Adapt.
Pivot.
Transition.
Evolve.
All these and more not-so-new words have been added to our business dictionary. Every business now, no doubt, has had to take some unplanned action/s to ensure survival in the next coming months. Businesses that fail to take any action will indeed struggle to get ahead and will die eventually.
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So, this showed up on our feed today.
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A lead magnet is a powerful tool as part of your sales funnel. It not only gives customers a free gift and an incentive to shop with you, but it also delivers you that ultimate piece of customer information – an email address!
A lead magnet is a free gift you offer people who may be interested in your product or service. This strategy is employed by businesses around the world. The power of the lead magnet is so great that it can double or even triple your conversions.
Types of lead magnets
There are so many ways to offer lead magnets. The good news is that they don’t have to be long-winded or fancy. Your lead magnet also need not be a sales pitch. In fact, the less sales-y, the better.
Here are 12 lead magnets strategies to drive sales into your business:
• Free info – report / ebook / mini-course / checklist / template
• Free event / webinar / seminar
• Free trial (great for subscription-based services)
• Free product/
• Free quote/appraisal/review/audit/ depending on the nature of your business.
• Free consultation
• Free checklist
• Free voucher (20 percent off first purchase etc)
• Free template
• Free resource list
• Free calculator (for mortgage/finance-based businesses). Check out https://crunchingthenumbersforprofits.com/
• Free recipe
Your lead magnet should be somehow tied to your business and should provide value and information without giving everything away. It should help establish credibility as an industry leader and be genuinely useful for your customer.
So you’ve created your lead magnets. Now, what do you do next?
Once you have shared a lead magnet with potential customers, your work is not over. To back up this strategy, you need to have a communication plan.
For example, a weight loss coach may offer her clients a free ‘cheat sheet’ on reducing belly fat in 7 days. Once she has their email address or phone contact, she can add them to her targeted marketing campaign. They will receive a follow-up with a special offer such as a discount on a full-service package. An added incentive may be delivered a week later to give that future client the nudge they need to come on board.
Implement these strategies and be sure to let us know what worked well for you. Send us your results via This email address is being protected from spambots. You need JavaScript enabled to view it.
Bonus:
Looking to build an email list? Here are some tools to assist along the way. Please note that The Timely Entrepreneur is not in any way affiliated with any of the following. Of course, these may not all be applicable to you, but you can choose what works! Have fun playing around.
- ConvertKit
- Hello Bar
- AddThis
- EasySendy
- Entice
- Rafflecopter
- Vyper
- Leadpages
Apart from Mailchimp, you can also choose from:
- Constant Contact
- Sendinblue
- Hubspot
- ConvertKit
- AWeber
- Drip
- Mailerlite
If you Choose to Thrive and would like to uncover more ways to win clients over, sign up for a private meeting at our Micro Business Clinic. Call our offices to book a time to chat 706-5934 or claim your spot at our Micro Business Clinic:- https://www.new.thetimelyentrepreneur.com/advisory/
(Visit the link and select Choose to Thrive with Lead Magnets)
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Not everyone is going to like, or want, or even purchase what you’re offering, and that’s quite okay.
Don’t take it personally. (Taken from a past blog we wrote).
There is absolutely no way, everyone is going to like what you do or what you have to say. Not everyone you bounce ideas off will agree and support your decisions. However, as an Entrepreneur, you must know that it is OK!
We recently had a new Entrepreneur who was afraid to show her progress. It was almost like she was ashamed of stepping out for fear of what people would say. We didn’t get it. We didn’t understand why she didn’t want to be celebrated, why she bothered to care what someone would say. After all, she was successful in getting started and she started making money before even launching the business! That certainly was something to celebrate.
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In our last article, Is it time to close my business, we mentioned that when the time comes to move on, Entrepreneurs ought to have an exit strategy, as properly...and gracefully closing things off legally and financially will improve your chances of transitioning smoothly into another venture.
No doubt, the idea of ceasing your business will be a tough and difficult one to process, but you would need to put emotions aside and close your business the right way, so as to avoid you further distress and setback.
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FREQUENTLY ASKED QUESTIONS ABOUT THE TIMELY ENTREPRENEUR RESOURCE AND RESEARCH CENTRE (TTERRC)
FAQ 1. WHAT DOES THE TIMELY ENTREPRENEUR DO?
The Timely Entrepreneur Resource and Research Centre is a Small Business Development firm with a mandate to educate and empower startups and Entrepreneurs, and to lead them to growth and success in business.
We design and implement effective Entrepreneur programmes and Client Advisory Services to serve businesses as they seek to understand the dynamics of Entrepreneurship.
FAQ 2. WHAT SERVICES ARE OFFERED BY THE TIMELY ENTREPRENEUR?
At The Timely Entrepreneur Resource and Research Center, we provide:
- Early-Stage Business Advisory
- Elite Entrepreneur Sessions
- Live Webinar Training
- Business Seminars, training, and Workshops for startups and small businesses
- The Timely Entrepreneur Launch and Learn Events
- Insider Business Tips and advice
- Access to The Timely Entrepreneur’s Library & Business Resources
- Certification Courses for startups and small businesses
- Connections to Small Business Development Assistance
- Publicity Opportunities
- Business Bites - Lunchtime Business Sessions for Entrepreneurs
- Business Nights - Entrepreneur Learning
- IP Referrals
- Connections to Export Assistance...and much more
FAQ 3. DOES THE TIMELY ENTREPRENEUR PROVIDE FUNDING?
No, we do not provide funding in the form of loans or grants. We do, however, provide assistance with contacting relevant sources of funding.
FAQ 4. ARE YOUR COURSES/TRAINING FREE OR PAID?
Some of our programs are free, while some are paid.
FAQ 5. WHAT IS THE COST OF THE ENTREPRENEUR SESSIONS?
Currently, our session costs range from TT$150 to TT$500, while some are free.
FAQ 6. WILL I BE AWARDED A CERTIFICATE UPON COMPLETION OF SESSION/PROGRAMME?
Yes, certificates are awarded upon completion of our programmes.
FAQ 7. WHAT IS THE DURATION OF THE SESSIONS?
Session times are varied based on content. Our Lunchtime Business Sessions are usually one hour, whereas our weekly Entrepreneur programmes run for three hours at most.
FAQ 8. WHAT IS THE DURATION OF A FULL PROGRAMME?
Most of our programmes are completed in one session. We really try for our programs not to be too long and drawn out. However, a few programmes extend for a number of sessions, as is the case with our Spanish programmes. These may run on for a total of (10) ten one-hour sessions. Other sessions are completed thoroughly within the session’s time, e.g., one hour or 3 hours.
FAQ 9. ARE THE SESSIONS ONLINE OR OFFLINE?
Sessions are offered both online and offline.
FAQ 10. DOES THE TIMELY ENTREPRENEUR CARRY OUT THE FUNCTION OF BUSINESS REGISTRATIONS?
No, we do not do business registrations. We recommend that you go through the process to see and understand what it entails. However, we do understand that some persons do not like the hassle of getting around and so we have a list of resource personnel that can do the process for you if requested.
FAQ 11. DOES THE TIMELY ENTREPRENEUR PREPARE CASH FLOW PROJECTIONS FOR CLIENTS?
In a way, we do, yes! We help individuals understand and prepare their cash flow projections. Our process is different, so please contact us to find out how we do what we do. @488-0507
FAQ 12. DOES THE TIMELY ENTREPRENEUR PROVIDE A CUSTOMIZABLE ADVISORY SESSION?
All our Advisory Sessions are tailored to our clients. We collect basic, but relevant information to better utilize time and guide our conversation.
FAQ 13. CAN THE TIMELY ENTREPRENEUR WORK WITH ME AND MY BUSINESS THROUGHOUT MY JOURNEY?
Most certainly! Not only will we guide your starting process, but we will stay and guide you throughout your business's lifetime. We will become ‘business buddies’!
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Most people know they want to start a business. What they don’t know most of the times, is how they’re going to fund their business. This is the stumbling block for many eager Entrepreneurs who simply give up their idea or dream when they just can’t figure this part out.
When clients come to us with their interest to start a business, we make sure they understand what they are getting into financially, and that they understand the words ‘cash-flow’. Too many persons only pay attention to the frills of owning a business without taking into consideration, the in-depth details required to make a business survive and thrive. There are a lot of persons who start a business, and not enough Entrepreneurs who are able to seek out opportunities to create a sustainable, viable business, keep learning, keep creating, and keep innovating. If you’re going to build a business, why not build one to last? Why not build one your children or a future investor or buyer can take over?
So where are we going with this? Listen, if you want to start a business, you have got to keep your head in the game from the moment the idea comes to you, and not get carried away by the ‘shiny object syndrome.
So let’s talk Money! No, better yet, Capital! Where is it going to come from? This is your first business. Are you going to rely on the banks to just drop some money into your idea after you present them with a Business Plan? A Business Plan you paid someone else to do and you can’t even explain? To be quite honest with you, without a trading record, getting startup finance from a bank is going to be difficult no matter how good your idea seems.
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2021 just hit like 2020 and micro and small businesses are no doubt still having some problems either pivoting or adapting.
However, there is still reason to be somewhat optimistic about the future of some micro and small businesses. But this grandeur future won’t come without the work. For the businesses sitting around and waiting for the “normalcy” to return, you may have quite a long wait and your business may suffer while you wait.
In the grand scheme of things, businesses have to literally now “mind their own business!” Your survival depends on what you do now AND what you don’t do.
Here are some key things that can contribute to your survival and success:
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Identity Theft is REAL!
A hacker is raising money under the pretense of another person! Here is her REAL story to date (N.B. some personal details have been left out).
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A business’ cash flow is by far the most underrated area in most micro and small businesses.
It is no wonder then, that startup failure rates are high - 9 out of every 10 startups fail
Of course, startup failure is not planned by an Entrepreneur. People who venture into the startup world usually know what they want to do, and at most, they have a plan, that if followed, they will have eventual success. These startup Entrepreneurs have done their research and have come to the realization that their product or service will indeed solve real needs in the market. And so, they set out on their entrepreneurial journey.
But success as an Entrepreneur depends largely on Money Management. Talks about money remain somewhat taboo, and startup Entrepreneurs’ attitude to financial management is paramount to their success in business. As a result, cash flow should be every founder’s key focus in the early years of the business and beyond.
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This one is going to hurt your pride most, we know.
Though some MSMEs may be seeing the end of their venture, we must send some comfort their way – some doors close so that others may open. For some, this usually means the start of something new.
When the time comes to move on, Entrepreneurs ought to have an exit strategy, as properly...and gracefully closing things off legally and financially will improve your chances of transitioning smoothly into another venture. So how do Entrepreneurs know when it is time to shut the door and move on? It is indeed a difficult realization that most must come to. The end may also be inevitable, and it is just a matter of when. Here then, we find Entrepreneurs holding on with every last bit of hope, cash, and pride, as they slowly come to terms with what has to be done. We do not always have the ability to foresee the end or detect the time at which we need to move on.
Even successful Entrepreneurs can be faced with the decision to fold for one reason or the other. It must be noted that a failed business does not define an Entrepreneur. In this fast-paced, ever-changing, global digital era, adapting, pivoting, transitioning, and even evolving, can mean shutting a present business down to start a new project, perhaps using a different model, different tools, different principles, and different objectives so as to now cater to the changing shift in buyer decisions and consumer demands. Consequently, it is imperative that businesses are able to monitor and identify the signs that will indicate when the time has finally come, to shut the doors on a teetering venture.
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No doubt, you have invested much in your small business.
But do you honestly calculate what you have invested and matched it against the rewards you’ve received?
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LESSON 1
1.1 CHARACTERISTICS OF A SMALL BUSINESS
- Is independently owned and operated
- Has a capital contribution from a limited number of individuals
- Would usually operate in a local area
- Would probably not be dominant in its field of operation
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Contrary to popular beliefs, the Covid-19 global pandemic did not bring an end to the era of the physical retail space. Admittedly though, and evident enough, the online space has further opened up several exciting and advantageous opportunities for the business world. This could very well mean a continuous decline over the coming months of 2021 as the world struggles to return to pre-pandemic mode.
2020 is almost behind us with just a few days to go again, and we can choose to see the future in 2021 as ripe with exciting and interesting possibilities or daunting with business failures ahead.
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I’ll get right to it! Have you guys checked out Clubhouse? It’s the hottest SM trend right now.
What is Clubhouse?
Clubhouse is a new invite-only voice-based social media app.
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As required within the jurisdiction of Trinidad and Tobago, individuals or businesses that makes a
gross sales value of TT$500,000 or in excess of TT$500,000 in any 12-month period, MUST register for VAT.
Individuals and businesses whose sales forecast is TT$500,000 or more within any 12-month period, MUST also register.
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I know, the sirens are going off in your head. We are seeming to slowly come out of a bad year and you’re hoping for a breakthrough soon as sales have been terribly slow; for some, sales have even halted. No one's buying your products or services and your goods are just sitting around in boxes or on shelves alongside the other items that were supposed to bring in good money last year.
So, what's a storeowner to do when he / she feels down in a slump?
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In 2017, market challenges affected Foreign Exchange (FX) availability and caused our banks to set limits on foreign exchange transactions. Now once again, those same market conditions have deteriorated and we are back at it.
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