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8 Simple Hacks For Low Budget Startup Entrepreneurs

8 Simple Hacks For Low Budget Startup Entrepreneurs

Startup entrepreneurs should be aware of the risks involved starting their own business. Money plays a big role in the success or failure of a startup. In fact, 90% of startup entrepreneurs are expected to fail.  But does this mean that you shouldn’t chase after your dream?

There are simple, yet cost-effective measures that low budget startups could adapt in their business practices. Here are some effective low budget hacks that entrepreneurs could start to implement.

1. Build a solid content online

Quality content makes a huge difference on how a company is perceived online. Content has been considered the king for quite a while, and there’s no sign of it changing soon. Low budget startup entrepreneurs should start investing on an effective content strategy to get the attention of their niche.

This simple, yet effective strategy has been proven to build a company’s reputation. It can also potentially increase your conversion, while attracting the right people.

Is it cheap? Hiring content creators may not be as cheap as you expect. Big companies are even willing to pay $100 or more for high quality content.  For low budget startup entrepreneurs, they could start building their own content. Using tools such as Grammarly.com, the content can be proofread even without the help of a professional copywriter/editor. If not, they can hire online freelance writers to get the job done. Freelancers offer a budget friendly solution to this type of concern.

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2. Delegate the simple and mundane tasks

It is a common mistake by startup entrepreneurs to micromanage and perform mundane tasks. Startup entrepreneurs could save more money if they focus on the more important tasks in their company.

So who should cover the simple and mundane tasks? If you don’t have the money to hire new employees, you can start having a virtual assistant to get things done. For some businesses, they also allow on-the-job trainees to be part of their organization. On-the-job trainees are young college graduates or students who are trying to gain experience in a relevant industry.

3. Invest on a modern and responsive website

Whether or not you have an office or a physical store, it is imperative to have a modern and responsive website for your startup company.

A responsive design allows the user to have an optimized view of the website in different devices. This type of design responds to the viewing space that is available.

Now that 48% of mobile users start using the internet on search engines, Google has decided to adapt its algorithm to this trend. Aside from providing superb user experience, responsive websites are given an edge on Google. This type of design increases the chance of landing on the first search result page.

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4. Study the industry/market well

As rule of thumb, every startup entrepreneur should never get into something that they don’t know.   Investing in an unknown niche increases the risk of failing.

Market research is something that businesses of all sizes shouldn’t forget. By performing a study in your industry and market, you’ll be able to determine the startup’s potential. Is there a demand? Who are our competitors? Is the market already saturated?

5. Branding consistency

Branding is your key to be easily recognized by your audience. An effective branding strategy can help get the message across effectively. Small businesses should be able to understand the value of using consistent designs. Branding isn’t just your logo. Branding is also about the voice, colors, fonts, and even your website’s layout.

6. Develop a social media marketing strategy

Social media has leveled the playing field for a lot of businesses. Even small businesses have been able to get the same exposure as their larger counterparts, thanks to the use of social media. And the good part is that it can be used for free.

With over billions of accounts floating around in different platforms, social media should never be ignored especially by small entrepreneurs. According to one study, consumers tend to buy products from brands they follow (64% of Twitter users and 51% of Facebook users).

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But of course, not all social media campaigns can yield positive results.  To maximize the reach and engagement, it is crucial to learn some effective social media marketing strategies. This includes establishing the right type of voice to balancing the promotional and non-promotional posts.

And of course, you have to understand that the social media platform algorithms are also changing. It has been a concern among social media managers when Facebook changed the way people see posts from pages.

The average reach of Facebook publishers in 2015 is only at 2.27%. On the other hand, in 2012, publishers organically reach 16% of their fans. This only means that small businesses should also consider sponsored posts, to help boost their reach. But more importantly, it is imperative to reevaluate the content shared on social media.

7. Take the customer feedback seriously

You may have heard Steve Jobs downplay customer feedback saying that customers have no idea of what they want until they have seen it. But for startup entrepreneurs, keep in mind that word-of-mouth advertising is still among the most effective means of advertising.

Word-of-mouth advertising can either help or destroy your business. For a virtually unknown brand, it is crucial to get as many people to recommend your products or services. In fact, 84% of consumers say that they trust recommendations of either friends or family when it comes to products. Same is true for online opinion made by consumers.

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So what should you do if you are faced with a negative feedback online? This is where startups need to have a protocol on how to manage negative comments and reviews.

8. Analytics

Every startup entrepreneur should consider the numbers. Analytics provide startups a reality check, whether or not they are doing the right thing. For starters, check the social media’s engagement, and reach. Compare which posts have the highest reach and engagement.

Next, look at your site’s traffic. Are you hitting the expected number of visitors? If the numbers are met, are you really hitting the demographic? For local businesses for instance, it is important that the searches come from the area where they operate.

Conclusion

Becoming a startup entrepreneur can be a struggle. The lack of capital can definitely play a major role how your business operates. But the lack of funds doesn’t mean that you should forget about your dream. Today, there are many ways on how you can run your business even if you only have minimal funds. It is about how you make use of your available resources to your advantage as a startup.

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Last Updated on April 6, 2020

How to Make a Career Change at 50 for Great Opportunities

How to Make a Career Change at 50 for Great Opportunities

Turning 50 is a milestone in anyone’s life, after all you are half way to 100! But seriously, turning 50 is often a time in life when people can sit back and take a look at where they’ve been and contemplate what the future holds.

Can you change careers at 50? It’s not uncommon for people in their 50’s to consider a career change, after all if you’ve spent 20 to 30 years in a career, chances are that some of the bloom is off the rose.

Often, when we are starting out in our 20’s, we choose a career path based on factors that are no longer relevant to us in our 50’s. Things like our parents’ expectations, a fast paced exciting lifestyle or the lure of making a lot of money can all be motivating factors in our 20’s.

But in our 50’s, those have given way to other priorities. Things like the desire to spend more time with family and friends, a slower paced less stressful lifestyle, the need to care for a sick spouse or elderly parents can all contribute to wanting a career change in your 50’s.

Just like any big life changing event, changing careers is scary. The good news is that just like most things we are scared of, the fear is mostly in our own head.

Understanding how to go about a career change at 50 and what you can expect should help reduce the anxiety and fear of the unknown.

What are Your Goals for a Career Change?

As in any endeavor, having properly defined goals will help you to determine the best path to take.

What are you looking for in a new career? Choosing a slower less stressful position that gives you more time with family and friends may sound ideal, but you’ll often find that you’re giving up some income and job satisfaction in the process.

Conversely, if your goal is to quit a job that is sucking the life from your soul to pursue a lifelong passion. You might be trading quality time with family and friends for job satisfaction.

Neither decision is wrong or bad, you just need to be aware of the potential pitfalls of any decision you make.

Types of Career Changes at 50+

There are four main types of career changes that people make in their 50’s. Each type has it’s unique set of challenges and will very in the degree of preparation required to make the change.

Industry Career Change

In this career change, a person remains in the same field but switches industries.

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With an industry change, a person takes their set of skills and applies them to an industry that they have no previous experience in.

An example would be a salesperson in the oil and gas industry becoming a salesperson for a media (advertising) company. They are taking their skill set (selling) and applying it to a different industry (media).

This type of career change is best accomplished by doing a lot of homework on the industry you want to get into as well as networking within the industry.

Functional Career Change

A functional career change would be a change of careers within the same industry.

For example, an accountant at a pharmaceutical company who changes careers to become a human resources manager. It may or may not be with the same company, but they remain within the pharmaceutical industry. In this case, they are leaving one set of skills behind (accounting) to develop a new set (human resource) within the same industry.

In a functional career change, new or additional training as well as certifications may be required in order to make the switch. If you are considering a functional career change, you can start by getting any training or certifications needed either online, through trade associations or at your local community college.

Double Career Change

This is the most challenging career change of all. A person doing a double career change is switching both a career and an industry.

An example of a double change would be an airline pilot quitting to pursue their dream of producing rock music. In that case, they are leaving both the aviation industry and a specific skill set (piloting) for a completely unrelated industry and career.

When considering a double career change, start preparing by getting any needed training or certifications first. Then you can get your foot in the door by taking an apprenticeship or part time job.

With a double change, it’s not uncommon to have to start out at the bottom as you are asking an employer to take a chance on someone without any experience or work history in the industry.

Entrepreneurial Career Change

Probably one of the most common career changes made by people in their 50’s is the entrepreneurial career change.

After 20 to 30 years of working for “Corporate America”, a lot of people become disillusioned with the monotony, politics and inefficiency of the corporate world. Many of us dream of having our own business and being our own boss.

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By this time in our life, we have saved some money and the financial pressures we had with young children have passed; so it’s a perfect time to spread our entrepreneurial wings.

Entrepreneurial career changes can be within the same industry and using your existing knowledge and contacts to start a similar business competing within the same industry. Or it can be completely unrelated to your former industry and based on personal interests, passions or hobbies.

A good example would be someone who played golf as a hobby starting an affiliate marketing website selling golf clubs. If you are considering an entrepreneurial career change, there are a lot of very good free resources available on the internet. Just be sure to do your homework.

Practical Tips on Making a Career Change at 50+

So you’ve decided to take the plunge and make a career switch in your 50’s. No matter what your reasons or what type of a career change you are embarking on, here are some helpful hints to make the transition easier:

1. Deal with the Fear

As stated earlier, any big life change comes with both fear and anxiety. Things never seem to go as smoothly as planned, you will always have bumps and roadblocks along the way. By recognizing this and even planning for it, you are less likely to let these issues derail your progress.

If you find yourself becoming discouraged by all of the stumbling blocks, there are always resources to help. Contacting a career coach is a good place to start, they can help you with an overall strategy for your career change as well as the interview and hiring process, resume writing / updating and more. Just Google “Career Coach” for your options.

I also recommend using the services of a professional counselor or therapist to help deal with the stress and anxiety of this major life event.

It’s always good to have an unbiased third party to help you work through the problems that inevitably arise.

2. Know Your “Why”

It’s important that you have a clear understanding of the “why” you are making this career change. Is it to have more free time, reduce stress, follow a passion or be your own boss?

Having a clear understanding of you personal “why” will influence every decision in this process. Knowing your “why” and keeping it in mind also serves as a motivator to help you reach your goals.

3. Be Realistic

Take an inventory of both your strengths and weaknesses. Are your organizational skills less than stellar? Then, becoming a wedding planner is probably not a good idea.

This is an area where having honest outside input can be really helpful. Most of us are not very good at accurately assessing our abilities. It’s a universal human trait to exaggerate our abilities while diminishing our weaknesses.

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Requesting honest feedback from friends and co-workers is a good place to start, but this is another area where a career coach can come in handy.

4. Consider an Ad-Vocation

Sometimes, making a career change all at once is just too big of a change. Issues like a severely reduced income, geography and lack of benefits can all be impediments to your career change. In those cases, you may want to start your new career as an ad-vocation.

An ad-vocation is a second or ad-on vocation in addition to your primary vocation. Things like a part-time job, consulting or even a side business can all be ad-vocations.

The benefit of having an ad-vocation is being able to build experience a reputation and contacts in the new field while maintaining all the benefits of your current job.

5. Update Your Skills

Whether it means acquiring new certifications or going back to school to get your cosmetology licence, having the right training is the foundation for a successful career change.

The great thing about changing careers now is that almost any training or certifications needed can be free or at very little cost online. Check with trade associations, industry websites and discussion groups for any requirements you may need.

Learn How to Cultivate Continuous Learning to Stay Competitive.

6. Start Re-Branding Yourself Now

Use the internet and social media to change the way you present yourself online.

Changing your LinkedIn profile is a good way to show prospective employers that you are serious about a career change.

Joining Facebook groups, trade associations and discussion boards as well as attending conventions is a great way to start building a network while you learn.

Here’re some Personal Branding Basics You Need to Know for Career Success.

7. Overhaul Your Resume

Most of us have heard the advice to update our resume every six months, and most of us promptly ignore that advice and only update our resume when we need it.

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When making a career change, updating is not enough; this calls for a complete overhaul of your resume. Chances are that your current resume was designed around your old career which may or may not apply to your new goals.

Crafting a new resume emphasizing your strengths for the new position your looking for is key. There are many places that will help you craft a resume online and it is a service included with most career coaching services.

8. Know Your Timeline

There are a lot of factors when it comes to how long it will take to make the career change.

Industry and Functional career changes tend to be the easiest to do and therefore can be accomplished in the shortest period of time. While the Double Career Change and the Entrepreneurial Career Change both require more effort and thus time.

There are also personal factors involved in the time it will take to switch careers.

Generally speaking the more you are willing to be flexible with both compensation and geography, the shorter time it will take to make the switch.

Final Thoughts

Changing careers at anytime can be stressful, but for those of us who are 50 or above, it can seem to be an overwhelming task fraught with pitfalls and self doubt.

Prospective employers know the benefits that come with more mature employees. Things like a wealth of experience, a proven work history and deeper understanding of corporate culture are all things that older workers bring to the table.

And while the younger generation may possess better computer or technical skills than us, if you’re willing to learn, there are a ton of free or nearly free resources available to you.

Deciding on a career change at 50 is a great way to experience life on your own terms.

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Featured photo credit: rawpixel via unsplash.com

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