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Here is something many entrepreneurs need to understand when it comes to marketing: there is no such thing as guaranteed results.There are too many factors about your marketing campaign that no one can control. Among them, there is the behavior of the overall market, competitive pricing, demand for offers like yours, current events, and others.It would be anti-ethical for any marketing agency or freelancer to guarantee ABC results if you invest XYZ amount of money. But it does not mean that there are not ways to get the most out of your marketing budget (according to the circumstances).Here are seven ways you can maximize your marketing efforts – whether we are in a recession or a booming period.Do Not Confuse Marketing with NetworkingIf you are marketing your business, you need to understand the difference between connecting and communicating with your community and sharing / promoting your business.Do not take to social media or networking events to present your sales pitch right away. People do not like it when you sell stuff to them. Instead, connect first by hearing about their problems, and communicate with them in ways they can solve those problems.There will be time for you to promote and share on social media and at networking events. But you need to build a relationship first. That way, your audience would not feel like you are selling to them, but that they are taking advice. Because they trust you.Market EfficientlyI am a firm believer in A/B testing. It is the best way to keep your marketing campaigns rolling and not waste your budget.You do not want to throw money away with marketing that is not appealing to your market. That is why it is imperative that you constantly test your letters, ads, and emails to see what is getting the attention of the market, and what is persuading them into buying.Cut What Does Not WorkOnce you start testing your marketing efforts, you will know what to keep and what to drop.You do not need to be everywhere at once. You need to be where your market wants you to be.Do not waste your time on Facebook if the people are not responding. Stop sending letters if there are no sales coming from them. And please, do not waste two million dollars on a TV spot that won’t produce any ROI.Inbound Marketing vs Outbound MarketingI believe both inbound and outbound marketing have a place and are beneficial to every business. But they have their place in the marketing process.Outbound marketing should be the focus when you are starting out. You need to let people know that you are there to help them. Thus, you should be sending emails, making phone calls, and making the first step to connect with the market.Once you have set up a reputation for your business, then inbound marketing takes over. Because people will be looking for you. They will look at your website, your blog, and your social media channels.So, do not disregard either marketing strategy. Just place them correctly according to the level of growth of your business. Outbound marketing when you are looking to prove yourself, and inbound marketing when you have an established name in the market.Cold Calling as a Marketing TacticMost people are afraid of cold calling. Honestly, I believe “terrified” is a more proper term.That is the reason many dismiss this tactic from their marketing strategy. But I think cold calling is as practical a marketing tactic as any of the others.You need to make that first connection. And if the market is not coming to you, you might as well go to them.And cold calling is not as bad as people make it out to be.All you need is a good script and some thick skin (to handle rejection). And after a couple of times doing it, you will feel comfortable approaching targets and converting them into leads.Hire ProfessionalsYou can divide any marketing campaign into three facets: strategy, content, and design.If you have experience in marketing planning, website design, and copy and content writing – then, by all means, go for it. Although I would recommend getting a critique from a professional on each, just to go safely.But, if you are marketing your business, and have no prior planning, writing, or designing experience, your best bet is to hire professionals for each endeavor. They will know what to do to present your product in the most appealing way possible to your market.There is also the choice of learning things yourself, but if time is not on your side, then I suggest hiring the professionals anyway until you can take over after getting some marketing seasoning.Plan Your MarketingYou might have expected this to be tip number one. But I wanted to make sure you understood some things before we got into time management.But now that we got the small details explained, here is a template to develop a weekly marketing schedule:Mondays: Market research to find targetsTuesdays: ProspectingWednesdays: Content marketingThursdays: AutomationFridays: Website updatesEvery day: Networking on Twitter and LinkedInMake sure to separate (at least) an hour every workday to do your marketing. You can perform a marketing task each day to keep your efforts moving. Also, make room for at least half an hour of networking – online or in person.

Most people aspire to own their own businesses without clearly identifying the best way to do it. The ever-changing needs of consumers makes it even more complicated for entrepreneurs to select the right business to own. Most people already know that there’s a world of possibilities out there for anyone who wants to start a business. The question is: how can you possibly narrow the possibilities down to find the type of business that’s right for you? Business success research proves that most businesses do not survive for more than three years after inception due to poor business selections at the outset. It’s paramount to choose a business which you understand from an operational standpoint or for which you have a particular passion.Types of Business StructuresThere are different business structures to choose from: sole trader, partnership, limited liability, trust, proprietary limited company, incorporated association and co-operative. There are also a few complex structures like a joint-venture (JV). You may want to contact me personally to discuss the most appropriate structure for your situation. For the purpose of this business guide, I will concentrate on sole trader, partnership and limited liability. You will need to decide on which business structure best suits your business and personal needs.Business categoriesBusinesses are mainly categorised as either product or service type. If you are a trained professional, such as an accountant, architect, or a specialist on any ailment, your business is naturally going to revolve around the professional services that you provide. However, there are many professionals who also have the opportunity to offer related products if they choose to do so. For example, if you’re an Information Technology (IT) specialist, you may decide to sell computers, software and hardware.For untrained professionals, the key to deciding whether to focus on products or services when thinking about starting a business is in determining where your true talents lie and what you most enjoy doing. When making a decision, do not base it simply on whether or not you enjoy selling or are good at it. You will be involved with sales no matter what type of business you start.Once you have identified the business to own, you will then have to make an informed decision whether to start one from scratch or buy an existing business.How to Write a Business PlanA business plan is a road map which will stipulate how you shall steer your company to achieve the goals and objectives which you have set. Most people, especially those starting a sole proprietorship business, do not prepare a business plan. For those who have done so, most of them are sub-standard. Preparation of a standard business plan will help make your business successful.A business plan is quite often the entry-level requirement to getting government money, investor capital or bank loans. Although you may have a complete picture of the business in your mind, investors and bankers need to see if you really have an understanding of the business. The business plan also provides you with a blueprint to succeeding in business. It provides you with the direction of your company and also serves as a guidepost for your employees.The business owner’s primary job is to manage and run the business. The term “manage” implies planning and execution. The very process of business planning helps reduce risk. Successful entrepreneurship is often the ability to build a business by taking calculated risks. If you’re putting your life savings on the line or borrowing other people’s money, it is your responsibility as a business owner to not take foolish risks. The business planning process does not guarantee success, but it surely decreases the odds of failure.The business plan has different sections which I will discuss in greater detail.Executive Summary and Introduction
Write the name of the business, its principal operating address, and any other information which would inform people where your business is located

Identify the business ownership. Is it a sole proprietor type or is it owned by a number of directors? Include percentage of ownership for each of the directors if it is a limited liability company

Briefly explain the goods or services which you offer

Specify the market which you intend to reach and service
Vision, Mission, Objectives & ValuesVision: This is the broad goal which you want to achieve, a statement of your strategic intent – a picture of the future. For example, if your company is to provide Cloud-based internet services in Bangkok, your vision could be: “To provide the cheapest and fastest Cloud internet connectivity in Bangkok.”Mission: A mission statement should identify the core values to which the business is committed, the core purpose of the firm, and visionary goals which the business will pursue to fulfil its mission. The mission should mirror the vision, and elaborate on what shall be done to realise the vision. Using the example above, an appropriate mission would be, “Strive to offer cheap and first quality internet connectivity by investing in the latest technology and innovation.”Objectives: These are the pre-set goals which the company should achieve. The objectives are grouped into two categories.I.) Short term objectives: These are the goals which the business should achieve within the first year following business commencement; andII.) Long term objectives: These are goals which the business should achieve within five years after business commencement.Values: These are the principles, morals and ethics which the business strives to uphold. For example, how the business is committed to customer satisfaction and how it practices a culture of excellence.Evaluate your business statement by answering the following questions:· Is it longer term, but still time-defined?· Is it clear on the major benefit(s) that you seek to achieve?· Does it provide for some method of measuring success?· Does it omit specific references to “how” things will be done?A good mission statement will contain the following components:· Specify target market/s and potential customers· Identify principal products and services· Specify the geographic domain· Identify core technologies· Contain an expression of commitment to survival, growth and profitability· State the key elements of the owner’s business philosophy· List the company’s core values· Identify the desired public imageAn effective values statement will include:· Approximately 5-7 core values· Values that can be demonstrated as actions or behaviours· Values that are aligned with business processes or peopleProducts & Services
Identify in detail all the products and services which the business offers

Explain how each and every product or service shall be composed and made available to the intended customers

Explain the use and benefits of your key products and services
Revenue GenerationThis section will identify all the revenue generation activities on which the business shall capitalise to generate revenue that will sustain the business. This is evident when a professional decides to work as a freelance expert. This section is customised based on the specific products you sell or the particular services you provide. For example, a photographer who owns a studio and sells photographic materials, might list the following:
Camera sales

Picture frame sales

Film sales

Camera memory card sales

Photograph/Video coverage charges
Capital CostCapital is defined as the initial investment which you shall put into the business before you commence operation. It is also defined as assets available for use in the production of further assets, wealth in the form of money, or property owned by a person or business, and human resources of economic value.This section includes some basic accounting, but you don’t need an accounting degree to write this. It has simple arithmetic which is easy to understand. Just list all the expenses which you expect to incur before you commence operations.Research & DevelopmentAll businesses need to continually improve their products, services and business processes in order to anticipate and respond to the ever-changing needs of customers, especially in line with today’s technology boom. This means investing time and money into researching these needs, then developing products and services to meet them. Research and development together with the design of new and modified services will form an essential part of making your business more profitable and productive. Then you can be sure that your career as a freelancer will be successful.

Working Capital business financing is never a question of why – it’s just simply a matter of when! Working capital and cash flow are of course the heart of every business. The challenges of obtaining that financing become a question of time.Perhaps you need cash for for your regular ongoing business cycle – that’s the simple one – you buy inventory, your produce things, you sell, bill and collect. In a perfect world your suppliers give you unlimited time to pay, and unlimited credit limits. And of course your customers pay you in exactly 30 days. Guess what? It’s not a perfect world!If you are a traditionally financed firm you have access to bank capital for revolving credit lines based on your business needs. But for a growing number of Canadian firms that access to traditional bank capital is not available. Those scenarios require a special expertise in identifying sources of business financing that work for you. The solutions actually are quite numerous – its becomes a questions of which solution works for your firm, what are the costs involved, and does the solution fit within your business model.The business financing we are talking about can take many different forms – it might include an asset based line of credit, inventory financing or purchase order financing, a sale leaseback on unencumbered assets,, working capital term loans, or accounts receivable financing, otherwise known as factoring.One of the most important things you can do for business financing is to ensure that the type of financing you source matches your needs. What we mean by that is that you should match short term needs with short term financing. Factoring might be a good example. If your receivables aren’t financed, and you need cash to meet inventory and supplier commitments that type of financing is immediate and addresses your needs. Why would you enter into a five year term loan at fixed payments for a short term capital need or requirement?The best way to think of short term financing is to focus on the current assets part of your balance sheet – those items include inventory and accounts receivable typically. Those assets can quickly be monetized into a working capital facility that comes in a variety methods. The reality is that your inventory and accounts receivable grow lock step to your sales and your ability to finance them on an ongoing basis will give you access to, in essence, unlimited working capital.There are some solid technical rules of them around how you can generate positive pricing for operating facilities. By calculating and analyzing some basic financial ratios (we call them relationships) in your financial statements you can get a strong sense of whats available in working capital business financing and what pricing might be involved. Those ratios are your current ratio, your inventory turns, your receivables turns or days sales outstanding, a, and your overall debt to worth ratio. Depending on where those final ratio calculations come in will ultimately allow your working capital financier to put your firm in a low risk, medium risk, or high risk band of pricing?In Canada working capital rates range from 8-9% per annum to 1-2% per month, depending on what assets are financed and how they are financed.So whats our bottom line in working capital business financing? It is simply there are alternatives available and you as a business owner of financial manager can assess those alternatives in terms of short term needs or long term needs. Pricing and solutions vary, and your ability to convey the positive aspects of your business to the working capital lender will ultimately lead to a final pricing and solution. Speak to a credible, experienced and trusted working capital business financing advisor to determine what solutions are the best for your firm.