Companies that can’t grow with their customer base have an upper limit to the amount of revenue they generate. While those that can adapt to increasing demands are able to reach infinite heights. Whether you’re thinking about launching an online business, or you’re trying to figure out how to take yours to the next level, do a scalability analysis. A scalability analysis will help determine how viable your business model will be in the long run. Here are five characteristics of a scalable online business. 1. Sound customer-acquisition cost ratio Every customer you get costs a certain amount to acquire, even if the cost is indirect. For example, you might spend money on online ads to drive new customers to your website. Divide the cost of the campaign by the value of new customers it brings you to get the customer-acquisition cost (CAC). The ideal CAC ratio is 3:1, meaning that the value of your customers should be three times the expense of acquiring them. If you spend $1 per customer and make only $2 per sale, your profit margins are too slim. To improve the margin, reduce the amount you spend per customer or increase your prices to realize growth. Today, the influence of social media and search marketing has allowed online businesses to bring in customers at lower costs. These kinds of approaches could improve your CAC ratio. 2. Highly automated systems Technology has the power to reduce expenses, increase productivity, and minimize risk. Whether you automate shipping, banking, social media posts, or sales leads, the move toward automation allows you to save time – and, as they say, time is money. For example, automating lead generation and pushing prospects down a sales funnel, keeps you from wasting energy on leads that are unlikely to purchase. Instead, automation allows you to garner more legitimate customer opportunities. Automation can come in many forms and can be as simple as choosing a more-automated phone system. Start with the basics, but keep in mind that companies that undergo a full digital transformation are more equipped to grow at faster rates. 3.…
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If it is your ambition to open an online business, there is much you need to learn from how to write your business plan to website design and content creation that optimizes traffic and sales. While you will need to learn skills that are relevant to your product or service, there are also must do’s that an online business must engage because of intellectual property rights and security. You also need to learn these five elements about the technical side of e-commerce Choose a Trusted Payment Processing Gateway E-commerce has been gaining much ground worldwide which has led to more payment gateways. About 86 percent of your customers will make their payments either with their debit or credit cards, so you must have a payment processing network available. You do not want to find that you chose an untrustworthy one after issues arise, so be sure to take your time and research payment processing gateways that deliver on their promises. Your payment gateway is simply the code the credit card company or bank receives from your online business’ cart. Choose a well-known provider to process payments as it ensures that the purchases go through and you receive them without technical issues. You will learn more about credit card processing, fraud and chargebacks by reading the Ultimate Merchant Guide to Fight & Prevent Chargebacks — Credit Card Protection Rights. Cyber Security Is a Must Your online business will be susceptible to a host of technical threats. As your day-to-day operations are mainly done online, you need to gauge the cyber threats that will harm your business including phishing email schemes and spam. Be sure to invest in antivirus software and malware to protect your business from these vulnerabilities. SEO Only Matters If You Are on the First SERP Page Organic searches are the leading way to drive traffic to your site. Unfortunately, it will matter little if you do not rank on the first search engine results page (SERP). Research shows that a first-page ranking will drive between 71 percent and 92 percent of all organic search traffic…
I’m constantly on the hunt for a plan B that I can implement to create future wealth. In fact, in my case “future wealth” translates to the ability to afford… Read more » The post Online Business Ideas for Creating a Plan B for $0 appeared first on Noobpreneur.com.
The 2018 British Small Business Awards (BSBAs), held on October 31st at London’s Royal Lancaster Hotel, will bring together the UK’s best small business with the advisers and financiers that helped them succeed. We speak to Harriet Mears, founder of Secret Linen Store, about how the company has got on since winning the Online Business The post British Small Business Awards winners: Harriet Mears of Secret Linen Store appeared first on Small Business.
How did Centre of Excellence come about? What’s its USP? I started off doing classroom-based neuro-linguistic programming (NLP) and hypnotherapy training which I did for four years before starting my online business. I came out of a long-term relationship of six years and as we went our separate ways, I found out that I was The post Single and pregnant with no funding: how one woman made her online business a success appeared first on Small Business.
The laptop lifestyle has been the dream of many for the last 13-ish years, since the Internet first exploded during the acai berry craze in 2005. Nowadays, it’s a definite… Read more » The post 5 Tools That Will Make a Digital Nomad’s Life Easier appeared first on Noobpreneur.com.
The 2018 British Small Business Awards (BSBAs) will bring together the UK’s best small business with the advisers and financiers that helped them succeed. You could still get yourself on one of the shortlists for this prestigious event. To be in with a chance, nominate your company free of charge here before the deadline of June 25 2018. The post British Small Business Awards winners: Harriet Mears, founder of Secret Linen Store appeared first on Small Business.
If there was any doubt that the internet is the place to be for businesses today, recent figures from the IMRG Capgemini eRetail Sales Index have shown that some £133 billion was spent online with UK retailers in 2016, £18 billion more than the amount spent online in 2015. It is clear that in today’s The post The essential guide to starting and growing an online business appeared first on Small Business.
Most of the companies have taken the online route to reach out a large number of customers and to increase the scope of their business. For this purpose, a website is the obvious place to start with. There are web designers who offer professional services to create the UI design of company websites. The latest trend in web designing is the use of animation to enhance the visual appeal of a website. Benefits of using UI Animation Animations and other interactive elements on a website have the following objectives: Drawing the attention of the users to particularly important sections. Add an element of fun to the user experience with the help of colorful and attractive popping designs. Give the impression to the user that the website is updated with the latest technology. Companies go for animations in order to attract more customers to their website. However, it is important to remember that overloading the UI design with too many motion elements can do more harm than good. Designers tend to go a little overboard with animations to show off their skills. When you ask a designer to create your website interface, you should make it a point to check out all the aspects yourself to see whether they are user-friendly or not. Delightful animations do not always imply that customers will be pleased by them. Here are some of the reasons why too much of animation can hurt your business and drive away customers. Slow website loading- Too many animations affect the speed of website loading. The longer it takes for the website to load, the more frustrated the users become. They immediately close your web page and look for other faster websites. This means a direct loss of potential customers. Page transition becomes tedious- UI animation can have a detrimental effect on the transition from one web page to another. When the user selects a page on the website, the motions of zooming in and out or the constant appearance of a rotating circle on the screen, can really annoy the user. There is no way out once the animation…