Why is it important to keep records? This is because it helps you identify the sources of your income and help you in deciding whether you should apply for a GST/HST.
COVID-19 brings a lot of difference to the small business industry. It affects all types of businesses around the world. There was a huge market slow down because of the pandemic but also because of it small business owners turned out to be more creative and innovative to survive the market crash. Industries such as retail, food and beverage and even healthcare are now being redefined with the rules of the “New Normal” The online world got crowded as businesses switch from their brick and mortar stores to Ecommerce. Ecommerce, also known as electronic commerce or internet commerce, refers to the buying and selling of goods or services using the internet. Ecommerce is often used to refer to the sale of physical products online, but it can also describe any kind of commercial transaction that is facilitated through the internet.
Choose the right platform for your product or service.
Finding out the right platform to sell your product takes knowing your target audience very well, you need to know what social media platform your audience is using. Get to know your market, find out
- How old are they?
- What location are they from?
- What time are they most active online?
- Are they male or female?
- And what interests them most?
Here are the top 5 social media platforms you can use to start your business.
Targeting niche audiences to reach markets more effectively.
You can reach your target audience more effectively by using targeted advertising. Whether it is Google ads or social media ads, they all provide advanced targeting options to help you reach your target market. A target market is defined as a specific group of potential buyers for which a business positions its products and services. Focusing on one element of the market, a subset, and put all your efforts there, that’s finding a niche for your product or service.
Perform an online Competitor’s check
By analyzing your competition and monitoring them, you’ll get to know their behavior, enabling you to anticipate their actions and stay one step ahead. This will allow you to build a difference which will give your audience a reason to choose you over the other.
Have a real game plan by analyzing what you can do and what you can improve on. SWOT Analysis is a simple but useful framework for analyzing your organization's strengths, weaknesses, opportunities, and threats. It helps you to build on what you do well, to address what you're lacking, to minimize risks, and to take the greatest possible advantage of chances for success.
Create a website
If you have a website, you provide a place for consumers to see what your brand is about and learn more about your products and services, this gives your customers 24/7 access to your shop hassle-free, Small business owners don’t need to spend a lot when building a website, read our blog about small business tools it will give you Free and affordable tools for start-up businesses including website creation.
In the marketplace, you will get a lot of competition but consumers choose products or service that solves their problem but also brings value to their lives. One way to create value online is by doing an educational post, it is like providing your customers knowledge for free. There are also brands that always have motivational or encouragement posts for their audience this drives more connection and engagement with people.
In this age and time having an online marketplace is integral for business growth. With an online store, you can expand your market and gain new customers. Online shopping is the future of businesses, According to Statista its market size is predicted to increase to 300 million in 2023 people all over the world are now shopping online and it is important that you can meet your customer where and when they’re shopping.