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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 January 14, 2019

The Key to Finding Job Satisfaction and Having a Successful Career

The Key to Finding Job Satisfaction and Having a Successful Career

Regardless of whether you hold an entry-level administration role or regularly travel to the ends of the Earth as a hot-shot senior executive, you can still find yourself harboring an emptiness… a feeling that something is missing. A popular assumption that experiencing job satisfaction and a successful career should be underpinned by a well-rounded suite of tangible benefits, no longer holds true for many of us.

We’d never deny health care benefits, appropriate and fair remuneration, bonuses and travel perks in a job package. However, even if served to us on a silver platter, those features can only satiate us to a certain point.

You might wonder what governs entrepreneurs and start-up business owners to quit their lucrative jobs, essentially look the gift horse in the mouth and kiss such benefits goodbye! There can be an irresistible pull to mastermind a business with products and/or services that serve the greater good of community wider than that constituting their daily existence.

Even with research showing entrepreneurship to pose greater threats to their mental and physical health, this unique breed of individuals choose to go against the grain in chasing their dreams of being their own boss. Why? Why would anyone risk this type of career suicide?

Whether you’re an employee, have recently taken the leap to being a business owner or been in business for a while, the commonality is a congenital condition we all share as human beings; to feel a sense of purpose, value and contribution to our community. Despite it being harder to find this for ourselves in today’s world, these approaches will help you achieve ultimate satisfaction through the twists, turns and joyrides that are essential features of shaping a successful career.

1. Search for Opportunities That Feed Your Passion, Not Temporary Excitement

Even though well-intended, the ‘feel good now’ compass that career coaches and consultants often recommend you use to create career satisfaction can actually do you more harm than good. Excitement is transient. It doesn’t last. Passion is the compass you need.

Passion and excitement are two different things. The resounding career legacy that still draws you to turn up on the job regardless of the sunshine or storm that awaits you…that’s passion. It’s like a mental and/or emotional itch you can’t shrug off. Staying attuned to that calling will breed success for you sooner or later. Patience is key.

You’re also likely to have more than one key passion. Beware of getting caught in the notion you have to find your one true purpose. In fact, run immediately from any coach who tells you there is only one. There isn’t.

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Your passion is a journey that can take multiple forms so forget thinking there is the single dream job out there that will give you satisfaction in every way you can imagine. It simply doesn’t exist.

Consider embracing different roles and projects to help you fuel your passion or fuel your pursuits in finding it. Job satisfaction and your career success will be all the more sweeter from a wider range of enriching experiences.

2. Don’t Position Job and Career Satisfaction Assessments as Pivotal Guides to Your Success

Despite their popular use for vocational guidance, assessment tools such as Gallup’s Clifton Strengths and the Myers Briggs Type Indicator have come under fire[1] as being limited to the amount of true value and direction they can offer partakers.[2] These and many other guidance assessment tools (e.g. VIA Character Strengths , DISC ) are self-report questionnaires that don’t have normative population data against which to compare your results.

Simply remember these tools help you develop a stronger sense of what you identify as strengths and weaknesses within yourself, not in comparison with other people. They will still add insight around what sorts of career opportunities, tasks and projects are going to light your fire, what ones are going to extinguish it and what will prod and keep the coals steadily smoldering.

3. Be Clear on Your Personal Values, Ethics and Principles and Choose Relationships That Support You Honoring Them

Teamwork, collaboration, open communication and trust are commonplace for any flourishing work environment. However, whether or not your personal values can be honored in your work can make or break your job satisfaction.

How committed do you want to be to an organization that expects an average of 10 unpaid overtime hours every week under the guise of ‘reasonable overtime’? Are you willing to accept their construing this expectation as ‘strong commitment’ at the expense of your partner and children waiting at home for you? What are your boundaries concerning when you clock on to their time and when you clock off to yours?

Being very in tune with what your personal values, principles and ethics are will bid you well in the job satisfaction stakes. Spending time to reflect on experiences and working relationships you’ve had – the good, the bad and the ugly – will help you make well-informed searches and grounded decisions that will propel your career success.

Finding and nurturing relationships with associates and colleagues who share similar values doesn’t just make your day-to-day pursuits more enjoyable. You become fortunate to work with like-minded people who will support, understand and appreciate you like a second family.

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Being able to honor your personal values in your work means you will still be able to sleep at night when you have to tread where others fear to, and make extremely difficult decisions others would never ever dream of having to make as you forge success in your career.

4. Be Clear on Your Own Definition of What Having a Successful Career Means for You

It’s tempting to get caught up in the ideals and projections of success expressed by those we love, admire and respect. Underneath, we all want on some level to belong to a successful club of some sort.

With research reporting how much money we feel we need to be truly happy,[3] many of us try to subscribe to the notion that having the car of our dreams or taking a European holiday annually will not bring us happiness. The truth, however, for many of us is these tangible rewards are congratulatory reminders of our persistent efforts to chase our career pursuits.

If those are things you aspire to, don’t let anyone steal your desire and want to feel deserving of these things, that those are some parameters by which you define your career success.

Despite consistently being the top revenue earner for two years running, you may not wish to become the sales manager. You may not wish to step out into running your own business even though you consistently excel as an employee, delighting clients and repeatedly receiving glowing testimonials.

Your definition of career success might be enjoying the predictability of a regular workplace routine. You get to leave – without feeling guilty – at the same time each day, love the people you work with and get to spend a good, uninterrupted amount of work-stress free quality time with your family. That picture is also blissful job satisfaction and complete career success.

5. Identify the Sorts of Challenges and Problems You Want to Learn to Overcome

Standard advice you might receive from a career coach might be to look for opportunities where you get to capitalize on exercising your strengths and career-related activities you enjoy.

However, to become a success at anything involves improvement. To excel at anything often involves stepping outside boundaries and comfort zones where others wouldn’t. This means dedicating focus and attention to things you’re not so good at and things you don’t like.

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Here’s where working with a coach can be particularly helpful. Map out the experiences that were unsavory in your working history. Were there challenges you opted out of, projects you failed at or toxic relationships that blasted your sense of purpose and self-worth into oblivion? It’s within these experiences that you might just find the most valuable lessons and guiding lights for your trajectory to achieve greater job satisfaction.

If your natural leadership style is to be a collaborator, finding opportunities that require you to apply a more dictatorial style might be needed. Discussing a secondment or short-term project where you get to develop and test your skills can be a step further in earning contention to lead a larger project down the track.

With several of the company’s boldest personality types penciled to roll out the operation, you’ll not only develop skills that earn your right to throw your hat in the ring; those key players have an opportunity to see your competence. You can then work on building relationships with those stakeholders before you need to hit the ground running should you win the lead.

Greater job satisfaction comes with planning and choosing the lessons and opportunities you want to learn, not desperately flailing, floundering and hoping for the best.

6. Keep Reviewing Your Goal Posts and Be Amenable to Change

The word ‘career’ is indicative of a longer-term pathway of change, growth and development. The journey is dynamic.

You will accumulate new skills and let those you no longer need, become rusty. Your intrigue will be stimulated by new experiences, knowledge and people you meet. Your thinking will continue to expand, not shrink. As a result, your goalposts are likely to change.

A major part of enjoying a successful career is not just setting goals effectively, but regularly reviewing and readjusting them where necessary. However, moving the posts or the target still needs to take place by applying the same processes by which you originally created them. The strength of your emotional connection to those revised goals needs to be the same, if not stronger.

By asking yourself the following questions, you can assure your developmental and growth trajectory is still on course:

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  • Would working toward these goals still allow me to honor my personal values, principles and ethics at the same capacity if not greater?
  • Do the activities I need to undertake to meet these goals honor my highest priorities?
  • Does this feel right for me and those who are nearest and dearest to me?
  • Is this aligned with my passion?
  • Is chasing this goal a right step for me to take now or is this a detour or distraction which could delay my greater plan?

Each of your career goals should have different review periods. Whatever you do, stick to the review schedule you set. It will not only keep you focused but help you see your progress (or lack thereof) and allow you to timely re-chart your course before you get too far down the track. You don’t want to waste time haphazardly heading in the wrong direction.

7. Be Prepared to Let Go

It can be unfathomable to us as to why others risk leaping into the unknown when everything truly appears fine and dandy in the career realm. The company provided stability, recognition, financial success, interesting projects and the promise of a promotion…what was wrong? Why now jump sideways to run a café or train in another field altogether?

Nothing may have been wrong at all. It was all going right. It was just the end of a chapter. Perhaps the yearning for the next step is actually taking a different trajectory entirely. You may want to simply experience a different rhythm. Perhaps it’s time to pursue a different passion.

If you have leaped from employee-land to freelancing or have made the reverse-jump (or you know someone who has), you will have quickly grown a different appreciation for pros and cons each work lifestyle brings. Working for yourself can bring the greater realization of your creativity, whether or not it can be monetized to earn you a living.

When your customers are buying you or a product you designed and fashioned, there is a direct level of appreciation and gratitude that can elevate your confidence in the way you have never experienced as an employee, regardless of your rank.

Similarly, there are times where we need to recognize our business ventures were adventures, not long-term life-changing empires. There are times we need to recognize that time is what provides the clearest limitation of how long we persist for in such pursuits.

We have to recognize the absence of enough financial, mental, emotional and physical breadcrumbs that tells us we’re no longer meant to push in that direction. At least, not for the present time.

The Bottom Line

Above all, keep the momentum. As long as you remain committed to pursuing work opportunities that allow you to honor your highest priorities, the truth of who you are and what you stand for, achieving ultimate job satisfaction and a successful career will never be too far away.

More Resources to Help Advance Your Career

Featured photo credit: Csaba Balazs via unsplash.com

Reference

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