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25. Inventory
An ideal business model is made to order. Advantages: The benefits are that you do not hold inventory and there is no wastage and there is the possibility that your goods products can be sent directly from the manufacturer to the customer thus eliminating and extra shipping fee to you and your warehouse. It is a very sustainable way of working and good for the planet – no wastage and less shipping Disadvantages: You are often beholden to your manufacturer and their ways of working It is much more expensive a model and your pricing has to reflect this However, this is not always possible and if you are selling through a marketplace they will doubtless require you to hold inventory so that the products can be shipped within a day or two to the customer. Try to have a back up supplier as depending on one supplier can affect your business negatively if things do not go smoothly. Lead time – are your customers willing to wait for the lead time. Often they will as they realise that this is a very sustainable method of operating. Principles of inventory:
Manufacturers can be unreliable. Lead time this time between restocking and selling out your existing stock needs to be carefully monitored. Real time inventory management software Radio Frequency Identification (RFID) allows warehouses, factories and retail stores to keep live track on where goods are and how many of them are in the inventory. RFID uses a microchip which can include information such as type, manufacturer, serial and GTIN numbers and send this information to a collection device. Barcodes readers update the databases. This real time information has created more accuracy in planning and costing of goods.
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27. Product Descriptions
Try to immediately hook the audience. Writing a description of each product. Do not repeat your descriptions. Google does not like repetition. They look for compelling original content.
Jasper AI [https://www.jasper.ai] 28. SEO
SEO or Search Engine Optimisation are the rules created by Search Engines to help put your website in front of and higher up the ranks of search engines like Google [https://Google.com], Bing [https://bing.com], Yahoo, Amazon, DuckDuckGo and Ask.com. The search engine analyses and reviews your website by ‘crawling’ with bots and then indexing your content to decide where you should be ranked in search listings. The algorithm and rules of SEO keep changing by Search Engines, but here are the fundamental points that are seen to be more consistently constant:
SEMRush is a SEO tool website where you can track keywords, site audits and competitive insights. Their program is called BeRush. 29. Strategic Partners
Keep a directory of details about your manufacturers and potential manufacturers and suppliers, where they are, their contact details, MOQs etc. Follow GDPR rules for storing details. Use an Accountant and Solicitor where you need expert help. 30. Wholesale
Wholesale partners are a means to you reaching a whole new and broader audience. Advantages: Benefit of other people doing your marketing for you. Disadvantage You profit margin is reduced. Remember your costs are critical.
31. Marketplaces
Other platforms and selling your products. Price for their fee and cut. Often a percentage of sales + a monthly subscription. 32. Marketing This may well be the biggest secret to your business success. Marketing gives you leverage. “If you get 10% better at marketing, this can have an exponential or multiplying effect on your bottom line.” “The marketing plan ended up being the 20% part of the business planning process that produced 80% of the result.” Allan Dib - The 1-Page Marketing Plan: Get New Customers, Make More Money, and Stand Out from the Crowd You can target B2B (Business to Business) or B2C (Business to Consumer) or both. There are many different ways to market your Product:
Helpful marketing features are
There is often a language or lingo associated with your niche. Learn this language as a means to better communicate with your customer. Add information and info sheets to your product and on your website. For example, how to hang wallpaper when selling wallpaper. The key points to use in marketing are: Who is your Target Market. What are their needs and wants and even what are their fears. What message do you want to send to your Market. Work out the problem that people consistently have in relation to what your product can solve. How do you deliver a world class product or service. What are your opportunities, strengths, weaknesses and threats. What media / method will you use to reach your Market. How can you drive the traffic you generate to your website and social media.
Initially you may just want to interact with your potential customers on say social media to create customer awareness. The aim is to convert a lead into a sale. How can you improve on the lifetime value you will provide to your customer. How can you get other people / companies to refer you to new customers. HubSpot can help with many of your marketing needs, such as ads, landing pages, forms & email marketing.
There are many different Sales Funnels available today. They may not all be appropriate for your business or market.
In general, you want to build yourself a funnel that drives traffic a specific way for you to make sales.
You may want to direct your customers directly from your marketing email to a specific landing page. HubSpot can help you to create a landing page here. 34. Social Media
This is a wonderful way to get your message across and build a community of different platforms. Communities on the internet can provide you with customers. The internet provides communities on the following platforms:
Social Media changes quicker than it takes to say “Algorithm”. It is really important to keep a check on what is happening out there in the Social Media world. 35. Networks
Emerging social networks that aim to be more community minded are emerging. Groups chats (for example: gaming, art, a school club) are set up on Apps such as Geneva [https://www.geneva.com/], Discord [https://discord.com/] and Telegram [https://telegram.org/]. 36. Influencers and Micro Influencers
Influencers can help with marketing your product. Micro influencers (10 to 50 k following) are some of the most trusted.
37. Affiliates
Affiliate programmes are networks where a Merchant or Advertiser who wishes to market their product further pays an affiliate Publisher a commission (usually a percentage of the sale) for any sale generated from the publisher’s website or blog. If you are the Merchant/Advertiser you can have your products placed in a publication which can generate direct sales. The affiliate website has software that places a link tracking online transaction. These Publishers publications often help get the message of your product/service out there by:
A publisher will join an affiliate network program to make commissions by recommending products affiliate programs to join in standard categories like web hosting, website builders, VPNs, travel, finance, fashion, beauty, and fitness. Affiliate networks (eg Rakuten (formerly known as LinkShare), AWIN, Sharesale, Skimlinks, Amazon Services LLC Associates Program) connect Publishers and merchant/Advertisers and provide tracking technology to record when a sale has taken place that derived from the Publishers link. f you click on one of these links, the URL contains an ID code that identifies product links from the Publisher’s website. Joining a network is usually free to the Publisher and the Advertisers pay a set-up fee, monthly and/or percentage fee of their sales depending on the affiliate scheme. 38. Blog
Blogs are an excellent marketing tool and are often picked up by Search Engines if they have useful or informative articles. Most SaaS websites provide a blog page. This can be used to write articles or even update people on your latest news. When writing a blog article always remember who are you writing for and what your audience cares about. Forums on your niche are very useful sources of information on what people are discussing and what trends are being followed. Do look at your competitors posts and particularly the comments and shares under those posts. 39. Press
Appearing in the Press is a good way to start to build trust with your audience. When writing a press release:
Items to cover in a press release are:
Follow up:
Visuals:
If you are featured send a thank-you note. Stay in touch by commenting on their social media. When contacting the press
Remember there are Different types of Press:
40. Cost Analysis
NB: This is a critical step if you want longevity of your business. You need to work out if your business and products will make a profit. For your business to be sustainable you need to be making money after paying all expenses and taxes. Keep track on your sales and money. You need to keep updating this as manufacturer and shipping costs are changing continually. Excel or Google Doc spreadsheet is your friend. There are some excellent Accountancy programs available as well. Revenue minus Cost of Goods (or Services) = Gross profit Gross Profit minus Operating Expenses = Operating Profit Operating Profit minus Tax = Net Profit Don’t forget your country’s taxes and licencing and other costs (e.g. VAT in the UK). Plan next year's activities with budgets and KPIs (quantifiable measure of performance): customer satisfaction; process quality; financial performance index More is written about this in Pricing your Product. Look at your Financial Forecasts. Sales and costs forecasts. Remember you will need money to live and pay your personal bills. Work out a budget for this. Cashflow Forecast: Be realistic and include for seasonal changes which affect most businesses. Income should include:
Outgoings:
The balance will help you determine the health of your business. These figures are useful for you to determine how many sales you need to make everyday to break even and how many sales you need to make the type of profit you want. 41. Customer Service (CRM)
Keep track of your sales and customers details so that you can find the relevant information quickly when queries or problems arise. CRM: Customer Relationship Management (CRM) is software that companies use to efficiently manage interactions with existing, new and potential customers. The database includes contact details of customers and their orders. The analytics information can be shared (if you have staff) among staff members of your company. The following companies supply powerful CRM software.HubSpot is a CRM platform with all the software, integrations, and resources you need to connect marketing, sales, content management, and customer service. HubSpot seamlessly connects your data, teams, and customers on one CRM platform that grows with your business. The software also tracks and analyses sales activity in real time.
42. Time Management
Managing your time is a key daily habit to get into. Once it becomes a habit many a potential problem will be prevented. At some point you will need to hire people to help you expand your business. You cannot do everything yourself but to minimise this set up systems. Many businesses have survived the pandemic recession because of digital tools.
This list is by no means exhaustive. 46. Rise of Web3 and New Technologies Web3 and the metaverse are 2 technologies that explore the transformation of online interaction. The broader use of Blockchain will allow the creation of Smart Contracts, Wallet Integrations and payments, Fiat currency on and off ramps, and other interfaces.  |
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