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Outsourcing Using Business Credit: Small Businesses Aim for the 6 Figure Mark

There are many small business owners who have exceptional talents and assume that their natural abilities can take their business to the next level. But in all actually, doing something single-handedly can impede the expansion of the business just as easily as evading certain tasks will.

The key to taking the small business to the next level, over time of course, in order to achieve the six-figure mark is through outsourcing. Outsourcing encompasses the everyday back-office tasks and work that require specialized knowledge, thus allowing the business owner more time to focus on generating revenue.

The time to outsource is different for every small business. Depending on the size and type of the business and what the daily duties require, some companies may make use of employees to handle the everyday operations. While other companies may need help from time to time from freelancers/subcontractors who have the expertise, and when hiring someone full-time for the job doesn’t warrant the costs.

There are very few small businesses, if any that have an operating budget to handle all the needs of the business. And there aren’t any CEOs who have the time or the energy to place all of his or her attention on every aspect of the functioning of the business. Outsourcing helps businesses look beyond secondary undertakings to concentrate on assisting and satisfying the needs of its customers, allowing for the businesses priorities to be more defined.

Managers don’t have to burden themselves anymore with the “Only I can do it best” mentality. They can relinquish control by outsourcing to others proven qualified. Back in the day, it was normal practice to wait until a business grows exponentially to outsource tasks the staff could no longer handle. But it has been recently reported that the way technology has developed, it often makes more sense to outsource from the start-up.

There are several things to consider outsourcing from the beginning. A business can outsource the bookkeeping; contract a virtual assistant, web designer, writer, graphic designer, project manager. Many of these people can be found on job boards located on the Internet. A business can find contacts through professional networking, or by simply asking someone trusted for a referral.

Also, subcontractors keep the overhead expenses such as payroll taxes, health insurance and worker’s compensation low so that business owners can use their money on more suited expenditures. It also limits the business owner’s risk in dealing with government regulations, competition and the like. Mainly, because freelancers are better equipped to handle the risks particular to their market.

As you now contemplate the costs associated with outsourcing the needs of your particular business model to reach the 6-figure mark, you may end up concluding that you don’t have the funding available to outsource. However, one resource available to business owners is business credit cards. You can apply today and receive a funding estimate tomorrow without it showing on your personal credit reports, and if approved you will be on your way to outsourcing the tasks that has been keeping your business from increasing financially.

Business credit cards are based on a personal guarantee. So, there are several criteria that must be met to be approved: 720 credit score, 30% debt-to-credit ratio, no bankruptcies, no foreclosures, no missing payments in the past 24 months of making application, one or more credit cards with a $5,000 maximum limit and a 10 year personal credit history. And if you are short on any of these criteria mentioned, you can receive mentorship from business credit card consultants on how to meet those must-haves.

Why Social Media Is Important to Your Small Business

1: It finds your customers and builds clientele

Many of us use Social Media on a regular basis. We use it to stay on top of what’s trending, follow our favorite businesses, post our personal beliefs and so much more. I’d like to think of Social Media as the new “office water cooler” — People are out there talking and they are waiting for your business to show up so they can discuss what you have to offer.

Customers need to trust a business, service or product before purchasing. People tend to trust their friends and loved ones more than anyone else. So, if your customers hear from someone trustworthy, about your product or service, it is reasonable to believe that they are more likely to purchase what you are selling. You could very reasonably market your products and services using, mostly, word of mouth.

Best way to promote your ideas on Social Media is by having your friends and family help you. They can share your business posts/pictures/videos on their accounts and your business will potentially be in the hands of hundreds of new customers. “Sharing is Caring”, Right?

2: It gives you an idea of what people are saying about you and your business

You can keep an eye on what people are saying about you and your business and respond to all posts, good and bad. You can use Google Alerts (www.Google.com/alerts) to see who is talking about you and your brand. On Google Alerts you can create “alerts” with keywords like your name, business name, etc. and when Google finds those in the search engine, they will email you the sites that match those keywords. This is a great way to see what people are saying about you across multiple Social Media Channels.

3: Allows you to get to know your audience and customers.

Social Media opens up the line of communication between business owners and millions of potential customers. Wow! Millions of people could possibly become your customers, that kind of marketing would have been hard to do in the offline world. Communication is key, this is how you will get to know who your customers are and why they fit into your target audience.

You will be able to generate a variety of content to market your products and services. When you are creating great content, your customers will take notice. They will start commenting and reaching out to you. This is your chance to interact with them, have a conversation in real time.

Your goal with content is to get a response from your customers, so you can build a relationship. You can create content such as polls, surveys, contests, videos, Live Q&A sessions, and so much more!

4: It’s an easy and natural way to get your name out there! It introduces your brand and builds awareness.

For the most part Social Media is FREE. What? Free Advertising/Marketing? Yep!! You should be on a variety of Social Channels and create and post engaging content. This will allow your customers to see exactly who you are and what your product / services do for them.

Your business is more accessible this way, think 24/7! People can find you at all times across Social Media. An accessible business means a more trustworthy business, meaning customers can start to build that relationship with you when they can find you.

• You can create customer testimonial videos and add them to YouTube, Facebook, Instagram, Pinterest and more.

• Let people know about new products, giveaways, partnerships, sponsorships, discounts coupons, etc.

• Brag about yourself! What are some of your business achievements? Your potential customers want to know about them.

• Create buzz! Get the word out there by creating a recognizable identity for your product, service and brand.

• You should establish yourself as an expert. Use forums and message boards to answer questions professionally, honestly, and correctly, which will earn you respect as an expert in your field. People will then look to you for answers. You can even use a variety of apps such as Periscope, YouTube Live, Facebook Live, Instagram to run “Live Q&A” sessions.

5: Go where your customers/clients are! We all use Social Media – we can engage in two-way communication in real time.

Oh my, how many people are out there using Social Media? A LOT!! I say that Social Media is the new “Google Search”. People are using Facebook, Twitter, Instagram to find and follow local businesses. It’s quicker and easier to engage with a business on Social Media than actually taking more time to do a Google Search and visit your company website.

So, go where your customers are! Your competition is already using Social Media to market their business, so don’t get left behind. Check out the list below to see how you can get people talking and sharing on Social Media.

• Share industry news, upcoming events, new hires – what can you share to get people talking?

• Great way to promote upcoming client events. You can let your customers know who you may be partnering with, spread the word about other local businesses too.

• Make it easy for potential customers who see your content recognize you as someone who can help them.

• Share links to interesting articles, websites or videos. Use words that grab the readers and encourage them to click the link.

• Talk about an event that you attended or are attending. Invite your audiences.

• Be Helpful: Produce content that presents new knowledge or assists in professional decision making.

• Be Interesting: Spark conversation around a news event, cover the latest posts from an industry influencer, or create an infographic about your business. Just keep it fun and fresh!

• Help them help others: We want information that we can share to our network. Sometimes the information that you put out there may not pertain to your actual customers, but they may know someone who may need what you have. Hence, sharing! They share to their friends and family, and your business now has the potential to help even more people, maybe even new customers.

Achieving Effective Marketing for Your Solo Business – A Micro Business Survey

Small Businesses and Freelancers seek better results…

In 2016-17 Micro Business survey by Flying Solo, 44% of participants said the biggest challenge they faced was finding enough clients. Wouldn’t it be good if that was made a little easier and less expensive? Read on to find out more.

Many advertising salespeople are getting desperate… because things have changed. Businesses of all sizes are taking budget away from traditional print, radio and TV, and focussing more online, with the aim of creating ‘touch-points’ with customers. Meaning, the organisation is visible and even interacts with the customer where they are having fun, sharing and communicating – like in a virtual community or social network.

What marketing is the most effective?

This building of a social community works better than advertising – especially when compared to print advertising or directory listings. What interaction do you get from a listing? What referral from a friend?

You see, most service businesses get their clients in the main through word-of-mouth (84%). Other mediums have proven worthwhile too. Nowadays, 65% found customers through their website, 61% through social networking, 36% through other business partnerships, and 23% through ‘my blog’. This compares to a lowly 8% who advertise in traditional media and get customers. So, many of these entrepreneurs have proven the benefits of online presence building.

In the study, 85% of service people thought a website was important to their business. Australians are quite attached to online activity and their smartphone. Indeed, 51% noted the first thing they do in the morning is check their email!

Although service businesses cross many spheres, those preferring Facebook number 50%, while those saying LinkedIn is most effective number 41%.

As a Freelancer, would you like to achieve happiness and income satisfaction?

The Micro Business survey also ranked happiness, enthusiasm and satisfaction.

While 85% of respondents counted themselves as happy, a whopping 60% were unsatisfied with their earnings.

They must be putting in the hours and developing their businesses (as prior studies have shown) but not getting the results they sought. The survey found that 36% earned under $40,000. The average annual personal income of micro service businesses surveyed compares well to national ABS averages ($69,000 p.a. compared to $59,000). Also remember that many women choose to freelance to be nearer their kids working from home.

Wouldn’t you want to be among the ones who work less and earn more? For this you need to create income which is not tied to hourly rates. You do not need highly expensive offices for the type of work I am talking about. You just need a passion, planning, a little design, and dedication!

Passive Income Streams

For those of us researching other sources of income (in my case for 20 years), a lot of dead ends and wrong turns are taken. That is why I am so excited to share with you how to market for influence: a type of marketing that builds your credibility, over time, using the simplest of cloud technology and niche marketing skills.

Basically, this will build your credibility at the same time as you create your course or book. For most people, they will make far more money from selling a high value course in a niche than writing an eBook or print book (the first level that so many aspire to). Indeed, when freelancing you can use your dry times to work on building your course.

If you want to avoid advertising, you’ll have to put time into creating a great free resource so you can get a steady stream of readers hopping into your online program / newsletter / report.

Source: Flying Solo Micro Business Survey, 2016-17. http://www.flyingsolo.com.au/survey