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Successful Entrepreneurs Have Said: These Are The Best 10 Business Strategies

What does it take for an entrepreneur to start a successful business? Learn the 10 strategies you should follow as a new business owner to guarantee your startup success. A guest post by Emma Sumner.

When it comes to various entrepreneurs and their “road to success” stories, the first thing you need to realize is that every single story is different. There is not a single, sure-fire way you can reach success nor is there a single recipe for triumph.

However, the fact is that there are certain things successful business people do differently and there certainly are some great business strategies that will enable you to move into the right direction when success is concerned.

That being said, we have researched some of the best business strategies that will enable you to boost your business efforts and launch you on the right way to reach success with your commercial enterprise. It is also important to mention that these are not listed in any particular order of importance–they are all equally vital.

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1. Create a business plan

As Bob Wilson, a co-principal of Stoney-Wilson Business Consulting would put it, “You need a destination and you need a map to get there.”

In other words, your destination is reaching success with your business efforts and your map is your business plan. A well-developed business plan will enable you to identify the means you have at your disposal and determine the goals you want to achieve with your enterprise.

It will also help you stay on the right track and have a far better perspective. This all goes to say that you can’t expect to reach success if you rush into starting a business blindly.

2. Secure necessary funding

Furthermore, you need to ensure that you have the necessary funding to support your business from the get-go.

One of the biggest mistakes entrepreneurs make is not securing enough funds to cover their business expenses until their endeavor becomes sustainable and profitable on its own.

It is also advisable for any entrepreneur out there to build a relationship with their bank before the need for a loan arises, because the fact of the matter is that the question is “when” and not “if” it will happen.

It would also be best to get a credit card or a bank loan when the business doesn’t actually need it and use them to boost credit history and develop a relationship with the bank.

3. Brand your business

Branding is a crucial part of any business. If done correctly, it will bring greater exposure, more loyal customers, and overall greater success to your business.

Your brand is basically the way people see your business as a whole, which means that there really is no room for error during this process.

By managing to create a strong brand, not only will you make your business more memorable and easily recognizable by your customers, but you will also show your leads what to expect from your business in general.

Learn in a few easy steps how to build your own brand

4. Create a marketing strategy

Marketing your business the right way is one of the key factors that will determine the level of success you will be able to reach with your business.

Aside from the traditional marketing channels you definitely shouldn’t neglect at any cost, digital marketing can help you immensely in putting your business out there.

So, invest in social media marketing but try to focus all of your efforts only on the most relevant platforms to avoid stretching your efforts (as well as your budget) too thin.

Also, look into SEO and other forms of digital marketing you can use to your advantage. Do know that among all of these, online reviews–especially the ones on third party websites–appeal most to consumers who see them as a sort of a word-of-mouth recommendation and tend to find them to be the most trustworthy.

Learn one free method to boost your SEO and drive more traffic to your site

5. Pay attention to your employees

Employee satisfaction is something that plays a huge role in any business’s success, but it is also, unfortunately, something many employers seem to forget.

What makes a business truly successful is the ability to not only attract, but actually retain quality workers. That is exactly why every employer who dreams of reaching success should ensure that their employees are happy and well taken care of.

There are so many ways you can achieve this, from investing in your employees and their personal development to creating them an inspiring work environment.

You can easily achieve this with just some carefully selected design elements and even by hanging up a couple of framed motivational and good luck quotes.

6. Employ customer retention strategies

Aside from being able to retain your employees, you also need to employ some customer retention strategies.

Do know that managing to retain an old customer and encourage them to come back and do repeat business with you is much more profitable than trying to attract a new one.

Here, you can use special deals, coupons and sales to your advantage, but also try out personalized emails and thank-you cards.

7. Boost sales to drive revenue

The thing you, as a business owner, need to ensure at any time is a positive cashflow. One of the ways to grow your revenue, and thus secure a predictable positive cashflow, is by boosting your sales.

There are three main ways you can achieve this:

  • You can focus on quick sales and sealing the deal fast–with discounts, special offers, and sales.
  • On the other hand, you can choose to work with your customers and focus on coming up with a solution to the problem or shortcoming they have noticed in your offer.
  • Finally, you can offer your customers something they themselves didn’t even notice they have missed until you presented it to them.

Either one of these tactics is sure to boost sales which, in turn, promises greater revenue.

8. Invest in technology that matters

Moreover, driving your business towards success will require you to make certain investments.

Aside from investing in your business directly, you should also invest in proper office space, proper furniture and, most importantly, proper equipment.

In order to be able to perform up to the best of your abilities, you need to have proper equipment that will enable you to do so as seamlessly as possible.

However, don’t just run around like crazy buying every single piece of the latest technology you can find. Rather, focus on hardware and software solutions that are actually crucial to your business.

9. Know your limits

Next, even though every business needs to work towards expanding and growth, it is very important to understand your limits.

Just because you would like to be able to grow your business that doesn’t necessarily mean that you can grow it. At least maybe not just yet.

So, before you make any rash decisions and start expanding your business too soon, first make sure that you will be 100% able to support the expansion–both financially and time-wise.

10. Market research

Finally, make sure you conduct regular and frequent market research. The fact of the matter is that the modern business world is an ever-changing environment that requires constant monitoring.

New trends, tech, and practices are constantly popping up in all spheres of the modern business world which means that only the ones that manage to stay up to date and on top of those changes can ever hope of reaching success.

On the other hand, failing to do so will make your venture stuck in one place and managing to push through that point may prove to be more difficult than you thought–if not even nearly impossible.

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As mentioned before, all of these strategies bear equal importance for business success. This means that only the businesses that manage to employ all of them correctly will be able to progress further and reach certain achievements and accomplishments.

Therefore, if you too want to join the successful crowd, this is where you need to start.

Author: Emma Sumner

A business strategist and life coach. Sumner Life Coach Academy.
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Passive Income In Egypt: How To Invest In Egypt With Little To No Money

How can you create multiple streams of passive income sources in Egypt? How much money do you need to start an investment in Egypt? Learn 5 ways through which you can invest in Egypt with little to no money at all.

Disclaimer: I am an engineer. I have nothing to do with finances and I do not give any financial advice. Thank you.

In this post, there are 5 different ways through which you can invest in Egypt. And there are two reasons as to why I decided to put this post together.

First is that last year, and before starting this blog, when I tried searching for ways to invest in Egypt to be able to start this journey, I couldn’t really find anything helpful that could put me on the right path.

Most of the information I found were created by and for people in other countries like US, UK, Canada, etc. I was very disappointed to be honest. Like why aren’t more people thinking of this and why isn’t it more common?

So, in the back of my mind, I always knew I wanted to go more in depth about how to invest in Egypt, but I was waiting until I have enough information to actually fill a blog post.

The second reason I decided to write this post is because, whenever I talk to someone here about my journey and what I plan to do with creating passive income and all, I’m usually met with a confused face followed by something along the lines of, “wow! you’re different!” (as if I just came up with the concept) or “Investing? Isn’t this for, like, rich people? I don’t really have that much money around.”

And I realized that so many people here don’t have that concept of investing in general. Despite that there are so many opportunities around them to do so, somehow this investment mindset is not that common. At least not in the minds of those around me.

So I thought it would be a great idea if I can put together a post that shows people they can invest in Egypt and they can do it without necessarily being filthy rich or having hundreds of thousands of pounds to start.

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1. Nakhlaty

Nakhlaty (en: my palm trees) is a project that I have come across very recently. This is an agricultural project that basically revolves around planting date palms and selling/exporting the dates.

The location of this project is in Siwa Oasis, located nearly 50 km east of the Libyan border and 560 km from Cairo.

What you do is you visit their website first and register. They will then send you a short guide for the entire project and all the information you may need to know about the investment.

And within a few hours, you will receive a call from one of their representatives to explain things further and see if you are interested and want to book an appointment to sign the contract.

I have not invested with them yet, however, I find this a very good opportunity with a decent return of money. And also a great way to make money through planting more. So it is definitely on the top my list.

How much money do you need to invest in Nakhlaty?

The price of 1 Feddan (that is 40 palm trees) is 210K EGP with a minimum downpayment of 65K EGP and you have the option to pay the remainder on installments over 3 years, paid quarterly.

And there is another option if you are looking for something less expensive, you can opt for investing in only 1/2 Feddan for 110K with a minimum downpayment of 30K EGP and installing the rest same way, over 3 years. 

But note that these prices above are not fixed as they did announce a rise in prices that would take place some time during next month.

The first downpayment would be paid at their branch at the time of signing the contract and the remaining installments can be deposited in their bank account.

Once you are done with the installments, you are not required to make any additional payments for the entirety of your investment period which is 50 years.

And if you decide to invest in the next few days, they actually have an offer going that you can pay the downpayment on a 2-month installment. (Quite the good deal if you ask me!)

How much profit would you get from investing in Nakhlaty?

The profits are quite tempting once you pass the first 3 years. 

Starting from the 4th year, you get a profit of 24% and then it keeps increasing every year until it is 70-75% per year.

The reason your profits start from the 4th year is because this is how long it takes for the planted palm trees to grow and bear fruit.

2. Retirement Accounts

This enables you to set aside money on a regular basis, to be invested over the long-term for your retirement. Most plans I found last somewhere between 15-20 years and you are always free to renew. The minimum would be a 10-year investment.

There are two options for such investments: You can either have a safe investment in markets and areas that are almost risk-free or choose to put your money in a more risky investment option.

I personally chose the safest option to put the money in as I’m not looking to risk my money in any way at this moment due to very limited resources; however, once I have established a decent source of passive income, I would very much like to try investing in one of those more risky investments and see what kind of profit they might provide.

How you get started with one of these is either by directly going to one of their main branches or sign with them through their representative in one of the banks they advertise through. 

I honestly never tried going directly to a branch, because I only ever hear of them when I am in the bank.

And I’m more inclined to registering with ones that are advertised through banks than just Googling random companies online. I don’t know if this makes any difference integrity-wise or security-wise, but it’s just a personal preference.

Two well-known examples that I’m also familiar with are AXA (through CIB) and Allianz (through Emirates NBD).

How much money do you need to start a retirement account in Egypt?

The one I signed with requires as little as 600 EGP per month. Others may require up to 1k EGP as a minimum installment, and usually it never exceeds the 1k.

It would also depend on the company you choose, but most of them will have some or all of these payment options: monthly, quarterly, semi-annually, or annually.

Just a tip if you consider this one, you better start with an amount a little less than what you can afford, because you will need to pay that amount for the entire period of your contract.

And you can of course increase the starting amount at any point during the contract.

How much profit would you get from a retirement account investment in Egypt?

Mostly you are given an average percentage as the profit you get is not always a fixed amount and that is because it is usually connected with other factors such as the financial situation of the country, however, you can expect a profit anywhere between 10-25% after your first year.

This percentage can always increase or decrease, however, the differences are not catastrophic and you can always ask the representative to show you statistics of how this investment has been doing over the years to know what to expect.

And with the current advancement in the economic status of the country and all the new projects happening, I think it is a quite promising climate for finances and investment.

Depending on which company you will sign with, there will be a lot more than just an investment benefit for you. Main features that all companies would have is a decent healthcare coverage and a life insurance that will cover you/your family in case of critical illness, disability, or death.

3. Real Estate Investment

To invest in real estate in Egypt you have a few options depending on how familiar you are with this field and how much money you are willing to put into it.

A. Flipping houses

You can buy apartments that are in a quite poor condition with a cheap price, renovate it with the least amount of cost you can, then sell it again with a high price to match the current market price.

How much money would you need to flip a house?

That will entirely depend on the area you plan to invest in, but an approximate range you can say anywhere from 200K to 900K.

You may also check this article, while it’s not specifically for Egypt, it does give you an idea on how to choose the houses to flip and how to renovate with the least cost possible.

How much profit would you make flipping houses?

I don’t think there is a definite amount as to how much you can make flipping houses, because there are so many variables when it comes to this kind of business; the location, the condition of the place, the market price, and the economic status, etc..

I have seen people make 50-100K profit and I have seen others make 500K+ profit.

So I would say this would depend on your luck and how good you are in choosing the right place at the right time. But I wouldn’t get into this business if I’m not knowledgable in this field.

B. Home construction companies

If you can’t afford buying a house and renovating it, or simply don’t have the time for all that work, you can turn to a hands-free real estate investment.

Turn to investing in real estate companies that would do all the work for you and you would just get the profits at the end of every year.

You can find these companies through realtors or just googling them and see which one is near your city, read reviews and check what people are saying about it first.

If you would like a recommendation, you can contact me and I’ll give you details of the company I’m investing in.

How much money do you need to invest in a home construction company?

Most real estate companies I checked would accept a minimum of 50K for a fund. And in most cases, you can always increase that later on.

How much profit would you get?

That will sort of vary based on the company and the nature of the estate they work with either residential, commercial, or entertainment, etc.. However, you can expect a range between 30-50% as an average yearly profit.

Read: Passive Income: 4 Real Estate Investing Options

C. Real estate funds

This real estate investment option was announced earlier this year that it has finally been introduced in Egypt. This is a mutual fund that focuses on investing in assets offered by public real estate companies.

So this would be a way for you to invest in real estate funds with huge estate projects throughout the country without the risk of buying individual stocks through original stock market investments.

However, as of the writing of this post, the company that announced the beginning of this fund, Naeem Holding, has unfortunately cancelled such plans.

It seems that this is something that is in talks right now though according to this article and this update. However, there hasn’t been any news yet on whether it will be open for the public investors or not, if it does though, it would be one of the best real estate investment options you can opt for.

According to Naeem Holding’s earlier announcement, this fund would have cost a minimum of 50K EGP and yielded a profit of 25% yearly. So this is an expected average of what this investment could be about.

I’ll be on the lookout for any news on it and will be updating this post accordingly.

Read: Passive Income: Investing In Index Funds For Beginners

4. Dryve

Another type of passive income source you can opt for is renting your car to a car rental company like Dryve.

It is a start-up company that is said to be the first digitalized car rental service in Egypt through which you can rent a car or put your car up for rental on a mobile app.

And they don’t only offer rental cars to individuals but they are also partnered with Uber, providing them with rental cars for drivers who don’t own a car.

What’s good about this company is that they are also partnered with AXA insurance company, which provides you with a full car insurance coverage on your rented car.

All you would need to do is sign up through their App and list your car up for rent.

How much money would you need to invest with Dryve?

Well, if you do have a car that you are willing to give up for part of the day or give up completely, then that would be 0 EGP.

If you don’t have a car, I honestly wouldn’t suggest buying a car just for this purpose. Whatever the amount you’d put even in a used car can be put in a much better and more stable investment.

How much profit would you get renting to Dryve?

Dryve has a calculator on their website where you can enter the details of your car: brand, model and year, and they provide you with the expected revenue you would make renting it.

However, when listing the car you actually set your own prices, you can choose to set the price you see fit.

Read more about Dryve here.

5. Airbnb

This is a company that connects tourists with available houses offered by locals in the country of their destination to stay in for the period of their visit.

The great thing about this company is that you don’t have to rent an entire house if you don’t have that to spare. You can rent a room only, in the house you already live in.

Renting a room, you would also need to provide them access to the bathroom and the kitchen (too obvious but had to say it, just in case). 

There are a set of rules and things you may want to familiarize yourself with first before stepping into this one. I have an entire article published where I went through all the details you need to know to become an Airbnb host today.

How much money do you need to invest with Airbnb?

Well, it will cost you absolutely nothing. The things you would need to provide the guests would be basic amenities like a towel, toilet paper, a cover, a pillow, who doesn’t have that in their house?

So cost is 0 EGP.

How much profit would you make investing with Airbnb?

That would depend on the location of the place you offer. If you live in an area that is close to sightseeing places, a public transportation route, supermarkets and restaurants and such, then you can set a high price and find interested guests.

You can have an idea of the price range you may set for a room here. They mostly range between $10 and $55 per night.

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I hope this list can help someone take their first step towards starting their own passive income source today, because, as you’ve just read, it is not as complicated and not as costly as most people think it is.

Till next week, happy days!

Sunshine Blogger Award (x2)

Thrilled to have been nominated for the Sunshine Blogger Award. In this post, learn about the award, read my answers to 12 completely random questions (total waste of your time), and find a list of 11 amazing bloggers I nominate (this should be worth it though).

The Sunshine Blogger Award logo attacked by clouds, because let’s face it, I hate sunshine.

I am so incredibly humbled and honored to have been nominated for the Sunshine Blogger Award 8 times so far. Just writing this sentence drew a huge smile on my face, to think there is this many bloggers who not only like my content but also felt it was deserving of a nomination. I am forever grateful!

Now, due to the nature of this award, it is quite challenging to fit them all into a single post and, therefore, I decided to divide them into a number of separate posts.

My first nomination was by one of my favourite people, Vanessa (The Wellbeing Blogger), I like to think of her as my “journey-towards-freedom” pal.
She is a writer, a therapist, and a life coach among so many things. Her blog is truly inspiring and motivational and you really have to check it out if you haven’t already.

My second nomination was by my very good blogger friend, Kendra (Hearts and Houseshoes). She created her blog to help raise awareness of Type 1 Diabetes by sharing her own experiences in dealing with it.
She also writes about fitness and household tips. There’s a lot of useful information there, so make sure to check it out!

About the Award

The Sunshine Blogger Award is given to those who are creative, positive, and inspiring, while spreading sunshine to the blogging community. The award is driven entirely by the community, passed from blogger to blogger in recognition of their inspiring material. 

Rules of the Award

  • Thank the blogger who nominated you. (Thank you Vanessa and Kendra!)
  • Answer the 11 questions asked by the blogger who nominated you.
  • Nominate 11 other bloggers and ask them 11 new questions.
  • Notify your nominees about their nomination.
  • List the rules and display a Sunshine Blogger Award logo on your post and/or website.

To not have this post be too long, I answered 6 questions off Vanessa’s list (see full list) and 6 questions off Kendra’s list (see full list).

Vanessa’s Questions

1. What job did you want to have when you were a kid?

I can’t remember what I wanted when I was a child, but in my teen years I wanted to be a forensic analyst. 

2. List 5 things that bring you happiness.

Food, a cool breeze of air, early mornings, green sceneries, and comedy shows.

3. What’s your favourite food?

Anything chicken and pizza.

4. Where do you see yourself in 5 years?

I see myself in two equally possible scenarios, either with 4 different streams of stable passive income, a dog, my own product line, one published book, and two more websites..
Or dead.

5. What was your childhood’s nickname?

Roon

6. If you could go on a mission around the world, what would it be about?

Stopping wars.

Kendra’s Questions

1. Do you let family and friends know about your blog?

Unfortunately, I force myself to tell everyone I see. It’s kind of my way to hold myself accountable.

2. When it comes to blogging, what do you enjoy most about it?

Honestly, at the moment, the only thing I enjoy is getting feedback.

3. What advice would you give a beginner blogger?

I was about to give up on blogging one day because I felt it was useless and I wasn’t going anywhere with it. That same day in the afternoon, I received my very fist offer to publish a sponsored post on my blog.

Not just in blogging, but in anything, when you’re about to give up, remember, that next try, that next post, that next book could be your winning one.

4. What is your best personality trait?

I admit when I’m at fault; sometimes with words, sometimes with actions.

5. Other than writing, what is your favorite hobby?

Reading and photography.

6. Is there a certain skill you wish you could improve?

I wish I could get back to violin and improve my skills, but unfortunately that’s not possible anymore.

List of 11 Bloggers I Nominate

  1. Sandy – Sunday Morning with Sandy
  2. Mama Robins – Undistracted Life Series
  3. Alex – Damsel Divorcée
  4. Mikaela – A Blonde In The Crowd
  5. Spence – The Mindberg
  6. Arushi – Arushi Sinha
  7. Shelly – Breathe and Reboot
  8. Madison – The Madi Method
  9. Kieran (plus one?) – MacBar Blogs
  10. Rachel – YamteQ
  11. Positively Weightless

My 11 Questions for You

  1. What is the first thing you do when you wake up?
  2. What is your spirit animal?
  3. What do you do when you feel uninspired?
  4. What is the last thing you do before you go to bed?
  5. What is the worst food you’ve ever tasted?
  6. List 3 of your best qualities.
  7. One thing you will never go anywhere without.
  8. When you close your eyes, what do you see?
  9. Name one thing that has changed about you/your life in the last 5 years.
  10. What is one sport you wish you excelled at?
  11. Who was your first blogger friend?

Again, a big thank you to Vanessa and Kendra for nominating me, and congratulations to all the nominees!

Till the next awards season, happy days!