Nibletz Staff - 13/87 - Serious Startups

5 Questions to Ask Yourself Before Starting a Business

If you are considering starting your own business, it is important to realize that the plans you make up front on its structure often will be the keys to its success. Indeed, the difference between a successful small business and one that fails is often determined at the planning stage. It’s not always easy to know what those plans involve and how to make them. But we’ll help you do so with five crucial questions to ask yourself. Your answers will help you shape your own venture and will go a long way in making it work for you. These questions are based on a study that were conducted of scores of successful small businesses over many years. We know that they can help you focus your mind and help you succeed.

1) In Which Business Field Do You Have The Most Experience?

It is vital that you start your small business in a field that you know and that you know well. If you start out in a field with which you are unfamiliar, you will have to learn as you go. You will make mistakes and you will lose money as you learn and the business likely will collapse. We have watched many businesses fail because they did not realize the importance of experience in the field into which they went. The way most people gain experience in a field is through working in it. They learn how the system works. They learn about sources of supply, about invoicing, and about profit margins. They learn what customers want. They learn about the competition. They learn where they could start their own business to fill a gap. Your answer to this question, therefore, will determine the nature of your business.

2) What Is Your Aim In Starting Your Own Business?

If your aim is simply to make money, you are probably better off working for someone else. You should have a passion for the business you want to start. Making money comes second.

Here’s why:

If your aim is solely to make money, you will be tempted to cut corners to boost your profit. The result is likely to be an inferior product or service. Customers soon will be turned off. If your aim, however, is to produce a quality service of which you can be proud and which you love to provide, you will put all you have into making the product or service excellent.

The money will follow.

3) Do You Have The Drive To Make The Venture Successful?

Unless you are fully dedicated to the business and throw all you have into it, it will collapse when you face the first hurdle (and you can be sure you will face hurdles). If we have found one characteristic among the small businesses that we have studied, it was that the owners were determined at almost any cost to make the venture succeed. When failure loomed, they learned from their mistakes, picked themselves up, went in a new direction if necessary, and tackled their venture with renewed energy.

4) Will You Fulfill A Need In The Market?

Here’s where your experience in the field helps. You will know whether the product you produce or the service you provide is already available in the area in which you plan to provide it. You will know where there is a need that you can fulfill. You will know that it is a losing game to compete with major players in the field. The difference in your product or service could be geographic; the area is undeserved. It could be the nature of the product or service; no company anywhere is providing it. It could be the price; you can produce this at a significantly lower cost using today’s technology and still come out ahead. It could be a host of other ways. But there must be a need for it. Clearly the answer to this question must be yes.

5) Do You Have Access To Capital?

Almost all small businesses need some sort of seed capital. Some, such as a restaurant for example, need substantial upfront money. Furniture, cooking equipment, an industrial kitchen and staff are all expenses that need to be met even before the first customer walks in the door. Others, such as an online shopping store, need little in the way of start-up capital beyond hardware and software. One way is to obtain financing online. You might want to learn more about applying for 90 day loans from reputable websites like WeGot1000. But businesses also need money after they have been launched. Indeed, many small businesses are likely to need to tap into a money source at some time. Markets change, natural disasters occur, and sales suddenly slump for no apparent reason. Usually the downturn does not mean that the business will fail. It means that it will have to take measures to overcome the temporary setback and that it will need capital to see it through the tough times.

Bottom Line

Your answers to the questions above will help you to focus your thinking so that you have a plan to be successful even before you launch your own small business. Please share this article and let us know if these questions have helped you.

5 Ways To Get Funding For Your Startup

Have you ever wanted to start your own business? Becoming an entrepreneur can be both a challenging and rewarding experience. Having a great idea for a startup is only part of the equation. Whether you’re creating a small business, or tomorrow’s Fortune 500, properly funding your venture is key to a successful startup.

Here are five ways to get funding for your startup:

1. Self-funding your startup

Make yourself the first investor in your new business. Self-funding allows you to retain full control over your business. You may be asking yourself, can I really start my business with my own finances?

The short answer is yes.

Here are some tips to self-fund your business successfully:

Keep your hiring costs low. When you’re just starting the business, you’ll have to take on many roles of the business yourself. There’s many tools available to help you with accounting, web design, advertising, and other aspects of your business. There may be some tasks you can’t do on your own; for these you can work with freelancers as needed.

Borrow from your 401(k)-retirement plan. Many entrepreneurs start their business while still working full time at their current job. Most retirement plans allow you to borrow up to 50% of the value of your vested balance. The interest rate is lower compared to a traditional bank loan as well. One downside is that if you leave your job, you have up to 60 days to repay the loan. Otherwise there could be taxes and penalties.

For additional tips on self-funding your new startup, take a look at this article from Entrepreneur.

2. Crowdfunding Campaign

A popular fundraising option for a startup in recent years, crowdfunding allows you to raise small amounts of money from multiple donors.

Equity-based crowdfunding makes contributors part owners in your business and can be a good option for raising large sums of money to start your business.

Reward based crowdfunding is another alternative (think Kickstarter) for businesses that will be selling a product. These contributors usually get the product at a discount and/or bonus rewards based on contribution levels.

Here are some tips that will help you manage a crowdfunding campaign:

Calculate the cost of your startup. Research the cost of equipment, location, and other necessities to start up the business.

Be active on social media. Contributors like to receive regular updates on the progress of the startup/project.

Have a clear goal. Be transparent with your contributors on what your business plan is. Make sure that you’re raising enough funds so that you don’t have to repeat this process a year down the line.

3. Venture Capital

Most venture capital investors finance startups while they’re still taking off of the ground. There are two types of Venture capital funding, equity provides stock to the investor so that they can share in the profits. Convertible debt allows investors to loan funds in exchange for equity within the company. Here are some tips for having a venture capital source the funds.

Create a strong business plan. Potential VC investors want to make sure that they’re making a wise investment that has a strong potential for growth. Do a SWOT analysis of your startup. This is broken down into internal factors: Strengths, weaknesses and external factors: potential opportunities and threats.

Utilize online networking to connect with other entrepreneurs, and business leaders. Not only can you get advice from others that have been in your position, they can introduce you to firms that deal with VC funding

For additional tips on acquiring Venture Capital, take a look at this article by Ryan Fuhrmann.

4. Startup Incubator/Accelerator Organizations

Do you like collaborating with other entrepreneurs? Startup incubators aren’t limited to the tech industry. If you’re getting started as an entrepreneur, an incubator can be a great option to get seed funding, mentors, and networking opportunities. Here are some tips for finding the right incubator/accelerator to get your business off of the ground:

Research the right incubator program for your business idea. If you find an incubator that has goals that align with your ideas, reach out to people who’ve previously gone through the program. They can share information on their experience to give you a better idea on if it’s a fit.

Be passionate about your business idea. Most incubators require you to dedicate a lot of time. When creating your business pitch, you need to convince the incubator that your business idea will be successful with or without them- they want to see that you have something to bring to the table.

Take a look at the article from the Young Entrepreneur Council for other tips on getting the most out of an incubator.

5. Angel Funding

Angel investors. So, what are they all about? These investors focus on investing in startups and entrepreneurs using their own money to fund the capital needed for the business. In exchange for funds, angel investors gain ownership equity in your business. Here are some tips for attracting angel investors to your startup.

Invest your own money. While this can sound counterproductive, many angel investors want to see that your business venture has potential.

Build a plan. Think about these questions. What will these funds allow your business to do that you can’t do on your own? How many similar businesses are there? How profitable is this venture?

Conclusion

If you’re just starting your business, or you’ve been thinking about it, I hope that you found these tips helpful.

Lack of funding is one of the driving factors that cause business failures in their first couple of years. As a last resort, take a look at getting a cash loan till payday. Used responsibly it can get you out of a bind.

Let me know if you’ve been able to use any of these tips to fund your startup and if you have any advice on your own, feel free to share them with me.

5 Reasons Why You Could Lose Your Best Employees

The success of a startup business not only depends on the business owner but also the employees of the business. However, as a business owner we can often become so caught up with budgets, meetings and numbers, that we forget about the important people. The people on the ground who keep our business running on a day to day basis. It is important that we recognize the contributions of our employees, or we possibly face losing them to a rival company.

Why Our Employees Might Leave

We Don’t Know Them

If our employees feel like we haven’t taken the time to get to know them, then they will feel unvalued and used. They are not just another employee, we shouldn’t just know them as “the man who is good with numbers”, we need to make an effort to get to know them on a personal level. No, I am not suggesting that you interrogate them in a small room with nothing but a table and some Gooseneck Lighting, that would just be weird! However, you do need to take the time to learn more about them. Find out about their family life, what their interests are and what they are good at. Your employee will really appreciate this and as a result they will be more likely to stick around.

You Don’t Give Them Enough Freedom

We get that it’s your business and as a result you want to be the one making all of the decisions. However, if you don’t give your employees some freedom to make decisions, then they are going to feel stifled. We need to show our employees that we trust them and that we believe in them. We need to them the freedom to make some good decisions. Having too many rules suggests a lack of trust. Clear expectations are good: never-ending rules are not. If we don’t trust our employees then we will find that they are leaving to work for someone who does trust them.

We Don’t Give Out Praise

We all want to know when we are doing a good job. I am not suggesting that you start dishing out medals, unless you want to (who doesn’t love a bit of bling around their neck). However, I am suggesting that you give praise where praise is due. Don’t wait for that person’s annual review, take the time to let them know that week. It could be a quick ten minute chat, a brief email or even a few words of praise in the weekly meeting. Just make sure you make the time to do it.

You Resemble A Dictator

No one wants to work for a dictator. You do not want to spend your time managing your team through fear. You shouldn’t also be expecting your employees to work crazy, long hours just because you do. You need to respect your employees and show them respect. If you work people too hard then they will leave.

Lack of Training

You should be investing in your company by investing in your employee’s training. Regular training keeps your employees up to date with the latest industry requirements and your employee will feel valued as you are investing in their training and, therefore, them.

In order to make a success of your startup business you need to keep all of your employees happy and motivated. That’s not that difficult, is it?

This Is Why Cleaners Are The Most Important Employees In Any Company

Most of your employees have probably never met the office cleaner. They come in early in the morning or after hours to clean the place off and then slip away without a trace before everybody else arrives. Everybody just takes it for granted and doesn’t really question how everything is always so clean. If you asked them to write a list of all of the company employees in order of their importance, the cleaners are likely to feature low down on the list, if they’re remembered at all. It’s only natural that they wouldn’t consider somebody that they don’t really interact with and they don’t have any impact on profits, do they? Actually, they do. The cleaner is one of the most important employees in your office and if they stopped doing their job it wouldn’t be long before you started noticing a huge impact on productivity in the office and your overall profits. Don’t believe me? This is why.

Sickness

Sickness is number one. If your employees aren’t in the office then they aren’t working towards increasing your sales or cutting your costs to maximise profit margins. Increased sickness rates are bad news for any business but without a cleaner, that’s bound to happen because the office environment is teeming with bacteria. There are a lot of people coming in and out of that office, spreading germs around, and without regular cleaning, it’ll soon build up and make people sick. Sickness is passed around very easily in the office so you could end up finding that half of your staff are out sick.

In some cases, you could even get more serious health problems. If the office isn’t cleaned and maintained properly, things like clogged drains and damp in the walls could cause mold problems or overflowing toilets which is going to throw all sorts of horrible bacteria into the office. If you don’t have staff that are regularly using drainer cleaners to keep toilets running clear, you might end up having to shut the office for a few days while somebody fixes the problem if they overflow. That’s going to eat into your profits in a big way.

Low Morale

A good working environment is one of the most important things when it comes to keeping morale up. If you don’t take enough pride in the company to even bother keeping the office clean, why should your employees have any pride in the business either? Keeping the office looking clean and fresh will encourage a positive attitude towards the business, meaning that people will be more inclined to work hard to see it succeed.

They’ll also find it difficult to feel comfortable in an office that’s dirty and stinks. When staff are uncomfortable then they won’t work anywhere near as effectively. Maintaining a clean office where staff members can feel relaxed is the key to keeping morale up and boosting productivity.

The cleaners often get forgotten about but the truth is, they’re one of the most important employees that you’ve got so give them the credit they deserve.

Tips for Effectively Recognizing Employees on a Budget

When you’re running a startup and trying to make ends meet, it’s unlikely you have the funds available to spend on lavish perks and rewards for your team. However, it’s still vital to recognize the efforts of all your employees, so that company morale and results stay as high as possible. Read on for some key ways you can show gratitude and recognize the hard work of your staff members without spending a fortune today.

Give a Heartfelt Thanks

For starters, a very low-cost option for recognizing your team is to simply thank them for their efforts. A heartfelt thanks can show people straight away that they’re appreciated, and that you have noticed all the hard work they put in.

Wherever possible, try to have an in-person conversation with your worker to express your gratitude, or else relay your thoughts via a handwritten note. Alternatively, if employees are remote, you can send them a letter or email, or pick up the phone or arrange an online chat.

Whichever method you opt for, just make sure you are specific, genuine, and direct, so that workers really understand the difference their contributions have made to you personally and/or the company and its results or culture.

Recognize Employees Publicly

In addition to, or instead of, thanking your team members privately, you can also make a lovely fuss over them through public recognition. For example, you can express your appreciation at a corporate event, in a business newsletter, or via one or more social media pages.

Another good way to give employees a boost is to present them with trophies, certificates, plaques, crystal awards and other validations which aren’t expensive to source but which can really make your staff members feel special. You might like to set up an Employee of the Month or other structured awards program, or simply hand out a commendation when you think it is warranted.

You might also like to instigate low-key celebrations where you and your top workers can get together as a way of honoring a job well done. For example, you can set up office parties, head out to lunch together, enjoy a picnic, or spend time together in some other celebratory way. A few drinks, sandwiches and other nibbles don’t have to cost much but can have a big impact.

Give Time Off or Low-Budget Rewards

Many employees also like to be rewarded when they have been working really hard or achieving amazing results. As such, even when you have a small budget, it is worth looking into ways you can give out perks which will put a smile on people’s faces.

For starters, something that doesn’t cost you any extra money is simply giving workers some bonus time off as a reward. This could be a day off, longer lunch breaks for a set period, or extra vacation time. You can also consider perks such as a better parking space at the office, some free lunches or massages at work, or even relieving them of having to complete a least-favored task.

When it comes to gifts, there are also plenty of low-cost options to select from. For instance, consider buying things like a movie voucher, bunch of flowers, hamper, book, bottle of wine, store gift voucher, magazine subscription, tea set, or any other gift you think might suit the employee you are wishing to reward.

Provide Opportunities for Employees to Grow and Develop

Lastly, don’t forget that something else that’s important to more and more staff members these days is the opportunity to grow and develop. People want to achieve their career goals and continually learn and try new things, and you have the power to help them do this. As a result, promote people through the ranks over time, and/or look at ways you might be able to give additional responsibilities to your top workers, which they can then use to highlight on their resumes as important experience.

You should also conduct annual, or even quarterly, employee reviews with your team members so you can sit down and discuss their goals for the coming months and put a plan in place to help them achieve them. Another great way to recognize your employees is to give them opportunities to attend key industry or company events. This allows them to network, learn and grow, and shows them that you see them as a key part of the team. You might also want to look into investing in training and mentoring programs, or bringing in speakers to motivate and inspire your workers.

Startups: What You Need to Know About Accepting Credit Cards on Your Website

If your online startup takes payments from customers, you need to accept credit cards. There really isn’t any way around that. Now, you could just add a PayPal button to your site and collect customer payments that way, but it’s not always ideal. Sure, it’s quick and easy, but it doesn’t allow for very much branding, and not all of your customers will be comfortable using the site to send money.

Therefore, to support a professional image and provide the best possible service to your customers, you need to find a better way of accepting credit cards on your site. As with anything having to do with your business, you have some important things to think about before you get started with this.

1. Where Is the Money Going?

Obviously, the money that you collect from customers goes into the company’s coffers. But there are two ways to do this: Sending the money directly to your bank, or to a payment processor that then delivers the money to your account. Each method has its pros and cons, and you’ll need to weight them against each other.

To send credit card payment funds right to your bank account, you will need to establish an Internet Merchant Account with your bank. When you do this, your bank acts on your behalf as the “acquirer” of the funds, confirming the availability of funds, collecting them, and depositing them into your account. If you choose this route, you will also need to choose a payment service provider (PSP) to serve as a type of point-of-sale terminal, collecting the card details and scanning for fraud and other security issues, before sending the information to your bank for processing.

You’ll have to pay fees for both providers, and your bank is likely to require that you adhere to strict security requirements in order to comply with payment card security standards. However, your PSP is likely to supply a wide range of customized options so you can create a system that best meets your needs, including meeting the requirements of applicable PCI compliance levels.

The other option for collecting credit card payments is to use a payment processing gateway to collect your payments for you, eliminating the need to set up an IMA and PSP. PayPal and Google Checkout are two of the most popular options for this type of setup, but there are some drawbacks. While they are easier to install on your site from a technical standpoint, they also redirect customers to their site to make payment. This can cause concern among customers, and doesn’t support your company branding. In addition, some companies will hold your payments for up to 60 days before depositing them, and you are likely to pay higher fees than you would with an IMA/PSP arrangement. That being said, if you are a relatively new business, establishing an IMA can sometimes be challenging, and using a third-party payment gateway can help you get up and running and build a solid trading history.

2. The Checkout Process Matters

Once you have determined how you’re going to collect funds, you need to start thinking about your checkout process. On average, about 70 percent of online shopping carts are abandoned during the checkout process — and almost half of them are because the checkout process is too long or complicated.

You can reduce abandoned carts and increase sales if you keep a few things in mind when setting up the checkout process:

Allow customers to check out without setting up an account. Many people don’t want to do this because they fear spam emails, and will buy elsewhere if it is a requirement.
Only request relevant information. Again, if the process takes too long and asks for too many details, customers will click away.
Include clear calls to action and a visual representation of the checkout process to help guide customers through the process quickly.
Include visuals of the items being purchased in the cart, as well the option to edit items (change quantities, sizes, etc.) from the checkout page.

Keeping the checkout system streamlined, but still informational, will keep customers engaged in the purchase process.

3. Be Mindful of Security

Finally, while your payment processor will help you comply with security regulations, you should still reassure your customers that their payment information is safe. More than half of customers will cancel a transaction due to concerns about security, so make it clear that you take security seriously. Implement multi-layer authentication for those with an account, use SSL protection, display SSL and PCI badges on your site, and choose a payment processor that uses address verification and requires a card ID number to authenticate purchases to give your customers peace of mind.

Accepting credit card payments on your site is key to your bottom line, but you need to do so safety and efficiently. Consider these issues before you design your site, and your startup will get off the ground more smoothly.

Once More With Feeling! Making Emotions A Key Part Of Your Marketing

When you are marketing your business, an impression needs to be made right off the bat. Ultimately, standing out from your peers is key; this will bolster your brand, your identity, and will beat your competitors. To do this, it’s almost a very simple formula; you trigger the emotions of the right audience at the right time. So how do you do this?

Giving Your Customers Meaning

You need to provide a sense of meaning for your customers when it comes to marketing a specific product if your customers are unhappy, whether this is because they don’t have a specific product in their life or not, you can attempt to provide a way to avoid pain. The notion of the psychology of pain is something that lots of marketers talk about. And while fulfilling a need or filling a hole in your customer’s life is something that you can do by showing how your product fulfills these needs, it is important for you to be genuine in this respect. If your marketing is, in essence, untrue, this is not particularly moral. You have a moral responsibility to uphold too!

The Importance Of Resources And Platforms

Platforms in the marketplace, such as online stores, are a valuable resource to get your product out on a mass scale. And for entrepreneurs like Issa Asad, Amazon is one such platform that is a great way to present products and to stimulate your customer’s emotions. Instagram marketing is another one where you can reach a lot of people quickly. But it’s also important to make the most of the resources at your disposal, such as marketing agencies, but you can also use your own wealth of knowledge, and also research into these platforms like Amazon, and see where certain products are going wrong, and why they are not travelling as far as they should.

The Importance (And Power) Of Value

The thing about marketing a product is that it’s not just an item that delivers a specific need, it actually fulfills an emotion. A great example are modern smartphone advertisements, these phones are not just a way to contact someone, but they are now a way to capture your children’s first steps, capture vacations with friends, and can span generations, in addition to the handy little features on the phone itself! But the emotion is the key to getting a product to fly.

Communicating With A Purpose

With so many different marketing campaigns, it’s much harder now to keep your customers attention. Their attention span will go to the cheapest competitor, and so this is why you need to push emotions with your marketing, this is going to be the thing that will resonate. The cliché, of course, when people buy an item from a store, is that it’s not about what they bought, it was how they felt when they bought it. This is a key to establishing relationships with your customers, so if you can work hard at the emotional aspects, this will have a lot of benefits for you, not just in terms of the marketing, but in terms of the business.

Emotion is the vital thing when marketing products now, so instead of that flashy poster, think about stimulating your customer’s emotions. This will prove beneficial in every aspect of your business.

Making Meetings More Productive

How much of your day do you spend in meetings? How many of those meetings are actually meaningful? Having too many meetings is one of the biggest productivity drains your business could face, so how can you change that? Meetings will always be important, but the way you conduct them could have a completely different meaning to your business. Read some of the following suggestions on how you can make your meetings more productive.

Cut them down

Take a long, hard look at your calendar. How many of the meetings that fill it are actually necessary? You could be saving a lot of time and energy by doing a meeting audit and working out which meetings need to go. Ask yourself some of the following questions:

Does this meeting have to happen every week?
Is this meeting too long?
What does this meeting achieve that requires me to keep in in my calendar?

This is a simple exercise you should perform by going through each appointment in your calendar. You could easily cancel one or two a week or change them to fortnightly or monthly meetings to help you free up time for getting on with your work.

Always have an agenda

If your meeting doesn’t have enough substance to fill an agenda, then why are you having it? You might have the time to enjoy an hour-long talking shop, but your colleagues don’t. It’s important to have a meeting agenda to help set a direction for the meeting as well as make sure that everything that needs to be covered is discussed at the meeting. If you can’t find enough agenda items, shorten or cancel the meeting until there’s more to be brought to the table. Your colleagues will thank you for it.

Get the right technology in place

Nothing is more frustrating than sitting in a meeting waiting for the conference call line to connect or watching someone struggle to work the video calling function. Technology can be a vital tool for hosting productive meetings, so it’s worth investing in the right products to help you benefit from the latest innovations. The Microsoft Surface Hub Partner is one of the most talked-about pieces of meeting technology that’s transforming how meetings work. If you can get technology to engage and inspire your team to work hard, you’ll be in for far more productive meetings.

Keep them to one day of the week

An interesting meeting technique is to only schedule meetings on a select day of the week. This means that all of your meetings will take place in one day, leaving your other four days to get on with everything else you need to do. It’s a great concept and can help make meetings more meaningful, knowing there’s only one day of the week they can be held on. Encouraging this behavior across your business could spark a real difference in the productivity of your workforce.

Changing the culture of meetings in the workplace is one way you can empower your employees and help them to do their best work. A busy calendar doesn’t necessarily reflect how hard you’re working, so cutting down those unnecessary meetings could be just what you need to help you and your team get things done.

Business Success Needn’t Be Sexy

Most entrepreneurs want to achieve success in the most attractive fashion. We all take those first steps into the fierce world of business with a vision of doing things with a ‘cool’ and ‘sexy’ approach. In truth, though, the method of reaching those goals isn’t important. As long as you secure the desired outcomes, you’re doing just fine.

Modern business is perhaps more accommodating to the ‘ugly’ or ‘alternative’ approach than ever before. Here are some of the key areas where you can veer away from the preconceived route to success for greater success in even faster time.

#1. Finding A Business Premises

Every business needs a workspace. However, depending on the nature of your business, it may now be possible to operate from home. This isn’t an option for everyone, especially when you need staff members and equipment. Still, Adaptive Steel Buildings offer a Quonset hut building which is virtually indestructible. This can serve many functions. This can be a far better solution than the traditional and expensive office rentals.

If the brand image is a worry, you can always hire a virtual office address. Aside from protecting your details, it creates the image that your venture is already well established and successful. Ultimately, the workspace needs to give your business the strongest foundations. If abandoning the traditional method allows you to this, then so be it.

#2. Growing An Audience

Marketing can be very fun, and we all remember our favorite campaigns fondly. However, you don’t have to do something out of this world to win over an audience. The most important thing is to gain visibility. It may not seem glamorous, but focusing on a strong SEO strategy will achieve far more than most advertising campaigns.

One of the other great resources at your disposal is the power of your existing clients. A referral scheme may limit your ability to interact directly with new clients. Still, potential customers are far more likely to respond positively to the words of friends and relatives. Finally, regular interactions on social media can build your reputation greatly. Use those platforms to provide winning customer care, and new people will see that your company can be trusted.

#3. Handling Money

Everyone wants to be the big business owner that spends a lot but gains even more. In reality, though, you don’t need to head into the bank and bowl them over for a huge business loan. Crowdfunding may seem like begging, but it can be the best way to generate interest and funds at once. Again, you don’t need to think sexy with the campaigns. Honesty, transparency, and passion should more than suffice.

You don’t need to access millions either. Learn to cut spending by removing needless bills and negotiating with service providers. Perhaps the best way to save money is to team up with another local business. The thought of sharing materials may be a far cry from your former image of perfection. Nonetheless, it could be a sacrifice that opens the door to sustained profit.

#4. Running A Team

Employees are the greatest asset at your disposal, and the modern approach to hiring makes recruitment drives easy. Then again, it’s the ongoing management that truly separates the good from the great. Outsourcing certain tasks can certainly aid the situation. While some people see it as an ugly approach, there’s no doubt that it generates great results.

Communication is at the heart of all business. Many entrepreneurs foolishly think that there is a need for elaborate meetings. Cut them to 20 minutes for increased efficiency and vision. Meanwhile, video conferencing can save the need for travel. OK, you might miss out on the luxury business trip. But if it helps you save time and money, it simply has to be the best option available. Wasting resources when you don’t need to would be a nightmare.

#5. Choosing A Niche / Idea

Perhaps you’ve yet to launch the business yet, and you’re currently weighing up the different options. It might be tempting to start a company in the fields of sport, fashion, or online technology. In many cases, though, it’s the simple things that are in the highest demand. Some people might look down on the prospect of having a cleaning firm. However, the rewards can be plentiful from a financial sense as well as an emotional one.

If you have a passion in life and can make money from it, that’s perfect. But if you’re just looking to take charge of your future, there’s nothing wrong with choosing a ‘boring’ or unglamorous product or service. As long as the final outcome is success, nothing else matters.

Knowing The Startup Gaps In The Market

There’s quite a few gaps in the market these days it seems. With so much attention put upon the new and technology viable, there’s a lot to do elsewhere. Here’s a bit of an insight into the areas that need the most work when it comes to building your own business into a booming success.

Do Your Research

Having a target market is one thing, but knowing where to find your market is another. If you have an idea, then marketing it is going to take a bit of practice and preparation. Actually, a lot of it.

Do a content analysis of the products or services similar to yours. Follow the trends where you can in your social media research, as this is where people are the most truthful about what they think. Surf business pages and review sites for the common themes in

The Technology Market

Of course, the big gap there is in all markets across the world is that of technology. Whilst it may be an already heavily emphasised market, there’s a good reason for it. There’s an awful lot a person can invent or come up with, and they all have their own purposes or act as add on products. That’s how the bigger companies keep us investing in their product lines.

Going along a similar vein, follow the technology trends that people have when it comes to using mobile or drone technology, and try to fill the customer complaint gaps with your own business. Do your market research properly and don’t copy business models; notice that the Amazon Echo and Google Home are practically indistinguishable from each other. Create what people need and you’ll have them flocking to review your product.

Of course, that also means you can offer services in terms of these mass marketed products. Each brand of new technology are going to need their own maintenance centers due to the amount of variance in software these days. You can bridge this gap with your startup!

Vehicle Rental

We see ads on the television a lot from companies that offer out their use of a fleet, but notice how they’re only made by 2 or 3 companies. Often with the most popular or well known brands, they only offer select types of vehicles; usually commercial cars and vans that can be given back the same day and have no extra risk to them.

This is where you can come in. Take businesses like that of Flex Fleet Rental, who offer out heavy goods vehicles for simple renting times. With newer businesses like this on the block, a lot of money can be made from advertising to light engineering companies, like those working in plumbing, electrical, or construction.

When you have an idea, you want to be able to take it straight to the top immediately. However, there’s always something extra to do in terms of planning and researching. Keep up with every new niche and corner that appears to take your business up.

The Importance of Exploring Pay as You Go Delivery Options for Your SME

Being a start-up can feel like an aggravating process. Resources are limited, and capabilities have a ceiling that can only be raised inch by inch. Consequently, many SME’s feel a fire to get out there and meet their thousands of potential customers, but simply lack the means of doing so. Put simply, it can be a punishing confinement, only beaten by a long waiting game and long slogs of hard work.

However, any enterprise no matter how big or small must get out there and establish itself. The back-alley corner shop won’t suffice alone, and it’s important to have a physical presence beyond the borders of the building. Subsequently, delivery options are a great way to stay relevant and in contact with consumers and clients so long as it follows a viable scheme.

Among the variety of ways a business can improve its delivery services, the pay as you go model is often a missed opportunity. Here’s why:

Saving Money

Many SMEs crave that constant connection with their customers, pumping their assets into a delivery scheme that charges them monthly or annually. Of course, this can be crippling to the cashflow.

However, with pay as you go, start-ups are only paying for what they use, undeniably saving money in the long run. It’s also a sensible way forward if your SME is facing substantial debt, allowing a cost effective method that doesn’t drain all resources. After all, there are cheap pay as you go delivery options through TNT, fostering an occasional service more than a regularly expensive b2b relationship with a delivery company.

Ultimately, it’s a measured approach, using meticulous strategy to find the best deal. Start-ups can’t afford to invest in a long-term scheme, so the pay as you go tariffs provide that much needed aspect of controlled spending.

Saving Time

Those who carry out their own deliveries are burdened with additional costs and time consumptions; vehicle purchase, vehicle storage and vehicle maintenance all factor into the proceedings.

However, thanks to companies such as TNT, these courier services take over those duties themselves. The arrangements are conducted by quickly filling out a form, listing the details of package and parcel as they handle the rest. Undoubtedly, this method relieves a lot of pressure and responsibility on the SME, with a secure peace of mind for the start-up moving forward.

Undeniably, start-ups must direct their attention and resources to their business alone, and running a delivery service within their company will inevitably be incompatible with their early aims, objectives and resources.

Helping the Couriers

Despite their constant mobility and long hours, couriers themselves are in for a constantly tough ride. It’s undoubtedly a difficult role, one that is critically undervalued in the UK.

Nationwide, couriers are treated unfairly in the current climate, citing a low or even total absence of pay. They are not paid hourly, but by each delivery and often earn under the national minimum wage. Consequently, start-ups especially should feel that desire to help ‘the little guy’ and use pay as you go delivery services regularly, committing to a delivery method that is helpful to all.

Ultimately, the pay as you go process gives back under that broken system, so it’s an option worth exploring in that it benefits more than the SME alone.

Comparisons in UK Delivery Companies

Inevitably, with the limited options and resources of the start-up, they will certainly scour the web and their contacts to secure the best deal. After all, there is more than only one delivery service out there!

However, parcel delivery experts frequently list the frontrunners in the sector, with TNT being firmly established among the best parcel delivery services in the UK. It’s a reliable and on-hand tool, with the statistics on show to inspire an informed decision. Every budget is valid under such services, with surcharges listed for a transparent transaction.

Ultimately, SME’s don’t need to wonder if they have secured the best deal. The information is all readily available at the click of a button!

Why is it Important to Give away Promotional Gifts?

In today’s crowded business market, companies, no matter big or small, are competing more than ever before when it comes to delivering their messages. As businesses keep on launching different types of advertising and marketing companies to attract customers, it becomes tough for one message to stand out from the rest.

Also, the rise in the cost of marketing a new product or service makes it necessary for a company to come up with an effective strategy to promote its business. Therefore, companies make use of corporate branding to bring out their message effectively and efficiently. There are a number of good options available throughout the city when it comes to branded merchandise stores.

Why are promotional gifts useful marketing tools?

Unlike a traditional advertisement, promotional company products are hard to miss. A tote bag featuring your logo will grab more attention than a newspaper ad, and it can be used on a day-to-day basis
Flyers have become less efficient means of marketing as most of the times; they are either ignored or thrown away. But it is not true in the case of promotional products, for example, t-shirts or stress balls, as they are more like gifts than advertisements
Billboards, radio spots, newspaper advertisements and television commercials are excellent, but they are not exactly genuine. Promotional gifts are not only more creative but also more tangible to customers
Any experienced marketer can tell you about the high costs of traditional marketing methods. Promotional gifts are easily available in a diverse range of shapes and sizes, such that there is something for every budget, although if it is just a key chain

How are promotional gifts used regarding marketing?

Promo gifts rapidly spread the word about your business. People love gifts and samples, and clients are likely to tell their friends about the personalized products you distributed with your friendly slogan
Employees deserve rewards for their hard work and dedication, and high-ticket promotional gifts can improve morale and reinforce loyalty
Sending follow-up emails to clients is always smart, but giving a high-quality promotional gift is even better. For example, sending a gift like a table calendar after a big sale can bring you some repeat business
A lot of firms print coupons on promotional pens or provide t-shirts that entitle customers to avail discounts. There is no limit to what all you can do if you get creative with your promo items
By making use of your custom merchandise as prizes, you will give winners what they want and expose your brand at the same time

How to distribute your promotional products?

Direct mail is still one of the most effective marketing mediums as it puts your message directly into customer’s hands. You will need potential client’s names and addresses to pull this off though, as mail sent to current resident always ends up in the round file. Also, it is important to pre-calculate your shipping costs
Trade shows normally have a wide variety of attendees from several career fields. It means there are ample opportunities to market your brand and get new clients. There tends to be a lot of competition at conventions. Hence, you need to work hard to customize a stand-out promotional gift that will attract clients
Conferences are excellent resources to market to others within your industry and meetings give you the chance to meet face-to-face with customers. Providing participants with a personalised gift for attending your seminar will surely give a boost to your brand

These were the importance of giving promotional gifts and how they prove to be beneficial for your brand. Hope you find this article informative and helpful.

The Land Of Opportunity: 4 Benefits Of An Overseas Business

To start a business, you need to focus on what you know, right? So, the idea of traversing the oceans to a brave new land seems stupid. The clue is the word “foreign.” Duh! It’s for this reason why lots of companies start out here but never make it abroad. Entrepreneurs want to keep things as simple as possible, and moving elsewhere is complicated. But, what if an overseas business was the key to your success? Would you consider making a move?

The following are four reasons you shouldn’t dismiss the idea out of hand.

Untapped Markets

An increase in competition is the problem business owners face today. The internet, as well as a boost in mentality, means there are more startups than ever. Even if Forbes is right and 80% fail, there’s still 20% left to go onto the second year. Plus, it takes up to six months before they start to close, and it’s crucial to get off to a fantastic start. In simple terms, there is too much competition to make the company a success. Thankfully, it isn’t the case in countries across the globe. The Middle East is a place looking to lure entrepreneurs, as are India and Bangladesh.

Better Funding

If the UAE wants to bring people to the country, it doesn’t spare any expense. Instead, it throws money at the problem until the great and the good agree because the offer is too lucrative. Sure, it may not be a viable business model for much longer, but who cares? They are offering lots of money to cover the costs of your startup in a non-competitive environment. The potential for growth, therefore, is enormous. Plus, Abu Dhabi isn’t a terrible place to reside for a few years.

Cheaper Expenses

The fact some governments hand out grants is one reason for lower costs. But, there are multiple other factors, too. Do you need an office? It is possible to work from home, but genuine firms like to invest in office space. The great news is that office space for rent is a lot cheaper in individual countries around the world. India has already got a mention, but there is Thailand, Eastern Europe and the Caribbean. More importantly, they are not dingy countries with no influence. Thailand, for instance, is the powerhouse of Southeast Asia along with Indonesia. Obviously, the cost of labor and living is cheaper also.

Tax Break

No one likes talking about tax breaks out loud because it makes you seem like a money grabber. Well, tax is a significant expense which lots of businesses can’t afford. If you are one of them, are you going to accept it and watch the company fail? Of course not! You are going to look for ways to cut the cost, and moving abroad is a viable option. Switzerland may not be a cheap place to rent office space, but the rate of tax is minimal. And, it’s legal and above board. The Bahamas and Cayman Islands are two alternatives.

It’s savvy to keep things simple, but the benefits of moving abroad may be worth a complication or two.

Top Tips for Protecting Your Tech Business

Cyber attacks are an integral part of the digital world, but small firms are rather more vulnerable as they may not be able to invest heavily in security systems. As an owner of a tech business, you probably have a security process in place to protect your proprietary data. But if you are operating small-scale, it could simply prove an overhead. Either way, here are 10 tips to safeguard your business data in a more (cost) effective manner.

1. Have a Security System in Place

You must have a security policy, process and system in place, even if it just authorises/controls physical access into the premises or restricted areas. This can help tackle possible internal threats quite effectively, which otherwise may prove costly when undetected for a long time.

2. Opt for Business-Specific Gadget Insurance

Make sure to invest in gadget insurance for business to cover loss or damage of expensive smartphones, laptops and other portable or stationary gadgets and equipment used for business purposes.

3. Identify Valuable Data

Identify and classify sensitive data valuable or crucial to your business operations, to protect it better. Details of business offerings, partners, customers/clients, sales forecast, personnel, financial health, and intellectual property (when stolen or lost) may result in heavy consequences.

4. Change Passwords at Regular Intervals

Use software to generate new passwords at preset intervals or enforce password standards across the firm to ensure that employees don’t use the same password for different software/systems, or for more than the stipulated time period. Organised password management makes it difficult for accidental hackers to freely move through the system.

5. Enforce Two-Step Authentication

Do not rely on a single password when enabling access to sensitive data. It is possible to set-up multiple levels of authentication and permit just few employees to handle confidential information, only if and when needed. This will help track internal security breaches if any quite effectively.

6. Ensure Efficient Patch Management

You cannot afford to ignore software updates/patches as they not only fix inherent functional issues and security lapses but also enhance robustness of the system to counter newer forms of cyber threats. Systematic patch management is a must to keep hackers and malware at bay.

7. Adopt Data Encryption

Storing and transmitting business-centric classified information in encrypted formats makes it difficult for miscreants to use the details even if they manage to acquire it. Invest in suitable data encryption options to safeguard crucial data.

8. Backup and Recovery

Hosting your business on the cloud could prove a safe alternative, but there could be nothing more comforting than a latest data backup on hand during a ransom ware attack or total data loss due to other reasons.

9. Judicious Use of Email

Reportedly, most phishing and malware are triggered by file attachments or links circulated via mail. Deleting mail from unknown senders can prevent malware attacks to a great extent.

10. Educate/Train Staff on Data Security

Generating awareness on data security and cyber crimes, training staff to detect and report on suspected security breaches, and following security processes are a must to protect business data.

Security policies must also address concerns associated with use of personal devices. Authenticated access, encrypted data, plus provisions for remote data wipe-out are likely to make their use safer. Loss of business data may translate as a financial loss; however, getting business gadgets insured can minimise loss.