10 Passive Income Ideas for Small Businesses

10 Passive Income Ideas for Small BusinessesAs a small business owner, managing your time is an important part of your job. When you’re actively engaging in the necessary tasks to keep your business running, finding new ways to turn a profit can be difficult.

One good way to keep money coming in is to begin generating passive income. Passive income allows you to remain focused on your business for the majority of your time, while still earning money from other ventures that don’t require your attention. Here are 10 ideas you can start using today.

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Building Ideal Buyer Personas

Building Ideal Buyer PersonasYou have identified your key target markets or customer groups through segmentation and your most profitable customers using CLV, you are now ideally placed to take the next step and define profiles or buyer personas.

These are fictional, generalised representations of your ideal customers, which can be used across all functions of your business, to help you attract and relate to your customers as real people rather than just numbers. The creation of personas was, at one time, only practiced by large corporates; however, as competition grows, it’s increasingly important to have targeted, relevant communications.

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8 Top Tips To Promote Your Business On Social Media

8 Top Tips To Promote Your Business On Social MediaThere’s no doubt that if you’re running a business online, you need to be promoting that business through social media. However, it can feel very overwhelming for small business owners. Where do you start? How do you use it? Here’s 8 tips that will help you promote your business and get more customers through social media.

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Take the Guesswork out of your Strategy

Take the Guesswork out of your StrategyYou are in business to make a profit. Can you reliably tell which customers are helping fulfil that goal? You have probably identified the customers that interact with you most frequently, but does their frequency realistically mean they will bring you profit?

The reality is that not all customers are created equal; in fact, some require such significant support that they can rapidly eat into your profitability or even generate a loss.

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Financial Education & Millennials – Laying the foundations for potential clients

Millennials are a trending topic for Financial Advisors – for good reason. They are slated to become the biggest demographic in history and hold the keys to tomorrow’s wealth. Yet while millennials are set to succeed in the workforce, with the highest levels of educational attainment ever, a recent study published by the National Endowment of Financial Education and George Washington University found they lacked financial capability. Only eight percent of surveyed millennials showed high levels of financial knowledge, while just a quarter (24 percent) demonstrated a basic understanding of how to manage their money.

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