Business start up is exciting but it can take long stressful phase and tight budgets to make it run smoothly. Funding is the key factor where one should identify the type of funding. Funds can come through angel funding, venture capital or it can be self funded. It can be a small organization, or a part of a larger business, or a new one with innovative concepts having a global view. The growth plan and limitations should be identified by the company.
Earlier in 1990s, internet was growing. It was the phase of dot com boom, while, search engines were in developmental phase. Many companies were starting up and growing. The concept of internet based marketing was in preliminary phase. These days technology offers a number of features, which can easily replace the traditional office set up.
The new start ups are renting out individual or collection of desks and have separate office spaces with shared meeting areas and kitchens. These new offices are collaborative and share resources.
Reduce expenditure on workforce
There has been a rise in people adopting gig economy or self employment, of whom many are entrepreneurs, shifting the trends of employment. Recession led to loss of jobs and many failed to get back the desired job to meet their ends. The society is changing where there are predictions that in next 10 years; more than one-third of workforce will constitute freelancers.
Start ups can reduce expense on workforce by adopting alternative strategies. Many business start ups are benefiting from such changes. They are collaborating with service providers and outsourcing jobs such as IT, graphic design, content management, editing, event management, social media management and other activities to make better use of the technologically advanced assistance.
Business plan and strategies
A sensible idea and a business plan are necessary. Companies need to offer solid ideas and be a problem solver to grow. The plans should be to scrutinize the mission, biographies of key employees, market research, competitiveness, financial requirement, and legal / regulatory aspects. AirBnb, Facebook and Uber were great start ups, mainly, due to the ground-breaking ideas. Recently, the creator of WWW Tim Berners-Lee launched ‘Inrupt’, which allows users to access decentralised internet, where the user data will not be stored by the service provider such as in Facebook and Twitter. The users will be putting their data on cloud in personal locations rather than on centralised servers.
Surveys and research work can help to provide information about the preferences and requirements of the targeted class of users. Online presence and visibility, compatibility to various platforms and user screens are necessary features required by business websites.
People who want to start a business should have experience, or they can take help from experts in the market. Strategies should be made to identify the risks. One should not get attracted to get rich quick schemes. Some common strategies may not work for all – E.g. It is assumed low price allows the businesses to grow but the companies offering low price are the biggest buyers such as Wal – Mart, Costco, Target etc. These companies buy each day to sell the best.
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