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Financial Planning: Questions For Starting Your Business

How much money does it take to start a business? Are specific business cheaper than others? Will you need investors? Starting a business is a complicated endeavor. But asking the right questions can simplify the process. Financial planning for your business will make this process easier.

In this blog, we talk about five essential questions that show how much you need to start a business. Financial planning is the key to business success. However, not all companies are the same. As such, the business plan should be unique too. Firstly what does your business do?

What Do You Sell? Products or Services

 

Does your business offer a service or produce a product? This distinction makes a big difference in startup prices. The short answer here is that services tend to be cheaper. Services operate with fewer employees, less manufacturing, and sometimes no rent! Often services are offered by qualified professionals, which means you have to do less networking! There are some cons when providing a service. Services are hard to scale. This hurdle can mean higher costs in the long run. However, products are more simple to scale.

Products have high manufacturing costs. To start your business, you need things made and packaging and other underlying costs. Planning for all of this in budgeting is essential. Unlike services, selling a product is easier to scale. Accelerated manufacturing often makes the unit prices of goods cheaper. One of the hardest parts about starting a product based company is the initial investment.

Staff: how many employees do you need

 

You are deciding how many and which kind of employees you need is vital to operations. Too many employees might make the system inefficient. While on the other hand, too few employees make work impossible to get done. Having the right number of employees is the key to efficient work. But what kind of employees do you need? Between contractors, part-time, and full-time employees, there are lots of choices. E-commerce can also change the number of employees you need. If you require full-time employees, one key consideration is extra costs like insurance and other benefits.

Location: where is your startup

 

Some places are cheaper than others. This difference can be affordable rent for you to live while you build your business. Or sometimes, a state has low operating costs due to tax laws or other factors. Deciding where your business is based is a crucial decision when financial planning. The critical distinction here is rural versus urban environments.

Densely packed cities will always mean higher rents and more competition. And these factors can often kill a new business. Often companies who can’t afford to initially staff where they live will outsource to remote offices. Therefore they are saving money. But they do lose some direct access to work. A less populated environment means cheaper land and often lower startup costs in general. This is doubly true for the internet. Sometimes setting up a website is a better move. Fees also apply to housing. Living in a less costly area means all of your money can be focused on growing a brand new company!

Time to market: out finance the competition

 

This may seem obvious, but it is still vital. If your competition can replicate your product or are already designing a similar service, time to market is very important. If you need to be the first to market, get ready to spend. Accelerating a launch is possible; it just requires more money, time, and effort. The money should be spent if a company could fail based on this time factor. But what if you’re not in a rush?

If you don’t need to speed to market you’re in luck! Because there is no time pressure, saving money is easier. You can wait for better prices and even take time to scale at a healthy pace meaning fewer startup investments.

Salary: plan to keep your day job

 

CEO salaries are vastly different from company to company. Do you need to be paid a salary right away? Sorry, but you’ll probably need your day job. Most companies can’t afford to pay a CEO salary right away. This means you’ll need other income to support yourself. But what if you can survive for a year? Well, if you can make it that long you will probably be ok. By a year, most companies can afford to pay a CEO. So if you can make it that long you get to focus on your business even more!

Financial planning for businesses

 

It’s pretty important to plan out the money you need to start your business. Knowing what kind of business you want to start is essential. If you know that, answering questions like location and staff is more comfortable to answer. Then all that’s left is personal finance questions and long term scaling projects.

Do you still have questions about financial planning? Kallen media is an expert at helping startups maximize their budgets. If you need help with planning out your business, feel free to contact Kallen media via our website.

Technology Trends in 2022: how business is changing

The march of tech is always a changing business, and the technology trends to watch in 2020 are just one indicator of that. It wasn’t that long ago that we did most of our shopping in person. Now, smartphones have made it possible for a retail app developer to create shopping experiences that allow us to find everything we want without having to leave the home. Even Adobe held Summit 2020 online.

Shopping apps will continue to have a growing impact on retail businesses for many years. However, there are new technologies that are going to change the way business is done. To keep your business ahead of the competition, you will need to know what these technology trends in 2020 are and how to take advantage of them.

AI Products and Services are Emerging Among Major Technology Trends in 2020

An increasing number of products are offering some form of Artificial Intelligence. With advances to machine learning and processing power being more available and affordable than ever before, we can expect this 2020 technology trend to pick up steam in the coming decade. We are already seeing smart home products that use AI to make your life more convenient, but there are even more advanced applications like delivery services using AI-powered drones to deliver packages.

Distributed Cloud

Businesses across the world rely on cloud computing. As a result, we are seeing a technology trend in 2020 that is signified by a shift away from the centralized model. Under the distributed model, cloud services are facilitated by servers that are in different locations around the world. This allows the cloud service to provide resources reliably no matter where the user is.

Technology Trends in 2020 Include a Move Towards Automation

Automation can make our lives easier and it can make businesses more efficient. We are already starting to see more automation with developments to things like driverless cars and cashier-less stores. Automation technologies are only getting more advanced, and we can expect to see more autonomous things in our everyday lives.  Automation is even affecting digital marketing through automated sales processes and interactions.

Human Augmentation 

The idea behind human augmentation is to use technology to enhance the abilities of humans. Night vision goggles are one example of human augmentation. The night vision technology makes it so a human can see well at night. However, with technology trends in 2020 like AI and Augmented Reality, human augmentation is going to become a more common part of life. 

Momentary Markets

Using Big Data and advanced analytics, businesses are getting to a point that they can advertise and sell to individuals based on the moment. Complex systems will respond to needs in real-time or anticipate future needs to deliver products, services or offerings right at the time when they are most likely to sell.

Technology Enables Digital Healthcare as a Trend in 2020

Healthcare technology is one area that is going to see a lot of change. We are already seeing telemedicine services that help to diagnose and treat illness no matter where the patient is, but that is just the beginning. Researchers are developing bionic body parts to replace those that have been injured and we are starting to see doctors using robots to assist with surgery.

Data Privacy

Most of us are aware that companies collect at least some of our data when we go online. With that said, most of us would be surprised by how much. It goes beyond the search engines and social media sites. In fact, the devices we use every day collect our data. That not only includes our smartphones, but many of the smart home devices that you may own.

This data is valuable because companies can use it for customer analytics. This can help businesses to advertise more effectively or to develop products that we didn’t even know we wanted. On the other hand, you also have privacy concerns. In the coming years, we should expect some changes to the laws concerning the collection, storage, and use of consumer data in response to this 2020 technology trend.

If you are looking at understanding the future of technology trends in 2020 then please reach out to us at Kallen Media.  We offer free SEO audits, and advice tailored specifically towards small businesses.  Get in touch to learn more about which technology trend in 2020 we think will have the greatest impact.

Neuromarketing Strategies: Methods and Uses

How can a business benefit from psychology? Neuromarketing strategies require substantial data sets and multiple costly tools. Companies interested in utilizing neuromarketing almost always outsource. So, a company should understand which strategies it wants to use. Studies are never free. Businesses should be careful because this process is costly. Common knowledge of neuromarketing practices helps you know what data is essential.

Neuromarketing is the use of psychology research for a marketing plan. Advertisers must plan for these methods. Often these practices require long studies. This study includes monitoring physical and subconscious responses.  So utilizing these practices helps make your content more noticeable. But what are some specific tools for neuromarketing?

Neuromarketing Tools: FMRI and EEG

 

FMRI and EEG machines are medical equipment that measures brain activity. An FMRI measures specific blood flows while EEG machines detect electrical signals. FMRI the best way to measure emotional responses. However, EEG is still useful and less invasive. Recently, companies have created tools that can run FMRI and EEG tests.

The best uses for these tools are branding decisions or improvements and measuring emotions. These tools show responses to your marketing campaigns via brain activity. Brain activity provides more useful data than verbal information. The big problem of using neuromarketing tools is invasiveness. Both practices require consumers and complicated machines. FMRI is almost impossible to do outside of a lab setting. But what if people can’t come to a lab?

Eye-tracking Strategies: Gaze and Pupilometry

 


Gaze eye-tracking focuses on analyzing the subject’s line of sight. This process tracks where a person’s eyes rest. Similarly, gaze tracking shows how long the eyes stay focused. Tracking allows firms to measure several things. What grabs people’s attention? Is the content confusing? How fast is your recognition speed? Tracking eye movement enables a company to see how consumers digest its content.

Pupilometry measures dilation in a subject’s pupils. Measuring pupil dilation tests focus. Eyes adjust to see important information. Measuring points shows spots that grab attention. Pupils also show how engaged someone is. And higher levels of engagement make more memorable experiences!

Tracking testing methods study attention and focus. A tracking test will provide a company with information on how a user reacts. Results can make marketing communications have more lasting impacts. Eye-tracking improves the entire user experience. Including web design, packaging, and all advertising. Eye-tracking data is another way to get a company noticed—response tracking is used in tandem with other forms of analysis.

Biometrics

 

Biometrics are measurements like sweat, heart rate, and respiration. These are a person’s external physical response systems. Biometrics is often used in connection with other neuromarketing strategies. So the second avenue of data is beneficial to measure secondary factors. But what exactly does biometrics provide?

Measuring physical responses through biometrics informs on engagement and positive and negative reactions. Our bodies have physical reactions to emotions. The biometrics data provide these insights. Measurement of responses allows marketers to improve the content of their advertisements. Content is developed by eliminating sources of negative emotions. This process is similar to facial expression analysis.

Facial Coding

When a company pattern tracking of emotions its referred to as facial coding. Facial coding uses cameras and other tracking equipment. Data about emotional responses come from collecting expressions. But People often emote without realizing it. So activity monitoring is vital to marketing. The data here is easy to manage. The process is cheaper than other methods. Facial coding is highly effective despite its lower costs.

Advertisers reach marketing goals by understanding how to elicit emotions. And it is easier to make people happy if you know what they like. Advertisers cant rely on guesswork. Facial coding is very effective at improving the content of advertisements. Although these processes seem complicated, they are useful. Facial coding makes more meaningful content. So you should start right away!

Neuromarketing Strategies and You

So neuromarketing is excellent at improving the design. Because of this, neuromarketing is excellent at improving web design. Kallen media studies current neuromarketing trends to improve our clients’ web design. And Kallen media specializes in blog writing. Therefore emotional response is a big focus of our business. Neuromarketing studies make sensitive blog posts more natural to write. Kallen media is focused on tracking of current industry trends to ensure peak performance! Because of this, neuromarketing is a big focus of our company.

It’s clear neuromarketing studies can help a marketing campaign succeed. But the methods can seem scary. Psychology makes marketing more complicated. But don’t be afraid to get started! Neuromarketing strategies are hugely valuable to a company. You have to know what you want to accomplish. If you decide to utilize neuromarketing tactics in your business plan, Kallen media is here to help.

Do you still have questions? Are you interested in learning more about neuromarketing strategies? Kallen media would be happy to explain any neuromarketing techniques. Visit our website To contact Kallen media for any marketing services or questions.

Social Media Engagement: 7 Steps to Better Media

Everyone knows social media is one of the best ways to communicate in the modern world. Social media engagement allows businesses to reach a previously unrealistic number of consumers. But in a situation rife with opportunity, it can be hard to know how to engage the people on the internet. Social media can be confusing, but today its more important than ever to understand.

So how exactly does someone communicate effectively and receive engagement? The rules for this process are relatively simple. By following a few easy guidelines, companies can start to see massive improvements on their social media pages. So, where does someone start when trying to create social media engagement?

 

Step 1: Know Your Audience

 

The first step to building a social media presence people want to interact with is planning. Before you even create accounts, it is helpful to know who you want to reach. Social media can put you in contact with anyone in the world! But it works best for businesses when communication is more targeted than random. Targeting your market segment helps, and knowing your target market makes this process achievable. But how do you talk to your customers?

 

Step 2: Have a Voice

 

Knowing what kind of content you want to post is important. A companies page on social media needs to be a clear representation. Developing this voice can be hard but it helps to have a plan before posting. A company should create a style of posting and regular content which they chose to post. This consistent conversation will help followers of the brand know what to expect from it. Similar to having a coherent voice, your brand should engage regularly.

 

Step 3: Consistent Social Media Engagement

After developing a voice that fits the companies brand, engagement should be done regularly. Regular engagement helps generate new followers and keep old followers loyal. Engagement includes posting, replying, and even viewing other profiles. Consistent engagement will make people rely on your media for content. If you post regularly, people will come to expect it from you, which keeps followers coming back.

 

Step 4: Engage on Multiple Platforms

 

While utilizing all available social media platforms might seem obvious, it is a valuable practice. For example, lots of businesses view Instagram as a less beneficial platform to maintain. But Instagram users average above 20 minutes on the site every day. And there are even platforms that help manage multiple social media pages. Ignoring any platform might cause you to lose out on valuable business. Utilizing all available platforms helps spread out your message, ensuring you can easily target your desired market segments.

 

Step 5: Build a Social Media Community

 

Once you have a following, they have to feel involved in your content. If people feel like they are a part of your brand or the people who support it. Support will form bonds that keep people invested in your community. This support can range from promotion of user-generated content to contests and more. Having a way for people to become a part of the narrative makes it fun to follow company’s social media. However, this content has to be in line with your goals and voice to seem fluid. It’s essential to analyze the impact your posts are making. Mainlining your voice is extremely important when developing your online community.

Step 6: Don’t Flood People with Ads

 

Let’s be honest; if the only thing you post is advertisements, you’re not running an exciting feed. People don’t want to be swamped with promotional information. One way to get around this is to post content you think your target niche is interested in. If your customers happen to be people who like picnics and puppies, sprinkle some in. Having other content helps keep followers from feeling like they are being taken advantage of. Similarly, you can post content that is in line with your companies brand. These posts can help strengthen brand perception as well as promote intended goods or services.

 

Step 7:  Stick with the Engagement

 

Social media can be time-consuming ad stressful at first. The process of gaining initial followers can be hard-fought. Reaching high levels of followers with tons of active engagement takes a long time. Paying for advertising, collaborating with established influencers, and networking can all help build a company. If you don’t see rapid returns from social media stick to the plan. In the long run, utilizing social media to advertise and reach consumers is a valuable practice.

 

Social media engagement

 

The first step to starting an excellent social media presence is having a plan. This plan must include your target markets, your brand goals, a voice for your brand to communicate with. After you have an idea, its important to post regularly and overall platforms of social media. Once all of this is done, make sure you’re not flooding people with advertisements to find a balanced amount to post. The last thing to remember is social media takes time to develop. Don’t be discouraged by the time and stick with the process. If you have any questions about social media engagement, contact Kallen media on our website.

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