Category: Starting Up

Article Contributed by Levi Henrikson

Every entrepreneur who has ever wanted to share an idea with the world sooner or later has to face the fact that they need a website. However, if you don’t know exactly what you need ahead of time you can easily be duped into paying far more money than you really need to.

In this article, I will discuss the most common mistakes solo entrepreneurs make when attempting to get online for the first time.

1. Not giving enough thought to the name

While a good name won’t automatically make you successful, a bad name could severely limit your ability to reach your market. For example, Google was originally called “Backrub.” Do you think Google would be the multi-billion dollar titan they are today if they had kept the same name?

If people can’t remember your name, then nobody will spread the word about you. The name should ideally be very short (e.g. 9 letters or less) and it should make intuitive sense to the public for what you are offering. Here is a helpful guide that explains the art of naming in more detail.

2. Choosing an unavailable domain name

It’s not enough to just come up with a good name. You need a name that also has an available domain name. You should try to get the “.com” domain if at all possible. This is what most people will attempt to type in when they hear your name.

The challenge of finding an available domain adds another layer of difficulty to the process, but the good news is that there are some very helpful tools that utilize the available domain name data to help you generate business name ideas. Two of my favorites are Bust a Name and Lean Domain Search.

Bust a Name allows you to enter in keywords that you might want in your name and it looks for available combinations of those keywords.

Lean Domain Search allows you to put in one keyword and spits back a long list of available domain names that contain that word.

3. Signing up for the first hosting company offer they see

Soon after you sign up for a domain name you will start seeing a lot of advertisements for hosting services when you are browsing the web:

These special offers might seem enticing, especially since you do need to get a hosting service and the offer may sound really good on the surface.

Ignore these offers. The hosting companies that are most heavily advertised are not necessarily the ones that are best suited for you. I suggest you read some reviews on the different options and choose the one that is best suited for your needs.

4. Paying thousands of dollars for web design

In the early days of the Internet, getting a website designed was a big project. Everything had to be built and customized from the ground up. The process took months and would typically several thousand dollars even just for a modest website. Thanks to WordPress and other do-it-yourself platforms these days are long gone.

Unfortunately (or fortunately for you), not everyone realizes how easy it is to get a website today. Many web designers will take advantage of this ignorance and propose a $3,000 website when really all you needed was a $37 WordPress theme to get started with a sleek-looking website.

There is still a place for custom web design, but it is not when you are just starting out. Skip the web designer for now. Instead, install WordPress and get a theme from a site like Thrive Themes or StudioPress. It will save you a lot of cash and a lot of headache.

Now that you’re aware of these common mistakes solo entrepreneurs make when trying to get online, you’re better equipped to move forward pursuing your dream without breaking the bank.

The key is to be proactive about finding what you need instead of just reacting to promotions and sales people. The hardest part is choosing a name, but after that it is not very difficult or expensive to get online.

Now get out there and start sharing your ideas with the world!

Article Contributed by Daniel S. Williams

Let’s face it – we live in a world often defined by the norms of many. We aspire to be others. Be the president of a major company. Be an all-star athlete. We rarely place enough value on our own ideas, our own paths. Similarly, we all too oftensettle instead of stretching for “reach” goals. The startup ecosystem is not exempt from such influences, often subject to the “us versus them” demarcation that our daily lives engender.

As part of the newly-minted Accelerate@Shea Accelerator program being cultivated by the Edmund Shea Center for Entrepreneurship of the Carroll School of Management, Mr. Alec Stern of Constant Contact and its InnoLoft (geared for entrepreneurs) helped kick off the start of this new concept for Boston College on January 20th: The growing community of entrepreneurs with ideas ripe to rise from infancy.

Formatted as a presentation featuring lessons geared towards helping startups take ideas and maximize growth potential, Alec discussed everything from customer loyalty to staying in your “channels” as a business. Outstanding customer service is one type of differentiator, it allows companies to rise in the ranks while notably doing something differently than their peers lacking the customer enlightenment.

As part of Xperii, a SaaS startup selected to participate in the Accelerate@Shea Accelerator, what resonated even more strongly through Alec’s talk was the ability to become overly engrossed in the wrong things. The facets of your business idea which should have little attention relative to others. It occurs to me that we frequently are seemingly engineered to press upon the bad – and pass over what is going well. Alec gave the practice of marking new customer sign-ups on a foam football field plastered on the office wall in the early stages of his company as an example, moving a Velcro football at intervals of new customers. Celebrating the “victories” as growth occurs in your venture is crucial; especially heeding the fact that much goes wrong, often.

The victories are not necessarily milestone achievements, not always major accomplishments outfitted for vast celebration. They can be the small ones too, perhaps the acquisition of a few loyal, hard-earned clients, maybe the landing of a partnership with a valued firm. In the startup universe, the entrepreneurial ecosystem often presents the unicorn images of Uber, of Twitter and others. What I mentioned in the opening lines of this post relate back to this notion of needing to be the next Uber, or the next Twitter. The exception startups which become landmarks of our society are definitely worth admiration and are owed their share of credit for the success. But what about the startups never quite reaching “cult” status?

It does not take a mega-startup to “surprise and delight” the customer, as Alec Stern would say. It does not take a strategy encompassing any and all customers in existence. What is takes is the commitment to how your venture uniquely fits into its own space – and carves its own path not yet solved, or solved well today. Sometimes we make inadvertent comparisons where we “wish we were a certain individual” or our idea will be the “next big thing” with seemingly limitless potential.

However, startups are never guaranteed to be a success. In fact, most fail. But, I think the most salient example of why sticking to you “lanes” as a startup is vital comes from another anecdote told by Alec during his presentation. It relates to the beginnings of his company and securing funding to grow when money was tight. Rather than accepting funds from a group wishing to shape the offering to its own needs and therefore changing the startup’s business plans altogether, they passed on the funding. They stuck to their vision. Ultimately today it was the right decision to have made judging by the major success and growth the company has accomplished.

What underpins the ability to walk away from secured funding, a sense of being able to make payroll at week’s end? For me, it is the desire to be different than the rest. We conform many times in our lives, be it in our style of thinking, our choice of organizations. In the community of startups, it is the uniqueness that sets ideas apart from the herd. Not fitting in can be the (pivotal) catalyst. Different is good. And it is never too early to be different, especially as a startup.

About the Author

Daniel S. Williams is a graduating Advanced-Standing Senior at Boston College in the Carroll School of Management majoring in Management, with a concentration in Finance. Daniel has previously worked at several firms and startups fostering client-interactions, handling taxes, banking and filing systems, as well as marketing initiatives. He has been a part of Xperii Corp. since inception and has served in advisory roles with other ventures.

Startups are always difficult, but with the right determination and hard work they can flourish into top companies. However, along the way other well-established companies might become interested in your business idea and may even offer to acquire your company. A case in scenario is the acquisition of Blue Coat by Bain Capital. Bain Capital had seen the potential of this company and that largely influenced the decision to acquire it. This is usually a difficult or confusing decision to make due to the many things one has to consider before either agreeing to the deal or rejecting it. Below are some of the pros and cons of being acquired that could also help an individual to reach a well-informed conclusion.

Pros

1 – Liquidity

When a startup business is acquired by a more established business or organization, the company acquired enjoys liquidity as well as adds value. This is due to the elimination of redundancies and overhead operation costs that the business used to bear in the past and which are now been taken care of by the parent company. The addition of value is partly due to the acquired business taking advantage of the well established distribution channels to leverage more of its services and products to a wider market. When a startup business is acquired it is able to experience a deeper market penetration due to the already laid out groundwork and marketing strategies of the parent company.

2 – Exposure

When your company is acquired by a bigger company, the acquired company (together with its employees) stand to be exposed to many new networks and influential people. The kind of exposure one will get is just immeasurable as you will find that most doors one considered locked will open with ease and thus open a new chapter on how you perceive things. The acquisition will lead to the creation of more networks which would mean more business.

Cons

1 – Control

When a company gets acquired, the founder of such a company will relinquish the powers of their own company into the hands of the parent company. Your startup business will no longer be yours and hence crucial decision making processes will no longer fall under your docket anymore. That means the execution model of the company you owned before will be taken up by the bigger company, thus leaving you with no control whatsoever as far as running the affairs of a company you nurtured since it was a day old.

2 – Expectation Mismatch

It goes without saying that the expectations of the acquirer will be very different from those of the acquired company. The acquired company’s owner had a dream of achieving certain objectives and had drawn its plan to achieve this feat. However, when the acquisition deal closes, it is then that the owner of the acquired company realizes that the plans of the acquirer are very different and opposite. This is a recipe for disaster as there will be some form of tension between the two parties and this could lead to friction. It is important to understand that some big companies acquire the startups in their industry in order to shore up the position they hold in the company or at times block competition. This is a clear example that the parent company cares less about your company thriving or not and this is the cause of the many fights witnessed between the acquirer and the acquired company.

3 – Vision

It is very hard to find that the parent company’s vision for the startup business goes in a perfect alignment. It is hard to find perfect ligament between these two companies as the acquired company no longer follows the ambition of the other and vice versa. The effect of this is general slowness in as far as efficiency is concerned and this could affect business due to the friction created.

Working full time for someone else can be difficult. You may have got annoying or undermining co-workers, impossible deadlines, low pay, long hours, and a lack of appreciation from your bosses or managers for what you do accomplish. You may feel like you are being micromanaged, and under constant supervision. As an employee it’s also hard to schedule needed appointments around a regular work schedule, or take days off if you’re sick, or just need a vacation!

Many employers are hesitant to implement flex-time policies (though proven to be a boon to business) and unlimited vacation days. If you are fortunate enough to be working for one of these employers, well, kudos to you! If not, then you may be one of hundreds of thousands of workers that daydreams about starting your own business so that you can have the flexibility to work at your own pace, wherever and whenever you want, and around your own family’s schedules.

Here are five business ideas to get the wheels churning and help you pick an entrepreneurial idea that is best suited to your unique skills and experience.

Get Creative!
If you enjoy handcrafting items instead and tackle the crowds at bazaars, craft fairs, and trunk shows, consider starting a new crafts-based business. You can search many online directories of local events to find opportunities near and far where you can showcase your goods.

Launch a new brand or business dealing in fine art and collectibles. If you enjoy decorating and collecting knick knacks, you can open shop as a creativity consultant or collect items for sale and use as an interior designer.

Follow Your Passion
Most of us have some hobby or outside work activity that we truly love to do. We have sports and volunteer projects that really make our heart sing and that we are happy to wake up to do in the mornings. It’s completely possible to turn these part-time passions and recreational loves into full-time businesses and careers.

Enjoy archery? Teach children all about it! Enjoy playing poker with your buddies on Friday nights? Set up a “game night” service. If you like hiking, hunting, or camping in your free time, for example, brainstorm ways to create a business that brings all your loves together, connects locals, or teaches the needed skills that others who are just starting out would be happy to learn.

Direct Sales of In-Demand Products
If you need to make a quick buck and are willing to purchase some stock inventory, consider setting up a shop in a high traffic area selling products that everyone needs. Fast moving consumer goods (FMCG) bought at wholesale and sold at just below retail will give you a competitive edge and net some fast cash. Set up a cart or kiosk in a high traffic area like a mall or street corner or design a direct sales program.

You can also sell online via your own website, or list items piecemeal on third company sites like Amazon and Ebay. Also keep a look out for other vending opportunities at local community events, schools, community centers, markets, and swap meets nearby.

Business to Businesses Services (B-to-B)
Brainstorm ways that you can add value to your knowledge and make it available to other businesses. Instead of focusing on consumers, break into the business service industry. What service or niche knowledge can offer your fellow business clients? The possibilities here are literally endless. You can offer a service that is tried and tested, like transcription, filing, or shredding services or you can come up with ideas that no one’s tried yet where you know there’s a need.

This is where your experience in at your day job will come in handy. Brainstorm services that you wish you had or wish your company provided to you that are directly related to your specific field – consider all the possibilities. You may hot upon the next “big thing” in business to business services!

If you want to work directly with companies as a consultant or freelance professional create profiles with online freelancing sites like Freelancer, or Upwork, to put yourself out there for potential business clients to see and hire.

Provide a Personal Service
Fill your client’s unmet needs in their day-to day lives. Personal services can include jobs like; dog walking; childcare; home organization; cooking and cleaning; personal shopping; nutrition or fitness coaching; or even tutoring.

If you’re good with budgets, accounting, or project management, also consider assisting people with developing new responsible spending plans, managing or consolidating their student debts, or giving them the tools they need to save for their own personal goals.

If you take some time to sit and write out all the ideas and possibilities you are sure to find a few that are in line with your unique skills and experiences – a job that you look forward to putting energy into – each and every day.