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How Social Media Can Change The Whole Game For A New Business

social media

How Social Media Can Change The Whole Game For A New Business

To become a successful entrepreneur, the new business owner must find ways to reach customers. Social media can make that job easier.

The rise of social media as a marketing tool has had a major impact on businesses, particularly startups. Studies have shown that more people follow brands on social media than follow celebrities.

But while social media marketing can put a new business on the map, missteps can be made that are costly to the bottom line (and one’s reputation), says Deni Sciano (www.ScoreGameDayBag.com), an entrepreneur who founded Score! Designs, LLC, a women-owned designer handbag company based in San Antonio, Texas.

“There’s good and bad social media marketing,” says Sciano. “As an entrepreneur, few of us are good at it. We can play around with it and learn about it, or throw a little money at it here and there.

“Now that social media marketing is such a big business, you really have to find the right marketing company that fits you. Either way, through a company that focuses on it or doing your social media marketing in-house, it’s imperative to learn what to do, and what not to do, if you want social media to be an effective tool to attract and retain customers.”

Sciano suggests five ways to make social media work for your new business:

Know who and where your customers are. “Adopting social media tools must be a well-planned and researched step,” Sciano says. “It starts with determining who your target audience is – who would have a need for your product? – and their demographics. Then it’s vital to find out which platforms your potential customers are on before devising an appropriate strategy for each.”

Know what your message is. “This has to be specific,” Sciano says. “You need various angles in order to pull them into core message. There’s too much clutter and competition out there in social media for you to be general and bland about your product’s value. If you want to build more customers, you need to give them what they want and message it in a way they can relate to.”

Set goals on customer engagement. “The whole idea is creating curiosity in your product,” Sciano says. “How many responses should you expect in the early weeks, the third month, and so on? Is your message working or does it require tweaking? Setting a goal for number of responses is a metric you need to have.”

Find the right marketing company.  Social media marketing can be of utmost importance to entrepreneurs who do it themselves because they don’t have the large marketing budgets that more established companies have. But Sciano says those entrepreneurs who do hire social media marketing companies shouldn’t get aligned with a firm that has too many accounts to spend significant time with them. “Finding the right marketing team is easier said than done,” Sciano says. “They need to understand you and your message completely. They need to see your passion for the business and you must see their passion for getting your message out there effectively. The right marketing company becomes an integral member of your team, not just a vendor.”

Learn from failure. “This is often the best teacher,” Sciano says. “I fail every day but my company has come a long, long way. From losses come victories, creative solutions, more curiosity and optimism. All of that drives you and your company forward on various social media platforms.”

“Social media is a great way to create a buzz about your business,” Sciano says. “But it takes time, patience, flexibility and perseverance. And for many entrepreneurs, it’s become a daily part of their business model that they can’t do without.”

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Deni Sciano (www.ScoreGameDayBag.com) is the founder of Score! Designs, LLC, a women-owned designer handbag company based in San Antonio, Texas. A former teacher and marketing director, Sciano created her company and products with today’s heightened security issues at sports stadiums and arenas chiefly in mind. Her clear bags are sold in all 50 states.

China market

Success in China: Market Opportunities & How to Get Started

Are you an ambitious entrepreneur from the west seeking to expand to China? Or are you interested in opening a new business in China? If yes, this article is for you. We will explain the 5 most viable business openings in China today and the 5 most reliable tips on how to get started in this highly-competitive market. Please be our guest.

Which Viable Market Opportunities Can You Pursue in China?

As the affluent middle class continues to expand in China, solid economic transformations in the country are being realized day by day. The biggest beneficiaries of these transformations are multinational companies who have set up or are planning to open a shop in China. There are now bigger and better market opportunities to pursue, more advanced industries to invest in, and more tech-intensive manufacturing opportunities to consider. As a matter of fact, China now boasts of a 50% bigger manufacturing economy as compared to the USA.

If you are looking to tap into the continued increase in high value-added production, increased globalization of the service sector, as well as the increased outbound investment in China, these 5 market opportunities would be lucrative enough for you:

Healthcare

Rising wealth often comes with an increase in lifestyle diseases. An increase in manufacturing, on the other hand, brings forth many environmental concerns. These two factors have made the healthcare industry very lucrative in China. You will create a reliable cash cow if you could invest in a business that deals with herbal supplements or small health products- or a mainstream pharmaceutical company, so to speak. Also, the use of skincare products is on the rise in China. It’s best to set up a wholly foreign-owned enterprise for such operations.

Import and export trade

China is currently the largest exporter of tech goods and importer of processed foods globally. That means you can build a profitable importing and exporting business here in a heartbeat. 

Supplementary education

Many middle-class Chinese are keen on improving their English and expanding their knowledge of different aspects of business and politics. If you can offer them after-school private tutoring services, you will be making impressive annual returns on a consistent basis. Moreover, online tutorage is on the rise in China, which enables you to tutor more people in a more cost-effective way.

Food production

This goes without saying: Everyone needs food, everyone loves good food. And now that the middle-class in China is welcoming new entrants in huge numbers, there is a significant supply gap within this class for as long as the food is concerned. A rise in class obviously comes with a change in lifestyle, and food is at the center of every lifestyle. 

Mobile phones and accessories

The whole world has in the recent past turned to China for all its tech needs. The nation is the largest producer and importer of affordable mobile phones and accessories, meaning that a business in this industry would be extremely profitable.

What kind of structure to choose when expanding to China

IF you are considering expanding your business to China, establishing the right business structure is crucial. There are several types of business structures:

-Representative Office – allows foreign companies to open their offices in China and hire staff under their own legal entity. However, the offices are not allowed to perform any business, rather it is done by the parent company which is abroad. 

-Sales Office- this business structure enables foreign businesses to rent an office with a Chinese address for conducting business, without the necessity to establish a separate legal entity. All the activities and costs incurred in this office, are paid by the parent company.

-Foreign Invested Partnership- For this business entity, there is no need for minimum capital requirements. Depending on agreements, two or more investors can be joined and form this type of structure. 

-Wholly Foreign-Owned Enterprise- Through a wholly foreign-owned enterprise, two or more foreign partners can come together and establish the company which has the same liability as domestic companies. Moreover, it provides the owner with autonomous control and ownership. 

How to Get Started In China

As lucrative as China could be, many investors from the west talk about it with fear. Some of these foreign entrants tried and failed, or struggled to find their footing in this Asian economic giant. But what would render you unable to compete and survive here? For starters, the business environment here is too unforgiving and the competition too stiff for the faint-hearted. Also, cases of language barriers, cultural differences, and bureaucratic government regulations have led to the peril of many. 

In the middle of all these, how do you defy the odds and succeed in China? Here are 5 actionable tips on how to get started in China:

Don’t just translate your content for China; ensure that everything about your business is localized for China. 

It is important to understand and comply with all business regulations in China. The hiring process can be tricky to a new entrant, which necessitates the services of a Chinese recruitment agency. Such an agency will help you with all employment laws, privileges, and remuneration. 

Ensure that you understand and respect the cultural differences that exist between the west and the east. 

Never underestimate the power of customer opinion in China. Let the customer tell what their experience with your product is, respect their opinion, learn from your mistakes, and ensure that you find lasting solutions to all their concerns. 

As much as possible, try to work with a local partner in order to benefit from the many favors local entrepreneurs get from the government.

idea

When The Creative Light Bulb Flips On, Here’s How To Make Your Idea Take Off

Smart business ideas can pop into someone’s head just about any time and anywhere: While walking or jogging, when driving, before going to bed, while doing housework, or during a brainstorming session.
The idea is usually triggered when the person notices a problem or need. The exciting moment the idea springs to life may seem like an epiphany, akin to a light bulb flipping on brightly in the brain. But that doesn’t mean it’s always a good, viable business idea, and discerning whether it will work doesn’t happen nearly as easily as the idea originally came.
“Getting a business idea from zero to reality requires numerous steps, lots of important details, and diligence,” says Deni Sciano (www.ScoreGameDayBag.com), the founder of Score! Designs, LLC, a women-owned designer handbag company based in San Antonio, Texas.
Sciano got her business idea to design clear handbags when waiting in a long security line at a professional sports event. Her products are now sold in 100 stores across the U.S.
“When you have that ‘a-ha!’ moment of discovery, your passion for your idea can take over, but that passion doesn’t give you the pragmatic side of business that you’ll need to properly investigate its potential and make it work. Having said that, by taking the right steps, being persistent and figuring it out, your idea might really take off.”
Sciano offers five ways to turn your idea into a business reality:
Do your homework. “The idea person who’s basically new to marketing and selling really needs to self-educate as much as possible,” Sciano says. “Read books on sales and marketing. Learn the importance of trade shows and networking as well as online marketing. Research the market; you need to carry out a full analysis of your idea by investigating the target audience and its demographics.”
Plan to spend money. The dream-big side of a new idea is countered by — and sometimes ended by — the reality-check side of having enough money to invest in the project. “You have to ask yourself early-on, ‘Can I afford this?’ ” Sciano says. “That’s the No. 1 thing that can stop you. There are many money factors to consider — for a lawyer, an accountant, to hire staff, to get trademarks, do the marketing, etc. There’s a lot that goes toward building your brand and your market.”
Find mentors. “It’s crucial to form relationships with entrepreneurs who had an idea, believed in it, and made it happen,” Sciano says. “You need the knowledge and inspiration gained from them and their successful experience.”
Keep the faith. “The grinding day-after-day part of pursuing your idea and turning it into a business reality can be drudgery, overwhelming, and discouraging at times,” Sciano says. “Fear is a huge factor that stops people from following through. It’s like a chain on your ankle. But let your adventurous spirit and your continuing curiosity shine through. Keep the faith in yourself and your product.”
Learn how to juggle. Sciano says that if it’s done properly, dedicating oneself to a product investigation and launch is extremely time-consuming. The person with the idea needs to weigh whether following through on it is worth the personal sacrifices they must make. “You have to go all-out, and the first couple of years you have to give up some of those things you enjoy — spending time with friends, hobbies, etc.,” Sciano says. “Figure out what kind of work-life balance you need.”
“After you come up with a great idea, trying to make it work can seem like hitting a wall over and over again,” Sciano says. “You learn how to go over the wall, and going for it is worth it.”
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Deni Sciano (www.ScoreGameDayBag.com) is the founder of Score! Designs, LLC, a women-owned designer handbag company based in San Antonio, Texas. A former teacher and marketing director, Sciano’s created her company and products with today’s heightened security issues at sports stadiums and arenas chiefly in mind.
visionary

Are You A Visionary? 6 Traits Every Strong Vision Shares.

There’s a reason many of the most successful businesses in America – Apple, Amazon and others – had a visionary leader behind them, propelling them to achieve their goals at the highest level.

“A vision pushes people not just to do more, but to do more than they think they are capable of,” says Oleg Konovalov (www.olegkonovalov.com), a global thought leader and consultant who has worked with Fortune 500 companies and is author of the new book Leaderology.

Yet, even though everyone does a lot of talking about the importance of vision, he says, it’s not easy to fully grasp just what it is.

“I’ve discussed vision with CEOs of big companies, serial entrepreneurs, creators of unique software, and many others,” Konovalov says. “Every single person with whom I have spoken viewed vision differently. But in the course of all these discussions I discovered that there were some properties of a strong vision that remained constant.”

Vision reflects the highest purpose of leadership. A leader’s vision should include actual benefits for those affected by the vision, such as employees, customers, the leaders themselves, employees’ families and society at large. “A main stimulus of vision is people and the care of their needs,” he says. “If a vision is not formed around people and their needs, then it is not vision but personal ambition.”

Vision doesn’t lead to dead ends. A vision is always scalable and should show multiple potentials for expansion, Konovalov says. “But to be able to scale the vision you should maintain an appropriate cognitive distance from it,” he says. “This allows you to see the broader picture while keeping the important details in sight. Stand too close and you see the details, but lose the whole picture. Stand too far away and you lose the important details from which the vision is created.”

Vision reveals a path to success. As you pursue your vision, watch for the signs and clues that will help lead you to success. “They will be easy to follow if the vision is strong,” Konovalov says. “Those signs are always around in different forms – words of encouragement, expressions of real need from strangers, and answers to critical questions coming from unexpected perspectives.” Paying attention to such signs helps people spot opportunities while crafting the most effective path to success, he says.

Vision means taking on responsibility. If you’re the person with a vision, you are taking on a responsibility that will have an impact on people’s lives.  “And the greater the vision is, the greater the responsibility,” Konovalov says. “But this huge responsibility also comes with incredible opportunities, the kind of opportunities available only to pioneers. It may be intimidating to take on all that responsibility, but it will reward you in return.”

Vision should be easy to understand. “Vision involves elegant thinking about complicated things,” Konovalov says. But that doesn’t mean the vision itself should be so complex that everyone is left puzzling over what you’re saying. Just the opposite. “Great vision is genuinely easy to understand,” he says. “The simpler the vision is in its core meaning, the easier it can be shared with employees, customers, and partners.”

Vision generates excitement. A person with a vision isn’t nonchalant about it. Strong vision is always accompanied by excitement. “Actually, vision is a strong emotion itself,” Konovalov says. “If someone tells you about his great vision and he sounds ho-hum about it, then most likely he is lying to himself and others. Such a person might have a goal, but they don’t have a vision.”

Vision is a great leadership ability and success instrument, Konovalov says.

“Vision defines and explains why and where effort should be focused,” he says. “And while vision is normally created by a single person, it quickly becomes the property of many, and that’s important.

“No one can accomplish something great on his or her own. Vision is what attracts the people needed to take what you want to accomplish and turn it into a reality.”

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Oleg Konovalov (www.olegkonovalov.com) is a thought leader, author, business educator and consultant with over 25 years of experience operating businesses and consulting Fortune 500 companies internationally. His latest book is Leaderology. His other books are Corporate Superpower, Organisational Anatomy and Hidden Russia. Konovalov received his doctoral degree from the Durham University Business School. He is a visiting lecturer at a number of business schools, a Forbes contributor and high in demand speaker at major conferences around the world.

 

ENTREPRENEURS

ENTREPRENEURS ALLEGE AMAZON’S “UNSCRUPULOUS BUSINESS PRACTICES” FORCED CLOSED BUSINESSES

A group of companies in Los Angeles and surrounding areas that were part of Amazon’s Delivery Service Partner Program are suing the e-commerce giant, it was announced Aug. 5. 

Plaintiffs the Hubper Group Companies and their affiliates allege Breach of the Covenant of Good Faith and Fair Dealing, Breach of Implied Contract, Estoppel, Fraudulent Concealment, Unfair Business Practices and Intentional Interference with Business Relationship in the complaint filed in the Superior Court of Los Angeles by the Newport Beach, California-based law firm WHGC, P.L.C. 

They seek an unspecified amount in compensatory damages, disgorgement, plus exemplary and punitive damages from Amazon Logistics, which is accused of “wrongfully and without cause” terminating the plaintiffs’ Delivery Service Partner relationship this past April. That was after the Hubper Group Companies claims to have invested about $4.5 million into continuing its exclusive operations for Amazon, which included employing about 600 people to deliver good from nine stations covering 300 routes. 

Further, once Hubper Group Companies was put out of business, Amazon contacted the plaintiffs’ former drivers, offering employment as independent contractors utilizing the same delivery routes, according to the lawsuit.

“This is a clear-cut story of a corporate giant knowingly and deceitfully putting a group of local entrepreneurs out of business,” says a member of the plaintiffs’ legal team. “Amazon Logistics convinced these hard-working entrepreneurs to invest in a business that they knew would soon render worthless, a practice that is immoral, unethical, oppressive, unscrupulous and substantially injurious to consumers overall.”