Here’s a quick explanation of what they mean, followed by an example: TAM = Your Total Available or Addressable Market (everyone you wish to reach with your product) SAM = Your Segmented Addressable Market or Served Available Market (the portion of TAM you will target) SOM = Your Share of the M...

There are only three ways to increase your profits: Increase the number of customers. Increase the number of sales you make to each customer. Increase the value of each sale. If you’re only focused on increasing the number of customers, you can only see one-third of the methods for boosting profit...

1.       You start your business for the wrong reasons The reason for business failure is often tied to the reason the owner started the business. Is your primary reason for starting your own business the desire to make a lot of money? Do you think that if you have your...

Surround yourself with experts Being surrounded by great people is always solid advice. In this case, have an advisory board filled with mentors, coaches, consultants, and advisors. It doesn’t matter if it’s formal or informal, but just having one shows that you’re aware that you donâ...

It’s not enough to come up with a great idea to launch a blooming startup company. There is a pressing need for mapping out how to bring this idea to life and a tech startup business plan suits this task like nothing else. Some will say this is a waste of time, while we would […]...

Hiring employees is an important step in the process of building your business. When helping companies position their company for a small business loan and update their business plan, BIZPLANHERO puts particular attention on the employees and management – a key potential strength fo...

. To prove that you’re serious about your business. A formal business plan is necessary to show all interested parties — employees, investors, partners and yourself â€” that you are committed to building the business. Clarity. “Writing a business plan or putting together an inve...

Starting an ecommerce business is hard work with many steps and decisions that need to come together at the right time. To help, we have put together a comprehensive resource list, compiled from Shopify’s most popular blog posts. These posts have been placed into a logical order based on how y...

Most small companies have plans to grow their business and increase sales and profits. However, there are certain methods companies must use for implementing a growth strategy. The method a company uses to expand its business is largely contingent upon its financial situation, the competition and ev...

The question a lot of small business owner’s face is not having a marketing budget. Marketing is what will drive sales if you don’t have a budget for that then you are hurting your business. Marketing plays an important role in selling. It helps sales teams find and qualify leads a...