Google My Business – Why it Matters and What You Need to Do
August 17, 2023
- by iCapital Funding
Why Google My Business Matters:
Google My Business (or GMB) is a crucial part of any small business’s online marketing strategy. By creating and optimizing your business profile, you can:
Boost Your Local Search Ranking
Optimizing your Google My Business profile can significantly boost your local search ranking. When potential customers search for businesses like yours in their local area, your Google My Business listing can help you rank higher in the search results. This is because Google’s algorithm takes into account various factors, such as the relevance and proximity of the business to the searcher, the completeness and accuracy of the business information, and the number and quality of customer reviews.
By optimizing your Google My Business profile with relevant keywords, such as your business location and contact information, you can improve your local SEO and increase your chances of appearing in relevant search results. Additionally, by using Google Ads in conjunction with your Google My Business page, you can further improve your search ranking and increase your visibility to potential customers.
Positive business reviews on your Google My Business profile can also help boost your search ranking. Encourage satisfied customers to leave positive reviews and respond to negative reviews in a professional and helpful manner to maintain a positive online reputation.
It’s also important to note that optimizing your Google My Business profile is not just beneficial for e-commerce businesses. Even if you have a physical location and conduct business in-person, having an optimized Google My Business listing can help drive foot traffic to your business and increase your customer base.
Provide relevant information
Providing relevant information on your Google My Business profile is crucial for local SEO and attracting potential customers to your business. Your Google My Business profile allows you to provide important information about your business, such as your hours of operation, phone number, and physical location.
By providing accurate and up-to-date contact information, you can ensure that potential customers can easily find and contact your business. Additionally, providing detailed information about your business location can help improve your search ranking and increase your visibility in local search results.
It’s also important to keep your business hours updated, especially if they change during holidays or special events. This can help avoid confusion for potential customers and ensure that they have accurate information when planning to visit your business.
Furthermore, your Google My Business profile allows you to provide pricing information, which can be helpful for customers who are comparing prices across different businesses. You can also provide a business description that accurately reflects your offerings, and utilize Google Posts to publish updates and promotions directly to your Google My Business profile.
Positive business reviews on your Google My Business profile can also provide valuable information to potential customers, and increase their likelihood of choosing your business over competitors. Encourage satisfied customers to leave positive reviews on your Google My Business profile, and respond to negative reviews in a professional and helpful manner.
Increase online reviews
Online reviews on your Google My Business profile can have a significant impact on your local SEO and online reputation. Google My Business provides a platform for customers to leave reviews of your business, which can help build your online reputation and attract new customers.
Positive reviews on your Google My Business profile can help improve your search ranking and increase your visibility in local search results. They also provide valuable social proof to potential customers, who are more likely to trust businesses with positive reviews from real customers. Additionally, businesses with a high number of positive reviews can benefit from increased click-through rates and website traffic.
Encouraging satisfied customers to leave positive reviews on your Google My Business profile can be a powerful marketing tool for your business. This can be done through follow-up emails, social media posts, or in-person interactions with customers. You can also incentivize customers to leave reviews by offering discounts or freebies for leaving a review.
It’s also important to respond to both positive and negative reviews on your Google My Business profile. Responding to positive reviews can help build strong customer relationships and show that you value their feedback. Responding to negative reviews in a professional and helpful manner can also help improve your online reputation and show potential customers that you care about customer satisfaction.
Engage with customers
Engaging with customers through Google My Business can be an effective way to improve customer relationships and build a strong online reputation. Google My Business provides a platform for businesses to respond to customer reviews and messages, allowing you to interact with your audience and address their concerns or questions in a timely manner.
By responding to customer reviews on your Google My Business profile, you can show potential customersthat you value their feedback and are committed to providing excellent customer service. Responding to positive reviews can also help build customer loyalty and encourage repeat business. Responding to negative reviews in a professional and helpful manner can also help mitigate the impact of negative feedback on your online reputation and show potential customers that you take customer satisfaction seriously.
Google My Business also allows businesses to receive messages from potential customers directly through their listing. This provides an opportunity to engage with potential customers and provide them with the information they need to make a purchase or visit your business. Responding to messages in a timely and helpful manner can also help improve customer relationships and increase the likelihood of converting potential customers into paying customers.
How to Utilize Google My Business:
Now that you understand why Google My Business matters, let’s take a look at how you can utilize it effectively.
Claim your business profile: The first step is to claim your business profile on Google My Business. If your business has been around for a while, there’s a chance that it already has a listing that needs to be claimed. If not, you can create a new listing from scratch.
Verify your business: After claiming or creating your listing, you’ll need to verify your business to ensure that you’re the rightful owner. This can be done through a postcard sent to your business address, a phone call, or email.
Optimize your business profile: Once you’ve claimed and verified your business, it’s time to optimize your profile. This includes providing all the relevant information about your business, such as your business hours, phone number, and physical location. Make sure to choose the correct business category and add a business description that accurately reflects your offerings.
Add photos and videos: Visual content is essential for attracting potential customers to your business. Make sure to add high-quality photos and videos that showcase your products or services, your physical location, and your team.
Manage your customer reviews: Google My Business allows customers to leave reviews of your business. Make sure to respond to both positive and negative reviews promptly and professionally. This shows potential customers that you care about their feedback and are committed to providing excellent customer service.
Use Google Posts: Google Posts allows you to publish updates and promotions directly to your Google My Business profile. This is an excellent way to keep customers informed about any new products, services, or events.
Utilize Messaging and Online Booking:
Google My Business also allows businesses to utilize messaging and online booking features. By enabling messaging, customers can directly contact you through your Google My Business listing. You can also allow customers to book appointments or services through your listing, making it easier for them to schedule a visit to your business.
Set Up Your Service Area:
If your business serves customers in a specific geographic area, you can set up your service area in your Google My Business profile. This ensures that your business appears in local search results when potential customers search for businesses in your service area.
What You Need to Do to Set Up Google My Business Correctly:
To set up your Google My Business profile correctly, you’ll need to follow a few important steps.
Gather your business information: Before creating your profile, make sure to gather all the necessary information about your business, such as your business name, address, phone number, and business hours.
Create your Google My Business account: Head to Google My Business and click the “Manage now” button. Follow the prompts to create your account, including entering your business name, address, and phone number.
Verify your business: To verify your business, Google will either send you a postcard with a verification code, call your business phone number, or send you an email. Follow the instructions to verify your business and gain access to your Google My Business profile.
Complete your profile: Once you’ve verified your business, it’s time to complete your profile. This includes adding all the necessary information about your business, such as your business hours, phone number, and physical location. Make sure to choose the correct business category and add a business description that accurately reflects your offerings.
Add photos and videos: Add high-quality photos and videos that showcase your products or services, your physical location, and your team.
Monitor your profile: Monitor your Google My Business profile regularly to ensure that all the information is accurate and up-to-date. Respond promptly to customer reviews and messages to build strong customer relationships.
FAQs:
Q: Is Google My Business free?
A: Yes, Google My Business is a free tool for small business owners.
Q: Can I manage my Google My Business profile from my mobile device?
A: Yes, Google My Business has a mobile app that allows you to manage your profile on-the-go.
Q: How can I optimize my Google My Business profile for local search?
A: Make sure to provide all the relevant information about your business, including your business hours, phone number, and physical location. Use relevant keywords in your business description and choose the correct business category. Encourage customers to leave reviews of your business to improve your online reputation.
Final Thoughts:
Google My Business is a powerful tool for small business owners looking to improve their online presence and attract new customers. By creating and optimizing your business profile, you can increase your visibility in local search results, provide relevant information to potential customers, and engage with your audience. Follow the steps outlined in this guide to set up your Google My Business profile correctly and start reaping the benefits of this free digital marketing tool.
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Developing Your Business Idea and Conducting Market Research
The first step in starting a new business is to develop a viable business idea. This process involves identifying a need in the market and creating a product or service that addresses that need. Begin by brainstorming ideas, and considering your passions, interests, and areas of expertise.
Once you have a business idea, conducting market research to validate its potential is essential. Market research helps you understand the industry, identify competitors, and determine your product or service demand. It also helps you define your target audience – the group of people most likely to be interested in your offering.
During your market research, gather data on your target audience, such as demographics, preferences, and buying habits. This information will guide your marketing strategy and help you create personalized experiences for your customers.
Crafting a Comprehensive Business Plan
A well-crafted business plan is essential for any new business, as it provides a roadmap for success and serves as a tool to attract investors or funders. Think of all the answers you’ll need as you get started: Will you be an in-person or an online business? What’s your pricing structure? These are all part of your business plan.
Writing a business plan involves outlining your business type, your company’s objectives, target market, products or services, marketing strategy, financial projections, and operational structure.
It should also include an executive summary, which offers a brief overview of your business and highlights its key aspects. By creating a thorough and persuasive business plan, you demonstrate your commitment to your venture’s success and showcase your new company’s potential to prospective partners, investors, and financial institutions.
Choosing and Registering Your Business Name and Domain
Your business name is a critical aspect of your brand identity. Choose a unique, memorable, and relevant name for your business. Before finalizing your business name, ensure it’s available by conducting a search on the Secretary of State website and the United States Patent and Trademark Office (USPTO) database.
After selecting your business name, register your domain. A domain is your website’s address on the internet, and it’s essential for establishing your online presence. Choose a domain that is easy to spell, memorable, and relevant to your business. Providers like GoDaddy, Namecheap, and Bluehost offer domain registration services.
While registering your domain, consider purchasing multiple domain extensions such as .com, .net, .org, but .gov has limitations so you likely want to steer clear of that. Owning all of these domains will help to protect your brand and prevent competitors from using similar domain names. Also, create a professional email address using your domain to establish customer credibility.
By incorporating these steps into your business startup journey, you’ll be better equipped to develop a solid business idea, understand your target market, and build a strong online presence. This foundation will set you on the path to creating a successful business that meets the needs of your target audience and stands out in a competitive market.
Forming Types of Entities
One of the first decisions you’ll need to make as a new business owner is selecting the appropriate business structure for your startup. The legal structure you choose will impact your business’s taxes, personal liability, and ongoing compliance requirements, and the best small business structure varies from company to company.
Sole Proprietorship
Are you doing business on your own? A sole proprietorship is the simplest business structure, ideal for individuals running a small business without any employees. As a sole proprietor, you and your business are considered one entity, which means you’re personally liable for all business debts and obligations. However, setting up a sole proprietorship is straightforward, requiring minimal paperwork and no separate tax filings.
Limited Liability Company (LLC)
An LLC is popular for small business owners, as it offers limited personal liability protection and a more flexible tax structure than a sole proprietorship. An LLC may also protect your personal assets from the company’s debts and legal issues. Also, LLCs can be taxed as a sole proprietorship, partnership, or corporation, depending on the owners’ preferences.
To form an LLC, you’ll need to file articles of organization with your state’s secretary of state and obtain an employer identification number (EIN) from the IRS. You may also need to create an operating agreement outlining the company’s management structure and financial responsibilities.
Licenses, Insurance, and Other Types of Paperwork
For new businesses, obtaining the necessary licenses, permits, and insurance is crucial in ensuring compliance with local, state, and federal regulations. Licenses and permits vary depending on the type of business and its location and may include a general business license, professional licenses, or zoning permits.
Additionally, securing appropriate business insurance coverage, such as general liability insurance, property, and workers’ compensation insurance, protects your business from potential losses and legal issues. It is essential to research the specific requirements for your industry and location, as failure to obtain the proper licenses, permits, or insurance can result in fines, penalties, or even the closure of your business.
Finally, you’ll need a business bank account. Having a separate business bank account helps you start building business credit and helps you set up accounting software to keep track of income and expenditures.
Seeking Out Financing Options
Starting a new business often requires a significant upfront investment, and the unfortunate truth is that because business credit scores involve your length of time in business, many companies start off with bad credit or no credit. You may need to explore various financing options to help recover these startup costs. Most, if not all, of these financing options will require some time in business to qualify although the time requirement will vary significantly among these options.
Types of Small Business Loans
Small businesses have access to a variety of loan options to help them grow and succeed. Some common types of small business loans include:
Term Loans
Term loans are a traditional form of financing in which a lender provides a lump sum of money upfront, which the borrower repays over a set period with interest. These loans can be secured or unsecured, with repayment terms ranging from one to five years or more. Term loans can be used for various purposes, such as working capital, equipment purchases, or business expansion.
SBA Loans
The Small Business Administration (SBA) offers several loan programs designed to support small businesses. Some popular SBA loan programs include:
7(a) Loan Program
The 7(a) Loan Program is the SBA’s flagship program, offering loans for a variety of business purposes, including working capital, equipment purchases, real estate, and business acquisition or expansion. These loans can go up to $5 million, with repayment terms ranging from 7 to 25 years, depending on the loan’s purpose.
504 Loan Program
The 504 Loan Program focuses on economic development and job creation by providing long-term, fixed-rate financing for major fixed assets like real estate and equipment. This program is particularly suitable for businesses looking to purchase or expand their commercial property.
Microloan Program
The SBA Microloan Program offers smaller loans (up to $50,000) to help businesses with working capital, inventory, supplies, and equipment. These loans often come with more flexible terms.
Business Lines of Credit
A business line of credit is a flexible financing option allowing businesses to draw funds up to a predetermined credit limit as needed. Interest is charged on the amount borrowed, and once the borrowed funds are repaid, the credit line is replenished, making it available for future use. Business lines of credit can be used for various purposes, including managing cash flow, purchasing inventory, or covering unexpected expenses.
Equipment Loans
Equipment loans are designed specifically for businesses looking to purchase or lease equipment. These loans often use the equipment as collateral.
With all types of loans, prepare yourself for a very stringent and lengthy application process.
Alternative Financing
These forms of funding aren’t loans, but can still be the right financing for many types of business depending on factors such as how much money you’re looking for, what industry you operate in and how quickly you need the funding.
Merchant Cash Advances
A merchant cash advance (MCA) is a financing option that provides businesses with a lump sum of cash in exchange for a percentage of future revenue. MCAs can be attractive for businesses in industries that banks consider high risk, as well as small businesses with strong credit card sales but can’t qualify for traditional loans due to credit issues. MCAs are also often available to businesses with a limited operating history.
Invoice Financing
Invoice financing is a type of short-term financing that allows businesses to leverage their outstanding invoices to receive immediate cash. Funders provide an advance, typically around 80% to 90% of the invoice value, and the remaining balance, minus fees, is paid once the customer settles the invoice. When you engage in invoice factoring, the factoring company takes over the collection process from your customers. This can potentially strain the relationship between you and your clients, as they may not appreciate being contacted by a third party for payment. It is important to communicate transparently with your clients and choose a factoring company that handles collections professionally and maintains good customer relationships.
Crowdfunding
Crowdfunding platforms like Kickstarter and Indiegogo allow entrepreneurs to raise funds for their business ventures from many people. Because crowdfunding campaigns rely on the support and contributions of individual investors. There is no guarantee that the desired funding target will be met. If the campaign falls short of its goal, the company may receive significantly less funding than anticipated, which can impact its ability to execute its plans effectively.
Self Funding
According to the United States Small Business Administration:
“Otherwise known as bootstrapping, self-funding lets you leverage your own financial resources to support your business. Self-funding can come in the form of turning to family and friends for capital, using your savings accounts, or even tapping into your 401(k).
With self-funding, you retain complete control over the business, but you also take on all the risk yourself. Be careful not to spend more than you can afford, and be especially careful if you choose to tap into retirement accounts early. You might face expensive fees or penalties, or damage your ability to retire on time — so you should check with your plan’s administrator and a personal financial advisor first.”
Marketing Basics for New Businesses
Once you’ve established your business entity and figured out your financing, it’s time to focus on marketing your products or services. Effective marketing is crucial for attracting potential customers and building a loyal customer base.
Market Research
Start by conducting thorough market research to understand your target audience and their needs, preferences, and pain points. This information will inform your marketing strategy and help you create targeted marketing campaigns that resonate with your ideal customers.
Creating a Marketing Plan
A marketing plan is a roadmap outlining your marketing goals, strategies, and tactics. It should include your target market, competitive analysis, unique selling proposition, marketing channels (such as social media, email marketing, and SEO), and a budget for marketing expenses.
Leveraging Social Media and SEO
Social media platforms like Facebook, Instagram, and Twitter are powerful tools for promoting your business and engaging with your target audience. Create a consistent posting schedule and share valuable content that resonates with your audience to build brand awareness and trust.
Search engine optimization (SEO) is the process of improving your website’s visibility on search engines like Google. Optimizing your website for relevant keywords and creating high-quality content can drive organic traffic to your site and attract potential customers.
E-commerce and Online Store Setup
If your business model involves selling products online, setting up an e-commerce store is essential. Platforms like Shopify, WooCommerce, and BigCommerce make creating a professional, user-friendly online store easy. Ensure your website is easy to navigate, mobile-friendly, and optimized for conversions.
Building Your Customer Base and Fostering Customer Loyalty
Attracting new customers is only half the battle; retaining them is equally important. Offer exceptional customer service, provide personalized experiences, and create loyalty programs to encourage repeat business. Encourage satisfied customers to leave reviews on your website and third-party platforms to enhance your credibility and attract new customers.
Final Thoughts
Starting a new business can be rewarding but requires careful planning, dedication, and hard work. By following the steps outlined in this guide, you’ll be well on your way to launching a successful small business. Remember, as a business owner, you’ll face unexpected challenges and hurdles along the way. However, with persistence, adaptability, and a strong support network, you can overcome these obstacles and achieve your entrepreneurial dreams.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
