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How to grow your online shop: 7 social media marketing strategies

June 17th, 2020 Posted in Entrepreneurship
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Growth is something every online shop owner worries about. With so many social media marketing strategies out there, it can be difficult to know what tactics are most effective.

To help you along your ecommerce journey, we’re going over seven strategies you can easily implement to grow your online shop.

Post compelling content frequently

If you want to grow your brand on social media, consistently posting great content is non-negotiable. Users react more favorably to businesses they regularly see in their feeds, leading to more engagement and trust.

However, you don’t need to go overboard and start spamming your followers. Simply create a schedule that works for you and commit to it.

Automate word-of-mouth with social reviews

Reviews are this century’s word-of-mouth.

Having product review apps on your shop’s site creates trust and leads to more sales. When your customers are happy, they’ll want to convince others to buy from you too, so let them share the love!

Make it easy to share your products

Add social share buttons to your site, particularly for Pinterest. If a customer likes your item but can’t buy it right away, they can pin it for later.

Even better, someone else might see that pin they’ve saved of your awesome product and click onto your website. Your potential customers are doing some of the marketing for you!

Be active on the right #hashtags

Hashtags can be a little complicated, because there’s different rules for different social channels. Luckily, there are tools available to find ones that align with your brand, aren’t oversaturated, and will yield the best results.

It’s also a great idea to create your own shop-specific hashtag. This encourages your customers to post photos with your products using that tag.

Align your posts with a trending topic

When you post about what people want to read about, both on your social media and on your shop’s blog, you’ll naturally attract potential clients. If you properly utilize SEO in your posts, it’s easier for people to find you.

If you need help in this area, SMR Digital is an organic search agency providing link outreach, SEO, PPC and social media marketing services.

Invest in an infographic

Infographics are a quick and visually-appealing way to help your customers make informed decisions, or educate them about your brand.

Here are some templates to give you a few ideas.

Make your Instagram shoppable

There used to be a big hurdle driving traffic from Instagram. Now, for business pages, it couldn’t be easier!

The same way you’d tag any other account, you can now create product tags. These shoppable posts allow users to tap and see prices, then click through to purchase. They fit in seamlessly and don’t come across as spammy.

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Planning For Your Retirement: Steps To Take Now To Benefit Later

June 15th, 2020 Posted in Investment, Money Tips
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If you’ve got 20, 30 or 40 years of your working life left, you might not think that you need to start planning for your retirement yet, but getting started early is hugely beneficial. If you’re looking to lay down foundations, here are some steps you can take now.

Planning For Your Retirement: Steps To Take Now To Benefit Later - growing money against the clock image
Pixabay

Investigate pensions and employee benefits

If you’re employed, you may already be paying into a pension pot, which your employer is also contributing to. If this is the case, make sure you understand the terms of the agreement and you know how much you’re putting into your pension each month. Read the terms and conditions and consider increasing your contribution if you tend to have money left over at the end of the month. If you’re self-employed, it’s important to investigate the options open to you and to find a pension that works for you. If you’ve been paying into a private pension, read the small print carefully and make sure you haven’t been mis-sold a pension. SIPP claims are increasingly commonplace. If you were advised to move your money into an SIPP (self-invested private pension), and you believe you were given inaccurate or unhelpful advice, you might be eligible to claim compensation. 

Budget

Budgeting is one of the most effective ways to take control of your finances and it will stand you in good stead for years to come. With a budget, you can set spending limits, set aside money for your savings account and plan for the future. Use your budget to compare your income with your outgoings and calculate how much disposable income you have. If you have money left after paying your bills and household costs, you could transfer cash to your savings pot or to a retirement or an emergency fund. When you draw up a budget, make sure you include every cost, and try to use accurate figures, rather than estimates. Update your budget as you go. 

Clear debt

If you’re in debt, it’s wise to try and clear it as quickly as possible. If you have credit cards, for example, you might be paying a lot of interest, which makes it more difficult to get back into the black and start saving. Check all your accounts and balances and note down all your outstanding debts. If you’re paying back a loan or a mortgage, and you’re meeting the deadlines, carry on as normal. If you’ve got additional debts, which are costing you money in interest or late payment fees, tackle these as a priority. For those worried about money and spiralling debts, it’s wise to seek expert advice. There are solutions available if you’re anxious about missing payments, you’re falling behind with your rent or mortgage, or you’re resorting to using credit cards.

If you’re in your 20s, 30s or 40s, retirement may seem like it’s a lifetime away, but time flies. It’s never too early to start planning. Taking steps to clear debt, save money and boost your pension pot now will benefit you later. 

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I’m Moving: How Much is My House Worth

June 3rd, 2020 Posted in family finance, Property Investment
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Understanding the value of your property is important when you are moving and looking to buy a new home. You might find that your real estate investment has gone up since you originally bought it, that it is about the same price, or that the market has dipped. Even if you are not looking to move right now, it is still useful to know the approximate market value of your house.

I’m Moving: How Much is My House Worth - get that dog off the road! - image
Photo by Daniel Frank from Pexels

Finding Values Online

Some online estimators can help you determine the worth of your house, based on details such as its location and what prices homes sold for recently in that area. The good thing about these calculators is that they show a figure almost immediately when you enter the data the software asks for.

You will likely be prompted by an online calculator to enter the type of home it is, the year it was built, how much you paid for it, and the number of rooms (bedrooms and bathrooms). However, that figure is only an estimate of the neighbourhood.

The number is only as accurate as the amount of public data that the specific website has access to. A real estate agent can provide more accuracy, as well as additional information from other sources.

Getting a CMA

A realtor understands how to do a comparative market analysis (CMA) to find your home’s value. To be as precise as possible, this professional looks at nearby homes that are similar to yours (comps); they have the same number of bedrooms and bathrooms as yours, as well as a similar-sized lot.

Next, the realtor typically averages the figures of the handful of comparative properties. Then they have an accurate idea of your own home’s worth. This professional also likely has a lot of experience with the market that the online calculator mentioned earlier does not; they will factor in their knowledge with the numbers.

Assigning a Value is Difficult

When it comes to putting a number on your home when you’re selling it, this activity is very difficult for most people. It is tough not to think about all the memories you have had there and the effort you have put into home improvement projects.

It is hard to be objective, which is why a realtor will help you to do a CMA and suggest a price. Of course, that is only a suggestion and always remember that you are in control and can set the price. But if you go significantly higher than suggested, you have to be ready to explain why to those who are looking to buy.

Why is Knowing Your Home’s Value Important?

Understanding the worth of your existing home will help you to understand how to price it and then calculate what you can afford when looking for a townhouse or another type of house. After all, you are both a buyer and a seller.

When looking for a new property, the bank will look at the appraised value of your home as part of the mortgage approval process. So, it is in your best interest to know as much as you can beforehand.

What Else to Consider

Other details affect the value of your home too. For example, you don’t want to include comps that are on opposite sides of major roads or railways. While you might not realize it, these dividing lines can make a difference from a financial perspective.

Also, when comparing similar properties, try to get within a 10 percent variance of the square footage, if possible. Look at properties that were built around the same time as yours when making comparisons too.

Another factor that affects your home’s market value is curb appeal. If it looks outdated, it is likely to get a lower price than one that has a beautiful garden and was newly painted.

Finally, consider any upgrades you or the other owners of the other homes have done that increase its sale price. There might also be additional amenities in them that increase the property value.

Final Words on Home Value

When you are ready to buy a house, it makes sense to know the worth of your current property going into the process. Getting a CMA from a real estate professional is part of the process, as is looking at online listings to get an idea of what you can afford and what kind of house you would like to live in one day.

When you sell your home and buy a new one, you are moving into the next phase of your life. It is an exciting time, and you can feel good about the investment you are making in your future.

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These Mistakes Can Cost Your Business Serious Money!

June 1st, 2020 Posted in Business
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Whatever the other aims of your business, staying economically viable is likely to be right at the top of your list. Unfortunately, doing so is often easier said than done. In fact, many businesses go under because they end up paying out more than is coming in. The good news is that you can avoid paying out for costly business mistakes. Just keep reading to discover what they are and how to dodge them! 

These Mistakes Can Cost Your Business Serious Money! - business success image

Employing the wrong people.

Unless you can run your business entirely alone, you will need employees. However, employing the wrong people can mean you risk a great deal of money. After all, the recruitment and training process is never cheap. Not to mention the impact on the day to day running of your business that a poorly chosen employee can have. 

That is why you must make the right choice when it comes to new employees. Of course, this means paying due care and attention to the recruitment process. Additionally, considering potential employees personality types and ways of working can make the process of picking the right people a great deal more accurate and cost-effective. 

Not attending to your tax correctly. 

Tax is something that all businesses will need to attend to. Unfortunately, there can be a great deal of cost and risk involved if your company taxes are not dealt with properly. 

For example, if you do not declare the correct tax status for the type of business that you run, the government can take a very dim view. Sadly, the guidance that covers this known as the IR35 is very complicated. Therefore, it can be very confusing as to whether your business counts as inside or outside of these laws. 

The good news is that there are tax specialists such as https://www.qaccounting.com/ir35-contract-reviews/ that can review the contracts that your business operates under. Thus being able to tell you whether you fall under the IR35 regulations or not. Something that can help minimise your business’s risk of breaking the rules, and so reduce any chance that you will need to pay levies or fees because of this. 

Not asking enough for the products and service you provide.

Believe it or not, some businesses lose out finally because they do not realise what the products and services they provide are actually worth. Unfortunately, this tends to apply mostly to smaller and independent businesses. The reason being that they tend to be so eager to establish their brand, that they end up undercutting their competitors and even their own costs to gain pole position. Of course, this is not a sustainable model and can cause some severe issues in the long term. 

With that in mind, knowing the real value of the products and service you provide is essential. Luckily, this can be gleaned fairly easily with a little market research. In fact, where possible testing the market before you launch your products, perhaps with a soft launch can help you avoid costing your business a greedy deal of lost money in the long run. 

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Can You Help Your Children Onto The Property Ladder In 2020?

May 31st, 2020 Posted in family finance, Property Investment
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Owning a home of your own is getting harder than ever. With spiralling rental rates, increasing cost of living and slow growth in wages, many of the younger generation are finding their dream of owning a family home of their own is getting further and further away. So if parents are in a position financially to help, it can be a wonderful thing to do – and help to give your kids security for the future. If they are already saving hard to pull together the money required for a deposit, it can still be slightly beyond reach without a parental helping hand. And with mortgage costs frequently lower than the cost of renting,your children will be able to save money in the long run if they get that first time house. So how can you help the situation?

Can You Help Your Children Onto The Property Ladder In 2020? - family photo image
Photo by Craig Adderley from Pexels

Gift A Lump Sum

If you can afford to give a lump sum, this will really help towards the considerable costs of a deposit. Often affording the mortgage isn’t the issue, it’s overcoming the barrier of having a high enough Loan To Value (LTV) amount. If you can supply part of this, your children could be able to get on the property ladder with a new build home. When planning this move, it’s important to consider the full picture of your own future finances and possible retirement. Speak to an independent financial advisor is critical to help you make the right move. 

Provide A Loan

If you can’t afford to gift a large amount, you could act as a lending facility instead. This can be a good option if you have access to savings that you don’t need now, but will need in the future. With interest rates at a historical low, you’re not losing out on much by not having them sitting in the back, and you may be able to make borrowing some of the amount of a deposit affordable for your kids, through either not asking for any interest or keeping it very low and the repayment terms flexible. In all these matters, it’s very important to be able to have an honest discussion about money with your family and be very clear exactly what you are expecting to be repaid and when – also get this in a formal legal contract notarized by a solicitor to avoid any confusion.

Take Out A Family Mortgage

Offset mortgages, where 100% of the property value can be borrowed, are also sometimes an option. These loans would be secured against the value of your own home, or sometimes allow you to deposit money into a savings account that acts as a security in the event of non-payment. However, if your child doesn’t keep up with payments, your own home or retirement funds may be at risk. Make sure you talk about affordability and contingency plans with your children before deciding on this option.

There are lots of ways you can help out financially when it comes to getting your children onto the property ladder, but don’t forget that emotional support is just as important too – always be ready with a cup of tea and a listening ear.

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