At Fiverr®, we’ve seen so many entrepreneurs turn a kernel of an idea into a flourishing business. The key to this success isn’t any kind of magic formula, but the accumulation of advice, wise words, and even hardships and failures that make you, the entrepreneur, smarter and more resilient through the challenges of building and running a small business. This week’s Gig Economy News is about the nuts and bolts of growing your business, from financing to marketing to negotiating.
Fine Tune Your Social Media Marketing
There’s a lot of social media networks out there. Not only can it be confusing and navigate and build a presence on all of them, it may not even be the best use of your time and resources. Geektime brings us this helpful article with an infographic on how to determine the best social media network to promote your business on based on real demographics and statistics. These insights to the various different platforms can help you optimize your efforts based on your business’ niche. It is also a great primer for anyone who just feels overwhelmed by all of the networks and doesn’t know where to start.
Avoid These Financial Pitfalls
You can never be too cautious when it comes to avoiding the major pitfalls that can sink your business before you even get started. What may seem like problems to deal with later, like cash-flow or mixing your business finances with your personal finances, can become venture-ending mistakes. These 6 pitfalls are important to keep in your sights and to avoid at all costs.
Learn to Negotiate
Powerful negotiation skills can make a huge difference in your bottom line. Negotiations can get you better prices from suppliers, shippers, and better payments from customers. Here are 4 tips from Inc on how to be great at negotiating.
1. Learn to Flinch – Think keeping a calm demeanor is the key to negotiating? Think again. Showing visible shock at the price you’re being quoted can actually cause the person you’re negotiating to balk and concede.
2. Information is Power – Ask key questions to get as much information as possible and leverage your negotiation.
3. Practice, Practice, Practice – Seize every opportunity to practice negotiating and you might be surprised with the results!
4. Be ready to walk away – If you end up making huge concessions just to get a sale, it’s not worth it. Don’t be afraid to walk away until you get the terms that you think are fair.
Succeeding at Failing
If there’s one thing every entrepreneur can relate to, it’s experiencing some kind of failure. It’s overcoming this failure that creates successful entrepreneurs. The Huffington Post brings us some practical insight from someone who has been there, done that, on how a positive outlook and flexibility can turn failure into a driving force towards success.
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