Anyone with a modicum of engineering or technological savvy knows that the world is changing rapidly. Jobs come and go quicker than ever before. And the digital age is threatening everything we know about manufacturing. But that doesn’t mean someone with a great idea won’t stand a chance in business. On the contrary, it seems more and more tech startups are finding ways to thrive.
There is a much greater need for experienced and creative engineers to develop high tech equipment than ever before. Consumers want the future in their homes now. Sure, it might all be hooked up to the internet, but it works within the domestic setting. They’re after short-cuts, conveniences, and entertainment. A way out of the boring tasks and chores that steal time from the family would be very appealing to any parent. So what have you got in mind?
Building 3D Printers
3D printing has rapidly become more popular and more accessible. The technology has moved rapidly to facilitate this, but there is still much to be done to place one in every home. You could build it! The future of this technology is not set in stone. But the uses for it are quite extensive. Replicating popular items in plastic may seem like a waste of time until you realize that these items can be used. They can work mechanically or be fitted with other components. There is no end to the options here.
To build 3D printers, you need just a handful of standard components. Usually, you can find most of the requirements like hybrid stepper motors and drivers under one roof. Pick a supplier you can work with long-term to find the solutions you need. You’ll need a workspace to assemble your equipment. Of course, as a startup, you might prefer to use a manufacturer with a factory line setup to take care of this.
Wherever your strengths lie, you will need to take care of the marketing strategy. As more and more 3D printers come on the market, you will need to find a unique selling point that attracts a good market share. Your entire venture might be run by you from the comfort of your home laptop. That doesn’t mean you should shirk deeper involvement. Find out what you can and develop the concept further. Startups are nimble, agile, and creative with the freedom to manipulate their product ideas quickly and easily.
Smarter, Quieter, More Economical
There is a trend toward the green product at the moment. In fact, this has become a global phenomenon. Developing high-tech products that demand less power and emit less pollution is a key objective for most businesses. It should certainly be on your mind if you’re venturing into high-tech manufacturing. How can you create products that meet this ethos? Consider the obvious – transport. Electric cars are going to flood the market shortly, and they will be priced to match other vehicle types. Where can a startup get a foot in?
Other electric vehicles are also enjoying a revival. Electric bicycles, in particular, are now available throughout the country. Prices are still excessive for many fairweather cyclists, but that doesn’t stop you developing tech to bring that cost down.
As electric cars become the norm, other features are going to be developed. Think about car safety. There have been a few stories in the press about exploding phone batteries. Chances are customers will worry about their car battery. Then, of course, is the ongoing need to charge them. Just like the bicycle, there will be only a limited distance available per charge. Can you develop a vehicle, battery, or charger that overcomes this problem?
Why The Startup Has The Advantage
As discussed earlier, startups are nimble and agile. But what really gives you the advantage as a small enterprise is the fact the big businesses are so big. That means there is a long chain of command and a long period of time to get everyone to sign off. They’ll plod along at a snail’s pace while you can get things moving at your pace. Nobody is in your way so you can make greater progress. And nobody is going to say no to you!
Startups can also apply for funding from any source they choose. Big businesses are either not eligible for funds, or have to go through their extensive budget approval processes. It’s no wonder the most exciting innovations and ideas come from the little companies. There is nothing to stifle your creativity!
Get Started
As you can see, there are various product ideas out there. Perhaps your business will develop something entirely different. Maybe all you have right now is an idea? Getting started from nothing might seem like you’re starting from a disadvantage. However, it means you can tailor your business to suit your product rather than manipulating a setup to fit. Here’s how to get going:
Product Development
If it’s high-tech, you’re going to need high-quality components. Gone are the days when consumers would be happy to tinker with settings or open up a device to brush off the dust! Now, if it doesn’t work, it gets sent back to you, complete with a barrage of bad reviews across social media. Start as you mean to go on. Source the items you need, and hire experienced workers to assemble your products.
Test! Always thoroughly test your products and check they fulfill every requirement a consumer might have. You should also develop packaging that is attractive and functional. Finally, develop a manual that is clear and easy to use.
Premises
The premises you use will need to be secure and safe. When it comes to manufacturing, you can’t cut corners. Provide appropriate safety wear, offer the training necessary, and supervise the floor. Be wary of moving into a space that leaves you no room to grow. Equally, don’t push your budget beyond the orders you know are secured.
People
As a small startup, you might not be able to pick and choose the most talented employees. That doesn’t mean they won’t be attracted to your project. Use people you know well and people that have the experience your company needs to get off the ground. You can engage consultants and specialist companies to tackle the parts of the business you don’t have time for.
Promote
Promoting your new product is much easier than you think. For a start, there are more technology blogs and news sites than ever before. Get to know some of the writers and journalists. Be prepared to give away your products for reviews. Influencers are very important for any new product launch.
Make sure your PR skills are top notch. Launch your product with a bang! Make sure your website is full of useful and interesting articles that discuss the uses for your product, the build quality, and a full how-to guide. Photos and videos help customers gain trust in your brand and product. They help the customer to understand how to use the product and how it could change their life for the better.
Product Variations
No product stays in the limelight for long. Nor does it stay current or novel. Your product will have to undergo a few changes over the years to offer more and more to the customer. Don’t forget, those big companies will catch up eventually and ride the hype wave off the back of their big brand. Keep a step ahead with new features, and product variations that solve different problems. Are you ready to venture?
Everybody goes into business thinking that it’ll be a matter of getting creative, putting their stamp on the firm, and waiting for the world to take notice. Unfortunately, it’s very rarely so straightforward. While you’ll have plenty of ideas to get you started, you’ll quickly discover that there are many other people involved in your company, and that means that it can be difficult always to feel like you’re in control of what’s going on. Below, we take a look at five steps you can take so that it always feels like it’s “your company”.
Now, there are advantages to having a business partner; it can bring in new expertise, ideas, and finance, for example. But it’s worth remembering that the person you bring in won’t be delivering these things out of the goodness of their heart: they’ll want an equal say over the direction of the company. Instead of automatically getting a partner, look at bringing in new ideas and expertise through traditional hiring; it’ll provide the same access to the skills you need, but you’ll still be unquestionably in control.
Hire Well
You’re not a dictator; you won’t be able to “control” your employees as such. However, by hiring people you trust and respect you, can ensure that it won’t be your workers who rock the boat and undermine your control of the company. Businesses work best when there’s a clear figurehead at the top; if you’re having disagreements with a trouble making employee, then you’ll quickly lose your sense of authority.
Keeping Investors Out
Sometimes, we’re forced into relinquishing some of our control due to financial issues. If you want to raise money from investors, then you’re going to need to offer them a slice of the pie, and that means they’ll be able to have a say as to which direction the business should be going. If you give more than 50% of your company away to other investors, you’ll suddenly find that you’re a minority voice. Instead, keep the investors out. Use your own money to get things started, and then use a service like businesslineof.credit to keep on top of your cash flow. You can always attract investors later on down the line, but if you do it too early, then you’ll be relinquishing control forever.
Always Think Ahead
It’s important that you keep your eyes on the day to day running of your operations, but you should also have your mind on the future, too. Knowing where you want the company to be in one, three, and five years will focus your attentions and keep the bigger picture of your company at the forefront of your mind, preventing you from becoming sidetracked and losing control.
Choose Your Clients Wisely
You can also lose control by being too dependent on only one client for your business. If one client is making up more than 30% of your revenue, then it will be they, not you, who’s in charge of your company. Keep things mixed up, and never become too reliant on one other organization.
There are plenty of budding entrepreneurs out there who feel they can take the challenge head on, but for every single one of us who fancies ourselves as the new Richard Branson or Nikola Tesla, there are many questions you need to ask yourself before getting your business out there.
It may be a very simple question, but it may be one you haven’t even asked yourself. There will be times when things go wrong, and you will need to be able to know the answer this question. If you cannot, you are going to struggle to retain focus during the tough times. There will be times when you may struggle to keep your business financially afloat, and you may end up feeling desperate and wondering why you got yourself into this mess in the first place. But if you can answer this one simple question it will be the thing to keep you pushing on.
Have I Done Enough Research?
This can never be underestimated, from the various financial options to the current landscape of the marketplace, you need to make sure that you have done more than your fair share of research. From the financial side, there are suitable resources like smallbusinessloans.co, as well as many others that can delve into the details of each type of financing for business. From a standard startup loan to equipment financing, to a business line of credit, it’s vital that you know what you are entitled to, based on your lifestyle and credit score. It’s important for you to keep your personal credit score as high as you possibly can, because starting a business will very likely deplete your credit score at a rapid rate. By having a higher credit score, you’ll be able to borrow more to get your business off the ground.
Do I Understand The Commitment?
Not just in a financial aspect, but you need to be constantly on the hunt for potential clients, customers, suppliers, and these all require networking on a near constant basis at the very outset. The best way to get an idea of who you should align yourself with is to speak to many other entrepreneurs to get an idea of what can go well and what can go wrong. While you can get a lot of benefit on how to run a business by the mistakes you make, if you can find out from similar businesses where they went wrong at the outset, this will stop you doing the same.
Do I Have An Exit Strategy?
No matter how prepared you are, no matter how foolproof your business plan is, and even no matter how much money you have behind you, you need to have a way out just in case it doesn’t go according to plan. It can hurt a lot if you put a lot of money and time in something that doesn’t pay off for you. So if you can find a way to get out with minimal damage, this will give you a bit more confidence to push on with your idea and get it to the best it can be. For some inspiration, there are sites like groundfloorpartners.com which have examples of exit strategies.
These are important things to ask yourself before jumping in, so make sure you know the answers.
Businesses all around the world need access to energy like never before. With so much of their operations reliant on technology, even a short power outage can be disastrous. And while many are still reliant on traditional methods of supply, a lot are now turning to alternative renewable options. While technology has obviously opened up all sorts of doors that were closed before, there is still something to be said for not abandoning the traditional methods entirely, as you never know when they may come in handy.
Energy is starting to be seen less as simply a commodity and something a business needs to run successfully. Nowadays, a modern energy strategy can help to improve a company’s profitability, bring new customers on board and give a competitive advantage over rivals. Add to Flipboard Magazine.
Of course, the traditional methods of obtaining energy with power stations, a transmission network and power columns will continue to play a big role in business in the near future. But there will also be a growing trend towards the renewable methods too. Ultimately, businesses need to have a strategy in place to effectively manage their energy.
The Growth of Renewables
There are a number of reasons why businesses are looking to adopt a strategy that includes more renewable forms of energy. Firstly, they allow them to have a greater level of self-sufficiency and therefore reduce their carbon footprint. Not only does is this good for the planet as a whole, it is also good for their reputation as a business. Many companies want to project an image of being responsible, and a focus on more renewable energy methods is one surefire way of doing this.
A Focus on Saving Energy
Businesses are now scrutinizing their decisions like never before. And the amount of energy that they use on a daily basis has to be one of the main things to focus on. Keeping tight control over energy is being seen as something to be proud of. It is all well and good making major deals and attracting new customers, but if your business doesn’t keep its overhead costs low, this won’t do you much good in the long run. Technology is working to catch up with this growing trend for energy efficiency. There are the obvious choices like choosing the right kind of light bulbs, but smart energy systems are becoming increasingly popular which allow more control over heating, appliances and much more.
Governmental Support
Governments all the around the world are focusing more on rewarding the businesses that put energy consumption high up on their list of priorities. There are often grants available for those who are making decisions to become more energy efficient. Ultimately, making this kind of effort is valuable for individual companies and the environment as a whole. So, if you run a business and you have yet to look at your energy strategy more closely, now is certainly the time to give it a closer look.
Add to Flipboard Magazine. We all want to make our businesses as cost-effective as possible; it just makes it easier and faster to prosper. Although we’re all working towards the same goal, some businesses seems to be in the green almost naturally - without struggling and cutting costs. Nobody can make your business grow but you, so take some time to figure out the reasons behind some of these success stories.
We’re not going to give you all the obvious tips, like cutting unnecessary costs your business can do without and keeping track of your finances; you know all of this. If you’re already tried the old tips and tricks to a frugal business, give some of these creative tips a try to keep your business ahead.
Sharing is caring: Split the ad costs
A controversial choice but nonetheless cost-effective, so you should give it a try. Splitting the costs of the advertisement for an event or a sale is a good way to save money; you don’t have to have a formal partnership to work together or split the costs – it’s going to benefit both businesses and you don’t have to feed the advertisement monsters too much. Think about it as being a good neighbor rather than committing to a partnership; it doesn’t seem too odd to carpool with your neighbor, does it? Hopefully, it will improve the relationship and you can keep helping each other out in the future.
Slicing the costs: The office
Undoubtedly one of your biggest expenses, the amount you save by choosing a smaller office is too good to miss out on. Small offices can look spacious, too, if you know how to decorate them, and especially if you manage to do a lot of meetings standing up – it’s healthy, in anyway, so why not? If you have a lot of employees and need that extra office space, see if you can’t move office to a cheaper area – it could even be just ten minutes away to make a difference and the money you save can be spent on bringing in a bit more business instead.
Even better, consider using a virtual office. London is an expensive city, so spend some time on looking into what kind of options you have – yourvirtualofficelondon.co.uk is a good place to start, for example. It’s so much money to save on this, which any business today should welcome.
Happy customers: Make the most of them
Yes, it’s an old advice but thepsychology behind it matters – and it really works. A happy customer will usually not mind giving a testimonial, which you should take full advantage of. It’s called social proof, and everyone falls for it every time. Put the testimonials on your website – actually, put them everywhere, and make sure they focus on exactly what the happy customer achieved by using your services. It will encourage more sales and give you more testimonials, which again encourage even more sales – like a snowball effect, in other words. Seems too good to be true? Take a look atthis article for some proof.
Technology: Get the free tools
Today, you can get a lot of good business tools for next to nothing. Even though you don’t need all of them, and you certainly shouldn’t get them all as it will just create chaos, it’s important to look at which ones would suit your business the best. Comprehensive accounting tools helps to keep you up to date on your finances, a cloud system will ensure the safety of all your documents – and help you withgoing paperless too, which is good for both business and environment. You don’t need to invest in expensive tools unless you know you’re going to use them every day – some of them are all-inclusive, which saves you from downloading a lot of different tools that you’ll never use in any way.
Read more inthis article for a more detailed guide on how your business can take advantage of modern technology. Everyone else is doing it, so why not you? By the way, take a look atDownload.com and you get to see all the free tools that are available out there – you’re welcome.
Get online
Setting up an online store will help you save money the same way a virtual office can. You’ll save on the actual space you would have used to sell your products – and you don’t have to spend a lot on setting it up online, either. Look into selling throughebay.co.uk or other auction sites – you’ll make money selling and save money on renting a physical place at the same time – what’s not to like?
While you’re online, do a bit of marketing there, too. Not the costly type – even though you’re splitting the costs with your neighbor business by now, but rather bygetting social. I’m sure your business has its own Facebook site, but you should communicate in other groups, too. Look at where your customers might be hiding and simply jin the groups they’re in; that way, you get to communicate with your existing customers and keep a good relationship with them, and you also get to connect with prospective customers.
Social media is a great way to market your business and make more money, as it’s cheap and informal. People like talking in a casual way, they love to feel that they’re being heard and that your services could help them – connect with them over social media, and you get to do all of this.
Times are tough lately, but that doesn’t mean you can’t make your business a success story. You just need to be a bit more frugal, know which free tools you can take advantage of, and commit to cutting costs wherever you can. The fun part is that a lot of these tips will not only save you money; they’ll make sure you’re a part of the modern world on social media, being a greener business, and even connecting with neighboring businesses.
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