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What should be considered when starting a business?

06/21/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

There is a lot to consider when starting a business. Here are some important points:

Business idea and market research:

A good business idea and a thorough market analysis are the first steps to starting a successful business. It is important to ensure that there is a demand for your product or service and that you have a meaningful strategy to differentiate yourself from the competition.

Business Plan: A well-thought-out business plan is essential to attracting investors, obtaining loans, and keeping your business strategy on track. A business plan should include a summary of your business idea, market analysis, finances, marketing and sales strategies, and your goals and plans for the future.

Business Plan.

Legal Form: The choice of legal form in which you start your business will affect your liability, tax obligations and other legal matters. There are several options, including sole proprietorships, partnerships, limited liability companies, or corporations.

Finances.

Finance: Solid financing is critical to the success of your business. You need to carefully calculate how much start-up capital you will need, what your ongoing costs will be, and how you can make your business profitable. You should also develop an accounting and tax strategy.

Permits and licenses: Depending on your business and legal form, you may need permits and licenses to operate legally. These can vary widely by location and industry, so it's important to do your research in advance.

Permits and Licenses.

Personnel: If you are looking to hire employees, you will need to learn about labor laws, social security, insurance, and other legal issues. You should also develop an application process and create clear job descriptions and employment contracts.

Personnel.

Marketing and sales: to attract customers and make your company known, you need a strong marketing and sales strategy. Here you should consider which target group you want to address, which channels are best suited for this and how you can stand out from the competition.

Marketing and Sales: To attract customers and make your company known, you need a strong marketing and sales strategy.

There are many more aspects to consider when starting a business, but these seven points should give you a good overview. It's important to do your research thoroughly and, if necessary, seek professional help from tax advisors, lawyers or business consultants to maximize your chances of success.

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How to Get Media Attention - A Guide

06/19/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

For companies and organizations, media attention can be an important factor for success. If you want to present yourself as an expert in your field or want your company to be in the spotlight, the right media presence can help to increase your awareness and promote your business.

But how do you get into the media? Here are some steps that can help you get media attention:

Identify your target media

Before you begin, you should consider what media works best for you. It's important to research your target media to find out what type of content they publish and who their target audience is. Identify the media that best suits your business and make sure you have the contact information for the relevant editors or journalists.

Develop a message

A clear and compelling message is key to attracting media attention. Before engaging with the media, you should make sure you have a clear and memorable message. Think about what makes your business unique and why the media might be interested.

Write a press release

A press release is an important way to get your message across to the media. A well-written press release should get your message across clearly and concisely, and contain all the relevant information a journalist needs to cover it. Make sure your press release is well structured and includes all important information in the first few paragraphs.

Send your press release

Once your press release is created, you should send it to your target media. Make sure you send your press release to the right contacts and that you send a personalized email with a short introductory text highlighting the key points. Also, do not send out your press release too often, as this could attract negative attention from the media.

Offer expertise

Another way to get media attention is to offer your expertise. If you are an expert in your field, you can offer your expertise to the media and serve as a source for future stories. Make sure you state your expertise clearly and concisely and that you provide clear contact information for media representatives.

Use social media

Social media is another way to get media attention. Use your social media to spread your message and showcase your expertise. Use relevant hashtags and mention media companies

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Press relations for (solo) self-employed and freelancers - how it's done

06/15/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

As a solo self-employed or freelancer, it can be a challenge to publicize your work and services and reach potential clients. One effective way to do this is through targeted public relations. Here are some steps you can take as a solo self-employed or freelancer to do press outreach:

Create a list of relevant media: research relevant media outlets that are relevant to your target audience and business. Create a list of contact information for journalists or editors responsible for publishing articles in these media outlets:

Write a press release.

Write a press release: write a press release about your business, services or a specific project you are working on. Make sure your press release is clear and concise, and includes important information such as your name, company and contact information.

Send the press release: send your press release to the contacts on your list. Use a personal salutation and make sure you've spelled the recipient's email address correctly.

Send your press release to the contacts on your list.

Take follow-up action: If you don't get a response to your press release, take follow-up action. Call editors or send a friendly email to ask if they received your press release and if they need more information.

Use social media: Share your press release on your social media channels to increase reach. Use relevant hashtags to reach potential customers.

Offer expertise: Offer your expertise as a resource for journalists. If journalists need information on a topic related to your area of expertise, it could be an opportunity to get mentions in the press.

Supply your expertise as a resource for journalists.

Use opportunities: Take advantage of opportunities such as events or conferences to showcase your work and connect with journalists or editors.

Use press opportunities.

Press relations can be an effective way to get known as a solo self-employed or freelancer and reach potential clients. With a little effort and creativity, you can draw media attention to you and your business.

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Wondering why Google Ads aren't working for you?

06/13/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Google Ads usually works well, but there are a few reasons why it might not work for you. First, it could be that you have poor keyword targeting. It's important that you research carefully and choose the right keywords for your market. Poorly designed ads can also cause your campaign to be unsuccessful. You need to make sure that your ads are visually appealing and convey a clear message. If you're not sure how to design your ad, you can consult a professional ad designer. It could also be that your campaign is not up to date, as Google is constantly adding new features. It's important to regularly review and update your campaign to keep it effective and successful.

Typical problems are high click-through prices, low traffic and high total cost of ownership or low conversion rate.

difficult targeting

high competition

A/B testing

Optimization of ad campaigns

Smart campaigns vs. advanced settings

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What is a no-go in customer acquisition?

06/09/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

A "no-go" in customer acquisition refers to an action or approach that is considered totally unacceptable or unprofessional and turns off potential customers. Here are some examples of no-go's in customer acquisition:

Inappropriate behavior: Any form of rude, pushy or aggressive behavior towards potential customers is an absolute no-go. Clients want to be treated respectfully, and any kind of pushing or coaxing is likely to discourage them from working with you.

Lack of research: if you don't have basic information about the potential client and don't know what their needs are or what solutions they are looking for, it comes across as unprofessional and disinterested. Customers appreciate it when you find out in advance and target their individual needs.

Untargeted mass advertising: sending mass emails or spam messages to a large number of potential customers without any personalization is an absolute no-go. It shows that you are not taking a personalized approach and have no real interest in the customer's specific situation.

Missing transparency: if you conceal or deliberately manipulate information or promises to lure customers, trust will be destroyed. Customers value honesty and transparency, and if they feel they are being deceived, they will be unwilling to work with you.

Missing transparency will destroy trust.

Ignoring feedback: customers may raise questions or concerns during the acquisition process. If you ignore them or don't take them seriously, it sends a negative signal. It's important to act on customer feedback, answer questions and address concerns seriously to build a positive customer relationship.

Failing to follow up: If you don't follow up with potential customers after the initial contact or respond to them in a timely manner, it gives the impression that you are disinterested or don't take them seriously. Consistent follow-up is critical to keeping customers interested and resolving their questions or concerns.

These no-gos should be avoided to ensure successful customer acquisition. Instead, focus on a professional, respectful, and customized approach to earn customers' trust and build long-term relationships.

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