Starting a business can be quite demanding, however there are many ideas you can implement to make the venture successful. This post, How To Make $5K Per Month As An Entrepreneur Newbie, outlines various plans, as an entrepreneur newbie, you can employ and make $5K each and every month. Some of these ideas come with choosing a target audience, finding a market niche, advertising, and maintaining excellent customer relations.
Determine Market Niche
As a brand new entrepreneur, it is essential that you determine the unfulfilled wants and desires of a target market. You are going to, therefore, provide products and services that fully satisfy the present marketplace gap. Filling in the current gap will allow you to get more customers and thus make more money. Your business will remain relevant, and as the entrepreneur, you do not need to waste tools and resources because you are fulfilling the needs of the marketplace.
Target Market
Being a brand new entrepreneur, you’ll be able to reach your goal of making $5k per month by picking and focusing on a target market. For every product and service you sell, you must be acutely aware of who your customer is. This makes it easier to target them with your advertising. The knowledge of your target market ensures you will be selling a relevant product/service. Focusing on this saves you from losing money. To reach your goal, you must also position your product so that it perfectly aligns with your target market. Once you have the product/market fit, it makes it easier to scale your business significantly within a short amount of time.
Advertising Online
In the digital era, one of the best ways to market your products/services is through the internet. Many successful businesses are utilizing the tools of the technology to advertise their product/service in a scalable way. If you want to reach your goal of making $5k per month as an entrepreneur newbie, using online systems is your best bet. On the internet, you can advertise to practically an unlimited amount of people because of blogs and social media networks.
The key is to follow a proven process of generating consistent sales in your niche and then applying it to your business. For example, if you own a blog that offer advice about running an Amazon FBA Business you can reach your customers on many platforms like FaceBook and YouTube. Remember to always be building your email list as well, because you never want to be fully reliant on other businesses to bring in income for you.
Related: 5 Behaviors of Millionaire Entrepreneurs
Customer Relationships
As a new business owner, you will probably not have a ton of customers in the beginning so you should retain the customers you have by building relationships with them. Through the power of email and FaceBook messaging you can now connect with your customers whenever you choose to. This should also go without saying, but make sure you are treating your customers how you would like to be treated.
Studies show that customers who have a bad experience with a company are much more likely to share their experience on social media than the customers who have a positive experience. Some small things you can do as an entrepreneur newbie to improve your systems is to cut back on the time it takes to respond to customers who have questions and also reduce the time of product/service delivery. It’s always good to underpromise and overdeliver for your customers. Many companies like Amazon center their entire business around providing outstanding customer service, and it pays off in the short-term & long-term.
By providing a great customer experience, the customer is more likely to refer you to friends, family, and colleagues who may need your services.
Maintain Proper Bookkeeping
Making $5K Per Month As An Entrepreneur Newbie is no stroll in the park. It takes attention to detail, especially your finances. First off, you should have separate personal and business accounts. Not only does this make it easier to track everything, it also makes it harder for you to co-mingle the two when you use separate banks. Also, go through your expenses and see if you can cut some expenses that you do not need. It’s usually going to be expenses that don’t make your business flow better or doesn’t being in more revenue for your business.
The next step is to take a look at your revenue sources and how revenue is brought in to your business. Brainstorm ways to double and quadruple your current income and begin implementing your plan immediately. The only way you know if a plan works is if you work it and find out yourself. By monitoring your expenses and revenue, you will be able to make decisions that can grow your business to the point of surpassing your financial goals.
