Do Research and Re-search!

First, you need to conduct a market study to determine if your business will succeed in the area or not. It is crucial when building a business to conduct market research in order to ensure success and eliminate risks. You need to choose a reliable location to start your business after you have chosen the right region.

The first step in leading your company to success is to conduct market research and competitor analysis. Market research is crucial for writing an optimized business plan. During market research, you have a chance to understand customer demands, the popular foods in the region, and the strategies your competitors are using at the moment.

Write Your Business Plan

A good business plan outlines all your objectives and plans along with the methods to reach them. A business plan is a crucial part of establishing profitable businesses that make sense. The majority of investors look at your business plan and read it carefully in order to spot the differences and competitive advantages you offer over other businesses.

A well-defined plan explains your business in a few parts and usually starts with the executive summary section. You could describe your company then in the second section and then go for clearing up your business objectives and goals in the 3rd section. Your audiences like to read about the list of products and services in the business plan and you need to explain the marketing and sales plan in the document.

A detailed plan helps you understand where your business is and what efforts are needed to improve products and services.

Calculate the Required Costs and Get Funding

To start a business, you need to spend some money on covering essential costs and preparing the equipment needed. Equipment costs can take anywhere from $10,000 to $100,000 depending on the size of your business. Other costs include employee recruitment expenses, taxes, incorporation costs, and technology costs that may vary according to the type of your business.

All in all, it does take up to $100,000 to start a food delivery startup, including all expenses required for employees, equipment, and marketing.

Register Your Business and Apply for Licenses

After planning for funding and calculating necessary costs, it’s time to register your business name and structure legally. Protecting your brand means you are on your path to success and you can now apply for licenses with peace of mind. You will need to get food delivery licenses depending on the type of the food delivery business and the region you’re performing the job in.
Obtaining the licenses such as the food-vending license means you can operate legally. A general business license will be needed that you can apply for and get within a few weeks.

Establish Your Business

Starting a food delivery business can be daunting. But, there is no doubt to inaugurate the food delivery business if you have a good plan. Human resources could take some time at first, but there are many professionals you can hire if you have a persistent mindset and a good human resource plan.

Hiring the best employees depends on your strategy and it’s a matter of time in many cases. You will need to define the required job positions, job descriptions, and salaries so there are many recruitment websites to post your job opening.

Starting work in the delivery region is an opportunity to gain hands-on experience and resolve challenges along the way. After establishing your business, you will know how many drivers and vehicles are needed to provide on-time services.

Monitor the Results

There is always a need to monitor the results and optimize processes. Monitoring the results and checking daily or weekly reports help you restructure the daily workflow if needed. Optimization is the key to providing the best services for customers. You have to scrutinize the results if you want to be ahead of the curve.

By monitoring and optimizing, you can deliver a good service so that you are able to get more customers and retain your current customers.

What About Marketing Plans

A marketing plan integrated with modern approaches gives you a hand to increase sales and improve customer loyalty. A marketing plan may have different parts that lay out which marketing efforts could provide more customers.

You may need to get started with small marketing steps after establishing your food delivery business. But, there is a wide range of marketing practices and channels available, including website marketing, paid ads, and social media ads after a few months of business establishment.

Is Food Delivery Business Worth the Time and Effort?

A food delivery business is one of the most profitable business models, but you need to choose the right location and deliver high-quality services. Starting a food delivery business costs less than $50,000 for a small-sized business and there is a good opportunity as orders are growing over time. Customers are always willing to have healthy foods delivered with instant and online ordering systems.

Quality is an essential metric, but delivery time is also crucial. You will need to make use of mobile technologies and applications to offer on-time food delivery, helping your customers get their favourite dishes in a few minutes.

Wrap Up

Starting a food delivery business does not cost much money, so you can establish your brand by taking a few steps. Market research and cost calculations are the most important points to achieving a successful and profitable food delivery business. It always takes time to improve your services and give customers convenience for ordering fast delivery foods.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post How to Start a Food Delivery Business in 7 Steps appeared first on OpenBusinessCouncil Directory.

Every business will be different and there is no one-size-fits-all solution, but there may be some things you can do to lighten the load. Ian Walters, Managing Director – Distribution, at Metro Bank, offers tips on handling cost increases.
1. Be transparent: People may be expecting prices to rise; it won’t be a surprise to many customers. Communicate on social media channels; write on a blackboard in-store; personalise point of sale, but be really clear and transparent about the changes you are making and why you have to make them.

2. Be honest and trade on loyalty: Loyalty is bred through the relationships you’ve created, so nurture the trust that comes with it. Be honest about the challenges you are facing and try to counter with a loyalty bonus if possible.

3. Quality: Be careful not to compromise your USPs by cutting costs in the wrong places.  For example, depending on the type of business, you might be able to consider creating smaller products at the same standard, rather than compromising on quality.  Maintaining expectations of service and standards will reap rewards.

4. Seek help: Do not lie awake worrying. There is help and guidance available.   We also have business managers available in our stores and customer service staff available seven days a week; so, don’t lie there fretting at 3 am. Come into the store and see your local business manager for a chat.

Ian Walters commented:

“At Metro Bank, we specialise in nurturing small businesses and providing tailored support. We recognise this is a time when flexibility is needed to help our customers navigate the current climate. Straight-talking, easy banking has never been more important. Dedicated Local Business Managers are on hand within our communities to help our customers wherever they can.”

About Metro Bank

Metro Bank services 2.6 million customer accounts and is celebrated for its exceptional customer experience. It is the highest-rated high street bank for overall service quality and the best bank for service in-store for personal customers, in the Competition and Market Authority’s Service Quality Survey in August 2022.

This year it has been awarded “Best Mortgage Provider of the Year” in 2022 MoneyAge Mortgage Awards, “Best Business Credit Card” in 2022 Moneynet Personal Finance Awards and “Best Current Account for Overseas Use” by Forbes 2022. It was “Banking Brand of The Year” at the Moneynet Personal Finance Awards 2021 and received the Gold Award in the Armed Forces Covenant’s Employer Recognition Scheme 2021.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post SMEs And The Price Rise Conundrum: Metro Bank Offers Guidance For Small Businesses appeared first on OpenBusinessCouncil Directory.

Nearly a quarter of all UK tech companies are reaching Series C or exit

23% of UK tech firms are reaching Series C or exiting; major milestones of success in a tech company’s journey.

In total, 0.4% of the UK’s tech companies have undergone an IPO over the last decade. This equates to 54 IPOs over the last 10 years (with 37 of these taking place in 2021), with companies collectively raising £3.22bn to date.

There have also been a significant number of acquisitions over the same period – over 1,200 in the last 10 years – with companies cumulatively valued at £12.5bn.

Over the last decade, the number of IPOs has increased from 4 in 2013 to 17 in 2021.

15% of IPOs and 13% of acquisitions have taken place in the fintech sector

The majority of these IPOs have taken place for companies in the fintech sector over the last decade; confirming fintech as one of the UK’s strongest tech sectors. In addition, digital security and fintech share the top spot for sector acquisitions over the last decade, at 13% of all acquired companies apiece.

Deliveroo, The Hut Group, and Funding Circle top the charts for IPO volume, collectively raising £1.91bn.

Emerging tech companies need our support

It is encouraging that more tech companies than ever are achieving high-quality liquidity events – particularly in sectors such as fintech and cyber, which are helping contribute to the UK’s status as a global tech and science powerhouse.

However, we cannot ignore that an even greater percentage (50%) of tech companies – particularly those focussing on developing emerging technologies – are not scaling.

If these seed and pre-seed tech firms are to grow into the scaling engines of the UK economy, the supply of capital that sustains their early growth must be prioritised, or the UK runs the risk of stifling future stars of the global tech stage. Across the entire startup ecosystem, renewed emphasis must be placed on access to early-stage funding. But this need is especially true for deep tech startups – working on cutting-edge technologies like AI and quantum computing, which fuel UK impact tech – and can require longer periods of intensive innovation at the outset of their scaling journey.

If the tech sector is to succeed long-term in boosting the UK economy, employment and solving complex societal and environmental challenges, the tech sector must focus on nurturing these early-stage or slow-growing tech companies across all regions of the UK, and providing them with access to the resources, support, coaching and networking opportunities they need to accelerate their growth.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Nearly A Quarter Of All UK Tech Companies Are Now Reaching Some Form Of Funding Exit appeared first on OpenBusinessCouncil Directory.

• Nearly half expect Africa to be a tech superpower within 10 years

African business leaders are forecasting a surge in spending on tech start-ups as foreign direct investment and improved internet connectivity help establish the continent as a tech superpower,  new research* for blockchain-based mobile network operator World Mobile shows.

More than half (54%) of African senior executives expect spending on tech start-ups on the continent will more than double by 2025 to $10 billion or over compared with the $4.9 billion raised last year**. Around one in six (16%) believe more than $15 billion will be raised.

The study with African business leaders from companies with total annual revenues of more than $6.75 billion identified foreign direct investment and improving internet connectivity as the key drivers for the expansion.

Around three-quarters (75%) believe the investment will come from Western countries while 66% believe China will be a major source of investment. Nearly six out of 10 (57%) believe dramatic improvements in internet connectivity will be the main support for expansion as it drives education, healthcare, and business.

The research among senior executives at companies with average annual revenues of $70 million based in Tanzania, Angola, Botswana, Cameroon, Ethiopia, Ghana, Nigeria, and South Africa found nearly half (45%) believe Africa will be a tech superpower within 10 years.

They point to the development of Africa’s tech ecosystem – nearly 90% of those interviewed expect it to grow by at least half its current size in the next three years with 15% expecting it to double in size during that period.

That in turn will expand Africa’s role in supplying technology to the rest of the world – around 60% of executives expect that to grow in the next five years with one in 10 predicting dramatic expansion.

Micky Watkins, CEO of World Mobile said: “Africa is seen as ripe for economic expansion by its own business leaders and technology will play a vital role in delivering the development.

“The potential is huge as currently Africa only accounts for 0.2% of the global money invested in technology start-ups so there is the capacity for growth and huge interest from Western and Chinese foreign direct investment.

“Much of it hinges however on improving internet connectivity and particularly in areas which are hard to reach and ignored by traditional companies. We are committed to playing our part in supporting the development of technology businesses throughout the continent.”

World Mobile is helping to revolutionise internet connectivity in sub-Saharan Africa and is already working with the government in Zanzibar where it is launching a unique hybrid mobile network delivering connectivity supported by low-altitude platform balloons.

Its blockchain-based network vastly reduces capital expenditure and cuts prices compared to traditional telecom operators and World Mobile is expanding in Tanzania and Kenya, as well as other territories underserviced by traditional mobile operators.

Its balloons will be the first to officially launch in Africa for commercial use, offering a more cost-effective way to provide digital connection to people and is the first step in its mission to help bring nearly four billion people online before 2030 in line with the UN and World Bank’s SDGs.

The World Mobile approach is more sustainable, in environmental, social and governance terms. Environmental impacts are mitigated using solar-powered nodes, second-life batteries, and energy-efficient technology. World Mobile creates a positive societal impact through the application of its circular economy model – a “sharing economy” where locals share in the ownership and rewards of the network. Governance is maintained by the secure underlying blockchain technology, which means that user data privacy is guaranteed and not commercially applied as it is by other mobile operators.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post African Tech Start-Up Funding ‘Will Double’ By 2025 appeared first on OpenBusinessCouncil Directory.

Startups aren’t immune to common productivity killers that plague businesses across America. In some instances, small businesses won’t have the cash flow, experience, or ability to get organized, but that doesn’t make a lack of work-life balance acceptable or profitable. Disorganization in startups: the biggest productivity killers .

Disorganization in Startups: The Biggest Productivity Killers

How to Solve Common Startup Productivity Killers

Startup productivity killers don’t just take up your business’s time; they also suck up your money too. If there’s room for improvement in your workplace, here’s what you can do.

Zero Collaboration and Trust

Newly formed startups are mostly made up of independent contractors and a few in-house employees. That isn’t a problem in itself, especially if you use collaboration and video conferencing software to stay on top of your remote workers. But what happens if you don’t?

If your employees aren’t speaking to each other, it’ll be impossible to reach deadlines, even when everyone is operating on different projects. This is a major problem for teams that have a workflow. The minute someone drops the ball, the less time you’ll have to complete the project.

Trust is another factor that makes communication difficult. If an employee doesn’t know what to do and no one is collaborating, the team will start to point fingers and resent each other.

What To Do: Employers should use project management software to help their employees understand what they’re responsible for and when a project is due. Then, encourage communication by setting the bar yourself. Don’t punish others for speaking out.

No Direction or Goal Setting

Every startup has the goal to make more money, but you need to separate your tasks into smaller parts if you want to reach the finish line in one piece. At the same time, you can’t pull the rug from under your employees and expect them to shift priorities at your say so.

Without a North Star metric or a singular goal, your employees won’t know what they’re working towards. A lack of communication also plays into this problem, but if you don’t know where you’re going or what you’re doing, you won’t be able to communicate your needs at all.

What To Do: Employer review websites like JobSage consider purpose and growth as one of the main reasons employees stick around. To reduce turnover, employers should create a goal the whole team should reach and keep it static. Call regular meetings to keep the team on track.

Complete Lack of Planning

Workplace management can quickly get out of hand, and usually, the employees have to pick up the pieces. Startups may grab any means of employment they can without considering if they have the resources to accomplish it. If their employees can’t keep up, they’re punished.

The problem may even exacerbate if there isn’t a “priority schedule.” It’s normal for businesses to switch around projects for high-profile clients, but if it’s at the expense of other clients or your employees, it’ll lead to burnout and lost wages. A more straightforward schedule is needed.

What To Do: Disorganization is easy to solve if employers set their expectations. If your employees know what you want from them, they’ll be able to consistently check off tasks on your to-do list. Discourage emergency projects from your clients by charging an extra fee.

High-Levels of Micromanagement

Startup owners often have a hard time trusting their employees, and that’s understandable. You worked hard to grow your company, and you’re scared that giving up control will tank what you made. However, micromanaging your employees will actually make that fear a reality.

If you use control as a management style, your employees push back by quitting or becoming dependent. Employees who stay in this environment aren’t going to step outside the box, come up with innovative ideas, or trust their employers. They’ll head right for the door when they can.

What To Do: Employers should recognize that micromanagement hurts their entire company. You’ll either lose money or become stagnant. It’s better that you coach your employees and let them come into their own. If they make a mistake, retrain and encourage their improvements.

Little to No Work-Life Balance

When we think of remote work or startup culture, our minds go towards flexibility. However, there’s nothing flexible about receiving a text message on the weekends about an urgent meeting on Sunday. Your employees shouldn’t expect they’ll be bothered on their off-time.

Just because startup owners expect themselves to work at all hours, it doesn’t mean they should push that burden towards their employees. What’s more, they shouldn’t ask their employees to be at their beck and call. It isn’t fair to them, and it isn’t fair for you.

Both you and your employees should be able to recharge after a job well-done. If you don’t, the organization will experience higher rates of absenteeism, illness, and disengagement.

What To Do: In your employee contracts, make it clear that you can’t contact your employees after a specific time (evenings and weekends). Establish deadlines as the important metric, not being at work specifically. If your team finishes their work on time, they’re productive.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Disorganization in Startups: The Biggest Productivity Killers appeared first on OpenBusinessCouncil Directory.

An analysis of GlobalData’s Financial Deals Database reveals that deal volume too witnessed a staggering 31.9% growth from 3,261 in 2020 to 4,302 in 2021.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Investors seemed to have become wary of China for some time on the back of a series of regulatory crackdowns on domestic companies. However, funding activity picked soon after a brief downturn. The announcement of several big-ticket deals during 2021 reflects investors’ appetite for placing bets on China is still bullish.”

Despite the year-on-year growth, the month-on-month funding trend remained inconsistent throughout 2021. Interestingly, there was a decline in deal volume in December while deal value grew significantly and in fact, it was the best month in terms of value during the year.
In fact, December 2021 alone witnessed announcement of 32 $100 million+ deals while 76 such deals were announced during the last quarter and a total of 262 deals in this range were announced during the year.

Some of the notable VC funding deals announced in China during 2021 include $1.6bn raised by SVOLT Energy in August, $1.5bn capital raised by Horizon Robotics in June, $1.2bn raised by Nanjing Lingxing Technology (T3 Travel) in October, $700m funding raised by Abogen Biosciences in August, and $750m capital raised by Beijing Shihui Technology in March.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post VC Frenzy: Chinese Startups Raise $104.4bn VC Funding In 2021 appeared first on OpenBusinessCouncil Directory.

The world has changed. People have grown tired of traditional advertising techniques like billboards and radio spots. They don’t want to be sold anything anymore; they want solutions – products that will improve their lives by solving problems they know exist but haven’t found an answer for (yet).

When you create content, especially video marketing content, that resonates with your target audience, they will become more engaged and loyal customers. This blog post will explore how you can achieve rapid customer growth.

Start with a small, targeted customer base

When starting a new business, it’s important to focus on a small, targeted customer base. This will help you to achieve rapid customer growth. One great way to reach these customers is through animated videos. Animated videos are a great way to engage and educate your target audience. They’re also a great way to build brand awareness and create a strong connection with your customers.

Identify the problem they are facing and how you can solve it

Too often, startups focus on acquiring new customers without taking the time to understand their current customers and what they need. To achieve rapid customer growth, you first need to identify the problem your targeted customers face and how your products or services can solve it.

Once you’ve identified the problem, you need to create a strategy for reaching your target customers. This may include building or optimizing your website, developing a marketing plan, and contacting potential users through social media or other channels.

Create an engaging and interactive experience

When it comes to customer growth, it’s important to create an engaging and interactive experience. This will help keep them coming back, and it will also help build a relationship with them. Some ways to do this include:

• Offering free trials or samples
• Having a loyalty program
• Holding contests or giveaways
• Offering discounts for referrals

These are all great ways to keep your customers coming back and building a relationship with them. It will be easier to acquire new customers, and it will also be easier to keep them.

Focus on quality content that will attract the right audience

By publishing and distributing high-quality content, you’ll not only attract more users, but you’ll also be able to engage them better. This will help you build a loyal following and encourage them to return to your site and/or app time and again.

Use the internet to create viral content

One way for every startup to grow their customer base rapidly is to create viral content. The internet and video marketing through YouTube specifically are ideal for creating this viral content. Creating viral content can be achieved by following these steps:

• Stay up to date on the current trends and what your audience likes
• Document what you research and learn about in relation to trends and your audience so you can keep coming up with creative ideas
• Work on one or two videos at a time that can take anywhere from 30-40 minutes to create and then release consistently
• Share the videos on every social media channel you have access to and keep your audience involved

Once you begin to see results, work on creating more videos for more effective long-term growth.

Create an effective website that is easy to navigate

Your website should be easy to browse and navigate, even if you don’t know much about it. This will reassure customers that they can find what they need without searching extensively. Your website must be accessible for mobile browsers and the latest technology.

Offer incentives to encourage people to share experiences

For example, I have an idea for one of my startups that involves meditation. This is a fantastic method to get individuals to share their experiences. I know that I want to offer incentives to encourage people to share their experiences, but it’s hard because they are very personal.

I think there are three potential ways to create incentives for people who share their meditation experiences with the world:

• A free month of meditation sessions by providing an incentive so they can try it out before committing
• Create a reward system for those that share publicly, like giving them tokens or points that can be redeemed later with our service
• Offer discounts on the monthly subscription fee for those who would like to share their feedback

One of the best ways to test a model like this is through a Minimum Viable Product (MVP) that is as simple as possible. There definitely needs to be some kind of structure or guidelines for offering incentives, but the MVP will help to iron out this aspect.

Conclusion

You need to start with a small and targeted customer base to get your startup off the ground. Identify what problem they are facing and how your company can solve it. Create an engaging, interactive experience that will focus on quality content that attracts the right audience. Use the internet to create viral content or leverage social media as much as possible.

Once you have created some momentum, use incentives like discounts or coupons to encourage sharing of experiences which will help grow awareness about your business from those who already know about it through word-of-mouth marketing efforts. And lastly – hire video marketing experts – marketing agencies and design agencies to create cost-effective content for your startup.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post How can every startup achieve rapid customer growth? appeared first on OpenBusinessCouncil Directory.

2021 has been a real test of resilience for SMEs. Added to the existing challenge of COVID have been new disruptive factors, including a supply chain crisis, which led to an increase in demand for working capital, as well as rising inflation and labour costs, all reducing their ability to generate economic growth.

Whilst government-backed schemes such as the Bounce Back Loans Scheme (BBLS) and Recovery Loan Scheme (RLS) have provided a lifeline for small and medium-sized businesses (SMEs) facing significant liquidity pressures, SMEs need a plan in place to avoid these challenges becoming a structural issue which will stifle their future growth and imperil their survival.

Whilst the UK economy is currently on track to be the fastest-growing economy in the G7, there are five key areas of risk which need to be managed by SMEs to ensure they can capitalise on and contribute to economic growth in 2022.

1. Inflation

The UK Government has announced that CPI inflation could hit 5% in 2022, driven principally by increasing energy costs, as the economy demonstrates fundamental symptoms of heating up. Supply chain issues have been more prevalent than ever as shortages of labour, skills, energy and raw materials add to the escalating list of headwinds that SMEs face heading into 2022. SMEs will also need to be able to distinguish between temporary and permanent inflation – with some areas impacted by inflation such a labour costs being potentially irreversible.

The rising costs of goods and utilities, coupled with a tightening of the labour market and subsequent wage inflation, will result in unprecedented demand for working capital and SMEs will need to ensure they have sufficient liquidity provisions to operate in this inflationary environment. Increased inflation will also force businesses to scrutinise their internal pricing models and decide whether they can sustain margins with higher input prices or choose to pass down the cost to consumers.

2. Interest Rates

Following the sequence of lockdowns in the UK, small business owners are finally experiencing a resurgence in demand for goods and services, with many seeking credit to meet this growth in demand. The governor of the Bank of England, Andrew Bailey, has however, indicated that the recent jump in inflation will necessitate an interest rate rise which will disproportionately affect small businesses reliant on funding in their early stages of growth.

With a rate hike on the horizon and the cost of borrowing set to increase, SMEs would be well-advised to take stock of their current capital structure and if appropriate, access fixed term, fixed rate loans to prevent exposure to an increasingly volatile lending market.

3. Recruitment

Adding to the number of plates that SMEs must spin in 2022, is the increasingly challenging task of retaining and recruiting skilled staff. The pandemic has radically changed the working environment, fostering new challenges and responsibilities for business owners to contend with. The workforce is becoming increasingly transient, demonstrated most prevalently in the last year and a half, with SMEs having to adapt and recruit from a wider talent pool as the era of cheap labour comes to an end.

A tightening of the labour market putting upward pressures on wages, compounded by a lack of skilled labour due to the ramifications of Brexit, is having a further negative impact on firms’ working capital. Moving into the new year, SMEs will have to diligently balance the need to attract skilled staff through financial incentives whilst ensuring they have sufficient working capital to continue operations.

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4. Technology

The necessity of businesses to digitalise has seldom been as pressing. UK firms are faced with a crippling supply chain crisis, with major retailers’ stock levels at their lowest since 1983.

Digitalisation and the use of AI can support SME integration into global markets by lowering transaction costs and those associated with transport and border restrictions. It also supports innovation and allows firms to compile data and analyse their own operations in new ways, enhancing performance.

Yet despite the benefits and opportunities that digital technologies bring, many SMEs continue to lag in adoption. Indeed, many face a financing gap in the advancement of technology. If firms are serious about leveraging fintech and innovation to streamline operations, the role that alternative and traditional lenders play in the provision of much needed credit should not be overlooked.

5. Green Transition

During the COP26 Conference, over half of the UK’s largest businesses committed to moving to net zero by 2050, with a considerable number of SMEs pledging to take part in the UN’s Race to Zero. Environmental awareness amongst consumers and employees alike is swiftly becoming non-negotiable, meaning that firms who are not investing in sustainability credentials risk falling behind their counterparts.

SMEs face significant barriers to entry in the transition to the new economy including a lack of funds but also by way of established business models and access to critical technology. Firms need to address how they can leverage public and private investment to reduce their carbon footprint and become more resource efficient, demonstrating their commitment to the green transition.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post 5 Key Challenges Facing SMEs In 2022 appeared first on OpenBusinessCouncil Directory.

Starting a new business is an exciting endeavour, but it is not without its challenges. This is especially true in the tech industry. There is a seemingly unending stream of new and innovative products and services that either fail once they are taken to market or never even make it there in the first place. However, it is possible to overcome these challenges when you are aware of them. With that in mind, here are some issues that tech startups regularly run into.

Stiff Competition

It is easy for smaller businesses to get lost in the wake of giant companies like Apple or Amazon in the tech industry. Competition is one of the biggest challenges for any small business, and with the sheer size of the e-commerce industry at present, it can be difficult to stand out from the crowd.

To respond to this, startups need to punch above their weight to gain recognition from new customers. If you are a newcomer to the market, you need to employ the latest and greatest marketing techniques and always keep your eye out for innovations. These are what the big players will be using, so if you can capitalise on new methods, you’ll be on your way to success.

Too Little Time

This problem is not specific to the tech industry. Ask any small business owner, and they will likely tell you that there are not enough hours in the day to get everything done. When you’re managing a company on your own (often as a side hustle), you will likely have to do jobs that multiple employees would do in larger organisations. As such, time is one of the biggest constraints on growth for small businesses.

Thankfully, there is a solution. There are many freelancers and outsourcing agencies that offer their services at reasonable prices. These can be a real boost for small business owners that find themselves swept off their feet.

In the tech industry, electronics design is often a time-consuming process that prevents small business owners from staying on track for launch dates or testing their products correctly. Therefore you may want to reach out to the experts at Ignys who are a top electronic design service who can help you to design a reliable product. In doing so, you can free up time to focus on other areas of your business.

Managing Expectations

You might see some early success as you launch your budding business. While this can be inspiring, you mustn’t get carried away by it. Startups commonly see challenges arise from setting unrealistic goals based on a single period of rapid growth.

If you don’t manage your expectations when you start, you risk suffering a severe mental blow if you fail to reach the lofty heights of unrealistic targets. You should aim to have high but attainable goals for your company. It is better to err on the side of caution when setting milestones for your business.

Conclusion

In summary, these are three hurdles that small business owners regularly have to overcome for their company to succeed and grow. While these can cause roadblocks, it is crucial to understand that they can be managed through savvy business practices and planning.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post 3 Problems Tech Startups Commonly Face appeared first on OpenBusinessCouncil Directory.

Why go through unnecessary obstacles, sacrifice true happiness, or watch your dream fade if you don’t have to? It’s better to learn from the mistakes of others and adequately prepare personally and professionally before beginning your journey as an entrepreneur. As such, here’s a look at some critical steps to take prior to starting a business.

Define Your Purpose For Starting A Business

Today, some of the most successful business owners will tell you that what kept them going despite the trials and tribulations was their reason or purpose for starting a business. When you have a meaningful goal in mind, it provides a source of motivation to keep you pushing towards accomplishment.

Many entrepreneurs start a business because they want to make money. However, it can take several years to generate income. Are you going to have the strength and endurance to overcome entrepreneurial challenges if you’re not getting paid much?

So, before starting a business, dig deep to find a true purpose. Maybe it’s a passion, you want to help others, or you’re interested in securing a future for your family.

Learn What It Takes To Start A Business

You may have a general idea of what you need to start a business, but how much do you know about how being an entrepreneur will impact your life? Before you begin this journey, you need to find out to ensure it’s the best decision for you and your family.

You can read guides, blog posts, books, and even listen to podcasts, but often the best way to learn what it takes to start a business is to talk to someone that’s where you want to be. Have a conversation with other entrepreneurs, consider finding a mentor, consult a business coach, or even talk to your employer. Their experiences can give you more insight on what to expect and how to prevent or overcome specific challenges along the way.

Evaluate Your Finances

The concept that you have to spend money to make money is accurate when starting a business. Owning a company will require you to invest every extra penny you have into maintaining its operations. Believe it or not, some entrepreneurs go years without seeing a dime. While you’re waiting for the money to start rolling in, you’re still responsible for your personal and business expenses.

Are you prepared to cover these costs for years? The only way to determine this is to evaluate your finances. If you’re not sure, you can always seek guidance. A quick online search of financial advisor San Diego or other metropolitan areas can route you to some of the best experts in the industry. They can help you sort through your finances and discern whether you can afford to start and sustain a business.

Another great reason to talk to a financial advisor before starting a business is to help you finetune and streamline your finances to reduce obstacles. Financial advisors can also provide tips on acquiring funding for your business and investing in helping you stay afloat.

Starting a business is easier than ever before, but that doesn’t mean it doesn’t come with obstacles and struggles. While you shouldn’t be discouraged from pursuing a dream, you don’t want to jump into it blindly. That’s why it’s essential to define your purpose, learn what it takes, and evaluate your finances before getting started. Once you’ve done these three things, you’ll find that your experience is more manageable.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Take These Critical Steps Before Starting A Business appeared first on OpenBusinessCouncil Directory.