Make your Startup believable with these 3 simple steps

Startup businesses in particular are usually faced with speculation and doubt in the early stages of business by those who wonder if their business is real.  Although, you may be the only employee in your company right now, it is still important to take all the right steps as if you were a large organization.  Not only will these actions allow other business people to take you seriously, it will also allow you to access funding, land big contracts and increase visibility for your business.

The following are three simple steps that all startup businesses must take to make their business believable:

1.     Registration & Formalization – In any jurisdiction there are laws relating to how businesses must operate.  Whether you choose to operate as a Sole Proprietor or Limited Liability Company, it is important to register with the government-mandated institution in that country.  Formalizing your business also means paying the relevant taxes, fees and licenses.  This will allow your business the same access and opportunities of your larger counterparts.  In my local jurisdiction, no unregistered business can access government contracts… and remember, the government of any country is usually the largest employer.

Image borrowed from DealDey

2.     Get an official street address & (virtual) office space – These two actions are critical to making your business believable.  The use of virtual office spaces has increased significantly as it gives entrepreneurs, in particular startups, an official space to use for meetings, receiving telephone calls as well as official business mails.  Virtual office spaces also offer additional services with dedicated telephone lines for your business as well as a professional to answer the phone and take messages.

3.     Get professionally done collateral material – Your business card, company brochure and catalogue, and all the other printed/online material that represents your business must be professionally designed.  These items must define your business precisely, with a clear and attractive message.  At the startup stage, businesses have a unique opportunity to define their business, outline the solutions that they provide and who they provide it to … this information must inform how company materials are designed.  Importantly, the presence of this type of material in a new business legitimizes the business in the minds of potential partners and investors and tells them that you are serious about business.

Another area that may be considered in the later stage of startup is the incorporation of a business website.  Your business’s website gives customers, potential business partners, investors and other stakeholders 24 hour access to your business.

These steps will also make marketing your startup easier.  Because there is no uncertainty about the type of business, the product or service it provides, its location and capabilities; you are now able to craft a marketing programme that attracts your targeted customer group.

Five Viable Professional Businesses to start in 2017

Entrepreneurship continues to be a viable source of income and independence for many individuals, families and the business oriented.  Sometimes though, graduates from prestigious universities and colleges tend to wait around to land the ideal job.  In 2017 as in the more recent past, graduates are encouraged to embrace the philosophy which says ‘if opportunity does not knock, build a door’… In other words, don’t wait for that coveted job, create your own.

Though entrepreneurship is challenging, the possibilities when an individual calls his own shots is endless.  Entrepreneurship provides the opportunity to establish a business which could carry through your generation, increase your personal income and provide employment for others.

Look, you are already well trained in your area of expertise, so here are five creative ways to use what you already have to become self-sufficient.  

1.     Small loans – These days money seems never to be enough.  If you want to put your money to work for you, starting a small loans business is a great option.  The truth is that disposable income among individuals is limited and small and startup businesses sometimes require a cash flow support to complete an order or ensure that products get to the market on time.  Offering affordable loans with convenient payment options can attract a steady stream of customers.  Ensure however that precautions are put in place for repayment of the loans.  For personal loans salary deduction is always the surest option while for businesses, it is recommended to hold some collateral on the business, whether it is inventory or the title on a piece of equipment of equal value.

2.     Tech-based – Any technology based business is a viable business.  Both hardware (computer engineering) and software (graphic design, animation or social media management) are in-demand services, particularly for small and startup businesses.  Prior training and/or experience as well as fast-speed internet connection and a computer are required for software, while the requisite tools are required for repairing the machines.  Marketing is also relatively easy and inexpensive.  Networking is best way to connect with people who need these services.  Ensure that you have professionally designed business cards and flyer detailing your services which can be distributed to potential clients both on and offline.

3.     Counseling Services – With so many traumatic events occurring in today’s world, the services of Therapeutic Counselors and Psychologists have become increasingly important.  Though starting this type of business requires extensive schooling and training, it is extremely profitable.  If you are already trained, don’t sit around waiting for a job; make your own… start even in a room at home. 

4.     Fitness & Health Consultant – Most individuals are now seeking a healthier lifestyle.  Exercise and healthy eating has become more than talk, it’s now a way of life.  This therefore means that persons trained in fitness or as nutritionists can now market themselves as a brand.  In my own locale (Jamaica) several fitness and nutrition entrepreneurs have emerged as a result of the latest health studies which have shown that heart disease and diabetes are the leading causes of death in the country.  These entrepreneurs in most instances have no office space (therefore no overheads) and have also earned endorsements from leading health companies in Jamaica.  Marketing this type of business is also relatively easy.  Recording and sharing daily videos of workouts and meal guides will increase the business’s visibility and attract business recognition and additional customers.

5.     Financial Advisor – And we end where we started, just on the other end.  With decreasing disposable income, most individuals now require some type of guidance to better manage their finances.  As a Financial Advisor, you have the unique opportunity to make people feel better about their money decisions because whether you believe it or not, financial security means a lot to an individual.  The Financial Advisor is also able to provide support throughout the individuals’ life, whether it is saving for the big home purchase or retirement planning. 

Businesses in these areas have one common feature; they have the potential to be profitable now as well as in the future.

Why Digital business transformation is important: NOW!

Businesses operating in the digital age have one of two options: sink or swim.  In order to thrive in today’s business world, digital transformation is a necessary step that must be taken in order for businesses to continuously evolve, grow, provide positive customer experiences and increase business efficiency. 

Google defines the digital transformation of business as “an acceleration in the conversion of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact across society in a strategic and prioritized way.”

Simply put:  businesses operating today must use available technology to change the way they operate in order to improve efficiency, enhance customer value and empower employees.

Globally, it would seem that businesses have embraced digital technologies. The use of social media platforms, mobile technology, cloud-based solutions and the continuously evolving ‘App’ generation are just some of the digital solutions used by many global companies.  But digital transformation are enabling many global companies to use the available solutions to capitalize on shifts in economic activity by not just focusing on existing markets but through international co-ordination within its global companies, identify new ways to flourish in faster growing markets.

Consumers are also changing at a rapid rate.  They are now more tech-savvy, more digitally connected and more discerning in their tastes and preferences. 

Technological advancements dictate how consumers tackle what were previously considered as life’s simple tasks.  Tasks such as shopping, communicating and even meeting up with friends take on new meaning with the digital age.  Businesses that offer the types of interactions previously mentioned must have tech-driven operations that include ecommerce, Voice over Internet protocol (VOIP) and virtual meeting capabilities.

Likewise businesses must take the necessary steps to improve their business efficiency by using the right digital tools.  The right digital tools streamline the business’s operations and improve decision making capabilities, thereby driving revenue in the right direction.

Digital businesses:

1.       Deliver greater customer value – Businesses with a digital base have the capacity to be in constant contact with its customers.  That is something that a traditional, brick and mortar only business cannot boast.  These businesses can also track customer preferences through surveys, questionnaires and feedback forms as well as by carefully their purchasing preferences and habits. 

2.       Empowers its employees – Decision making is paramount to effective business operations, and employees who have the necessary tools to do their jobs will not only be more productive and proficient but will also be more empowered as they are able to be in continuous contact with both their peers and management in order to effect the changes necessary to benefit both the business and the customers.

3.     Improves the business’s bottom line -  In business, the bottom line refers to revenues and profits but imagine operating a business in which all the stars align; increased market share, positive impact on employee morale, increased customer engagement, increased web and mobile traffic and increased customer revenues.

The future of business in the digital age seems bright but it is important for businesses to know that technology alone does not bring real digital transformation; instead, real digital transformation begins with process innovation.   This means that infrastructure alone will not suffice in this new age.  Both customers and competitors are more aggressive when it comes to getting a true customer experience; and outdoing the competition in providing that true customer experience.