easily. Sure, there are a few front-end works involved. Once those processes are in place, it is very smooth sailing from there. 

Frasier says that each sales funnel has to be carefully conceptualized before its creation. Consider the many kinds of different funnels first and foremost. Whether it is a high ticket coaching funnel or a free plus shipping offer, it is important to build the automated selling machine to scale and grow your businesses fast. 

Utilize The Customer Management System

Manually tracking the transaction is rather hard. Nobody wishes to do that. It gets cumbersome along with the business growth. If you wish to scale fast, use the customer management system. There are many to choose from. But it majorly depends on the line of your work. Cloud-based software is also a viable option. 

Research The Competition

When you are going to the market and looking to have your offer reaching the masses, you have to research the competition. You can use different platforms to research your competitors. These platforms can give you competitive intelligence. It is just your chance to x-ray lens into the landing pages, and copies, and other sales funnel stages. This lets you uncover many advertisers online and their strategies. This step of how to grow your business will greatly help you in the long run.

Create The Customer Loyalty Program

Loyalty programs are an ideal way to boost sales. It costs up to over three times the money to get new customers than selling something to existing customers. Other resources pin this number in 4 to 10 times more. However, acquiring new customers is quite expensive. 

Identify New Opportunities

Analyze the new opportunities that you have in your business by understanding the demographic better. Understand each thing from the distribution channels to your direct competitors and analyze the foreign markets and potential industries. There are many dozens of new opportunities you may pursue immediately with the right amount of analysis.