Setting Up a Small Business in 2018 – It’s Not All About How Much Money You Have

When you think of starting a business, the first thing that comes to mind is money/capital. Of course, you need money to start a business, even if it is very little considering the fact how easy it is to start a business in the digital age. However, there could be many other factors that affect a business in today’s digital economy-some you show serious concern to and some you don’t really pay attention to much.

Blockchain Is Affecting All Types of Businesses

One of the biggest concerns for today’s entrepreneurs before they start business is probably blockchain or crypto technology. The world is seeing the rise of crypto technology and how it is being integrated into the existing business ideas. A little more than a couple of years ago, you must have heard the term “bitcoin”. From bitcoin, people still believe that blockchain is all about digital currency i.e. money in the digital world. However, this is far from truth. Blockchain is expected to affect all types of businesses and industries in the world in the coming days.

It is a technology that redefines the security aspect of many businesses in 2018, introduced decentralization in modern business technologies and benefits the end consumers in multiple ways. For example, you could launch a gaming platform where no one needs the existing currencies. You could launch your own platform with your own money today. You don’t really have to start everything from the scratch; instead you could base your currency on the existing blockchain platforms like Ethereum. Through ICOs, you could have investors from around the world invest in your idea. So, blockchain is definitely a consideration for all businesses starting in 2018 and the coming years.

Physical Warehouses Are Not Necessary

A few years ago, only a certain types of business could be called truly online businesses. For businesses where products have to be stored for some time, a complete online presence was not the solution. Entrepreneurs who had such business ideas in mind had to have enough money to have their own warehouses. However, this has also changed quite a bit in the past couple of years. With the idea of drop shipping becoming common with time, it is becoming easier for businessmen to start their own businesses without much investment.

In a drop shipping model, all you have to do is collect orders from customers, forward those orders to the manufacturers or suppliers and have the goods shipped. You only act as a liaison in this particular model because it is the supplier that sends the products directly at the customers’ doorsteps. You will still need an online store with all the products listed for customers to see. However, you don’t need any warehouses because you don’t have to own, buy or store any products. The good thing is that this model now allows drop shippers to offer much more competitive rates so penetrating into the market is easier for them.

Big Data Is the Big Difference

Another technology that has been influencing business decisions and the way businesses operate is big data. While the term “big data” seems that you are referring to just large amounts of data but in reality, you are also referring to the methodologies and technologies that are in use to handle big data. You will be completely wrong to think that traditional software and hardware solutions can deal with big data in any way. Let’s take the example of a bank. A bank could have hundreds of branches located all around the country. In these hundreds of branches, the bank will have hundreds of thousands of customers.

The bank has account information of hundreds of thousands of these customers. In addition to that, the bank is constantly investing in stock and foreign markets, storing and utilizing that information. The same bank handles the data of all micro and macro loans it is forwarding to its customers. It is also storing information about customers through its mobile application to know what customers expect from the mobile website. On all of those hundreds of branches, the bank also has CCTV cameras collecting terabytes of footage on a daily basis.

Do you think all this data goes to waste? No, the data bank collected from banks is utilized in making bank branches securer. Data from mobile devices helps bank refine their mobile application. Data collected through financial softwares helps a bank improve its insurance, loan, mortgage, etc. offerings. It may seem on the surface that big data is a headache for big businesses only, but big data is just as important for small businesses as well. What this mean is that businesses starting in 2018 will have to have a big data approach right from day one.

Internet Security Is the Biggest Threat Now

It is unfortunate that rather than making the world a safer place, the new technology has led to greater internet threats. Cyber attacks are becoming more frequent with time, and much more sophisticated too. In the past few years, cyber attacks on some of the biggest companies of the world, including tech companies have proved that security has to be the major concern for every business-small, mid-scale or large. If you think starting a new business or having a small business gives you any advantage over large ones.

As a matter of fact, it’s the small businesses that are at a higher risk when they are under any type of cyber attack. This is because large businesses have the technologies and capital to fight the attack, recover and get back on their feet again. On the other hand, small businesses usually don’t have any of that.

Final Thoughts

The challenges for any small businesses in 2018 are much bigger and technology-related than they have ever been in the past. The need of the time for small business owners in 2018 is to say goodbye to the traditional thinking and embrace new technologies to be successful. They must also remember that in the modern age and coming years, every business is (like) a tech business to some extent due to its dependence on technology to collect customer data, create marketing campaigns and secure customer information.

New Small Business Ideas – 5 Methods For Guaranteed Explosive Growth

Today, we are going to discuss a few new business concepts that will grow your business massively. We will uncover why marketing, especially internet marketing, is the marketing method of choice for home based businesses. We will also unearth why off-line marketing alone takes too much effort, time and money. No doubt about it, off line marketing is expensive, E.g. leads, printed brochures, and telemarketing to name a few. All of that, only to have your customers end up down the street at Jo’s or even worst Wally-World.

However, There IS a better way. There is a new business system designed for the small business owner. The new system consist of incorporating an Email Marketing campaign to your advertising arsenal.

Did you know that email-marketing is one of the most cost effective and powerful tools at your disposal when it comes to profiting and promoting your new business? Its easier to start than you think, and will allow you to place the majority of your sales efforts on autopilot.

Success in any business, and especially a home business depends on a reliable marketing system. The old school way of running a business, using high- end advertising mediums, is a broken, incomplete system.

Just remember, everything you do off-line can be done on-line with email marketing. Not only that, but everything you do off-line over and over again can be automated .

Here is why we call email-marketing the most revolutionary small business marketing system of the 21st century: Email-marketing allows a business owner to:

  1. Automatically educate potential customers about upgrades, commission structure and sales promotions
  2. Easily educate potential customers about their order deliveries Build trust and credibility, with improved conversions over time.
  3. Eliminates the sales pitch.
  4. Effortlessly expands your business world wide.
  5. Introduce new products and services to your existing list.

Bonus: Place your business on automatic via… an auto responder. What is an Auto Responder? It’s a service that automatically sends messages out to your email list. It is a software made for busy people, you can pre- schedule written messages to send to your data base years in advance. An auto responder is a critical component for those looking for new small business ideas to help advance their businesses.

The Importance of Small Business Networking Online

Getting involved in small business networking is not something most internet entrepreneurs typically consider! The reason being is many people feel that as an entrepreneur you must learn to ‘go it alone’ but this perception is flawed! The fact is that you can actually grow your business much faster and with less effort by sharing and combining your ideas and efforts!

If your intentions are to earn an income online there is no better way than by networking with like minded individuals!

Traffic

By involving yourself with other internet entrepreneurs you also open the door to joint ventures from which both you and others can benefit! Traffic sharing is a perfect example as to how businesses can come together and ‘combine’ their resources to accelerate their growth! This is especially valuable to most who work online since in the majority of cases people will be working alone therefore increasing work efficiency is important!

Exchange Ideas

Simply having others with whom you can share ideas and discuss common problems is a vitally important component when trying to build businesses! The fresh perspectives that others can present helps to open the doors to new possibilities while solving old problems! There is a saying ‘two heads are better than one’ and never is this more true then when trying to earn an income online! Internet entrepreneurs are constantly challenged by the ongoing changes this dynamic environment offers and networking tends to make these changes easier to manage!

Increase Exposure

Where having one business contact is good having many is even better and not only for support and ideas! The more you increase your exposure online the greater the consumer awareness becomes of the business your are building! Having this exposure helps you to grow your business that much faster since without traffic you have no customers. Most internet entrepreneurs can and do appreciate the effectiveness and ease this type of viral campaign can offer when trying to earn an income online!

Getting involved in small business networking is not something most internet entrepreneurs may recognize as important to their efforts! The mindset of the typical online entrepreneur is that they must ‘go it alone’ in order to earn an income but this is NOT true! The 3 reasons you’ll want to consider networking with like-minded others are discussed above and are very compelling and hard to ignore! Always keep in mind as you grow your business online that even as an ‘independent business person’ a network can save you legwork, needless expense or even additional effort!