Pinterest pins are 100 times more spreadable than a tweet, with the retweet average hitting only 1.4%. And, as for Facebook, the half-life of a pin is 1,6000x longer than a Facebook post
And that’s for good reason. If an increase of 27% in Pinterest accounts of Fortune 500 companies over the last year (including Exxon Mobile, Wal-Mart, and Apple) isn’t an indication that your business should be joining the 250 million total users,
Contents From these Videos are oriniginally created by Surfside PPC
Whatever is discussed in the Video does not represent Virtual Kings.
Facebook ads are paid messages from businesses that are written in their voice and help reach the people who matter most to them. Advertisers create campaigns that have specific goals, which we call advertising objectives and they create ads within those campaigns to help them reach those objectives.
For example, a business may create a campaign because they want to get more people to visit their website. When they create ads within that campaign, they’ll choose images, text and an audience that they think will help them get that increase in visitors. Learn more about how Facebook ads work and how they differ from boosting a post.
Given the present economic condition, it is more essential than ever to have a well-defined target market. Nobody can allow anyone to aim. By targeting a niche market, small companies can compete efficiently with big businesses. Additional help: How to Launch your Business using Social Media
Many companies say they are targeting “anybody interested in my services.” Some say they are targeting small-scale business owners or mothers who live at home. All these objectives are too general. Additional help: How to Have a Successful Business
Targeting a particular market does not imply that individuals do not meet your requirements are being excluded. Instead, the target marketing means that you can concentrate on a particular markets that are more likely to purchase your marketing dollars and brand message than any other market. This is a way to reach prospective customers and create company that’s much cheaper, efficient and effective.
For instance, an interior design company in Baton Rouge, Louisiana could market owners between the ages of 35 and 65 with revenue up to $150,000. The business can only focus on people who are interested in kitchen and bath renovation and traditional styles if it is to further describe the market. This market could be divided into two niches: the children’s boots
It is much simpler to determine where and how to market your business with a obviously specified target audience. Here are some tips for your target market to assist you define.
Identify and analyze your existing customers
Who are your existing clients, and why are they buying from you? Find prevalent features and interests. Who is the company with the most? Others such as them are very likely to profit from your product / service as well.
Analyze your competition
Who are the targets of your rivals? Who are your clients today? Do not follow this same market. Do not follow the same market. You can discover an overlooking niche market.
Products and Services
Enter a list of each product or service feature. List the advantages it delivers (and the advantages of each function). A graphic designer, for instance, provides high quality design services. The advantage is that the business picture is professional. More clients will be attracted by a professional picture as they see this business as professional and credible. The advantage of high-quality design is thus eventually that it makes more clients and more money.
Once your advantages have been listed, create your benefit fulfilling list of individuals who need it. For example, a graphic designer may choose to target companies that want to improve their customer base. Although this is always too general, you can now begin with a basis.
Identify not only who needs your product or service, but also who will purchase it most probably. Please consider the following:
Determine how your product or service fits the lifestyle of your goal. How and when will the item be used by your goal? What are the most attractive characteristics for your goal? Which media is your goal for data? Does the aim of your journal read, search online or participate in certain activities?
If you find this article helpful, we highly suggest that you leave a comment about your thoughts. This article might also help you with your Business and Entrepreneurship career: The Millionaire Mindset
Social media for companies of all dimensions is a vital marketing channel. A few years ago, the common question, “Why should our company use social media?” Now is replaced by “how can social media marketing help our business to grow?”.
This makes me very excited as a social media marketer. What doesn’t inspire me is how many businesses still try without a documented strategy to market in social media. In this article, you will learn how seven steps your company needs to take to create an effective marketing strategy for social media.
Step 1: Audit your social presence today
Take a quick look at the location before you strategize where you are going. Some areas for auditing the presence of your company in social media are:
What networks do you currently operate?
You are optimized on your networks (photo and photo cover, bio, URL, etc.).
Which networks give you the most value at present
How do you compare your profiles to those of your competitors?
Step 2: Who is the ideal client
With this section you would like to be as specific as possible. For instance, if your target market was identified as parents it would be all right. However, you will have much more success if you identify your optimal client as a parent living in the United States, are 30-50 years of age, earn more than 70,000 dollars, mainly use Facebook and have an interest in outdoor activities.
If they market to the wrong audience, even the best marketers will fail. Reply to the questions below to help you find a highly focused buyer:
Place of interest
Title of Job
Pain points (which can be solved by your business)
The Social Network most used
Step 3: Declaration on Social Media
Your statement about your social media mission will drive your future activities, so make sure that you think about it. This statement shows exactly to what you plan to use your presence in social media and should reflect the identity of your brand. Beware of your ideal customer when you try to make this declaration.
An example of this could be: ‘ use social media to educate current and potential customers on digital marketing, with an emphasis on social media marketing. ‘ Once this statement is documented, you can decide what to share and create. It will make this statement simple.
If your mission statement doesn’t align with it, please forget. Corporations that randomly post without a leading task will fail. Experts and not generalists are followed.
Step 4: Key success metrics to identify
How do you determine whether your efforts to market social media are successful? I don’t talk about just gaining more supporters; I’m talking about gaining cash. After all, spending time and money on something that does not improve the result is difficult to rationalize.
Some measurement metrics are:
Rate of conversion
Website time spent
Mentions of Brand
Step 5: Content Creation and Curation
Unfortunately, many companies jump directly to this step. Hopefully, this post has shown that you have to take several vital steps to create and curate engaging content for your social media channels.
Now let’s talk about the fun part of posting to social media. You know who your ideal customer is and used it to produce your mission statement on social media. It should be easy to start creating and curating content with this information. So, exactly what is the content considered? Here are some examples of content that you can create:
News from Company
Graphics for information
E – Books
Answers to interviews
Step 6: Invest in a tool for managing Social Media
Most marketers have a secret, leveraging tools to boost their productivity. Okay, perhaps it’s no secret, but marketers would have to cope with constant burnout without tools (sometimes even with tools). With social networks, you can easily scale your efforts by having a tool to manage social media.
The ability to schedule posts in advance is one of the main benefits of a social media management tool. Remember that you created the content calendar? Make sure you align your scheduled posts with your content calendar in your social media management tool.
Step 7: Tracking, Analysis, and Optimization
This could be the biggest step in terms of social media success. Even the best marketers in social media rely on testing and error. It may seem fundamental, but it’s important to keep track of your results, analyze the data and then optimize them.
After having the time to analyze the results of your marketing efforts, each previous step must be re-assessed. Allow your data to drive. If it tells you that your most efficient channel is Facebook or Twitter, consider doubling.
A great strategy of social media is never stonewalled. It is an ongoing work which changes when required. So, get out of there, develop a strategy and optimize it as your business and your audience grow and know more about you.
It makes you step back and think and eventually realize that those who follow us will be born into a purely digital society where eBooks and augmented reality have gone from exotic to everyday. Thinking about what this means in the future is intriguing, but it’s equally interesting right here and now in 2013. Technology, software and the devices we use, have of course shaped our social and human behavior on a number of levels, from shopping, to leisure, to business. Lives are lived online, and the opportunity to have a live feed into the minds of those you care about is becoming a clearer reality. People are more willing to share and consume horizontally through their social networks, rather than vertically. The organic spread of ideas, relationships, and trade can now be observed and measured on scales of unprecedented detail.
There is no doubt that as more and more businesses advertise, show and deliver online communications, they have had to adapt to a world of highly concentrated digital consumption. This, however, can provide opportunities through and alongside their digital marketing to show human connection. An online retailer, for example, can still bring visible human aspects to their business. They can:
1. Show the people within the business on their website people pages and social channels, e.g. LinkedIn profile page and Facebook.
2. Personalize your twitter with a unique or a range of social media staff administrators, giving a personal tone to the messages and responses provided.
3. Ensure that sales and support emails come from employee addresses and use appropriate signatures to show real people behind the aspect of customer service and gain confidence.
4. Deliver video and audio content, including staff, and connect to the audience in real terms and improve the personality of the brand.
5. Personalize marketing emails on the basis of preferences, both through whom they are addresses.
In the case of Twitter, a number of companies place images on their background image of their help team to show people what they look like. It is a small move, but it is effective in demonstrating that there are people there who will engage with you, irrespective of the query. A high street retailer with an “inevitable” online presence can also humanize the digital experience of their consumer and at the same time complement the real experience in store by:
1. Promoting online special offers and promotions, but only available in store to drive footfall and human interaction.
2. Building online knowledge among employees to help deliver personal sales and consumer loyalty.
3. Use social media to help inform consumers about products, local teams and staff.
4. Have real employees actively engaged in online customer service and social media contexts.
5. Ensure that telephone numbers are clearly promoted online and customized to ensure more voice contact where possible.
I think we all know, out of necessity, the inevitability of an increased trend towards more digital consumption and communication, but that doesn’t mean we need to be any less human. It’s about equilibrium. We must continue to act, sound and appear human even online and I hope that the norm isn’t that we get lazy and devalue personal contact by default over a more convenient digital equivalent or alternative.
I often refer to Starbucks as an outstanding brand that appears to be making all the right moves in terms of their digital brand strategy and in terms of humanizing their experience, they are actually doing the following very well.
1. Promote online a wide variety of special promotions in cafés.
2. They have a very personal and responsive presence on social media led by fans, not the brand.
3. They have a strong global presence, but they have great local content and activity online.
4. Starbucks on mobile for the benefit of the café.
5. Humanizing and content that is socially engaging and accessible.
A great example of this last point is in the “Join Us” section on the.co.uk website. The content on this page helps paint a picture of an inclusive, social and people -centric brand built on community. This is what their product and experience stands for yet here it is simply using social media and technology as the delivery mechanism. This avoids many of the big mistakes many brands make, by adopting technology and digital platforms, yet they have no brand supporting or strengthening content strategies.
For more social reasons, Google Glass and its competitors are another example worth noting. This product due to its launch in 2014 has the potential for us to be more human from the perspective of being able to consume our digital media consumption while interacting normally-connected to the real world. An argument to this, however, is that we can disconnect from the re as users of the product.
Related to this discussion from the perspective of social media is a really good Q&A worth checking out with Nicholas Christakis from the TED series, entitled: “Our modern, connected lives.” It’s interesting because it raises many points about our influence and behavior driven by our modern connected online social experiences. It is a well-balanced series of responses from a real world vs digital perspective to issues of friendship, social influence and even online.
In Conclusion One thing is for sure, digital media has the potential to dehumanize our lives as we live our lives online, interacting with devices rather than with individuals. We do know that as inevitable as this is, from how it can help us connect instantly on a global scale with people, we can take positive steps. We can also be encouraged by brands ‘ activities providing people with digital content and engagement strategies that are centric and accessible, initiating and motivating personal and brand contact on a regular basis.
Facebook CEO Mark Zuckerburg announced recently plans to integrate Facebook, WhatsApp, and Instagram messaging capacities. This change will allow end to end user messages to be encrypted and enable them to communicate cross-platform between apps. Along with these three platforms, the underlying message infrastructure will continue to operate as independent apps.
The combined users of all three apps are brought together for 2,6 billion–giving Facebook more influence on user communication than ever before. Other competing messaging services such as Apple and Google will probably give Facebook a competing edge with a hyperlink. This advantage could lead to more time spent on Facebook-owned applications, which allow Facebook to recover popularity both from a user and from a publicity point of view after two years of scandal.
As many of us know, in recent years, Facebook has been the center of several controversies. Election interference, exposure of user data and data collection concerns all have damaged the reputation of the company. When integration was announced, many people immediately addressed the first question of safety.
Zuckerberg stated that they are working on adding end-to-end encryption to each of the services, which means that private messages can only be viewed by conversation participants. Enhanced encryption will help Facebook protect user data better, which is likely to help build trust among users who have been concerned about data privacy in the past.
Although the content of the actual message is safeguarded, there are still concerns about how these apps share data. For example, users of Facebook usually include personal data such as their full name, workplace, hometown or relationship status not included in WhatsApp and Instagram profiles.
While it is not clear how much data (or how much) will be shared between platforms, these profiles may now be more publicly linked than once with your Facebook accounts. For anyone who wants to keep the apps separate, this is a major focus.
Facebook is now trying to understand how all of these applications – both alone and connected – support encryption from one end to another and how they communicate.
More marketing opportunities
Although this integration raises user concerns, it could offer marketers more opportunities to reach people across platforms more effectively. Mark Zuckerburg has said that it has no clear plan to monetize integration yet, but Facebook can be expected to build a better ad income from that change.
Facebook currently allows advertisers to display ads on Facebook Messenger, but not WhatsApp or Instagram. It is uncertain whether the integration feature of Messenger ads will continue, but we can expect that it will be implemented on all three platforms if it does.
The addition of this feature to Facebook will be a big win because Instagram and WhatsApp generate almost no more ad income than Facebook. In addition, we see increased engagement with these Messages-specific features with more users choosing the Messaging Platform as their primary communication source.
In this case, marketers can reach users without a Facebook account on Instagram or WhatsApp. Although data sharing between apps is a backlash source, marketers will likely benefit, because it provides a more holistic view of the user based on their behavior, improving ad-targeting capability.
Last but not least, although at the moment we do not have all the answers about the integration functionality or the ad opportunities it offers-Facebook knows that everybody watches. Based on its past controversies, we can assume that Facebook knows that it needs to do so successfully and to regain confidence from its foundation.
This is going to be quite a task on
the technical side of the participating teams, but probably a huge payoff. If
successful, we can examine the new communications hub that’s favored by users—
as at least one profile is created by everyone— and it supports targeted
marketers ‘ ads. This has the potential to alter the way messaging ads are
effective-marketers should be sure to remain tuned to updates, with a whole
range of new best practices.
You constantly seek new ways to get the brand of your company onto the the roster of potential customers. If you don’t, it’s a great way to engage and attract new customers using social media in business. In fact, small social media marketing strategies have an advantage compared to large companies. Why does it happen?
The effectiveness of social media leads to participation. If a company doesn’t engage in social media marketing, it will probably not succeed. Interacting in social media with consumers is a key marketing strategy for small enterprises.
The use of social media helps you to increase awareness of your brand and client base, as well as to connect with existing clients. In fact, one study showed that over 90 percent of marketers say that their businesses care about social media. 82 percent of participants in the survey worked in companies with less than 100 employees.
Small business owners can easily market through social media as long as you post actively on social media pages. Some of the common social media websites are Facebook, Twitter, Instagram, and LinkedIn. Set a schedule to contact your followers regularly in order to make effective use of social media for your company.
Advantages of social media marketing for small companies
The success of social media does not depend on the number of people a company has. Rather, it relies on the commitment of customers. These are several reasons why small enterprises can have more social media success than big enterprises:
1. Small companies are community focused and individual
There are several differences, such as the legal structure, the number of employees and revenues, between small and big companies. But companies nitty-gritty aspects are not the only differences between large and small ones.
Small companies tend to focus more on
communities and individuals. Many small businesses decide to participate
heavily in their communities, which leads to customer connections. It also
benefits from connecting and sometimes partnering with other local businesses
in the chamber of trade within their community.
Small companies can connect with their customers
online when using social media. Small companies are more likely than larger
companies to respond to their customers. As a small company, you can deal easily with the flow of customer comments, to ensure that you respond quickly.
For people to talk about products or services, social media is a great way. To increase customer participation, customers must post photos with the product of the company on social media. And welcome consumer reviews, questions, comments and concerns. You can easily build connections with people on social media, as a small business owner. Current and potential clients will have greater respect and appreciation for a company that responds promptly.
2. Low-cost advertising
While you can pay for certain
advertising functions, such as on Facebook, social media is free of charge. You
can target these ads to reach people within a certain range of your company.
This means you will not end up paying out of your local customer base for
publicity. Set a budget and choose your audience to start advertising on
Facebook. Instead of spending thousands of dollars on social media marketing
across the country, small enterprises have only to concentrate on their
location. Social media is an excellent publicity tool without any additional
characteristics. You can update your supporters on offers, sales, new products
or even information related to the industry.
Photos will also help clients see what they are offering.
You advertise to your existing customers through social media. However, by getting your brand out, you can also advertise potential customers. Your current customers are also great brand ambassadors. Small corporate owners usually know their customers themselves and share their social media experiences more naturally. Current customers can post on your products or services, raise their brand’s radars and attract new people to your business.
3. Joint Marketing in Social Media
Many small companies can work together on strategies for
social media marketing. As a small business owner, you may work in your niche
with neighboring small companies (not competitors).
You can post on your twitter, for instance, that if customers buy you and vice versa, they can get a discount coupon from another small business. Or, join in a social media gift or contest with a neighboring company. Winners may receive a prize which covers both companies ‘ products. On the websites of your social media, you can even showcase promotions for your neighboring business. You can build brand awareness together with other small businesses. You can take the radar of prospective customers and encourage people to purchase from both companies.
4. Personalized Care
Everything is about personalization for small companies.
Some of them have a good shopping experience for
small companies. A survey found that 53 percent of consumers want to go
shopping in small enterprises because they want personalized service.
You can take the time to connect with individuals when
customers are at the company. You can tell where your products originate, how
long you have been in your business and how inspired you to start your
Individual attention is not only applied to consumers who
are in your company. Small companies in social media can give customers more
than scripted answers.
A large company selling all over the country has no time to give each customer a personalized response. On the other hand, a small company can write a real response to the situation of the customer directly. Small businesses have the benefit of social media marketing through this direct connection between consumers and brands.
5. Small companies can piggyback big ads
Some large companies organize
events that small businesses can use in their marketing strategies for social
In the Philippines, for instance, Bazaars are all year round. Since consumers recognize that event, it is easier for small enterprises to take advantage of social media. Big companies could spend huge sums of cash on advertising, while small companies can benefit by posting that your company will participate.
Everything You Need to Know about Being a Social Media Manager
A social media manager manages social media accounts for a company. This can include Facebook, Twitter, Instagram, Snapchat and Pinterest. They are responsible for growing and maintaining engagement by posting on different channels, analyzing metrics and optimizing media strategies.
Social media managers are all about engagement, which means that their primary focus is to create social posts that will resonate with audiences across multiple platforms. Day-to-day, this involves staying on top of media trends and making sure that marketing messages are consistent across all channels. Another key part of the role is building a community around a brand.
For freelancers and agencies who provide social media services, having a proposal ready for your client should be an essential part of your workflow.
The proposal is part of your sales process.
Vantage Point Performance and the Sales Management Association found that companies with a clearly defined sales process see 18% more revenue growth than companies that don’t.
What is a clearly defined sales process? It’s made up of stages, such as “prospecting” and “close.” It can resemble a pyramid, flowchart or even a circle.
Having a degree in Marketing or Communications will help you out immensely
Strong communication skills are essential in every industry, and one of the requirements you’ll most often see listed in job descriptions. This is because knowing how to communicate with your audience is a key factor to success – from selling products to consumers to strengthening relationships with investors, clients, customers, and employees, as well as teaching, developing ideas and in many other aspects of a business.
Getting a degree in communications will allow you to package information to connect with diverse audiences effectively, with specific goals in mind. Graduates of communication degrees hold jobs at all levels in their respective companies – and in a wide spectrum of different domains.
Marketing is a discipline that guides companies as they develop products, target customers, set prices, develop a brand and choose distribution channels. A marketing plan includes tactics for communicating a company’s strategy, including public relations, advertising, social media, and promotions. In short, marketing can be considered business planning and strategy, while communications is the execution side of selling.
You will always need to be careful about what you say on social media. Always.
Nowadays, social media are an important part of running a business. Most photographers use Facebook, Instagram, and other outlets to promote their business and build the audience – but few of them think about how their personal accounts can make them lose clients in an instant.
Just like the role of the media in informing, educating and entertaining we use social media no different from this role of media maybe unaware. It is important to be mindful of what we post or write on social media because it can have harmful consequences.
As we use Facebook, WhatsApp, LinkedIn, Instagram and other social media in communicating with friends and acquaintances we should be careful as to what we write because we can find us in deep trouble unaware or not even meant for harm. Since we own these Apps maybe we feel entitled to use them in whatever way we feel which is okay as long we don’t harm anyone. Companies can sue individuals for defamation over a social media post to correct and cure harm done to the reputation of the company. Companies spend a lot of money on PR building the reputation of the company and they won’t let anyone damage that reputation just over a silly post made by an individual on social media.
To many of us, social media are an outlet to express opinion and feelings. But remember: don’t complain about your clients, even on your private social media pages. Social networks are a sort of a “public space.” Even if you control who sees what on your personal accounts, there are always people who can share if you post something inappropriate. And it can ruin your business in no time.
The Social Media Manager is the voice of your company and should be included in all matters which are customer-facing. With almost every business needing to develop their online presence in order to participate in today’s hyper-connected consumer buying process, it’s in your best interests to hire the best and track their progress. Your online reputation and future sales depend on it.
Only 10 years ago the social media manager role was not even a job or a career. It didn’t exist. Facebook was barely a year old and was still just a way for people to connect to other students online. The term social media marketing wasn’t in the lexicon.
Fast forward a decade and every organization must have a social media manager, whether full time or part-time. They need to be like a juggler at a circus and keep a lot of balls up in the air and make them all land safely. It requires skillsets which means managing many moving parts. Technical, analytical, creative with a bit of project management thrown in.
It can mean being always on and keeping tabs on your community. It involves being creative as an artist but also learning to be the “data scientist”. In a digital age, the geeks may indeed inherit the earth.
So here are the skills a social media manager should nurture without much ado:
Social media managers should develop a flair for conceptualizing and creating eye-catching images for social media posts and blog posts. If anything, visual trumps content in the social space. It’s a known fact that articles with images receive more views than those without. Even Tweets with images receive 18% more clicks over those without them. The same goes for Facebook. In fact, photo posts on Facebook get 120% more engagement over non-photo posts.
Further, quality images are central to platforms such as Pinterest and Instagram.
Customer Service Skills
When most business publications talk about customer service skills, things like “being a people person” tend to take the spotlight.
It’s not that this trait is outright wrong, but it’s so vague and generic that it’s hardly a help to anyone looking to get involved in support positions within a company, and it certainly doesn’t help out entrepreneurs/founders who are looking for the right set of skills when hiring the all-important folks who will be taking care of their customers.
With more and more social media platforms thronging the social media space, grabbing user attention has become a real challenge that brands need to master by gaining mastery over content.
So, if you are looking to make a career in social media, first find out what sort of content works in different social media channels and then implement them accordingly. Some of the checkpoints you need to be careful about include: No grammar errors. No spelling errors. All in all, you need to have good command over the language.
In short, you need to convey your ideas clearly in writing. For more ideas on social media content, get in touch with top content marketing companies, directly.
Social media space is flooded with all sorts of content. So, it’s not easy for brands to grab the eyeballs of the users’ in the social media space. Meaning, brands really need to think hard in terms of coming up with great content that resonates with the users. Images of cats and dogs might work sometimes, not always. You need to experiment. Provide value. Content, in every sense, should inform, entertain, save money, inspire and more.
Advertising is always present, though people may not be aware of it. In today’s world, advertising uses every possible media to get its message through. It does this via television, print (newspapers, magazines, journals etc), radio, press, internet, direct selling, hoardings, mailers, contests, sponsorships, posters, clothes, events, colors, sounds, visuals and even people (endorsements).
The advertising industry is made of companies that advertise, agencies that create the advertisements, media that carry the ads, and a host of people like copy editors, visualizers, brand managers, researchers, creative heads and designers who take it the last mile to the customer or receiver. A company that needs to advertise itself and/or its products hires an advertising agency. The company briefs the agency on the brand, its imagery, the ideas and values behind it, the target segments and so on. The agencies convert the ideas and concepts to create the visuals, text, layouts, and themes to communicate with the user. After approval from the client, the ads go on air, as per the bookings are done by the agency’s media buying unit.
SEO is now considered a basic skill, not the more technical aspects, but a good solid understanding should be a pre-requisite. Search engine optimization, as well as social media and the ability to write good copy, are considered fundamental skills and have grown increasingly important within the last few years.
If you take for instance the importance of content marketing efforts within companies, it’s vital for everyone in that company to have an appreciation of all the different skill sets required to make it work. Companies are also much more likely to hire you if you have a broader knowledge, as less and fewer roles require just one specific skill set.
While you might not need to be proficient in every single area mentioned above, being good at a few of them would make you a great social media manager and a valuable asset to your company.
Most established companies get payment terms from suppliers. This arrangement means they can buy goods or services while paying for them on net-30 terms. Clients usually demand terms from suppliers because it improves their cash flow. They get to use the supplier’s services or products for a few weeks before they have to pay for them. Unfortunately, many small business owners can’t get credit from their suppliers. They are too small or simply don’t qualify for it. Instead, they have to pay when they receive an invoice, or worse, pay in advance. This requirement puts them at a financial disadvantage with their competitors.
Establishing Vendor Credit
If you’ve ever been on the market for a consumer loan, such as a home loan, you’ve probably got a handle on your personal finances. You know where your personal credit score stands month-to-month and how personal credit impacts your ability to qualify for financial products. But as a new business owner, you might not know anything about your startup’s business credit rating—why this is important, what your rating is, or how to establish and build a business credit history.
If you’ll ever need credit for your business in the future—with a small business loan or business credit card, for example—then your business can’t just get by with a strong personal credit score. That definitely will help, but you also need to establish a positive business credit history.
Determine your credit rating
Lenders typically assign interest rates based on what bracket your score falls into. But credit scoresaren’t just used by banks. Increasingly, insurance firms, landlords and even employers are using credit scores as a proxy for figuring out how responsible you are.
Improve your Credit Score
As you begin the process of improving your credit score, keep in mind that it’s a marathon and not a sprint, but improving your score is worth the effort. A poor credit scorecan potentially cost you tens of thousands of dollars over the course of a lifetime. It can also become a source of serious stress, making you feel like you just can’t leave the mistakes of the past behind and move on. Luckily, you’re not alone. Plenty of people struggle to improve their credit scores, and there are numerous ways to build good credit — and reap the rewards that come with having a good credit score.
Talk to the mid-sized to larger companies you work with.
Most people you meet and talk will tell you to join a big company, a famous brand.
People believe, a good career is built around big companies. Most of us, at least, while starting a career, dream to be a part of glamorous sounding, fortune 500 company. These big companies have limited high paying jobs and senior roles. These roles are filled by ivy league college grads and experienced professionals, rest of the roles are mid and lower management roles in which most of us fit in.
Start with smaller amounts of credit.
Many people put off investing because they think you need a lot of money—thousands of dollars!— to start investing. This just isn’t true. You can start investing for as little as $50 per month.
The key to building wealth is developing good habits—like regularly putting money away every month. If you make investing a habit now, you’ll be in a much stronger financial position down the road.
Pay on time. Pay ahead on time. Pay ahead of time when you can. Be careful about who you pay.
Ask for more.
After paying all your credits, you can ask your creditor and request better terms. You can ask for an increase to your credit limit, longer payment time, or both.
Let the borrower beware
With the national real estate market slowing, fewer people are seeking loans. And with subprime lending standards tightening significantly, fewer people qualify for them
The combination has resulted in less business for lenders and brokers, which in turn means that prospective borrowers should tread carefully.
People shopping for loans must always exercise vigilance against unscrupulous lenders. But analysts and industry executives say that in the midst of the current shakeout, borrowers should be especially cautious about the loans they are considering. In other words, to make a larger fee, the unscrupulous broker will qualify someone for a loan he or she really shouldn’t get. Doing so is unethical at best and fraudulent at worst.