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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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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How Social Media Can Help Businesses Steer Clear of Debts

How Social Media Can Help Businesses Steer Clear of DebtsSocial media plays a vital role in the way companies communicate with their target audiences and with each other. Over 3 billion people use the internet, and over 2 billion are currently using some form of social networking channel. Most businesses start out on a line of credit or a business loan. To exact the most of each business opportunity that comes your way, you need to make the most of your social media marketing efforts as well. If you are currently running an online business without a social media presence, you are missing out on the lion’s share of business profits.

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Accelerate Your Business Growth

15 day challengeWe’re living in a device-saturated world. The multiplicity of technology and the accessibility of information is enabling busy customers to research prior to purchase. Prospects are now in a much stronger buying position, so the power has shifted from the company to the individual buyer. This has significantly changed the complexion of the customer journey.

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