Author: Pamela Swift

Categories
Starting Up

10 most common situations which will push you to quit your startup dream and how to overcome them?

Article Contributed by Bella Williams

Launching a high-growth business can be a rollercoaster ride. CEOs experience tremendous pressure to put up a strong face when things are falling apart. Startups can fail because of different reasons but you have to learn how to overcome these to move on and get back on your feet. Some common triggers for a startup failure have been discussed below and you need to learn how to get past these.

10 situations that can destroy your startup dream:

  1. Solo Founder: The very fact that there is only one person at the helm of affairs suggests that he was unable to convince others to get on board with him. This indirectly implies that even his friends were not convinced about this decision. It may however be true that founding the company was a great decision in hindsight and his friends may have been wrong in thinking otherwise. Even if that were the case, the CEO is at a disadvantage because handling a startup independently is a huge task. To overcome this, you need to reach out to people you can brainstorm ideas with. You need cofounders to share your views and concerns and for encouraging you when things go wrong.
  2. Copying Ideas: Most startups are founded on the basis of ideas which may have worked for some other startups. The successful ones have always been founded to find solutions to unresolved problems identified by the entrepreneurs. The best way to ensure success for your startup is to look for a solution to a problem which affects you on a personal level. For instance, Google came about since Sergey and Larry could not locate things online. So, instead of blindly copying another business and introducing minor modifications to it, you should look in other directions.
  3. Faulty Location: Another reason why startups are found to fail is because they have been set up in places where business prospects are poor. You will find startups succeeding in some regions more than in others. There may be many factors for this. It could be that the region produces more experience and technically-sound people or that people are more open to supporting new ventures. The staff that you are looking to hire is easily available there and you get supports from other ancillary industries.
  4. Limited Reach: A common reason why a startup may not be able to take off is because you are only targeting a limited audience for the fear of competition. When you decide to go for marginal projects you are taking the safer route to avoid competition. If you produce something that is really good, you are bound to have competition, and that is healthy. The tendency to move away from bigger problems is inherent; your subconscious stops you from visualizing bigger ideas. The best way to overcome this problem is to start thinking of projects without involving oneself.
  5. Stubbornness: At times, obstinacy may come in the way of a startup success. In some industries, the only way you can be successful is to stay determined and focused, notwithstanding the many challenges that come your way. This grit is fine when you are seeking solutions to a problem which is already defined. But a startup is a different ball game and you are expected to follow the trail regardless of the direction it is headed for. This means that it is naïve to stick to the original plan; the plan may be flawed and you may have to improvise as you go.
  6. Incompetent Staff: At times the programmers may be the reason for failure and your decision to quit. Many of the earlier ecommerce companies for instance had been founded by businessmen who believed startups would work by hiring programmers. However, identifying a good programmer is something that you cannot learn as an entrepreneur. This choice remains a grey area even today and you just have to rely on your gut instinct. Watch https://www.youtube.com/watch?v=KuNQgln6TL0
  7. Incorrect Platform: Selecting the wrong platform can get your business in trouble. Platform can refer to the operating system or programming languages or the framework based upon a language. In the 90s, Windows sounded the death knell for many startups with introduction of Java applets. To get the right platform, you need to consult quality programmers.
  8. Slow Launch: Startups often fail because their launch is unreasonably delayed. At times, the software is almost complete but the launch does not happen. It is important to push for this because the truth is, nothing finishes till the time is gets released. Unless you bounce the idea off customers, you cannot completely understand it. When you delay this, you fail to gauge the problems; you are afraid of user reactions. In an attempt to become perfect, you end up working on multiple things and delaying them all.
  9. Fewer Funds: Startups will not work if there is too less money for takeoff. Almost all startups are not profitable right from the start but they should have some money left to sustain them before they actually shut down. You must take enough funds from your investors to be able to proceed to the next step. On the other hand, when you use up too much money, your fund channels will soon dry up.
  10. Sacrificing User Needs: Very few startups can actually offer something that the user needs. It is easier to focus on making more profits. So, you should ideally keep the business models for later. You need to put user needs first and then think about how to generate revenue from it.

Author Bio:

As an academic researcher & private tutor, Bella Williams guides the new age professionals and students with their career. A graduate from Monash University, Bella organizes free coaching workshops and promotes free sharing of knowledge. She is also on LinkedIn.

Categories
Starting Up

What Every New Small Business Needs to Do Before Opening Its Doors

You have worked hard at forming a new small company, and it is time to get it off the ground. You are proud of the final outcome and can’t wait to show off your efforts to the world. Before opening it for business, be sure you have integrated the following into your plans to ensure a bright and successful future for your new enterprise:

Budget for Advertising

You want everyone to know about your new venture, so it is very important to set aside funds for advertising. The type of advertising utilized will depend on the general makeup of your business. It could be print, radio, television, or billboard advertising or a combination of any of these. Realize that advertising is not cheap, but it is vital to the overall volume and ultimate success of your product or service. Hire a company that has a solid reputation and produces a quality product for the optimum in advertising your business’s positive attributes.

Hold a Grand Opening

One of the most enjoyable aspects of starting a new business is the grand opening day festivities. Plan and advertise this event in advance so you are well-prepared for the onslaught of potential customers. Do not procrastinate and then realize that you will not be ready on the projected date. This will make your company look unreliable and disorganized. Provide food, beverages, and entertainment for your prospective clients. To be successful, it is important to look successful before you even begin making a profit.

Check Your Insurance Coverage

Never open a business without effective insurance coverage. A fire, an accident, or natural disaster could close your doors before they are even fully open. Seek out a reputable agent who is familiar with the needs of small businesses and ask for advice on effective coverage for your place of business. If your company is very unique, you may wish to use a company that provides specialty insurance that covers the unique assets of your particular venue. If you run a spa for example, then you might want to consider getting a specialized medispa insurance policy. There is insurance for pretty much every type of business out there. All you have to do is look for it.

Continue Marketing Your Business

Ongoing marketing is essential for your ultimate business success. You must do everything in your power to ensure that your business will withstand the tests of competition, current trends, and the ebbs and flows of customer demand. Maintain a website with high SEO content, so prospective customers can find your site quickly and easily.

Planning for the ultimate success of your new business from day one is vital. Presenting a well-prepared, quality image and beginning with a solid and reliable reputation is of utmost importance to the ongoing flow of clients and customers.

Categories
Sales & Marketing

Different Types of Brochures

Brochures are one of the most commonly used materials of various businesses to advertise or market their products to potential clients aside from pull up banners and roller banners. There are different types of brochures available. It’s important that companies are aware of these and that they understand their functions to ensure that they serve their purpose. Here are six of the most popular types of brochures to use in your business.

  1. Respond to Queries

This type of brochure is used for potential customers who already know about your business. They may have learned about it through a marketing campaign, advertisement, social media, etc. These people already know about your company and they are interested in the products or services that you offer. The content of respond to queries brochures must talk about all the reasons or facts that would encourage people to do business with you. This is where all your sales strategy must be included.

  1. Leave Behinds

If you have a personal meeting with prospective customers, this is the type of brochure that you will give them, as the term suggests. Since you most probably already explained to them everything they need to know about your business and what you offer, the brochure must contain a summary of what you have explained. Include information or details that may be hard to remember so they have a reference. This is also where you can add a comparison between you and other competitors to show why they should choose you.

  1. Handouts

If you don’t have a physical place where people can get your brochures or you are giving it to people who you didn’t have a meeting with, this type of brochure is one of your options. Handouts must catch the attention of people and they should be inviting enough to make people read them from cover to cover, thus making them know about you. Everything should be well thought out, from the images and text to the paper to use for the brochure printing. The quality of the paper and ink used for brochure printing must stand out. The same is true when printing other marketing materials like leaflet printing, flyer printing, and business card printing.

  1. Sales Support Tool

Sales people use this brochure as a support when making their pitch. Key elements that correspond with what the sales person is explaining are included in this brochure. It doesn’t have to be detailed or too complex, as the sales person will talk about the information that needs to be given to the customers. This brochure will serve as a guide for them to make it easier to follow what the sales person is discussing.

  1. Direct Mail

Like handouts, the people to whom you will be sending this brochure do not have the initial interest in getting your products or services. These are called cold prospects. Instead of handing them out personally, this brochure is sent via direct mail. The content and presentation must also be carefully thought out, to make the recipient feel interested in reading what’s inside and learning what you have to offer.

  1. Point of Sale

This type of brochure is placed somewhere that can be easily spotted by people. These brochures are common in banks, and various commercial establishments. They give a preview of the products or services offered by the company but they do not contain all the information. Potential clients will then get more information from the company’s representatives or customer support to learn more about their business.

These are the most common types of brochures used in businesses. Determine which of them best fits the purpose in your own case – to ensure that you will benefit from it.

Categories
Sales & Marketing

4 Superb Ideas for Amazing Pop Up Banners

Pop up banners are extremely useful when it comes to advertising. Potential buyers can come forward and have a closer look at information about your company and products. If the information presented in the banner is not enough, they can call the company or visit the website, if the contact details are also presented in the banner.

Writing information on a banner is not enough. It has to stand out. When placed next to the banners made by other companies, people have to make a choice. They won’t have enough time to look at every single available banner. Therefore, a banner that stands out right from the get go will most likely get more attention.

  1. Banner size

Choosing a size that is different from traditional orientations will provide a surprise. It will be noticed easily, and people will be curious about what is written on it. A slightly bigger banner or one that has a unique shape will surely catch attention.

  1. Have a call to action

The goal is, that after seeing the banner, people will be tempted to call the company for more information, or visit the website. Therefore, it helps to have a call to action on the banner. The most often used phrase is “Call us”. Avoid using it since people will most likely feel bored with it. Be original. Play with words.

  1. Colour choice

Whether you are using pull up banners or pop up banners, colour plays an important role. Using too many colours is not a good idea since it can be very distracting. Focus on the message. If anything, the colour has to highlight the message and not distract people’s attention.

  1. Animation

This might be an extra expense, but it could be worth it. You might have seen banners where there is fake confetti falling. Others have moving characters that are totally inviting. If used the right way, animation could be the oomph factor that you are looking for to convince more people to buy your products.

It takes time to think about the content of Pop up Banners. It is important that you come up with something interesting. Competition in advertising is a lot tougher these days, so try to be creative when using a pop up banner or roller banner, or people will find it boring.

The goal is to at least get their attention and let them know more about your company. Once they understand your brand, it will be easier to retain their loyalty, encourage them to purchase your products or services, and build strong and long-lasting customer relationships which are mutually beneficial.

Categories
Finance & Capital

Launching a Mortgage Lending Firm? Heed this InfoSec Advice

In the past, the mortgage lending industry was essentially controlled by a small number of banks and financial institutions with very, very deep pockets and friends in high places. However, these days — and ironically, thanks to the Great Recession — the mortgage lending marketplace is much broader, and barriers to entry and far smaller. You no longer need to have tens of millions of dollars in working capital to get in the game. As long as you have a valid mortgage license (and each state has its own requirements) and a business structure in which to legally operate (e.g. LLC, S Corp, etc.) then you’re ready to start helping individuals and businesses bridge the funding gap for the property the want. Well, actually — not quite!

Multiple InfoSec Obligations 

Yes, you’re headed in the right direction. But before you start serving clients and building your reputation for excellent, it’s important to ensure that you have all of your information security (InfoSec) boxes ticked; and there are more today than ever before. Here are some of the key obligations that need to be part of your firm now and into the future:

  • Complying with all prevailing regulations and laws that relate to InfoSec practices and policies, including (but not limited to) the Dodd-Frank Act, the Federal Truth in Lending Act, The Federal Housing Finance Regulatory Act, the Hope for Homeowners Act, and more.
  • Using enterprise-grade network and end point (e.g. desktop, laptop, tablet and smartphone) security — including corporate-supplied devices (“COPE”) and employee-supplied devices (“BYOD”).
  • Securing all confidential data at-rest and in-motion, including corporate-owned and controlled digital properties (e.g. websites, apps, etc.).
  • Ensuring that all third parties (e.g. contractors, consultants, etc.) have appropriate security controls in place.
  • Having a plan in place to deal with potential or real cyber security breaches, such as malware attacks, viruses, Trojans, ransomware, and so on.
  • Training staff on properly storing and sharing data.
  • Implementing a robust social media compliance
  • Creating an asset inventory of all hardware and software.
  • Having an appropriate disaster recovery process in place.

The Bottom Line 

The residential and commercial mortgage marketplace is growing, which is good news for entrepreneurs like you who want to apply your knowledge to help individuals and businesses bridge the real estate funding gap. However, it’s essential that you comply with all InfoSec requirements and expectations, including those that are not necessarily part of regulations or laws, but are nevertheless industry best practices. Otherwise, you could end up with lasting reputation damage that might ground your fledgling mortgage lending firm before it has a chance to really take off — and achieve its potential to be a lucrative, long-term success!