5 investment tips for 25-year-olds

Making good financial decisions in your mid-twenties (when you are earning a regular income) can come a long way, making your long-term financial goals of buying your own home or saving a decent retirement fund much more feasible.

You may argue that you are just not left with enough money at the end of the month to save up anything, but believe us, you can go ask anyone if they ‘can’ save and you’ll see most of them say no. Waiting for a time where you think you will be earning enough is a dream that never comes true. Chances are you might earn more but your liabilities will be even more.

Saving and investing during later years is as difficult as it would be when you are younger so your best bet would be to invest early! Your Mid-twenties are really golden years to begin investing.

Here are 5 investing tips for the 25-year-olds.

1) Explore the various retirement schemes and consider investing in them

Thinking about your retirement is probably the last thing you might want to do when you’re a 25 year old. But believe us, you will thank yourself later for doing this. Many people who ignored saving or investing and have lived it all in their twenties and thirties rather live like penurious wreckage in their old age. To avoid that, it is best you start investing in retirement schemes. If you start saving for your retirement early enough, ‘compounding’ can truly work wonders for you!

2) Invest in equities

Keeping aside a cut of your regular income for saving in bank deposits can be the first step towards achieving your personal finance goals. But the dropping interest rates offered by the banks in Ireland makes this a bad option, leaving you only with less income in the form of interest earned. What’s your next best option then? – Investing in equities. There are hundreds of equity stocks you can invest in. Typically, equity stock market investments are recommended to be invested over a time horizon of four to five years. As a general rule, the longer you remain invested, the lesser the chances of making losses.

3) Choose Multi-asset funds

Investing in Multi-asset funds allows the investors to allocate their investments across a diverse stream of asset types, including equities, bonds, and alternative assets. It comes under the category of ‘managed funds’, so you can rest assured about your investments while the asset management companies will plan the best assortment of investments you can make.

In Ireland, Irish Life, Standard Life and Zurich Life are some of the best players in the game. Each firm has a different approach to getting multi-asset fund investing right, and you should research deeply before choosing one of them.

4) The approach of ‘averaging in’ is still an undoubtedly safe way of investing

If you are a person who likes to play it safe, rather than going all guns with your investing, then, ‘averaging in’ approach will work best for you. You allocate a certain sum of money each month to an investment fund. This is a less risky approach because it doesn’t require you to put in all your money into the market at one go. Thus, you will be buying at different prices every month, meaning your portfolio has greater chances of smoothing down the ups and downs of equity prices in the market.

5) Investing in Property funds can never be old-school

Investing in properties has been one of the most commonly approached ways for making a fortune by hundreds of top successful investors in the world. You don’t necessarily have to invest in commercial real estate with full involvement and the leg work. The REITs (Real Estate Investment Trusts can be a go-to for you. They manage your deposits and keep you posted about all the developments on the money you’ve invested.

 

How to minimize banking fees for your small business

When running a small business, profitability matters and every dollar counts. Statistics show that about 20% of small businesses fail in the first year and almost 70% fail in their 10th year. One of the most common reasons is the inability of the business to become profitable. Various factors affect the profitability of a business and one key aspect is the high banking transaction costs. Business accounts normally accrue higher fees than individual accounts. It’s important for businesses to keep their bank transaction costs minimum to see better chances of being profitable. Here are 5 important tips for small businesses to minimize banking fees.

1.    Understand the Banking Charges

It’s important to know how much you spend every month as banking charges. Charges almost apply for every transaction and the different facilities offered by the banks. Different banks have their own fees structure and it’s crucial that you pay attention to it. It’s best to open an account with the bank that offers the lowest account fee and transaction charges.

2.    Online banking

Every bank offers online banking facilities these days and it’s best to take full advantage of these facilities. Online banking helps to save time and have the banking details on your fingertips. Generally, banks tend to offer a package of additional services when you opt for online banking. It is advisable that you try to understand the charges, in case you opt for them, that come with it and a good understanding of the services offered.

3.    Reduce the number of transactions

Most banks charge their customers on a per-transaction basis. Therefore, fewer the transactions, lesser the banking charges you will pay. Plan ahead in the month on the number of withdrawals and deposits you intend to make and try to combine them into a single or few transactions to save on the banking charges.

4.    Alternative payment methods

If your business requires customers to make payments or deposit money into your account, to avoid transaction charges for every single transaction, you can move into the Direct Debit scheme. By opting for this, all your customers’ payments will be credited to your account on a single day (of your preference). In this case, you only need to pay one transaction fee to receive the entire amount. Similarly, when you have to make payments to your vendors, you can opt for the Direct Credit scheme in which you will get billed for your transactions on a particular date.

5.    Never use other bank ATMs

Always use the ATM of the bank in which you hold an account. Using your card on other bank ATMs will earn you charges for every single transaction. Remember to consider the number of ATMs in your locality and the accessibility factor when you open a bank account.

6.    Stay in Credit

End of the day, it’s important to make sure you maintain the minimum bank balance and stay in credit to avoid any charges. Having too many credit cards will be expensive and increases the usage fees. Be aware of the limits on your card and make sure you don’t exceed the limit.

 

Do I qualify for Rent-a-room Tax Relief?

Most income earned in Ireland is subject to income tax. Depending on the income slab, you will either pay 20% of the income (Standard Rate) or 40% of the income (Higher Rate) as taxes to the Government. So if you are looking at ways to increase your monthly income, your best option is to rent that spare room(s) in your house to private tenants. It could be one of the main room(s) in your house, a basement flat or even a garage converted to a room and attached to your house.

The Revenue introduced the “Rent-a-room” scheme where the rental income earned (by individual taxpayers) will be exempted from tax, provided the income does not exceed the exemption limit.

How does this work?

1. The Rent-a-room scheme is open to all owners and tenants in the State who rent out room(s) or accommodation in their main house. The residence should fall under one of these categories –
a. Primary residence – You necessarily need not to be the owner however the house should be your primary residential property in Ireland. You can even sub-rent the room to another person in which case, make sure your landlord knows about this.
b. Self-contained units such as a basement flat, garage converted into a living room that is connected to your primary residence.

2. According to the Revenue, the annual exemption limit (since 2018) is €14,000 per year. The limit applies to the gross income received for the rented room. This includes any additional amount paid by the tenant for other services like food, laundry, and other services.

3. The rented property should be used for the long term by the tenant.

4. If you are self-assessed, you can use the Revenue Online Service (ROS) to include the amount on your Form 11. If you use the Pay As You Earn (PAYE) system, you can use myAccount to include the amount on your Form 12. Taxpayers have a four-year time limit to claim relief for the tax paid on the rental income over the previous years.

You cannot qualify for the Rent-a-room tax relief if –
1. Your rental income exceeds €14,000 per year
2. You rent out the property for short time periods (such as a guest-house, an Airbnb accommodation, or through an online portal)
3. You rent the property for business purposes or if your employer pays you for the accommodation provided in your family home
4. The property is rented to your partner, daughter or son. There are no restrictions for other family members.

Upon qualification for Rent-a-room tax relief, the income is not liable for Pay Related Social Insurance (PRSI), the Universal Social Charge or income tax. But, the income must be included in the income tax return. There’s also no need for you to register as a landlord with the Private Residential Tenancies Board (PRTB). This makes it easier for you to rent rooms to a tenant and comes with fewer restrictions and paperwork.

Additionally, there is no effect on other reliefs and taxes such as Mortgage Interest Relief, Owner-Occupier Relief.  There will also be no capital gains exemption when you dispose of the residence.

How to claim for Tax Relief for your Start-up Company?

The start-up scene is growing rapidly in Ireland. Driven by business visionaries and bolstered by government associations like Enterprise Ireland and local start-up gatherings around the nation, the start-up network in Ireland is growing exponentially year on year. While new companies can have the skill, drive and the involvement in their specific region to amplify the eco-system, there is still one area where numerous entrepreneurs, new or old, can find quite overwhelming and that’s the convoluted universe of Irish tax returns.

This guide identifies a few territories you need to talk about with your tax specialist if you are a part of startup eco-system

 What are the reliefs for individuals looking to set up/ invest in a company

Following are the few points using which companies can set up their investment in other companies.

 SURE: If you have recently set up your very own business, you might be qualified for tax relief under the Startup Refunds for Entrepreneurs scheme. Under this scheme, entrepreneurs can make a claim for a refund against income tax they paid over the past six years.

Employment Investment Incentive: This plan provides tax relief, subject to specific conditions being met, to people for purchasing new standard share capital in another or existing business. A taxpayer who invests into an approved EII investment can reduce a substantial amount from their taxable income for the year in which the investment was made. The maximum investment allowed is €150,000 per year

The EII Scheme offers one of the few remaining income tax reliefs and is one of the few sources of total income tax relief (which includes, but not limited to, Pension funds, ARF distribution income, Rental income).

What are the Tax Reliefs for all businesses (including partnerships, sole traders, and limited Companies)

The following are tax reliefs offered to businesses of different types, including sole traders, partnerships and limited companies: 

Pre-trading expenditure:  Pre-trade expenses are the expenses you had incurred within seven years of you starting the trade or while you were trading. The calculation begins from the first day of tradingThese tax-deductible business expenditures include expenses, such as buying inventory, equipment, paying rent, getting insurance, marketing, and advertising.

Think about the activity of the business: Certain extra tax relief might be available relying upon the activities of the business – for instance, relief for expenditure on research and development. 

What is the tax relief for companies only?

Companies can also gain some relief from the tax. Following are a few methods through which companies can apply for tax relief:

 Company tax relief: Certain organizations don’t need to pay for corporation tax on their profits, subject to meeting certain conditions, for a timeframe subsequent to starting a business. Note that, the relief does not matter to specific trades, for example, those including the essential production of agricultural items, the preparing and promoting of agricultural products, export-related activities and so forth. Moreover, the relief won’t have any significant bearing where the trade was recently carried on by someone else in the State.

Costs of doing business: You can guarantee a tax relief against your business benefits for some operational expense that you cause entirely and solely for the motivations behind the trade. 

Research and development tax credit: As an impetus for organizations doing certain R&D exercises, a tax credit might be available. Audit your business activities with your tax specialist to check whether you meet all requirements for R&D tax credits.

Losses: Tax treatment of misfortunes is an important region, and tax specialist advice is suggested for this (and, to be sure, for all areas of expense). At last, the relief available for losses will rely upon whether the business is working as a sole broker/organization or through an organization.

Capital allowances: A capital allowance is an expense derivation for expenditure caused by capital hardware, for example, office furniture. It merits checking on your fixed-asset register to check whether you are asserting capital allowances on all passing assets.

IP: Tax relief is available for capital use acquired by organizations on an expansive scope of intangible assets, including trade names, brands, know-how, publishing titles, copyright and goodwill specifically derived from those intangibles.

To check whether you are eligible, speak to the advisors here. 

 

 

 

How Your Business Can Protect its Name, Brand and Ideas

Establishing a unique identity in this vast marketplace is not a cake walk. Businesses work very hard to create an identity that reflects the true essence of their core values,  products, and services. An identity that even the stakeholders can resonate with. However, there are few companies which accidentally or deliberately use another company’s trademark and brand, thus potentially creating confusion among consumers. This also affects their overall marketing visibility. Therefore, companies need to protect their brand image and business with due diligent monitoring and careful preparation.

Following are a few methods businesses can use to safeguard their name, brand image, and innovative ideas from being deliberately utilized by other parties.

Registration of company name: Make sure to register your company name first. Once a company is registered online or offline, the company holds the exclusive right to the corporate name along with the designation such as a Corporation or Corp., Incorporated or Inc., Limited or Ltd., Company or Co., among many others. The registration acts as a foundation stone in building a great brand value of the company.

Domain Name Registration: The second method is registering the domain name of the website. When you register a domain name, it puts your business name on the global forum, i.e., the world wide web. It is through this medium you can get wide and easy access to a global market. This will also make it easier and convenient for the consumers to find information about your business such as products and services, contact details, information on founders and lots more.

Copyright: Copyright is the process of granting the creator of an original work all the exclusive rights of its distribution and uses. This applies directly to the songs, poems, any form of content in writing and recorded format from internet to software, drawing, film, photography, music and much more.

Companies having copyrights over original works can profit from royalty payments using licensing agreements. All the copyrighted works are marked with the symbol “©”, the owner and the year in which it was created.

Trademarks: Trademarks are very crucial in protecting the brand identity of the company. It helps to differentiate the business in the marketplace. Registering a trademark helps businesses to protect business name, logo, and brand.

Patents: A patent is a form of “industrial property”. It can be licensed, assigned and transferred by the owner. The patent helps protect the ideas and creativity of business from plagiarism and copy. A patent is granted for a specific period of time and the holder reserves all the right to use, make, sell and license the innovation.

Design: All the new visual designs of a product, company logos are protected in order to save them from being copied by another individual, companies, etc. This will enable your company to get a distinctive competitive advantage over other competitors.

Protect trade secrets: Trade secrets are confidential information as they help companies to protect their secret business deals, agreements, information from being stolen by other interested parties. This also helps companies to gain economic advantage over others. They hold great commercial value, and which is why companies need to protect them very carefully.

Protection – Proactive Approach: As infringement, theft, plagiarism is very much common in today’s competitive corporate marketplace, companies need to take a proactive approach in protecting information, what truly belongs to them. With laws varying from place to place, companies need to be aware of the legislation that applies to the markets in which they function. This will help protect their product, brand value and gain rights over protected assets.

A company’s brand image, idea, value acts as a foundation stone for the company visibility in the global marketplace. This is something every company must do to protect proactively.

 

Why a married woman should have a separate retirement plan

Is it recommended to have a combined retirement plan for a married couple? Yes and No. Retirement is a major financial and life-changing event of anyone’s life but requires more planning than any other type of investment. Married or committed couples might think that having a combined retirement plan would suffice their individual as well as joint needs, but the story is far more complicated than it seems.

In this section, we are going to focus on why having a separate retirement plan is important for a woman, and how it can benefit both the partners in the long run.

Women are from Venus

Quite literally, and theoretically. Women have different needs, different life cycle and of course, their idea of pending their retirement years would be very different from that of their partner. Yet, 95% of married or committed partners choose to go with a combined retirement plan. While in most countries, the needs of both the partners are taken into consideration when designing a retirement plan for them, but in depth a lot of factors are missed out that often play a crucial role in a woman’s life. Let’s take a look at these factors:

Longer life: According to Population Reference Bureau, women outlive men, around the globe.In developed countries, the average life expectancy for men and women is 72 years and 79 years respectively. In developing or less developed countries, women can expect to live an average of 66 years, compared with 63 years for men. Read the full study here. Perhaps there is a substantial need for financial fortification for women. They are the ones to be using the kitty built for retirement for a longer time.

High healthcare costs: When it comes to planning for health-care expenses, most couple retirement plan takes into consideration the general average cost of healthcare expenditures in the country. However, according to the Department of Health and Human Services, women pay an average of 20% higher healthcare cost in retirement, compared to men. Longevity is the main reasons for this gap.

Fewer Work Years, Less Savings: Let’s face it, every woman, at one point of time in her life has to take a break from her career due to a number of reasons like pregnancy, family responsibility or her own health. Therefore, they often miss out on opportunities to save for their retirement corpus.

Gender Pay Gap: No matter how progressive the world gets, Gender pay Gap is one of the biggest contributors to low retirement corpus for women. Recent figures published by the Central Statistics Office suggest the gender pay gap in Ireland is approximately 14%, i.e men get paid 14% more than women in all member states. This means that even if a woman started her career at the same time as the man, saving the same percentage of money for her retirement, for the same number of years, she would still be saving 20% less compared to her male counterpart.

Marriages are not for forever –  There is a possibility of getting divorced or widowed with children. These scenarios can partially or completely change the equation and the retirement kitty. To make sure that you are able to live an independent and comfortable life post-retirement, you need to be proactive about handling your finances.

What women need to do

To begin with, don’t put off retirement planning. Having a joint retirement plan may not be a bad idea, but putting all your eggs in one basket is. Have a separate retirement plan for yourself too, where you can be confident and comfortable about your whereabouts in the future. For instance, if you are putting 250 per month toward your retirement fund, it is advisable to split the amount into 60% and 40%. You can choose to put 60% into your personal retirement plan and contribute the remaining 40% toward the joint retirement plan, or vice-versa.

Speak to your spouse about how retirement planning will impact you differently and discuss how major life-turning scenarios, unexpected ones, in particular, could further complicate the situations for both of you. Remember to plan your portfolio in such a way that benefits both the partners in the long run. The power of compounding works wonders if you know where and how to invest. So start early and save regularly.

Don’t know where to start? Confused about which retirement plan works best for you? Schedule your free first no-obligation appointment with the experts now. Our team of accountants and advisors can help you find the most suitable retirement plan.

Are you building a good pension pot?

As a salaried person, it’s very important to build your pension pot. What you save or build for retirement depends completely on what kind of lifestyle you want to live post-retirement. However, One of the biggest challenges faced by people these days is that they don’t know how much money they’d need to generate a decent retirement income. In order to live a comfortable retirement, you’d need a pension pot of £260,000.  But building that kind of pension pot might not be easy given today’s low savings rates.

In an effort to persuade people to increase their savings for a better post-retirement life, Government of Ireland plans to introduce a new scheme where if your earnings are more than €20000 a year, you automatically get enrolled into the pension scheme (in addition to the state pension scheme).

Salaried people can look at having a personal (pension) plan that is nothing but a long-term investment which will help save money that can be used to support the lifestyle post-retirement.

How much should people be saving to build a good pension pot?

It’s completely up to the individual and depends on a lot of their personal factors. On average, every salaried person should aim at saving an average of €1000 a month to manage their living standards post-retirement. You can use a Pension Calculator which will help you to decide how much money you must contribute to your pension. You’ll also know how much tax relief you may be eligible for your contributions. Say, if you are 33 years old and you want to retire at the age of 65 and receive €3000 every month as a pension, all you need to save is €1759 every month. If you are eligible for tax relief (say, 40%), your contribution can be as less as €1055. However, it’s important to remember that “the earlier you start to save money, the better the saving and returns after retirement”.

What are the benefits of building the pension pot?

The key benefit is that post-retirement you will have the pension fund available from which you can take 25% of the amount as a lump sum (tax free). This guarantees a regular monthly income for the remaining of your life. The actual pension amount you receive will depend on the pooled amount, your age of retirement, and the then annuity rates provided by the pension provider. Say, if you have pooled €360000 and the annuity rate offered is 4.5%, you will get €16200 per year or €1350 per month.

In addition to saving for retirement, saving through pension schemes will also help you to receive support from the Government in terms of tax relief. Every contribution to the pension scheme receives a tax relief of either 20% or 40% based on the income tax rates that you pay.

Therefore, if you are keen to start planning for your retirement or pension plans, it is advisable to get in touch with an expert tax advisor who can offer investment advice customized to meet your specific needs.

 

 

 

 

 

PAYE Modernisation – All your questions answered

Pay As You Earn (PAYE) modernisation is a new public consultation process initiative introduced by the Revenue to give the existing system a makeshift. The existing PAYE system is in place since 1960 and hasn’t been updated. The Revenue is working to modernise the PAYE system especially to overcome the problem of over and underpayment of taxes.

With PAYE modernisation, every employer must report their employees’ pay and deductions to the Revenue as and when they are paid. This helps the Revenue in deducting and paying the correct amount of Income Tax, Pay related Social Insurance, University Social Charges and Local Property Taxes.

How does the PAYE modernisation work?

At the end of every calendar month, the Revenue will issue a statement with the tax due for the period of time. The organization must positively return the statement to the Revenue by the 14th day after the month end after which payroll taxes have to be remitted by the 23rd day of the following month. If your company has employees paid both weekly and monthly, you must submit separate Payroll Submission Request (PSR)s to the Revenue.

Payroll submissions must be done by organizations before any taxable component cash payments are done to the employees. Employers must revise their internal processes and make sure the taxable expenses are calculated beforehand.

Can payroll corrections be made after submission?

Yes, payroll corrections can be made before or after the employee is paid. The organization has to make the payroll correction and send it to the Revenue which will replace the original submission.

When does the PAYE modernisation come into effect?

The new PAYE system is in effect from 1st of January, 2019.

What benefits does PAYE modernisation offer?

PAYE modernisation improves to streamline the business and reduces the burden of the employers to meet their PAYE reporting deadlines.

Should organizations complete the P35 after the year end? Should P60s be issued to employees?

No, the annual P35 is no longer required since the Revenue will be receiving the file submissions during each day period of time. This will also eliminate the need for P30s. However, organizations must remember that the P35 is still required for the year 2018 while it’s no longer required after that.

P60s need not be produced to employees after 2019, though it is still required for the year 2018 (similar to P35). The Revenue will issue a statement at the end of the year to all employees. All taxpayers will be able to view their certificate of earnings and deductions from the myAccount page on the Revenue portal.

How should Benefits and notional payments be reported?

If there are any Benefits-in-Kind (BIK) payments or notional payments, they must be reported to the Revenue on the day when it is paid or the earlier of the next payday or December 31 of the particular year. Company credit cards use is considered as notional payments. The benefit has to be provided by the organization on the date the card is used (and not when the bill is settled).

What are the penalty charges for non-PAYE modernisation compliance?

The Revenue implies a €4000 fixed penalty for every PAYE breach. There is also a fixed penalty of €3000 which will be imposed on the company secretary for every breach.

Have more questions regarding PAYE Modernisation? Speak to our experts today. Book your first no-obligation appointment here. 

How much should you pay to yourself as the business owner?

You wanted to start a business, and you’ve done it! Everything you do is working great, your product or services are selling fine and your customers start loving your product. But if you haven’t thought of giving yourself a pay check, think again. Most entrepreneurs tend to overlook paying their salaries. Here’s why you deserve a pay check –

  • You put in the hard work and it’s your valuable time that must be credited
  • Keeps you motivated and helps you perform better
  • Helps to manage your personal finances and expenses
  • Reduces the tax you pay on the total profit

How much should you pay yourself?

The first question that arises when talking of paying yourself a salary is “How much?” Getting paid is important and necessary for your personal well-being, but this should not slow the business growth. Paying too much will take a hit on the business while paying less might not seem the right thing. So it’s important to strike the right balance on how much you get paid as a business owner. And as always, treat your personal and business finances separately! Remember this general rule of thumb: You can take 20% of the profits as your salary and put back the remaining 80% as an investment in your business.

Take your pay according to your business type

Before drawing your pay, assess the nature of your business and see how much you are “eligible” to take as per Government norms. You can refer to the Government tax websites to get these details. This varies based on the market sector and the amount of profit your business is actually making. Do some research on how much other similar businesses will pay you, and understand if the pay is reasonable when compared to your employees and if it merits your work and efforts.

When can you take a paycheck?

If your business is on a low, taking a paycheck should be your last priority. Once the business stabilizes, it becomes easier to get paid. Here are a few questions you can try answering to see if you can take a paycheck or not –

  • Has my business starting generated a sustained revenue?
  • Am I on track with the projected revenue?
  • Are all my operational expenses covered, and is my business breaking even?

If you answered Yes to all these questions, you can take a paycheck as the business owner.

Ways to take a paycheck

The best practice is to take your pay from the business profits rather than the revenue. Also remember to factor in other expenses like payroll, taxes, overheads and so on. You can choose to take a paycheck either as a Salary or an Owner’s Draw. You can choose to earn at regular intervals based on a number of hours of work or a flat rate according to the nature of your business. On the other hand, you can take a salary from your company profits.

As a business owner, it’s important that you make a point to get yourself paid. It’s completely fair for all the work you do.

What other questions do you have regarding paying yourself as a small business owner? We’d love to provide you with custom advice unique to your business. Book your appointment with our Expert Now.

5 Inexpensive ways to promote your small business online

BUDGET! One word every small business owner is cautious about. More often than not marketing budget takes the cut when it comes to business expense management. The good news is that there are few inexpensive marketing techniques that can still put your business on the map where your potential customers can easily find you. However, this requires some careful consideration of platforms you choose to market your business and a lot of time before you start seeing some serious results.

1.    Get your business listed

The first step is to get your business listed on Google My Business. This is completely free; fill up a form and get your business verified with a Google representative through a phone call or email. Put your business on the local map along with other similar businesses. Your business shows up when users make a search relevant to your offering. Google My Business lets customers reach out to you and provides promotional methods to make your business more prominent. Alternatively, get your business listed on Yahoo and Bing’s local database.

2.    Make use of Social Media

Get your business listed on social media channels like Facebook, LinkedIn, Instagram, Twitter. Never use your personal account for your business; create a separate account and spread the word. Share it with your friends and ask them for a shout out so that the message spreads to your friends’ network. Find out relevant groups with the audience of your relevance to spread the word about your business. Be active and keep posting on these groups to gain traction. Create short business videos about your product/service and host them on YouTube.

3.    Blog Writing and Guest Blogging

Set up a business blog for your small business. You can get started with a simple blog on Blogger or a WordPress blog. Next, decide on what content will go up on your blog. This depends on your small business, the niche and the intent with your blog content. Remember that your blog is a high volume traffic directing medium. Use the power of social media to share your articles with the public. Popular mediums include LinkedIn, Facebook (groups), Medium, Quora and Reddit are good platforms to share content online.

Finding it difficult to get your own audience through your blog? Become a guest blogger! You can guest blog on other blogs or even deliver a podcast that can reach your target customers. Make sure to grab the benefits of guest blogging by adding backlinks to your business (in the About the author section) to drive traffic into your website.

4.    Community advertising

Sign up and become a part of local communities and meetup groups. Actively participate and engage in discussions with successful entrepreneurs, talk to them about your business, and get their suggestions. At the same time, passively put the word about your business in these events. Who knows? Word of mouth discussions can bring your business some luck. Attend local community events relevant to your business to increase your community presence and spread the word about your business.

5.    Freebies – Business Promotions

Simple yet effective technique – run a sweepstake contest and reward your winners. Take advantage of the power of social media to run these campaigns. This increases the curiosity levels and puts your brand into the minds of your future customers. Freebies can more be like “rewards” that your customers will cherish, and at the same time be tempted to share about your business to their network.

Want to know how to successfully launch your business online? Get in touch with our marketing team today to know your options. Check out the packages here.