Tag Archives: Entrepreneur

“The Most Effective Way To Attract Customers…” Chatting With Nafas Yoga KL Founders | HONEST

Nafas Yoga KL is a yoga studio business founded by two friends Suhanna & Zafie. Their mission is to become the best yoga community in the city of Kuala Lumpur. Find out more about them on Instagram @nafasyogakl (more links below).

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11 Ways to Market Your Business with a Small Budget

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Small businesses with great products often fail due to its inability to get themselves in front of the mass market.

Despite of the successes of multiple social media platforms, traditional marketing mediums remain to be outside the budget limits of most small businesses.

In today’s article, I’ll share with you top ten ways to market your business with a small budget.

1. Advertisements

There are a number of websites now that offer free advertisements if you wish to sell product/service such as Mudah.my, Carousell and more.

You can even post advertisement on Facebook Groups which is specifically built for the purpose.

If you’re willing to spend a little bit of money, you can always go for Facebook Ads as it also posts your ad on Instagram – which means you are able to extend your market reach further.

Although, keep in mind that it is important to target your market specifically – or you’ll risk having only traffic to your business but without much sale.

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2. Press Releases

Press releases can be expensive depending on which medium you approach. It goes without saying, the larger the news, the more expensive it becomes.

However, if you’re able to attract enough attention from public, most news medium are more likely to come over and have a look at what the big deal is.

Release a statement that you’re organizing a charity event or that you’re helping homeless people to build their homes. Organize events, followed by invitations to news media to cover the stories. It’s a cheap form of publicity.

3. Sponsorship

Sponsorship is not as easy you’d think. Quite a number of entrepreneurs often mistaken that it’s always best to sponsor any events that attract the most customers. While these kind of events can be very expensive, it is also attracting people who are not in your targeted market.

If you’ve followed me long enough, you’ll know it’s always best to avoid or reduce reliance on the ‘numbers’ game – where the more is better. This is expensive and is kind of a gamble.

Personally, I feel it is best to narrow down the number of consumers by categorizing them into who would need and benefit the most from your product/service. Whilst the market has been minimized to smaller number of consumers, the chances of getting sales return is promising.

For example, if you are selling affordable designer handbags – sponsor a group of fashion influencers who attract women looking for international branded designs but with cheaper price tag. If you sell athletic watches – a group of fitness enthusiasts/celebrity fitness trainers. You get the idea.

Play with numbers where you can afford to lose in case things go south.

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4. Media Stunts/Guerrilla Marketing

Media stunts are effective in creating buzz.

Remember when Richard Branson drove a tank through the city?

Or do you remember when Elon Musk launch his Tesla to space?

Look at Domino’s on how they leverage the potholes problems in US towns by adding their own brands on each of the repairs they conducted.

While small businesses can’t compete at the level of those billionaires, there’s nothing you can’t do with a little bit of ingenuity and creativity.

For a small business, start looking around your neighboring area for things that you feel need to be addressed.

Provide a solution and stamp your brands all over it to create awareness of your company.

Don’t forget to invite news reporters too.

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5. Make more use of your business cards

Your business cards are a form of investment – so use it wisely.

It’s not a matter of simply distributing those cards among your family and friends, it’s about creating the need for them to ask for your business cards.

For example, back when I ran Mirsky Mode, I often meet up with my lady friends to catch up on things where I always bring up the ‘handbag’ conversation. We’ll talk about the design, brand and the expensive price tag of the bag. Once we get to the price, talk your way into how your company offers designer handbags for an affordable price. They would immediately ask for a card or even check out your online store on the spot!

This can also be applied to other industries too.

The important thing to do is to make sure the person you intend on distributing the business card is a part of your targeted market – or you’ll risk of wasting away that card.

Then, create a need for them to find out more about your business

6. Join a local networking group

A business that does not connect often fails.

Your company needs to be connected with people to gain their support.

By becoming emotionally connected with people, you are adding value to the relationship. Build on it and when the time is right, people will start visiting you to see what your business has to offer.

I’ve often made new friends from online meetup sites such as Meetup and AirBnB activities.

If you visit the local public library or town hall, there will be notice boards on local events or gathering too.

Pay a visit to one of them and start building relationship with people.

7. Use self-employed sales agents

This is a cheap alternative selling method.

Self-employed sales agents do not take large commissions from you since they do not have to pay any sales agency fees.

They are also highly motivated and very good at working independently.

This is great for you since you do not need to spend too much time on training/teaching them the ropes as they can get the things done on their own.

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8. Leaflet drops

The key of a successful leaflet drop is to pick the right market to distribute to.

Leaflet drops is a numbers’ game. Traditionally, the more you distribute, the higher chances of getting sales. This costs money.

Instead, narrow down your market. Target those who you feel the most likely to be interested in your product/service.

Pay more attention to the design of the leaflet. Be more emotionally connected with the consumers on the issues of what your business offers to resolve. Selling part comes later.

I’m not a huge fan of traditional leaflet drops but since I know a few businesses that successfully gain results from it, I’d share with you nonetheless – but with caution as it could costs much money and time which small businesses can’t afford.

9. Give talks to other businesses

I’ve given talks on investment once and learned few things from it.

First, you gain new connection who are in similar fields or interest. This is a no-brainer.

Just be sure to leave your contact or company’s contact details so they can find out more about your business.

Secondly, during Q&A session, I’ve managed to understand what troubles or issues people are experiencing in the field respectively.

The sessions gave me direct insight and I’ve learned numerous issues which my company can help resolve. A win-win.

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10. Write for your favorite e-magazines/blogs or create your own newsletter

Contributing articles is a must for bloggers and even writers nowadays.

Reasons are that you will extend your market reach to the blogs you’re contributing to. Don’t forget to leave links back to your blog (with permission, of course). If readers enjoy your writing, they will know where to look to find you.

Being a writer, I’m very fond of this idea. Ever since I was a kid, I’ve always enjoyed writing fiction and as I grew older – business topics. So, why not use this to advantage in growing business?

11. Collaborate With Social Media Influencers

In this digital age where social media thrives able to flood your business with traffic/consumers, you’d best take full advantage of it. Plus, it’s cost varies from low-to-zero.

Influencers’ endorsements are definitely cheap compared to celebrities’. They can help influence their followers with a click of several buttons and your business will be on the ‘maps!’

While some agree to promote your business on reasonable fees, there are also those who simply accept your product/service as payment. It all comes down to negotiation and their popularity rating. Rest assured, they will cost you a lot less than celebrities.

Read more about what I wrote on selecting the right social media influencer for your small business.

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Why The Future of making money For Content Creators is great

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I’m not talking about Patreon, Onlyfans, SuscribeStar and so on.

I’m talking about the future of online ads for video content creators.

Imagine if Youtube have competitors, there will be higher profit from advertisements for creators than today.

For now, you can see other companies such as Vimeo replicating the idea but with little success – for now.

How about BitChute?

There are numerous creators who have already added their content on the platform and even received partnership offers.

Even an article by Bloomberg have found that large numbers of creators are also moving  and/or diversifying towards Ethereum-based platform such as Viewly due to its interesting potential and consistent policies unlike Youtube.

The reason a number of sites are popping up lately (time I write this) is due to constant changes of Youtube policies lately.

That and the fact Youtube seems to be inconsistent when it comes to enforcing their rules and regulations are starting to drive a number of creators looking for another platform to share their content.

And when barriers of entry loosen up, competition will start pouring in soon.

I’m not saying Youtube will lose.

What I’m saying is – this could potentially lead to more platforms competing.

Most of the benefits from that competition will go to content creators such as Youtubers; and it’s competitors will start offering better support and higher ad revenue in order to remain relevant.

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This is why I believe the future of content creators, particularly video creators, is going to be more optimistic as more opportunities and potentially better ad revenue will be available soon.

Consequently, this is an opportunity for entrepreneurs (especially solo-preneurs) to create another stream of income by adding valuable video content on these platforms.

So, time to pick up another skill, future millionaires!

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Secrets To Financial Freedom

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You work very hard. Day in. Day out.

Yet, you could not yield the results you want – which is to achieve financial freedom.

Today, I’m gonna share with you the secrets to financial freedom.

Create Your Networth Target

Creating a budget never really makes sense to me in the first place.

I went through many online material that talks about budgeting & yet, they continue talking about cutting spending & never really got to the core of budgeting.

Whilst it is a no-brainer to cut down spending, I was clueless as to how much is considered a good budget.

I was directionless.

Then I discovered how important net-worth is and how helpful it is when it comes to creating a budget.

Basically, you need to come up with a targeted net-worth & how long you’d think it requires to reach that target.

Once you have a target, all you need now is to reverse engineer that figure into tangible numbers using simple math – giving you an idea how much you need to save every month and so on.

In a nutshell, let’s say you’re aiming to reach a networth of $100,000 in 3 years. This means you need to make $2777.77 every month.

This is where you decide where to cut your expenses or how much money are you short from achieving the figure. It all comes down to simple math.

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Apply The 50/30/20 Rule In Budget

I’ve also talked about this rule.

For those who are not familiar, the 50/30/20 rule was introduced as guidelines to how much you should spend based on needs, wants & savings

Although this is a good place to start, I believe there should be some tweaks depending on where you are today.

In short, I believe the rule should be re-introduced as 40/10/50 – where savings should be the priority, so you can add more money into investment later on.

If you want to know more about it, check out my other article where I discussed this in details.

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Seek Wise Men/Women For Advise On Investment

This is the toughest topic to talk to you about.

Honestly speaking, there is no such thing as an investment that fits all.

Different investment has different settings, different mentality and so on – which can be challenging if you’re not used to the environment.

My experience tells me that the best person to talk to about investment are those whom you have personal relationship with – who have gone through the experience from becoming poor to wealthy.

Gaining their insight is valuable as it gives you first hand lessons, mistakes & failures that you can avoid in the future which is priceless.

Then, once you’re certain – you can go all in.

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Improve Tax Awareness

You have no idea how much money you can save by starting to listen to your accountant.

Credited accountants are able to tell you exactly how and where to spend in order to get the best tax reliefs, or tax reductions.

Getting tax reliefs is always great – so maximize its uses.

If you run a company, it’s even better. You can gain more tax reliefs under company spending.

So go talk to a credited accountant now before that next tax declaration dateline.

My Final Two Cent

If you’re clueless as to where to begin, then, seek advice from wise men or women. Take note every single thing they share with you – even if you disagree with some of the ideas.

Always keep in mind, the best entrepreneur are the ones who are open-minded and do not have answer to every question.

Let me know what you think about the article in the comment below.

Don’t forget to Execute

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What Would You Do?! With Model-Entrepreneur Ekaterina Dubrovskaya | HONEST Interview

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Katrina Dubrovskaya is a model-entrepreneur based in Moscow, Russia. She has been featured in numerous magazines & commercials worldwide. She also is the founder of Kato Wear, a clothing line she personally designs. Find out more about her on Instagram @katrina_model (links below).

► Subscribe: https://bit.ly/30s9TwM

► Website: https://honestmoneymakers.com/

► Facebook: https://www.facebook.com/honestmoneymakers

► Instagram: https://www.instagram.com/honestmoneymakers

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Katrina’s Links:

► Modelmayhem: https://www.modelmayhem.com/3491396

► Instagram: https://www.instagram.com/katrina_model

► Kato Wear Website: https://katowear.com/shop

#interview #entrepreneur #model

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