For most entrepreneurs, the worst moment of their careers happened during the initial months of 2020. It was an incredibly challenging year for small-scale businesses, considering they have little resources and a non-existent financial safety net to fall back on.
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Unfortunately, many business owners fail within the first three years of their business, this is around 60%, it’s a high number, isn’t it? Sometimes a failing business can be completely inevitable, however, it mostly comes down to the business owner making mistakes. These mistakes will result in their business ending and other difficult pitfalls that are hard to get out of. So how can a failing business be avoided?
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An online business starts with an idea and then creating a website. The website acts as an online home base for customers to get information about the company and purchase products. It also contains interactive components like contact forms, email subscriptions, and social media buttons.
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Data is a huge part of life, and that is as true of the business world as any other aspect of modern living, if not more so. Without access to various pieces of data, businesses would not be able to operate anywhere near as efficiently as they do now, but data is not without its drawbacks.
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If you have already launched a small business and it is going well, there will come a time when you start to think about expanding it. It might be that you have already had to turn down some business because you’re too small to be able to handle it successfully. Or it might be that you find that you’re slowly but surely becoming much busier, and you know that you will need to expand to keep up with demand.
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The pandemic had quite an impact on how businesses run their brand. If there is one aspect that every business needs to change, that is their marketing tactics. During lockdowns and consumers sheltering in place, brands had to think of other ways to entice consumers to continue patronizing their business. Those considered non-essential businesses had to step up their marketing game to succeed in the new normal.
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Lots of people want to start their own business, but not everyone knows where to start on their own. Franchising, which is when a brand provides licenses and agreements to entrepreneurs to run a business using their name, products, and services, is a business model that is getting more popular and is a good option for business beginners, as your investment comes with support from the brand.
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Starting a new job has the potential to be a stress-inducing experience at the best of times, particularly when entering a brand-new field to join a cohesive team of well-established professionals.
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To facilitate your company’s growth, you need to consider numerous things, from planning to resources to finance to technology and whatnot. It would be unfair to say that growing a business is a cakewalk and carefree process. No, it is completely opposite to that; it requires some serious endeavors and a strategic approach that unites and works together like peanut butter and jelly.
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