Tags: growth, innovation, investments, security, small business, technology
When businesses launch, they have tons of ideas to invest money in with a sole aim on their minds – growth and domination. But the journey lying ahead of them is rarely an easy one. It’s no wonder as many as half the businesses fail within the first 5 years; finding life far too difficult.
Based on the type of industry and business unit, there are a variety of reasons why many small businesses fail to establish themselves. However, lack of capital and the dearth of demand for the services being offered tend to be the catalysts.
While there are a number of things that can unknowingly go wrong, there are plenty that every business can try to do correctly on its own. This article is about 5 of the most sensible investment decisions that small businesses should make as early as possible.
Small businesses are often reluctant to invest in sublime designs. The general perception is that it’s for large and multinational businesses. That trend is soon changing though. More and more people are starting to pay attention to brand logos to judge their quality. All it takes is a spark of creativity and out of the box imagination to create a compelling effect on the customer’s mind.
The problem, however, with most small businesses is they often look for cheap options to get their designing job done with. It’s always recommended to look for professionals with a credible track record.
The design of everything from your logos, business cards to mobile and web apps, has to reflect uniformity. Once you have your design sorted out, your small business can think of taking the flight and present its services to the outside world. A design is going to help impart that professional and neat look to your business. Don’t undermine its importance.
Marketing plays a huge role in creating awareness and excitement about all sorts of services. Arguably, it’s the small businesses more than anyone that need real world exposure. Earlier, it was just the top-brands who took advantage of marketing, but now with the changing technology, a more level playing field has come into existence.
Digital marketing is all the buzz these days. Myriads of businesses have taken advantage and benefited from it.Marketing again is not everyone’s cup of tea. The main objective is obviously to get your message across as clearly and effectively as possible. That requires skill. You’ll find there are plenty of fraudsters about claiming to have marketing excellence but know very little when it comes to the application part.
As a small business, it’s always better to err on the side of caution and hire the services of a reputable marketing firm. They’ll know what kind of competition you’re up against and what’s the best approach to reach your target audience. It’s pretty straightforward – if you want to spread the word about your service, you’re going to have to start investing money in marketing.
Technology has really emerged as the game-changer in the last few decades or so. As well as making lives easier, it has the potential to energize businesses in unimaginable ways. But again, the adoption remains inconsistent across the business world.
Technology doesn’t just relate to state of the art inventions. Making sure software and programs for your instant messaging, content management or document organization are all in order and up to date is part of it.
Then there’s the call-service aspect. Imagine you’re close to making a really profitable deal but end up missing that all important phone call just because your workplace doesn’t have a strong enough network coverage. Not many great opportunities come your way when you’re a Small Business. But whenever they do, you have to make sure you’re ready to grab them with both hands. Reliable communication will ensure you don’t miss any urgent phone calls or messages.
Lastly there’s your website or a web app as the most potent tool to sell your services to the target audience. See that it has all the necessary information you’d like your customers/clients to know about your business.
All these tools are related to your use of technology in one way or another. Irrespective of your type of business, you have to make sure you’re making the most of the technology at your disposal.
It’s often thought that legal troubles are for medium to large sized businesses. Phew! Another misconception. Small Businesses just as large businesses can find themselves in a variety of legal complexities. That’s why it’s best to invest in a quality legal service.
A business lawyer will take care of preparing legal contracts, keeping a check on their dates and validity etc. In addition, they can also alert you on time if you happen to be in violation of any laws. Not paying attention to the legal side of business can potentially mean a closure even before it has begun to exist.
It’s quite commonly argued that unless you’ve got a huge amount of money and assets, you won’t really need an insurance. But you do and here’s why: Catastrophes like earthquakes, storms and floods can strike anytime without you fully prepared for them.
There’s also the danger of human borne disasters like fire, theft, injury and sickness, all bearing the potential to end your business existence. The very purpose of Insurance is to buffer the influence of these unknown scenarios.
Without the support of a good insurance company, there’s the imminent danger of losing everything you work for. It would be very unfortunate if your business were to blot out of view just because it didn’t have itself insured.
Not only are these investments necessary for all the said reasons, but their implementation can also impart a sense of professionalism and credibility about your business. Ignore any of them and your reputation stands to be questioned by anyone.
Let us know if this article was helpful to you in the comments section below:
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Tags: audiences, business, Capital, Enterprise, investments, Prototype, startups, Tips
Raising capital has always been a challenge for enterprises and more so for startups! You want to approach investors? But don’t know how to reach out to them? Do you need certain as death and taxes, capital raising game plan?This blog is going to offer you some of the coolest and tested tips about raising capital!Unbelievable… Right?
Get amazed by just spending 5 crucial minutes of yours and know even the tiniest of details about Capital Raising. Still, in doubt why should you believe us? We are APPTUNIX, we are known to explore the deepest, buried and darkest of secrets and present it to our audiences. Capital Raising has always been considered as a fundamental act for enterprises.Most of the time, efforts, and energy of the startup owner is spent on building strategies that will gain traction and attract funds.I know… Right?
Various processes are also evolved with a view to get funds from venture capitalists, angel investors and by attending conferences (for the sake of impressing important people to join their enterprises as investors).
Apptunix, a smart iphone app development company knows how important it is to raise capital for your project.With a belief to procure some capital in their hands, these entrepreneur spend countless hours pondering how to refine their models of business.The startups need empowerment to reform their game/business plans, build strategies and intentions to move ahead with the right attitude in the market.
A structured approach is also called for to help them spot their prospects and potential investors – the ones who are in search of ventures, which are worthy of their investments. Here are some steps to ace your strategy for young entrepreneurs seeking capital acq uisition.
Merely having an idea is not going to make funds fly to you. The deeper you dig your idea the better it is going to be for you. Food for thought – always break your idea in small bits and parts so that you could engineer the uniqueness of it.You have to be on the ball about the solution you are bringing to the problems.
It is very important to identify the USP of your idea and how does it make you stand out from the crowd.You will have to find out what is your ‘Most Unique Feature’ that helps you stand out from others.Apptunix, best Mobile application development company can assist you in doing all the extra homework required for you to dig deep.
After identifying the ‘X Factor’ of your idea, now it’s your turn to build a prototype to grab the attention of your potential investors.This doesn’t mean that you splurge your money and make a final product out of your idea.Just a Minimum Viable Product with functionality detailing its use would do. A piece of advice – investors always appreciate things that are tangible as it gives them a fair understanding of the product and its functionality.
So putting together your ideas on a desk, photoshop or by wire-framing on paper will make you take the first step on the ladder to impress your investor.The developers are no longer tech savvy nerds sitting in their basement and coding.Many iOS developers now build MVP which clearly explains the features of your future product.
Your audiences have been your biggest critic as they will give you their unbiased thoughts. Approach some of your loyal customers and users to get their opinion about the new prototype.It is very important to examine their reaction and also to know if they’d like to use your product or not.Our smart strategy as being world class android app development company is that we always take our users’ feedback seriously.
Spreading the word out to the world about your product is the next big challenge.
Being fully prepared to win the battle and making sure that all the weapons are in your arsenal is a must.We are the leading mobile application development company, and we have promoted Apptunix with the help of various social media platforms.Shouting out loud about your product on various social media domains, by press releases or even by blogs, you can help your startup or product amongst the ‘most talked about topics’. A good chunk of users making a worthy customer base for your product is what you need at this point.
Unfortunately if even after putting in so much of efforts you fail to get potential users then you would have to walk the road of “reassessing – redefining- recreating and restarting” again.
At this point of time, you are confident about your product has legs of its own and also that it has managed to walk a mile or two and attract a good chunk of customers on the shoulders of its uniqueness and convenience.This is that stage where you have to move your idea along the continuum for it to now establish itself into a business.
It is also about time, to figure out different categories of your stakeholders.Monetizing your idea by considering various parameters and to negotiate your way through different hindrances in order to make profit is how you are going to roll your ball.
Herein you have to prepare a simple pitch touching on points like – product description, product features, the result obtained by the market research, traction levels, size of your market and about your team – as investors are going to buy your concept only if they bestow their trust on you.If you’d touch them at personal level mentioning about your team – they will feel they know you, trust you and will be easier for them to invest their money on you.
Look out for investors in the incubation center of universities, on angel investors networks, linkedIn, by attending seminars/conferences or by simpling joining an accelerator programme.Nowadays many Mobile App Development Company are doing very well in finding their angel investors and building top-notch mobile apps.
Getting money from someone else’s pocket is not a cake walk.Trust plays a vital role in convincing investors to believe in your idea and put their money in it.This is the phase where you have to act all smart.When you are finally in front of the investors, try to showcase your thoughtfulness, intelligence, and diligence to gauge trust of your investor.Be prepared with the possible questions that investors may ask and with solid answers.
Equal efforts need to be done on the product.Keep on improvising and refining your product, because if your product looks good, so does your speech, so does your idea and so do you.These are the major steps that a startup can follow to raise capital for your product. In this whole approach, an entrepreneurs has to have a lion-heart, if he fails once, he should not give up.The motto is – if you have fallen down, get up, wipe the dust off and walk again. These are just tried and tested methodologies which can be of immense importance and a great guideline for young minds!