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The Business

Online Marketing – 7 Myths to Avoid When Setting Up Your Online Business

The number of online businesses has skyrocketed over the last couple of decades. Many people left and right are starting their own business online and trying to making money from their computers. Just because you want to start your own business online does not mean you are going to be successful. Owning any kind of business needs a determined and hard working mindset to to be successful. To make sure you are working in a positive direction, let’s discuss 7 myths about internet marketing — those those beliefs or ideas we must all avoid when setting up our online business. Whether you’ve been working at your business for a while or are just starting out, clarifying these 7 myths will give you a great headstart toward a profitable online business.
Myth 1 – Having a single brilliant idea will make you rich. False — you may come across the best new idea in the world but that does not guarantee you will make money. Many of the most popular and most successful businesses did not start off with one single brilliant idea that launched the business right into being successful. A single idea needs to grow over time; a single brilliant idea has to grow into something bigger to create success. And other ideas will come after that idea expands to its potential.
Myth 2 – If I build an online business, people will come. In the past, some businesses placed a product on the internet and instantly faced some success. But that’s not the norm. You can’t just assume that once you start your online business, you will generate income. Much of your success depends on your marketing — a very essential factor to create big sales. If people don’t know about your business, you will have no customers.
Myth 3 – If you don’t protect your idea, someone will steal it. In reality no one really cares about your idea unless it blows up to be very successful. Other marketers may watch your success grow, but to be successful themselves, they must create their own unique product.
Myth 4 – If you like your product, so will the rest of the world. But in reality what your customers think is much more important than what you and your friends think. If your potential customers don’t like or want your product, it’s time to move on to something else.
Myth 5 – Financial or business models will not help you build a successful business. In fact, if you can find someone who created and successfully marketed a profitable product, you can copy their model to build your own success. A business model will help you plan your strategies and also how much and where you might market your product successfully.
Myth 6 – What you know matters way more than who you know. The people you know and trust can be the key to growing a successful business. They can help you design your product, create your marketing plan, and guide and support you through the process.
Myth 7 – If my product has no competition, I will make lots of money. Again false — If there’s no one out there selling a product like yours, it probably means the market for that product doesn’t exist. Market research before you begin to create the product is probably the most important preliminary step to a successful business. So you must make sure that there are customers out there looking to buy your product.…

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Google My Business

Coffee Shop Business Plan – 5 Big Business Plan Mistakes to Avoid When You Open a Coffee Shop

So you’re ready to open a coffee shop? Read on for five big mistakes to avoid.
1) Not having a business plan
Having a coffee shop may seem like a laid-back kind of business. But don’t be fooled. There’s work involved.
And you need a solid business plan to get the money to set it up.
And yes, even if you are planning to do most of it yourself, you’ll need funds. So plan on having that coffee shop business plan ready and go talk to your bank.
2) Underestimating how much it will cost
There’s much to be said for optimism, but estimating how much a start-up business will cost you before it becomes profitable isn’t something where you should get carried away with visions of fast success.
Most businesses take quite a bit longer to become profitable than their owners expected. So plan for that.
If you underestimate the time it will take, your bank may well pull the plug. And where will you be then?
On the other hand, if you get profitable ahead of schedule, you’ll be their hero!
3) Failing to know your market
Proper market research is really the first thing you should do. Just because there are lots of people hanging out in the coffee shops in your area doesn’t mean that these places are profitable. It also won’t mean that yours will be.
Find out what they like, how much they spend, and, yes, to the best of your ability, find out how profitable the other places really are before you open a coffee shop yourself.
4) Not planning a budget for marketing
Remember that line from “Field of Dreams”? “When you build it, they will come.” Ask some business owners about how that one worked for them in real life!
Not too well, I would think. You need a solid marketing plan — and the funds to put it into action if you want to hope to make your coffee shop successful.
5) Refusing to learn from those who have done it all before you
That may well be your biggest mistake. Don’t be a lone wolf. Your most valuable resource are people who have already done what you’re setting out to do, and have done so successfully. Take advantage of their experience and wisdom, and glean all the intelligence they’ll let you have.
You’ll save countless hours and dollars if you are willing to learn from those people. So make friends with some of your competitors and find out how they managed to make their businesses work. Did they have a coffee shop business plan when they first started. You can bet on it.
And there are even a few how-to manuals out there. Check them out.
Before you buy one, though, make sure that the author or authors actually have done what they write about. You want a guide by someone who has started a coffee shop from scratch, maybe even more than one, and has built it into a wildly popular place. If you find a guide like that, especially if it gives you a step-by-step process, grab it. It will help you avoid any number of mistakes.…