There’s a whole lot involved in starting a business. Many entrepreneurs will tell you that the startup phase is the most nerve-wracking. Unfortunately, there’s no set formula applied when starting, hence why many people end up fumbling along the way. It’s of no doubt that trial and error is a great way to learn, however, you can’t rely on that alone. Very likely, you’ll have more of a fighting chance, when armed with the answers to the questions below.
1. How can I keep my business safe?
Now, this is one question that many prospective entrepreneurs ask quite early on. There are so many threats that modern-day businesses face, both physical and virtual. In fact, a bulk of threats come from online sources, and that’s why it’s imperative to buy IPv4 address blocks. With a private IP address, not only is security a given, but privacy is taken care of too.
Private IP addresses are vastly available online. However, one online store that comes to mind is IPv4 Connect—a popular name in the IPvS marketplace. Certainly, it’s a safe place for both the IPv4 buyer and seller and they offer extensive IPv4 address block research, routing record removal, and IPv4 blacklist reporting. Also, they offer fully managed transfers in RIPE, ARIN, and APNIC locations and moreover, their services extend to outside the United States, so they deliver IP address blocks globally as well.
2. How do I market a startup?
Marketing a business is no easy feat, and in this day and age, no business can survive without a good marketing strategy. A good and simple combination of content marketing, search engine optimization (SEO), online PR marketing, and social media marketing will help your business immensely. Also, positioning a business locally is the best option for small companies to market themselves, even with limited marketing budgets and resources.
That being said, the marketing campaigns of smaller companies often fail due to the lack of know-how about the ever-changing, yet very useful marketing trends and techniques, that emerge year after year. Also, it’s incredibly important to use all of the available marketing tools offered online.
Furthermore, building and promoting a company app is another great marketing technique. If you lack the necessary skills, it’s best to opt for a custom software solution that’ll meet your business needs. This is where companies like Devsu come in handy. They specialize in the creation of digital products for a range of industries. For the most part, they offer reliable services when concerning software outsourcing for integrated and managed teams. All in all, their services include custom software development, testing and quality assurance, digital product delivery strategy, artificial intelligence (AI), product design, and more.
3. How do I guard against cyber threats?
Most, if not all, businesses have some online presence these days. Altogether, these platforms offer easy access to a business’ information. But as much as they try to guard against threats, sometimes the bad guys succeed. A click of an icon is all it takes to thwart months or years of hard work.
With that in mind, companies like Monsterware can help. They offer a cybersecurity service that restores encrypted files and ensures that organizations don’t become subject to ransomware threats. Besides that, the company dabbles in data recovery, digital forensics, and incidence response. With 25 years under their belts, they’re a must-have for web-based companies. Simply visiting BizJudge.com will provide all the proof needed.
4. How do I manage my workload?
If you thought your nine-to-five job was daunting, then saddle up for the ride of your life as you start a new enterprise. You’re going to need a steady workflow to give your startup the momentum it needs to take off. Various applications can be used to help the workflow, like Slack, Asana, and Microsoft Teams. But why use just one when you can integrate them all into a single application? If you agree, one smart choice to make early on, is to use a collaboration or integration tool.
For example, with a Microsoft Teams Integration software like the one offered by Workboard, the in-office and distributed team members can align on key objectives through a simple chat function. The marriage of all applications into one, ensures that you gain access to useful time-crunching tools, security, and accountability. Some of the beneficiary organizations include IBM, Samsung, and TransAmerica.
5. When is the right time to launch a startup?
So, when is the best time to start a business? Is it when you have six figures savings? Or when the kids have all gone off to college? To be honest, there is no perfect time to get going, but there’ll always be an excuse not to start. Hence why it’s best to answer some of the following questions before venturing out;
- Is your business idea valuable? A business idea is good if the intended products or (services) fulfill a permanent, or at least, recurring need. Ideally, it helps a company gain a unique selling point and thus gain advantages in the market.
- Do you have the necessary specialist knowledge? The best business idea is useless if the correct specialist knowledge for the targeted industry is missing.
- Do you have the right skills to manage a business? The right skills typical of successful entrepreneurs are vital. This includes negotiating skills, eloquence, innovative thinking, tenacity, passion, commitment, reliability, customer sensitivity, friendliness and punctuality.
- Do you have a good network? A good network is necessary. Networking generates recommendations, connections and thus, orders.
- Are you good at timekeeping? You have to have your time management under control.
6. What are the biggest challenges to face?
For the most part, business challenges are industry-specific. However, there are general concerns that every entrepreneur has to deal with. First and foremost, lots of people idealize the notion of owning a business, but it’s no walk in the park. There is a lot of work involved, and commitment is a full-time job. In fact, there’ll be a checklist of processes that you need to overview and carry out on your own. So, make sure you’re ready to put in the time as a resource.
One other challenge to note of, is the inability to satisfy customers. Satisfied customers are the goal of every company. As a founder, you shouldn’t only satisfy your customers, but also inspire them. If customers become true fans, they’ll not only remain loyal, but also use word-of-mouth to advertise your business without an intervention from yourself. Also, remember; the services or products offered determines the market opportunities. But don’t fret; with the right knowledge and dedication, you’ll get it under control.
Other challenges include the lack of visibility, difficulty finding a good product/service, time management, and maintaining work-life balance. But, with good preparation and thorough planning, you can mitigate them all.
6. What is the biggest risk to face when launching a startup?
The biggest risk of any business is economic failure. This can never be completely eliminated, no matter how successful a business currently is. Almost every start up needs capital—whether from friends, relatives, business angels or crowd sourcing campaigns, funding is vital. However, investors want to be convinced before committing, and they can immediately notice whether a business idea or a start-up concept is right.
The truth is, without a well-founded business plan, open communication, persuasiveness and charisma, first-class arguments and a perfect presentation of your own business idea, the search for investors will be difficult. Also, a good risk-management strategy should be put in place in the startup phase.