Business & Careers

7 Terms You Should Know When Launching A Business

BY Team BossBabe

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Starting a business means activating a new part of your brain that is completely devoted to absorbing everything there is to know about entrepreneurship. 

That means taking advantage of free courses, like this one, connecting with like-minded people, and understanding the terms that are going to help grow your business.

Here, we rounded up the 7 most-used terms in the entrepreneur world. Keep reading below to learn, understand and use these words to your benefit.

 

Webinar

You may hear us kick this word around a bit, and for those who aren't exactly sure what it means, this is for you. A webinar is an online event hosted by a company and broadcast to a specific group of people through the internet. This word may be interchanged with Training, Online Event, or Web Seminar. 

 

Launch

We talk about launches a lot within the bossbabe community, so it’s important you know exactly what they are. Launches are the process of introducing a new product or service into the market for initial sales. To keep it simple, it’s showcasing a developed idea and marketing it for revenue purposes.

 

KPI 

This is a super important term to know – if you’re concerned about tracking your revenue, that is. KPI is an acronym that stands for Key Performance Indicator. This is a measurement of your business’s performance over time. Meaning, that this small but mighty tool will give you the insights you need to gauge the process of what is moving the needle and bringing in revenue for your company. Keeping track of this information will help you make necessary pivots when needed. 

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Side Hustle

As an entrepreneur, we can almost guarantee that your business will grow out of your side hustle. A side hustle is a job or passion project that brings in extra money beyond your main source of income. Basically, it’s a supplemental income that you use to invest in yourself or your business.

 

Conversion

Conversion is always an exciting word to toss around because it usually means that sales are coming in. Conversion means that your audience is responding to your call to action. They’re buying your products, signing up for your webinars, and spreading the word so that others can do so as well.

 

Network

If you want to expand your business by connecting with the right people – then this should be your most-used word. To network means to meet, mingle and brainstorm with like-minded people who are going to expand your business in more ways than possible. That could mean through new hires, new investments, or new product/service development. 

 

Sales Funnel

A sales funnel is the visual depiction of your customer’s journey. This is the process of watching your customer go through each of the stages that gets them closer to making a purchase of your product/service. A well-thought-out sales funnel will define the actions your business needs to take to push your prospective customers to each stage.

 

Using these terms will help you lead conversations in the direction that will allow you to grow your business, connect with the right people, and reach (or exceed) the financial goals you have mapped out for your company.

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