female-owned-businesses Archives

Best Tips for Financing Your Start-Up

Starting a startup is one of the most exciting things you’ll ever do, but it’s also one of the hardest processes in the world. Most people believe that startups are sustainable and easy to handle, but these ventures are quite the opposite – you have to invest quite a lot of time, energy, and money into your startup before it becomes financially stable and sustainable. That’s why paying attention to your finances and making sure you always have enough money in the bank is so crucial, but this is only possible if you come up with a way to finance your startup adequately. In case this is something you’re struggling with as well, here are a few ways to finance your startup so that you don’t run into problems along the way.

Use your own money

If you’re fortunate enough to have enough money to finance your startup, you’re in luck – this is the best way to go if you’re trying to be financially stable and independent from day one. Using your own money means that you’re willing to invest your life savings, your inheritance money, or any other money you’ve accumulated over the years. This will help you start making money right from the start, and that’s going to help you make your company successful straight away, and that’s what all startups need in this day and age. Still, you need to learn as much as you can about self-funding your startup and make sure this is the right move for you and your new startup.

Get some investors

If you’re not in a position to finance your startup on your own, going to other people and asking them for money is the only alternative you’re going to have. These people will turn into your investors and become a crucial part of your new venture, and the best thing about this idea is that basically anyone you know can become your investor. From the people in your family and your friends to your associates and even unknown people you can find online – all these people can pitch in and help you fund your startup. Of course, when you start making money, you’ll need to give them proper compensation and make sure they’re happy as well, but even that’s better than not having enough money to start your startup when you want to.

Talk to professionals

In case you don’t know enough people who have just the right amount of money to help you start your startup, you’ll have to talk to professionals who know how to make things happen. Knowledgeable bankers and financial experts shouldn’t be too hard to find, but you can’t talk to just anyone – only people who have the right experience with startups and financing small business ventures are going to be able to help you in the right way. You can also look into trade finance and use this idea to finance all your ideas and relations with your suppliers and customers so that everyone’s happy. Finding a professional trade finance facility is the right move for all startup owners, whether you’re doing this for the first time or not, and that’s what you need to remember when thinking about solving all your company’s money-related problems.

Rely on your clients, customers, and users

Even though this might not seem like the most sustainable plan in the world, it’s not as ineffective as it seems. Starting your startup to a certain point – just until you’re able to reach clients, customers, and users who will pay money for your products and services – and then investing the money you’re making back into it is a great way to go. It’s also the most independent choice you can make because you rely on nobody else but yourself and the people you’re marketing your products and services to. So, if you prefer being independent and not thinking about paying anyone back their money – don’t hesitate any longer and start reinvesting your earnings straight away!

Finding a sustainable way to finance your startup is a long and hard process, but once you learn a few things about this process and start doing everything properly, you won’t have a problem making the right move!

Important Trends Reshaping the Business Landscape in 2022

Rapid technological advancements have been impacting organizations across all industries for quite some time now, but the novel global situation truly turned the world of business upside down. The emergence of COVID-19 has had an incredibly transformative effect on sectors across the board, shifting power and causing economic uncertainties. Evidently, our world is quickly changing, and here are just some of the most prominent and important trends that are set out to reshape our future and the business landscape in 2022:

A new wave of entrepreneurship

One positive outcome of the pandemic was a new flow of creativity. People all around the globe were forced to reexamine their traditional assumptions, such as business conducted solely in person, giving birth to a wide array of new ideas and businesses. As a result, entrepreneurship was redefined, adding more variety and diversity into this space.

This trend will only continue to rise in 2022, especially as we see a record number of startups and small businesses taking off. Possibly the most interesting development is individuals turning their passions into a living. More than ever before, creative, imaginative, and crafty people are sharing their unique skills online and turning them into viable businesses, something we will be seeing even more of in the near future.

Growth in artificial intelligence

From personalization and improving search engine results to controlling and understanding devices and even automating entire industries, artificial intelligence has truly become an essential part of business. Companies are already using predictive AI analytic tools to forecast consumer and market trends, but this will become even more prominent in 2022.

Cloud computing will grow exponentially in the upcoming years, with the cloud becoming more established and a higher percentage of workloads running on the cloud. The internet of things is set to push this area further, forcing even the less technologically advanced sectors such as construction to include AI and cloud computing into their day-to-day operations. All of these innovations enable companies to provide deeper customer experiences and seize on opportunities more effectively since clients can be contacted across different channels. By using a cloud PBX communication solution from Broadvoice, for example, businesses can interact with customers via phone, video, SMS, or chat.

The rising need for sustainability

Climate change and the devastating ecological disasters we have witnessed over the last few years have highlighted the need for more sustainable solutions. But apart from the initiatives we might already be used to, such as green, renewable energy alternatives, sustainability is now a priority even in the less evident areas.

For instance, the oil and gas industry is now using more efficient hydrogen sulfide removal equipment in an effort to minimize waste and reduce pollution. As H2S can be a particularly damaging compound, utilizing effective and affordable removal solutions helps to create a more stable by-product that is significantly less dangerous to the environment, thus allowing the industry to increase their sustainability efforts with one simple solution.

More flexible, flatter organizations

Even organizational structures are beginning to change. Many companies have traditionally been quite hierarchical and strict in their structures, especially when it comes to the more conservative side of business like the legal industry. However, this is slowly shifting to a new business model, as the pandemic has shown organizations they need to be agile and adaptable in order to overcome the unpredictable landscape.

Combined with the changing nature of work that includes freelance and remote workers, this forced companies to adopt a flatter, more flexible structure that enables them to reorganize teams quickly and respond to change as necessary. In turn, flatter company structures are becoming more popular than top-down formations.

The prevalence of blockchain technology

Blockchain technology allows companies to track transactions and do business even with unverified parties, without the need for financial institutions. Not only does this innovation reduce common business conflicts, but it also comes with other advantages such as higher security, transparency, and decentralization.

Apart from financial aspects, we are seeing the adoption of blockchain across many different industries as well, from gaming and art to governance. It’s recommended for all companies to begin studying blockchain technology in depth, as it’s expected to bring great business opportunities in 2022 and beyond.

As the world recovers from the coronavirus pandemic and new technological advancements enter the mainstream, there’s no doubt 2022 will see great progress in these areas. Hopefully, these innovations will only be positive, leading to a better future for businesses and people alike.

Launching a New Business the Right Way

Running a new business may be an ambition that you have held for some time, or it may be something you have only started thinking about within the last few months. Whatever the reason behind wanting to launch a new business, the main thing is that you get it right and get it right from the start. Far too many businesses fail at the first few hurdles and end up struggling to get off the starting block. Launching a new business is not always plain sailing, and there will be times when you end up feeling frustrated, low, or exhausted. However, you must remember why you are launching a new business through these times; what is driving you? As well as having a passion for your new business you also need to have some degree of business acumen. There is so much to do when launching a new business, and everything must be done in a timely manner or else it is no longer relevant. So, just where should you start, and what should you be focusing on when launching a new business?

Establish What Your Core Offering Will Be

Once you have an idea about what business you would like to run, then you next must get down to specifics. You need to establish what your core offering will be. Establishing particulars early on in your business will ensure that you target your business, products, and services to the correct customer groups. So, just what is your core offering? If you are offering several products for sale in an online store, what will be your standout item – the item that people will visit your store to buy? Establishing what the heart or core of your business is will allow you to then begin to focus on other areas.

Create and write a Strong Business Plan

A business plan is a must, even if you are aware of the type of business you want to run. A business plan will detail what you will sell, at what cost, and to who. It will also provide the basis for you to launch from. Without a business plan, you will not clearly define what you want to do and why. Within your business statement, you should have research to back up what you are selling or offering and why, and you must have information on who you are selling to, where they are, and how much you will make on each sale.

Identify Your Niche

When conducting research for your business, whether it be primary or secondary research, you will soon see that your business needs a niche to survive. Having a niche will allow you to stave off the competition, and it will allow you to stand head and shoulders above the crowd. If you do not have a niche, then you will just be another run-of-the-mill business, having to shout to be seen and heard. To establish your niche, you need to look at what customer feedback is telling you. Find out what is missing and what can be improved.

Get a Mentor on Board

Whether you are looking to launch a new product, a new service, or even launch a customer-centric website, it is good to have people with know-how and experience on standby. Mentors are useful and ideal to have when starting and launching a new venture. Mentors will have experience, and from their experiences, they will be able to share useful insights and information with you, which will hopefully prevent you from making any mistakes (or as few as possible).

Get the Correct Mindset and Maintain it

When you are working for yourself for your own business, your mindset and motivations may differ from what they might have been if you were just working a 9 to 5 job. When you are launching your own business, there can be occasions when it feels a little bit lonely or isolating. Establishing and maintaining the correct mindset will allow you to push yourself further and achieve what you set out to do. You need to be always your number 1 fan, and to make this happen, you must get and maintain a positive, upbeat, and focused mindset. Once you have the right mindset, you can put your mind to anything and achieve anything you set out to do.

Stay Present but Look to the Future

In the first few days, weeks, and months of a business, it can be hard knowing which way to turn, and it can be difficult establishing and maintaining focus and direction. To get your business well and truly off the ground, you must always work in the present but look towards the future. Looking forwards will ensure that your new business does not stay stagnant, and staying present will ensure that you can provide the best service, care, and attention to detail as possible within your new business.

Focus on Self Development and Self Improvement

Launching a new business can take a lot out of you, and it can be emotionally and mentally draining. Developing and improving yourself and trying to enhance your skills is a good thing and is something that is positive to maintain moving forwards. When you focus on development and improvement, you ensure that you are a strong business leader and owner who is ready to adapt and change when necessary and if necessary.

Improve Your Education

No matter when or where you last studied, your education and continuous learning is still relevant and prevalent. Just because you are launching a business does not mean that you know everything about running a business, which is important to remember. Enhancing and improving your education will give you the increased knowledge and awareness you need, and it will help build your confidence as a business owner too. Studying at an institute such as Suffolk University is truly beneficial, and withSuffolk University’s MBA Online Program, you can increase your awareness of best business practices, and you can ensure that you avoid some of the potential pitfalls of running and launching a new business, such as not having adequate funding in place, or not communicating effectively and efficiently at all levels.

Develop Your Identity and Brand

To make a splash, you must be recognized, and people must be aware of who you are and what you have to offer, and this needs to happen from day one. Branding often gets forgotten about or left until the last minute, and this is not the way to go, as your brand needs to be intertwined with your business and its core offering. Everything needs to go hand in hand, so when launching your new business, ensure that you focus on creating an identity and brand that reflects who you are and, most importantly, what you do, and what you want to do.

Create A Marketing Plan

Launching your business and getting it reaching your target audiences is no easy task. To ensure you get the most for your marketing dollars, you need to have a marketing plan in place. If you cannot confidently say who you reach, how, and when, then how can you expect the results you require? To put together a solid marketing plan, you must conduct adequate research to establish what works and what does not. Knowing which platforms will create interest in your business is essential.

Utilize Social Media Platforms

Even before you put your marketing plan to work, you need to be focusing on social media. Your target market will most likely use at least one of the popular social media platforms, so you must get on them as soon as you possibly can. Professional, responsive, and informative pages are what every new business needs to have.

Find and Keep New Customers

When you are launching your business, the first few weeks and months are crucial. In these important times, you need to focus on finding and keeping customers. Customers are truly the lifeblood of your business. Keeping them happy is more than important, so to ensure they are happy, you must put customer care policies and customer service standards in place before you even make your first sale. To find and keep customers, you must be consistent.

Keep an Eye on Trends and Developments

Within the initial launch and moving forwards, you need to ensure that you take time out of your busy schedule to watch what developments are happening and what trends are coming up. The business world moves very quickly, and if you cannot stay ahead, or at least keep up with what is going on in the early days of your business, then you will not stand a very good chance of doing so in the future.

Be Open and Agile to Change

Perfectly made plans can sometimes fall by the wayside. As a new business owner, you need to be open and accepting of change. No two days will be the same, especially in those first 12 months of opening. Your approach needs to be open, ready, and willing to change. If you are not open, then you will become set in your ways, and you will find that your new business will be stagnant and looking at shutting up shop rather than expanding.

Have a Hands-On Approach

Of course, you will not be able to undertake every task within your business successfully, but if you try and you have a hands-on approach, your mindset will then be in the right place too. When you are launching a new business, your abilities, strengths, and weaknesses will take center stage; having a hands-on approach especially in those early days, will ensure that you are ready to tackle anything head on and face real and tangible challenges that you may not have encountered before.

Get Your Financials Straight and In Order

Do you know just how much your business will cost you to get it up and running, and do you know how much you will need over the first 12 months to keep it afloat? Getting to grips with your financial situation and getting your business finances straight and in order is a must. If you do not know what you have going out in terms of expenditure, then how could you possibly know what you have coming in.

Analyze Your Competitors Regularly

From the minute you decide to launch a new business, you need to be aware of who your competitors are and what they are up to. If you are not aware of who your competitors are, then how do you know that you are offering fair prices, and how do you know that you are staying competitive. You need to be better than your competitors, whether they are direct, indirect, or in another state, so ensure that you keep track of what they are up to. Regularly conduct a competitor analysis and analyze the data you get to move forwards.

Authenticity and Transparency

When your customers are visiting you for the first time, they want to know that you are who you say you are and that you will provide them with the product or service they have paid for. Within business, you need to be both authentic and transparent. If you withhold information or act in a deceitful or devious manner, then word will quickly spread, which will, of course, be detrimental to your new business and its reputation. So, before this happens, you must focus on being as authentic and transparent as you can be, ideally from day one.

Seek Support

You are not alone when setting up a new business, and you must remember this. Seeking guidance and support from other business professionals and even attending networking events will allow you to build up a strong network of professionals. Having a support system in place made up of other non-competing business professionals will ensure that you have the knowledge and resources available to hand ready for the time when you need them.

Header Image Source

How to Become a Better Business Leader

Whether you are considering starting your own business or wondering if there is a way to get better results from your current business or career, improving your leadership skills can often be essential.

If you are running your own company or working as a manager or supervisor for your employer, being able to inspire others and get the best out of your team can be beneficial for everybody involved. Studies show that the best leaders tend to be people who are willing to go above and beyond for their team when it is needed, foster strong relationships in the workplace, and are loyal to the companies that they work for. Whether you want to improve your own business or get better results from your career, there are many reasons to consider working on improving your leadership skills.

So, how can you get started?

Improve Your Knowledge:

Boosting the knowledge that you possess when it comes to your career will increase your workplace confidence. In turn, this will help you get better results from the work that you do and can improve your leadership skills by helping you shift into a more positive mindset that encourages and inspires others to follow suit. Most people are going to be reluctant to trust a manager, supervisor, or business owner who displays a lot of self-doubt, while on the other hand, somebody who is confidence in themselves and their abilities is likely going to be looked up to.

This MSc Management in a Digital Economy online course from Aston University is an ideal program to consider when it comes to boosting your management and leadership skills and developing more confidence.

Learn Coaching Skills:

Some people are naturals when it comes to coaching and guiding others, while other people might have to learn the skills that it takes to become a good coach and mentor. If your efforts so far at coaching and mentoring your team members have been frustrating for everybody involved and you always seem to be hitting a brick wall and aren’t sure where to go from there, you might benefit from taking a course where you can learn how to improve your coaching skills and go on to become a better mentor to your employees or team members.

Coaching courses can be taken in-person or online and are designed to enable you to fine-tune your existing skills and learn new skills that you can put to use when coaching others.

Improve Your Listening Skills:

One of the main differences between a boss and a good leader is their ability to truly listen to what others have to say. Good leaders are people who are approachable and easy to talk to; employees and team members do not usually have any misgivings or worries when coming to them with problems that they might be facing in the workplace because they know that they will be heard and understood.

When you spend time improving your listening skills, it puts you in a better position to truly hear what your team has to say.

Act on Feedback:

Listening is just one part of the puzzle for becoming a better leader – when you are listening to what your team has to say, you also need to be able to act on the feedback that you are provided with and communicate with your team members to ensure that the best decisions are made when it comes to their concerns.

Every good leader knows how important it is to have a strong reputation for taking action and to be able to come up with compromises and ideas that might work if it’s not possible to act on an employee’s suggestion completely.

Be Honest:

Nobody likes a boss with a ‘do as I say but not as I do’ attitude or one that is unable to admit when they have made a mistake. Everybody makes mistakes, and the best leaders know that being honest about their shortcoming and holding their hands up when the decision isn’t the best one will earn them more respect than trying to cover it up.

Nobody is expecting you to be perfect, so there is no need to pretend that you don’t make any mistakes. Honesty, humility, and integrity are some of the most important qualities for a good leader to have.

Set a Good Example:

Another key difference between a boss and a leader is that while a boss might give orders from the office, a good leader will lead by example. One of the best ways to inspire your team is to show them, rather than tell them, what they need to do. When they see that you are willing to take action, they are likely to follow suit and make better decisions through the example that you set. In any industry, people tend to be more inspired and activated by leaders who are demonstrating a genuine passion and commitment for what they do.

Your words might be able to get people to take action, but your actions are what will change their mindset and view of the work.

Display Trust:

Micromanaging is not a good quality for a leader to have, and if you want to improve your leadership skills, taking a step back and affording your team the autonomy that they deserve is an ideal place to start. When you are passionate about getting something done correctly it can be all too easy to get very involved in every step, but this can lead to micromanaging behaviour that might breed resentment from your team.

Be there to offer support when it’s needed, but trust that your team has what it takes to get the results that you want.

Keep Learning:

Last but not least, every good leader knows that there will always be something else for them to learn. It’s impossible to know everything, so be open to learning new things all the time – even when they come from surprising sources. Even the new entry-level employee who’s just graduated might have knowledge that you don’t.

If you want to get better results from your career and your team, working to improve your leadership skills is the best place to start.

Header Image Source

The Essentiality of Seeking Customer Feedback on Instagram

A customer-centric approach is a correct way to differentiate oneself in front of the target audience. However establishing your business is analyzing feedback that is essential to understand the customers’ viewpoints regarding their expectations, needs and wants. In light of this, social media platforms, especially Instagram, are an excellent way to receive customer feedback and generate opinions within online communities.

Encourage Followers for Feedback

It is essential to show that you care about your customers. So it is important to learn their thoughts and experiences. Because it creates a sense of trust and reliability for the users. Whether it is positive or negative feedback, seeking reviews is vital for the betterment of your brand. To encourage your followers to provide feedback, one needs to inspire their followers.

Since digital communication gets more and more popular, one can opt for the Instagram channel for customer service and feedback monitoring. Many brands have their business applications, through which one can give feedback. However, most users are not likely to download a special app-only to provide feedback. Integrating Instagram for customer service increases customer satisfaction and encourages followers to share feedback. There are several features that Instagram offers, such as stories, posts, and polls, can receive customer feedback. Established customers encourage followers to share the necessary feedback to improve their product or service offerings continually.

A marketer should keep in mind that a customer expects value from their brands. When you listen to your customers on Instagram, you provide them another reason to trust you. And in return, they might even give you clues and share their thoughts on making your offerings and business better. Another aspect of creating value is to have a top-notch Instagram profile with a high number of followers and a surged number of likes for your posts. You can buy likes for IG by pairing up with such service providers who provide you with ample likes for your posts.

Ask Them Questions Regarding Your Offering

When it comes to customer feedback, it is best not to complicate it. The simplest way to understand the customer is to ask them directly about your product or service offerings. If you play up to their motivation, you are sure to get vital customer insights and free data.

Maslow’s hierarchy of needs reflects on people having specific needs. Belongingness pushes human behavior to a new extent and is a part of social conditions. Customers usually want businesses to make them a part of something essential. When you ask them questions about your product, they feel valued and give you the necessary insights. Even when you are building a new product or improving an existing one, you can ask your customers about their perspective regarding your product.

Establish a personal connection with new customers by encouraging them to share their experiences on Instagram. It permits people to express their thoughts without getting discouraged by the brand or other followers.

Sponsor a Giveaway

Contests can help brands to achieve their goals in a better and faster way. Integrating Instagram will only increase the odds of getting a high level of feedback and engagement. You can give your viewers free products, and they will willingly fill out your surveys. You can boost your creativity here and ask followers to share their insightful thoughts about a particular product as a mandatory participation requirement.

In case you do not have an army of loyal followers, you can opt for referral Instagram marketing that can create a buzz about your contest and attract many participants. Such a step will help you in gaining more target audience and followers. Moreover, when you pair with niche Instagram influencers operating in your field, you have a higher potential to reach your target audience. You can even enter an established community of followers who can share their thoughts with you to create an effective Instagram giveaway campaign.

You can ask an open-ended question to let you understand the participants’ imagination. The many creative answers will help your business to understand the customers’ solutions better.

Organize Question and Answer Sessions

Customers usually have many questions about the product viability, working, guarantee, and other factors. Even if you have a high-end product, your current customers and potential ones may have many questions. It is best to ease the worried customers’ minds by hosting a question and answer live session.

Make sure you provide the time of the live session available prior. Live sessions mostly develop a sense of urgency that pushes the user towards brand engagement. Since some might get afraid to miss any important update, they will most likely join your session to gain vital insights. When you go live to answer questions, one can create a sense of inclusivity that inspires the followers to share their opinions. For brands, they receive a valuable consumer opinion.

Listen Proactively

Instagram successfully connects people with brands. Social shopping is growing incredibly, and more people share their experiences and seek other reviews to make the correct purchase decision. Marketers should pay attention to the friendly advice that customers offer. You can generate a lot of customer data without being pushy.

You can read the followers’ comments and extract valuable insights. Instagram comments are an essential element of the business and consumer relationship. Writing a social media comment is one of the quickest ways to share thoughts with the company. The more comments you receive, the more insights you will get. For encouraging the users to leave comments, you need to interact more with followers as most brands respond to comments in a short timeframe.

Monitor the Brand Mentions

Many customers do not follow the brands on Instagram, yet post reviews about it on their stories. However, it becomes difficult to monitor results without the user tagging the brand in their posts. Therefore, search for overall brand mentions on Instagram. Moreover, unhappy customers most likely complain about their experience on the personal profiles.

Bombarding your customers with surveys will only drive them away. Therefore, carefully contemplating the ways to receive feedback positively from your customers is essential.

Header Image Source