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Entrepreneur's toolkit - an A to Z Guide

Funding

There are numerous different ways to finance a business. The bottom line here is that you do need to consider which options best suit your needs. You can find a lot more detail regarding the types of financing available in Bytestart's dedicated business funding section. Finally, as with all larger decisions, it is worth involving a professional such as your accountant when deciding upon the optimal financing arrangement.

Google AdWords

The Google search engine is one of the most powerful ways to market to customers. When users search for products such as ‘Business Plan Pro’ the results contain a mix of ‘organic listings’ and ‘paid for’ listings. Organic listings are simply the list of website links Google decides are important. These cannot be influenced by paying more to Google so as to make you appear at the top of the rankings. Paid for listings are the links that people pay for.The beauty of this setup, from an advertiser’s perspective, is that you only pay for adverts that are clicked on. The Google AdWords system also supplies significant amounts of data, so you can manage budgets, track Return on Ad Spend (ROAS) and so on.

Google Alerts

Once you have identified your main competitors and the main search terms people use to find your goods or services, you should set up alerts. Google Alerts is a free process that emails you alerts when your chosen terms show up. This is a low-cost way to monitor the activities of competitors and competitive providers.

Google Analytics

While Google is best known for its search engine, it has been adding to the breadth of its service offerings over the past few years. With Google Analytics you add some tracking code to your website and this enables you to obtain rich data about the behaviour of users. Marry this to AdWords and you can really get a bird’s-eye view of user behaviour vis-à-vis the effectiveness of your marketing. The best thing is that it is free, although Google does get access to all of your user behaviour data. So if you are concerned about your Internet data you may want to explore paying for a locally installed analytics tool.

Homeworking

Homeworking i.e. working from a home office is an increasingly popular means for people to start businesses in the UK. There are a number of advantages to this, not least the fact that overheads are kept down as the entrepreneur seeks to establish a ‘proof of concept’- generating sales to demonstrate that there is indeed a demand for the product or service. As well as Bytestart's own homeworking section, there are a number of specialised websites that help advise people looking to start a business at home. Enterprise Nation is one free resource to help you start and grow your business at home.

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