About the AuthorThe post How To Choose The Best Funding Option For Your Product appeared first on Successful Startup 101.
]]>You transformed your business idea into an excellent prototype that is ready for your targeted audience. Maybe you already have a large order that you cannot accommodate on your own. After all, to fill a large order, you need the funds for production equipment, to pay staff members and more. Sometimes you must spend money before you can make more money through the wide-scale sale of your product.
Before you seek the extra funding necessary to fully launch your product, you need to determine how much control are you willing to give up and the amount of risk you are willing to take. Your answer to this may help you decide what steps to take to obtain the necessary funding for your product.
If you have decided to seek funding, you need to prepare a detailed, actionable business plan to present to all prospective funders. While investors want to see your current financial numbers, they also want to see projections for the next 12 to 18 months. In addition to providing financial goals and expectations, prepare the non-financial goals as well. All your numbers and goals should be supported by case studies, panel reviews and testimonials. Spend ample time creating this presentation. Investors may give you positive feedback even if they do not fund your project, and you can use this feedback to improve your pitch for future investors.
Some entrepreneurs will turn to friends and family members for at least some of their funding. The problems occur if you fail to pay your investors back. Try to have a written agreement and a clear payoff plan that you will stick to, to avoid complicating your personal relationships. Investors find it beneficial when your friends and family members have a stake in your company, as it shows that others believe in your business idea.
If you are looking for additional funding after your friends and family have contributed, a low interest rate peer-to-peer loan may be a good choice. You could apply for an unsecured personal loan at a local bank if you have good credit scores. It is not easy to get as a secured loan, where your personal property or real estate serve as a collateral, but it’s a safer option. Another idea is to refinance your mortgage to pull equity out of it. These options allow you to retain absolute control over your business, but they may be burdensome for your personal budget.
Crowdfunding is an excellent financial solution if you don’t want to keep your product confidential. There is some risk associated with letting others in on your product idea. They may decide to mimic or improve your idea and to compete head-to-head with you. The benefit is that you get to test the market for your product, and you get funded by a wide range of investors who each have minimal interest in the loan. Websites like GoFundMe IndieGoGo allow you to keep the money you gather even if you don’t hit your funding targets. This may allow you to recoup some of your own funds that you put into the project to pay for the prototype development and other related costs.
If you are ready to give up control in terms of equity and decision making, search for angel investors or venture capitalists. Giving away the percentage of your business can provide you with the funding you need. This type of funding is advisable only if your business requires more than one million dollars. Angel investors are somewhat more flexible in terms than venture capitalists. Seeking venture capital means that one company invests in another and gets reimbursed with equity and large percentage of future profits.
Both options include experienced professionals with broad connections. Keep in mind that some of these investors may want to purchase a majority interest in your company. This gives them some or most control over the business decisions that you need to make. Some entrepreneurs prefer this option because they can often rely on their insight and expertise. For businesses that may grow quickly, this may be the best option.
Many entrepreneurs need investment capital for an initial product launch, and others need the extra funding to take their business to the new level. Regardless of why you need extra funding for your business, have a clear business plan to impress potential investors.
There are various funding options, and they come with some strings attached.
Your decision should be based on your tolerance for risk and for your ability to give up some control over the direction your company takes. Spend plenty of time reviewing these options before you determine the right solution for your current needs.
About the Author
Heather Redding is a part-time assistant manager and freelance writer based in Aurora, Illinois. She is also an avid reader and tech enthusiast. When Heather is not working or writing, she enjoys her Kindle library and a hot coffee.
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]]> https://successfulstartup101.com/choose-best-funding-option-product/feed/ 0The post How to Make Business Intelligence Really Work for Your Organization appeared first on Successful Startup 101.
]]>Many companies have extensively benefited from the power of business intelligence and much more are planning to do the same, despite ever-increasing business intelligence analyst salary, which is becoming road stone for SMBs, especially the startups. According to Gartner research, the market value of business intelligence will reach $18.3 billion mark in 2017 and will cross $22.8 billion mark by 2020.
In short, the business intelligence (BI) is a complete set of activities to find actionable information from a certain heap of raw data. The definition of modern time BI covers many processes and methodologies supported by cutting-edge technologies to skim valuable trends and information, which can be used for the better creation and implementation of business policies/strategies.
In the BI process, numerous business intelligence software and business intelligence tools are used to process and analyze the raw data to find out the desired intelligence that can improve the efficiency of the business. There are many cloud-based as well as on-premises software platforms and tools available on the market that are extensively used for gathering the valuable information from the raw data.
If we look at the IDC information, we can easily assess the popularity of business intelligence tools and software market. According to IDC predictions, business analytics and big data revenue will cross $187 billion by 2019. The main reasons for the popularity of business intelligence include an increase in sales, improvement in policy direction, quick ROI and increase in business efficiency.
A consistent uptrend of BI market value is a clear indication of its importance in the modern business ecosystems. During the past few years, a huge increase in the business analyst salary is another parameter of increasing demand of BI for the marketplace. Business intelligence specialist is able to help your business to achieve the following objectives.
All these desirable goals can be achieved with the help of a great business intelligence analyst or data scientist. One downside of hiring a dedicated business analyst is its salary, which is on the higher side and increasing consistently too. So, it is very imperative to hire a business intelligence analyst that possesses higher qualification and skill sets but costs comparatively low.
Business intelligence specialist should have deep knowledge of business, accounting, sales, marketing and software, which is normally accomplished through business degrees. For an entry-level business analyst job, bachelor degree in business will suffice, but for senior business analysts, the master’s degree is desirable. As we know, the data analyst salary is increasing exponentially in the marketplace with the increasing demand for high-level skill sets, qualifications and experience of a data scientist.
The main qualifications and skills of a BI specialist can be summarized as below:
The business analyst resume is one of the most important tools for the job seeker to land him/her a good job in this competitive marketplace. Creating a good resume is a professional job in itself that requires certain skill sets and experience. So, a good resume should look great and include all skills, keywords, qualifications, certifications and experience at the appropriate position in the resume.
According to resume experts, the major components of a good business analyst resume are given below.
According to the 451 Research report, the total market value of all software tools dealing with all segments of big data management will cross $132 billion mark by 2020. This includes different software platforms and tools used for the unified management big data.
Hundreds of BI tools are available in the marketplace and many others are being introduced regularly. The present software tool industry is mostly dominated by big companies like Microsoft, IBM, Hadoop, Oracle, SQL, Sisense and others. There are many business intelligence specialized tools for a particular industry or business.
Hiring an expert BI specialist is very critical for all types of businesses in the modern business environment powered by the eCommerce and electronic products. Thousands of new business organizations are emerging on the horizon of global business that makes the business information oriented. In such a cutthroat competitive environment, getting the services of a BI specialist is indispensable.
About the Author
Myron Monets is a Marketing Assistant at Mobilunity. He is passionate about IT and modern technologies. As the company provides dedicated development teams, he is able to gain experience right from the developers and stay up-to-date with the trends.
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]]> https://successfulstartup101.com/make-business-intelligence-really-work-organization/feed/ 0The post How the Working Day Differs Around the World appeared first on Successful Startup 101.
]]>Whilst it may not be altogether surprising to find out that different countries have different working days, what may be surprising is how different they actually are, and how office hours, rituals and customs differ around the world.
Document storage specialists WD Storage did some research and have put together an infographic showing how the working day varies in different countries, and they found out some interesting things …
While a nine-to-five might be normal in the UK and US, in China they’re more used to working eight-to-six, while many Japanese workers do so much overtime they often sleep at work!
And while 80% of American workers don’t take a regular lunch break, in France it’s perfectly normal to have a two-hour lunch (often including a glass of wine or two).
As with the working hours, office customs vary greatly too. Face-to-face contact is popular in Italy and France. Italian workers much prefer to talk to colleagues directly, rather than via phone or email, while French meetings often run for several hours! On the other hand, UK workers spend more time in front of a computer than any other nation (admittedly some of this is spent checking social media and news websites …).
And while in many countries, bonuses are based on performance, in Mexico they’re paid every year – by law. Not bad!
Perhaps unsurprisingly, coffee figures prominently in the working days of several countries with many workers grabbing a cup on the way into work. In India, China and Japan, however you’re more likely to encounter tea drinkers. And in the UK, it’s about 50/50.
Take a look at the infographic to find out more…
About the Author
Helen Halfpenny works on the marketing for WD Storage, a secure document storage provider based in Nottingham. She blogs about the world of work and internet stuff, and is interested in digital marketing, languages, films and food!
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]]> https://successfulstartup101.com/working-day-differs-around-world/feed/ 0The post How Cloud Computing Can Benefit Startups appeared first on Successful Startup 101.
]]>Founding a startup company isn’t an easy process by any stretch of the imagination. In fact, it’s one of the most difficult projects a person can take on. As reported by Forbes, 90 percent of all startups fail.
If you want your startup to succeed, you’re going to need to get a hold of every possible advantage you can. That includes utilizing cutting edge technology to help make your business more efficient and effective. A technology that can certainly provide those benefits is cloud computing. Below are just some of the benefits of cloud hosting for a startup company.
One of the great benefits of cloud computing for small business is the great accessibility it can provide to business owners, managers and others. With traditional software, you had to have access to the exact machine that software was installed on to use that application. This requires installing software on every computer in an office. It was a laborious process but a necessary one due to how software works.
However, this has changed completely thanks to the advent of cloud computing. Software no longer must be installed on a machine for that machine to have access to that software. Instead, it can be accessed through the internet. A business owner can simply use the internet to access a cloud server somewhere else in the world that has that software installed. The software can then be run as if it was installed on that computer or device.
This process has created great accessibility that was not previously available that the founders and investors of a startup company can now take advantage of. Data and software related to the startup company can be accessed from anywhere. It can be accessed in the office, at home, in a hotel room, on the subway or even on a plane.
Another thing founders, investors and others involved in a startup company may ask is how can cloud computing benefit a company for the long term? Cloud hosting doesn’t only provide a short term benefit. You could see increased benefits as your company grows larger and expands. That’s why many companies start with VPS hosting right away due to its ability to scale on demand.
VPS is the acronym for Virtual Private Server. Creating a VPS involves dividing a physical server into different virtual compartments that act completely independent from each other. Combined with other cloud computing strategies, having access to a VPS server can be extremely advantageous. The ability to scale on demand is one of these advantages.
Scalability, in this context, refers to the ability of a cloud host to allocate more resources to a website or service as its demand for those resources increases. This means avoiding downtime and lagging that can be detrimental to revenue for a website, app or online service. As your traffic grows, the VPS cloud hosting will continue to accommodate your progress instead of punishing you for it like would be the case with traditional hosting. Your startup company will be able to grow unimpeded with his set-up, and you’ll avoid some of the roadblocks you would have encountered without this scalability.
Another one of the benefits of choosing cloud hosting for your startup is that cloud computing can greatly improve the ability of team members to collaborate. This is thanks to the fact that cloud powered software can be accessed from anywhere. Team members will not have to share a physical office in order to collaborate on a project, communicate with each other and move that project towards completion.
Cloud powered collaboration software is a powerful tool that a startup business can wield to significantly enhance its productivity. Such software can allow team members to upload data, edit master documents collectively, track progress, schedule work on the project, share constructive feedback and discuss strategy for the project. All of this can be done in real time from the four corners of the globe in a digital workspace provided by the cloud platform.
This kind of collaboration is paramount for the planning and successful launch of different business projects a startup company may take on. It also allows you to gain access to the specialized talent you need for your startup business no matter where they may live. It can do so without forcing you to fund the relocation of team members to near your physical offices. This can cut costs as a result.
What are the benefits of using cloud computing in regards to slashing expenses? There are actually many significant ways that switching to cloud hosting can save money for a startup or any business for that matter. Cloud computing can change computer system infrastructure from a product model and into a service model. What this means is the hardware needed to run software does not have to be kept in-house by that business. Instead, the server hardware and other network infrastructure exist on the host’s end.
This can save you a lot of time and effort. Infrastructure costs such as paying for computer servers can be extremely expensive. Servers also require a lot of effort to maintain. Improperly maintained servers can certainly fail, and that can be catastrophic for your profit margins.
Maintaining that hardware and troubleshooting issues with software also requires the skills and knowledge of information technology experts. These professionals do not come cheap and demand high salaries and generous benefits. However, cloud computing lessens the need for having IT specialists in-house since IT support is handled on the host’s end. This is another reason why cloud hosting can slash costs across the board.
About the Author
Gigi Wara is a creative introvert, inspired writer and digital marketer based in Thailand. With her background in business management, she has been writing about small business, startups, and Digi-career improvement since 2012. Currently, she has become interested web design and development.
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]]> https://successfulstartup101.com/cloud-computing-can-benefit-startups/feed/ 0The post 6 Ways To Maximize Your Facebook Marketing Efforts appeared first on Successful Startup 101.
]]>Facebook can be a useful marketing tool, but the sad truth is that many people are not using this social media site to the fullest of capabilities. These six fantastic tips can help you ensure that you are one of those who are taking advantage of everything Facebook has to offer.
1. Use High Quality, Correctly Sized Images
When people are scrolling through their news feed, they will only see glimpses of images. Sometimes these images have been downsized so they don’t take up so much room. If the images being used are not of the highest quality, then they are not going to make a very good impression. In fact, they might end up being overlooked completely. Using images of the highest quality can help your posts get noticed more. The images should also be of a large enough size that they are easily viewable.
This doesn’t just apply to the items you post directly to your Facebook page, however. It also applies to those images you post to your website- if you plan to share the articles on your Facebook account, that is. Since Facebook uses the largest image as the preview image for articles, try to ensure that the image you wanted used is slightly larger than the others.
2. Add A Facebook Share Button To Your Website
Adding a Facebook share button offers you the opportunity to reach more people. Remember that while likes on your company’s Facebook page account doesn’t always directly translate to sales, it does translate into more people being exposed to your company on a regular basis. Anything that will help to expand your reach or get you out in front of the public eye is a vital tool.
3. Use Google Analytics To Monitor Your Facebook Account
Many business owners already use Google Analytics for their blog or website. Most people haven’t yet realized that they can also use this fantastic application to keep track of their social media accounts as well.
4. Install Facebook Like Box On Your Website And/Or Blog
A Facebook like box can be installed on your website and your blog. It is a little box which enables people to like your page directly from the site they are already on. There are multiple ways that this like box can be presented as well, so you can choose whichever one best fits your personal tastes. The design ranges from a simple like button with the name of your page next to it, to a much more complex version with pictures, followers, and most recent posts. Why do you need this? Well, anything which makes it easier for people to like your page and follow you is a good thing.
5. Leverage Appropriate Post Times
There are certain times of the day when more people are online. It is during this high traffic times that you are more likely to gain more engagement on your posts. This tends to vary based upon who your target audience is. If the people you are targeting are home all day, your posts may garner a lot of attention at all times. If they are professionals who work banker’s hours (eight to five), then your posts will probably be engaged be seen most when your audience isn’t at work, or are on their lunch break. A bit of common sense and some research can help you to determine what the best times are for your own company.
6. Be Consistent
Consistency is key in all of your business endeavors. You not only need to be consistent in your content, but you also need to be consistent in how often you post. Whether you post to your Facebook account once, twice, three times or more a day, make sure you are staying right around the same amount. For example, if you normally post three times a day you shouldn’t post a ton more or less than that. People learn what to expect and you do not want to break those expectations.
Conclusion
Using these seven tips can help you maximize your Facebook marketing efforts. You will no longer be one of the many who fail to properly utilize the social media site. Instead, you will be one of the few who does utilize the site to it’s fullest, thus gaining an edge over your competition.
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]]> https://successfulstartup101.com/6-ways-to-maximize-your-facebook-marketing-efforts/feed/ 0The post A New Method of Customer Care appeared first on Successful Startup 101.
]]>For all businesses, big and small, customer service is extremely important, and can even be the difference between success and failure. Every company goes about giving customer service in a unique way, some preferring the classic call centre approach, others use email or social media. One of the most recent and popular customer service method today, however, is the use of live chat.
Live chat is successful for a range of reasons, but primarily people like to use it due to the speed that they get a response. A customer’s expectation has reached new heights, and people want to get an answer instantly instead of waiting around for a response to an email or to come off hold on the phone. If businesses want to be successful then they need to start embracing live chat. It can help you to build a great relationship with your customers, boost conversion rates, offer advice, increase a customer’s comfort, retention and overall brand reputation. These are just a few of the many ways in which integrating live chat into your customer service plan can help your business.
If you want to know more, click here.
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]]> https://successfulstartup101.com/new-method-customer-care/feed/ 0The post John Ross Jesensky On Music… and Making It appeared first on Successful Startup 101.
]]>How old were you when you realized that music would be your life? Was there an eye-opening moment when you realized it was more than a hobby?
I was actually somewhat of a late bloomer when it came to music. It took me finding my parents’ Billy Joel and Elton John collections to realize that I wanted to play the piano. Most kids start at 4, and I didn’t get going until I was about 12.
When I was in high school, I sat down to watch Harry Potter and the Sorcerer’s Stone in the theater. While I was seeing those beautiful images, and hearing John Williams’ amazing score, I had an epiphany that I wanted to create magical moments for other people through the composition of film scores.
As a student, you studied under prominent figures in the industry. If you had to only pick one piece of advice from them to live by, what would it be?
It may seem like a bit of a downer, but one piece of advice that I always give out to others is “If you can think of a single other thing you’d like to do other than music, do it.” A career in music is a beautiful and rewarding thing, but it is a hard life to get into. There is often not much money as you get started, and you have to have an enormous drive to excel in your field – it’s not all fun. If you can’t think of a single other thing you could see yourself doing – you have found your calling. Buckle up!
What is your biggest source of creative inspiration currently?
As always, I tend to find inspiration in the work of others. I love to listen – to both word and music. Ideas always fascinate me, especially when I don’t necessarily agree with them. That chewing of thoughts is what creates the energy needed to sustain creativity.
Have you ever questioned the path you are on?
I think that if you haven’t questioned the path you are on at least a few times, you need to slow down and consider your life! Questioning our actions and life progression isn’t always a bad or stressful thing. Sometimes, it’s actually quite affirming! I always take stock of where I am, what I want, and where I see myself in the future. Has it changed recently? Why?
These are all vital questions to understanding yourself, and what motivates you to keep on going, and making sure that you don’t become a drone – just doing the work because it’s what you’ve always done before.
What are your personal cures for self-doubt?
Action – plain and simple. I start every project – whether it be composing or conducting – in a state of panic. “How do I do this? Can I do this? Am I no good?” That just means that I realize the importance of the task ahead of me. I find that the best way to get through that is to have the courage to GO. It doesn’t mean be reckless – I’m still very systematic with how I approach a project, but I am careful not to get caught in the swirl of “can I?” and focus on “Here I go.”
As an entrepreneur, how long were you willing to wait to become profitable?
Being a musician, I did have the benefit of a lot of mentor-warning. I jumped in knowing that for my entire formative period, it would feel like I was falling through a vacuum, and then suddenly, I’d land. The question of how long the fall would last was never answered because it’s different for everybody.
I was willing to wait it out as long as it took – until creating music became personally painful to me, and too many negative feelings were attached to it. Only then would I decide to move on and try something different. Now, that is risky, because if I grew to hate music, that meant I’d lose it forever, as opposed to giving up early and trying to do both. However, I’ve never been that type of person. If I’m in, I’m in.
How do you market yourself?
I believe that there is no better marketing than showing hard work and results. Of course, one has to be media savvy and goodness knows that some have excelled with absolutely no skill except the ability to sell empty air. Still, if you can find any means to show your work – quality work that lends credence to your name, take it.
Three things that make you successful?
Personal satisfaction, an untainted view of where you came from, and a hungry drive for where you are going next.
About John
John Ross Jesensky is a composer and musician known throughout the music and film industry for his exceptional compositions created specifically for both feature-length and short films. A gifted musician widely respected for his exceptional abilities playing the piano, Mr. Jesensky has enjoyed a remarkable career that includes countless awards and accolades from the most highly regarded institutions within the industry. In addition to winning an award from the Cannes Film Festival, Mr. Jesensky also received official recognition from the Phoenix Film Festival, La Gona Film Festival and Bare Bones Film Festival, a product of his deep commitment to his field of endeavor as well as his exacting approach to the art of music composition.
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]]> https://successfulstartup101.com/john-ross-jesensky-music-making/feed/ 0The post 7 Ways to Protect Your Business Idea… No Patent Required appeared first on Successful Startup 101.
]]>Many entrepreneurs fear that their great new business ideas will be stolen and then their dream of starting a company is going to be destroyed. But, the problem is that you need to speak about your business idea to possible workers, shareholders, investors to begin your organization. Also you are going to want to make the most of the company mentors and business experts and show them your product ideas and get their advice for improvements.
However, you’re fearful that somebody will steal your thought that is precious. No worries newcomer entrepreneur, keep reading to find seven methods to protect your enterprise idea and construct your business – without delay and the legal costs of a patent application.
Obtaining a patent to secure your new business idea is excellent but often unobtainable for many entrepreneurs as a result of high expenses, legal regulations in addition to the waiting period for issuance of a patent. Some entrepreneurs with lean startup budgets simply cannot use the legal and expensive applications for trademark registration and patents.
Instead smart bootstrapped entrepreneurs, like you, can use these effective, and inexpensive, tips to secure your intellectual property and get your new product launched.
About the Author
Marsha Kelly sold her first business for more than a million dollars. She has shared hard-won experiences as a successful serial entrepreneur on her Best4Businesses blog. Marsha also regularly posts business tips, ideas, and suggestions as well as product reviews for business readers. As a serial entrepreneur who has done “time” in corporate America, Marsha has learned what products and services really work well in business today.
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]]> https://successfulstartup101.com/7-ways-protect-business-idea-no-patent-required/feed/ 0The post How To Ace Dropshipping Ecommerce Before You Even Get Started appeared first on Successful Startup 101.
]]>Dropshipping is a unique form of retail that allows retailers (dropshippers) commence or conduct commerce without buying stock or keeping inventory.
The drop shipper is simply a facilitator, middle-man, go-between, marketer who does on-demand retail.
Are you entrepreneurial, innovative? Then this business model MAY just be right for you.
The Dropshipping Triangle below explains dropshipping from a unique angle.
Customers (1) place orders with Drop shipper (2), Drop shipper places Customers orders with Supplier (3), Supplier delivers products to Customers.
Source: hireme2writeit.com
According to recent Google Trends result, interest in dropshipping has more than tripled in the last 5 years.
Source: Google Trends
This means more and more people are getting on board dropshipping for some of the following reasons.
There are businesses one can start with zero investment but dropshipping has the following advantages.
Dropshipping is an attractive business model due to low/no startup cost, but before you jump in there are key things to note.
In this article you will learn how to stand out and program your dropshipping business for success.
Platform, marketplace, storefront, supply chain, order fulfillment and customer service are some key areas of dropshipping. Problems arising in one or more of these areas can grossly impact margin.
Source: Pixabay
Shopify, BigCommerce, Magento are popular eCommerce platforms on which to build and run your online store. Things to consider when choosing platform include:
The other option is to self-host your web store on CMS like WordPress. This gives you more freedom and customizations but leaves all the crucial work platforms do for you in your hands e.g. auto-updates, backups.
Source: Pixabay
Amazon, eBay, AliExpress are known marketplaces that allow drop shippers and sellers open store and list products. Each has its advantages and limitations. When choosing consider:
Self-hosted stores offer unlimited customization and branding, zero on-site competition, less distraction and more opportunity for customer engagement with site content.
Source: Pixabay
Your dropshipping website is your digital storefront. Product display, photography, distribution, description, landing pages, menu, calls to action, forms etc, are key areas. Your storefront doubles as your retail associate, it convinces shoppers to either buy or fly.
Watch out for:
Source: Pixabay
A dropshippers supply chain is handled by dropshipping suppliers and/or manufacturers. This is a critical component of the business. The wrong supplier may deliver wrong or defective items that will return to hurt your reputation and revenue.
Consider:
Source: Pixabay
Poor order fulfillment can hurt your dropshipping business. If customers keep getting disappointed with your products, your ratings and revenue will plummet. Can you trust your suppliers to delight your hard won customers?
Consider:
Source: Pixabay
Customer experience can either boost or bust your brand perception and acceptance. If they have a bad experience and bad mouth you on social media, the negative effects will be far reaching.
To ace customer service, do the following:
Slow loading sites are a big turn off for online shoppers. Akamai and Gomez found that nearly half of web users expect sites to load within 2s, they abandon sites that take longer than 3 seconds to load.
Reports indicate that 4 out of 5 US shoppers research retail content on smartphones and 40% will bounce from non-responsive sites. Many shoppers browse products on mobile and buy on desktop. If your site doesn’t display well on mobile devices you’ll miss out on this demographic.
Social media marketing is a major means of creating engagement, awareness and driving conversion for your dropshipping business. 30% of online shoppers say they’ll likely purchase on Facebook, Pinterest, Instagram, Twitter or Snapchat.
Recent reports suggest that 91% of Americans own text-ready phones and 98% of text messages are opened within 2 minutes. Similarly, 19% of all US retail sales occur on mobile. SMS marketing should be part of your strategy.
Push notifications are becoming more relevant as a marketing method. If you have an app for your webstore, direct open rates for a rich push notification could increase by up to 56%. Don’t push push notifications aside.
Content marketing has huge benefits ranging from SEO to customer satisfaction. The following statistics show benefits of regular blogging as a content marketing strategy:
Perhaps, the best thing you can do for your dropshipping business is to automate it.
Oberlo and some other apps do an amazing job of dropshipping automation.
Automation takes care of product importation, description, price rules, real time price and inventory updates; all the very important facets of your dropshipping business including order fulfillment.
Author Bio:
Amos Onwukwe is an AWAI trained eCommerce B2B/B2C Copywriter featured in eCommerce Nation, eCommerce Insights, Understanding Ecommerce, Floship, Huffington Post, Dumb Little Man among others. You can connect with him on Twitter @amos_onwukwe.
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]]> https://successfulstartup101.com/ace-dropshipping-ecommerce-even-get-started/feed/ 0The post 8 Ways to Lead a Startup to Sustainable Organic Growth, Based on Experience appeared first on Successful Startup 101.
]]>I’ve shared my journey as an immigrant and how I started and grew an online business that made me a six-figure income within a year and has since grown tremendously. Now it’s time to share how I’ve been leading my team and growing it at a sustainable rate.
The vision creates a roadmap for the direction of the business, while the purpose provides the competitive values. As a startup founder, you’d need to be clear on what the business should achieve within a specific timeframe. For this, use appropriate metrics to measure progress.
Many entrepreneurs plunge into business for personal reasons, including earning the much-needed money for education, raising a family, or helping relatives in need. Be clear about how much money you’d need to earn by the end of the month, so you have a crystal-clear idea of how much actual effort you’d need to put into.
Hire sparingly after you’ve scrutinized the shortlisted candidates. A startup needs employees with the so-called “superhero” type, who are willing to troubleshoot anything and everything, not someone who keeps looking at the clock restlessly.
Their attitude and willingness to work hard and smart must show through in every activity. Screen candidates carefully for cultural fit and attitude, which are much more important than excellent skills. Skills can be taught, but not personality.
In a booming economy, opportunities are abundant. Thus, you might be tempted to branch out to various markets to expedite the growth, but it wouldn’t. Staying conservative, while not closing doors for future opportunities, is key.
In the first year, focus on a market that you’re truly comfortable with, so you can build reputation fast. For this, you must have a comprehensive understanding of the niche, so you can tap into the “hidden corners” that the competitors can’t.
It doesn’t mean you can spend like crazy. Don’t burn the capital, regardless of the amount and how easy you got them, as you might not be able to raise that much money anymore, if the business doesn’t grow as expected.
Remember that when the startup runs out of cash, it has no more blood to carry oxygen, which is crucial for operation, unless there is a miracle. Execution your vision and purpose as much as possible with minimal cash involvement.
Frugal in cash and lean in activities bring happiness. Correlate lean and frugality with happiness among team members in building the startup culture. This way, positivity brings out the best in people and it, in turn, provides the business with efficiency needed for growth.
Use the latest technologies and cloud-based tools to hack your startup’s efficiency. Make sure that all activities are effective with optimal results. Use popular metrics and analyze big and small data early in the game.
In Lean Startup Methodology, creating value for customers can be done with minimal resources. And a lean startup focuses on increasing efficiency continuously.
A startup expands and contracts repeatedly, which is natural. The founder(s) and team members must work together in a synchronous fashion, but not too synchronous that it becomes monotonous. A startup needs fresh energy and innovative ideas.
It means that each brings their own skills, talents, and passions into the equation in a complementary fashion, but not to duplicate each other’s. When each person complements each other, strategies can be executed properly, and incidental problems can be solved without any delay.
In conclusion, leading a startup for sustainable organic growth requires a comprehensive understanding of efficiency, effectiveness, cashflow management, skill and talent management, and strategic decision making. With the right startup culture development, team members would be energized to bring out the best in themselves for all-encompassing meaningful growth.
About the Author
Jennifer Xue is an award-winning author, columnist, and serial entrepreneur based in Northern California. She is a digital strategist at Oberlo and blogs at JenniferXue.com. Her works have been published in Forbes, Fortune, Cosmopolitan, Esquire, Business.com, and others.
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