In today’s dynamic world, starting a new business can be both exciting and daunting. For beginners, finding the right business idea is crucial for success. Here are some new trending business ideas that are perfect for those just starting out.
Eco-Friendly Products
With increasing environmental awareness, eco-friendly products are more popular than ever. Businesses that offer sustainable alternatives to everyday items, such as reusable bags, biodegradable packaging, and eco-friendly cleaning products, are gaining traction. These ventures not only contribute to environmental conservation but also cater to a growing market of conscious consumers.
Online Coaching and Courses
The digital age has revolutionized education. Online coaching and courses provide a flexible way to share expertise in various fields, from fitness and wellness to academic tutoring and professional development. Platforms like Teachable and Udemy make it easier than ever to create and sell courses, making this a lucrative option for those with specialized knowledge.
Subscription Box Services
Subscription boxes are a hit among consumers looking for curated experiences. From beauty products and gourmet foods to books and fitness gear, the possibilities are endless. This business model benefits from recurring revenue and allows for creativity in product selection and presentation.
Freelance Services
The gig economy is booming, and freelancing offers a great way to start a business with minimal upfront investment. Skills in writing, graphic design, digital marketing, and web development are in high demand. Platforms like Fiverr and Upwork connect freelancers with clients worldwide, providing a steady stream of opportunities.
Health and Wellness Apps
As people prioritize health and wellness, apps that offer fitness routines, mental health support, and nutrition guidance are increasingly popular. Developing a user-friendly app can attract a broad audience and generate significant revenue through subscriptions and in-app purchases.
Pet Services
The pet industry continues to grow, with pet owners willing to spend on grooming, walking, and pet-sitting services. Offering personalized and convenient pet care solutions can tap into this lucrative market, especially in urban areas where busy lifestyles demand such services.
Exploring these new trending business ideas can set beginners on a path to entrepreneurial success. Each of these ventures leverages current market trends, providing opportunities for growth and profitability in 2024 and beyond.
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In today’s fast-paced world, convenience and mobility are key factors driving business success. Mobile businesses have gained immense popularity as they offer flexibility, accessibility, and the ability to cater to diverse customer needs. Whether you’re an aspiring entrepreneur or looking to diversify your business ventures, consider the world of mobile business ideas to make money on wheels. In this article, we’ll explore some exciting mobile business concepts that are not only profitable but also adaptable to various markets.
Food Truck Fusion
Food trucks have been a hit for years, but why stick to one cuisine when you can offer a fusion of flavors on wheels? Create a mobile restaurant that combines the best of different culinary traditions, offering customers a unique dining experience. For example, Mexican-Asian fusion, BBQ-Mediterranean fusion, or even a dessert-themed truck that serves creative sweet treats from around the world. The key here is to experiment with flavors and create a buzz about your inventive dishes.
Mobile Fitness and Wellness
In the age of health and wellness, taking your fitness business on the road can be a lucrative venture. Consider launching a mobile yoga studio, personal training sessions, or even a mobile spa and massage service. With people increasingly valuing self-care and wellness, offering these services at their doorstep can be a game-changer.
Pet Grooming on Wheels
Pet owners often struggle to find time to groom their furry friends. Enter the mobile pet grooming service. Equip a van with grooming tools, baths, and a friendly, skilled groomer, and you’re ready to provide a convenient solution for pet owners. Your mobile grooming service can cater to a wide range of animals, from dogs and cats to rabbits and guinea pigs.
Mobile Retail Store
Why limit your retail business to a brick-and-mortar location when you can take your products to potential customers? Create a mobile retail store that sells anything from clothing and accessories to artisanal goods and handmade crafts. Attend local events, fairs, and festivals to showcase your products and engage with customers directly.
Mobile Tech Repair
In an era of smartphones and gadgets, tech repair services are in high demand. Launch a mobile tech repair business, equipped with the necessary tools and expertise to fix smartphones, tablets, laptops, and other electronic devices. You can offer on-the-spot repairs or schedule appointments for convenience.
Mobile Car Wash
Everyone loves a clean, shiny car, but not everyone has the time or resources to wash it regularly. Start a mobile car wash service and bring the shine to your customers’ doorsteps. Offer different packages, including interior cleaning and detailing, to attract a wide range of clients.
Mobile Beauty Salon
Create a mobile beauty salon that provides haircuts, styling, manicures, pedicures, and even makeup services. This concept can be especially appealing for busy professionals, seniors, and individuals with limited mobility. Offering your services at their homes can be both profitable and convenient.
Conclusion
The world of mobile business ideas offers a multitude of opportunities for entrepreneurs looking to make money on wheels. Whether you’re passionate about food, wellness, pets, technology, retail, or beauty, there’s a mobile business concept that can fit your interests and cater to a growing market. The key to success lies in providing exceptional service, marketing effectively, and continuously innovating to meet the evolving needs of your mobile clientele. So, get ready to hit the road and turn your mobile business idea into a profitable reality!
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In today’s fast-paced and ever-evolving business landscape, innovation is the key to success. It is crucial for entrepreneurs and business leaders to constantly generate fresh and groundbreaking ideas to stay ahead of the competition. However, coming up with innovative business ideas can be challenging. In this article, we will explore some effective strategies and techniques to unleash your creativity and generate innovative business ideas that can drive your success.
Embrace a Growth Mindset:
The first step towards generating innovative business ideas is to adopt a growth mindset. This mindset encourages you to believe in your ability to learn and develop new skills and ideas. Embrace the notion that with effort and dedication, you can expand your creative capacity and think outside the box. Replace self-limiting beliefs with a positive and open mindset that welcomes new possibilities.
Emphasize Customer Needs:
Successful businesses are built on meeting customer needs. Start by gaining a deep understanding of your target audience and their pain points. Engage in market research, conduct surveys, and analyze trends to identify unmet needs and gaps in the market. By focusing on solving customer problems, you can generate innovative ideas that offer unique and valuable solutions.
Embrace Collaboration:
Collaboration is a powerful tool for generating innovative ideas. Surround yourself with diverse perspectives and expertise by building a team or seeking input from peers, industry experts, or even customers. Encourage brainstorming sessions, where everyone is free to share their ideas without judgment. By leveraging collective intelligence, you can spark creativity and uncover new possibilities that might not have emerged through individual thinking alone.
Explore Emerging Technologies:
Technology is a catalyst for innovation. Stay updated with the latest advancements in your industry and beyond. Explore emerging technologies such as artificial intelligence, blockchain, virtual reality, or the Internet of Things (IoT). Consider how these technologies can be applied to solve existing problems or create new business opportunities. By embracing technology, you can uncover innovative ideas that disrupt traditional business models and pave the way for future success.
Foster a Culture of Innovation:
Creating an environment that fosters innovation is essential for generating groundbreaking ideas. Encourage risk-taking, embrace failure as a learning opportunity, and reward creativity. Establish channels for idea sharing, such as suggestion boxes or regular innovation workshops. Foster an inclusive culture where every team member feels empowered to contribute their ideas, regardless of their role or level within the organization.
Look Beyond Your Industry:
Break free from the confines of your industry and draw inspiration from diverse sources. Explore different sectors, observe emerging trends, and adapt successful strategies from other industries to your own. Cross-pollination of ideas often leads to innovative breakthroughs and unique business models that can differentiate you from competitors.
Continuously Learn and Adapt:
Innovation is an ongoing process. Stay curious and commit to continuous learning. Attend industry conferences, seminars, and workshops. Engage in online communities and forums where like-minded individuals share insights and experiences. Embrace feedback and be willing to adapt your ideas based on market realities and changing customer needs. Remember, innovation requires flexibility and the ability to pivot when necessary.
Conclusion:
Generating innovative business ideas is both an art and a science. By adopting a growth mindset, focusing on customer needs, embracing collaboration, exploring emerging technologies, fostering a culture of innovation, looking beyond your industry, and continuously learning and adapting, you can unlock the potential for groundbreaking ideas that can drive your business forward. Embrace the challenge, trust in your creative abilities, and be prepared to embrace the future with fresh and innovative perspectives.
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The journey of entrepreneurship begins with a compelling business ideas. However, not all ideas possess the potential to become profitable ventures. Identifying a viable business opportunity requires careful evaluation, thorough market research, and an understanding of the current landscape. In this article, we will explore effective methods to generate and evaluate business ideas, delve into market research techniques, and discuss ways to identify viable opportunities that can lead to business success.
Generating Business Ideas
A. Problem-Solving Approach: Start by identifying problems or pain points in society or specific industries. By offering a solution, you can create a business that fills a gap in the market.
B. Personal Passions and Interests: Consider your own passions, hobbies, and expertise. Building a business around something you genuinely enjoy can provide motivation and a higher chance of success.
C. Observing Trends: Stay up-to-date with current trends and emerging technologies. Look for innovative ways to apply these trends to existing industries or create entirely new markets.
D. Brainstorming and Ideation Sessions: Collaborate with others, engage in brainstorming sessions, and bounce ideas off each other. Sometimes, a fresh perspective can spark a breakthrough idea.
Evaluating Business Ideas
A. Market Demand: Assess the demand for your product or service by conducting market research. Look for target audience size, competitors, and any existing solutions. This analysis will help determine if there is room for your business and if customers are willing to pay for your offering.
B. Unique Value Proposition (UVP): Identify your business’s unique selling point. What sets your product or service apart from competitors? A strong UVP differentiates your business and attracts customers.
C. Feasibility Analysis: Evaluate the feasibility of your business idea by considering factors such as cost, resources, scalability, and legal requirements. Assess if you have the necessary skills or if you need to partner with others.
D. Profitability and Revenue Streams: Determine how your business will generate revenue. Explore various revenue models, such as product sales, subscription-based services, advertising, or licensing. Calculate potential profit margins and consider long-term sustainability.
Market Research Techniques
A. Surveys and Questionnaires: Create surveys to gather data from your target audience. Understand their needs, preferences, and pain points. Tools like SurveyMonkey or Google Forms can help you collect and analyze responses.
B. Interviews and Focus Groups: Conduct one-on-one interviews or group discussions to gain deeper insights into customer behavior and opinions. This qualitative research can provide valuable feedback and uncover unmet needs.
C. Competitive Analysis: Study your competitors to identify their strengths, weaknesses, and market positioning. Analyze their pricing, marketing strategies, and customer reviews. This knowledge will help you differentiate your business and refine your value proposition.
D. Industry Reports and Secondary Research: Explore industry reports, market trends, and statistics provided by organizations, research firms, and government agencies. This information can offer valuable insights into market size, growth potential, and emerging opportunities.
Identifying Viable Opportunities
A. Target Market Analysis: Identify your ideal customer segment and define their demographics, interests, and behaviors. Understanding your target market will guide your marketing efforts and help you tailor your offering to their needs.
B. SWOT Analysis: Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to evaluate your business idea’s viability. Identify your strengths and weaknesses, assess potential opportunities, and analyze potential threats to your business’s success.
C. Test Minimum Viable Product (MVP): Create a prototype or minimum viable product (MVP) to validate your business idea. Gather feedback from early adopters or beta testers to refine your offering and understand market response.
D. Seek Expert Advice: Consult with industry experts, mentors, or business consultants who can provide valuable guidance. Their experience and insights can help you assess the viability of your business idea and overcome potential challenges.
Conclusion
Identifying a profitable business idea requires a blend of creativity, research, and strategic analysis. By employing the methods discussed in this article, you can generate innovative ideas, evaluate their feasibility, conduct comprehensive market research, and identify viable opportunities. Remember, the key is to continuously adapt and refine your business idea as you gather feedback and insights from potential customers and industry experts. With persistence and a well-researched approach, you’ll be on your way to finding a profitable business idea that can pave the path to entrepreneurial success.
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Angel investment is on the rise,and your small business startup needs to capitalize on all the opportunities at hand. Venture capitalists are on the hunt for business startups to invest in that are currently at the cutting edge of technology and taking risks with these advancements’ trends. You find that investors are eager to sink their investment dollars in these technologies so that they can reap the future returns. While the payoff might be big for an angel investor, these tech trends will also help your business startup to attract those funding dollars.
Artificial Intelligence
AI is not new to the scene, but for 2018, it is making a significant headway. By allowing companies to do more with less, AI will turn out to be a fundamental change in the way a company does business today and tomorrow. Startups that integrate AI into the fold will experience a shift in how they are able to perform routine tasks, freeing them up to focus on their customers. Angel investors see this as a win-win as they are able to invest in an advancing technology as well as a startup that is leading the way with its use. Your business startup will do well by having AI as a part of your repertoire and see more funding interest come your way in 2018.
Social Media
The uses of social media to enhance your consumer game is a boon for investors looking to find business startups that are succeeding in their customer engagement. While social media isn’t a newcomer technology, those that have a strong endgame will win big in terms of revenue sales. Social media is proving to be the technology platform that links us all together and gives business startups the recognition they need early on. Venture capitalists are enamored with its use by business startup as they see the power it offers and the benefits a business startup can take advantage of. Using social media to boost your business in 2018 will be key to gaining funding from an investor as they recognize the strengths it offers to your consumers.
Blockchain
Blockchain is another technology on the fringe waiting to bust on to the scene in a fury in 2018. It’s ability to provide a real-time ledger of transactions can give your business startup the transparency it needs to garner the nod of a venture capitalist waiting in the wings. Your business startup will benefit from Blockchain’s ability provide stable and error-free operations while angel investors gain by investing in a technology that has proven its worth. You’ll see funding offers from a series of investors if your business startup utilizes Blockchain to its full advantage within your organization.
Internet of Things
The Internet of Things is advancing at a steady clip for the New Year,and you’ll see IoT virtually everywhere you look. With consumers becoming more connected than ever, IoT offers an opportunity for new products and services that enhance IoT’s capabilities in the home, business,and community. Angel investors are savvy to the draw of IoT and how it is changing the way consumers interact and live their lives. They want to get in with business startups that are using this technology to move their business forward, engage with consumers, and improve their business operations. Count on IoT as a way to entice venture capitalists and secure funding in 2018.
Big Data
Data is everywhere these days,and it will only get bigger this coming year. Business startups such as yours will be able to use big data to understand every aspect, detail,and nuance of your customers, so you can create products and services they desire. With big data changing the way that business startups engage with their clients and provide unique customer experiences, it means plenty of evolution is on the horizon. Angel investors are keen on the possibilities all this available data can provide and know that companies that take advantage of the information can lead their industry in leaps and bounds. Use big data to enhance your business startup operations and stay tuned for venture capitalists to come calling with much interest and fanfare about your company this year.
Cyber-Security
While 2017 was a year that many will remember for its security breaches, this year provides a turn of events as business startup integrate or offer cybersecurity services to better protect their customer data. This cybersecurity will change how companies in all sectors operate and provide the level of security that is needed to protect that confidential information from getting into the wrong hands. Business startups that use cyber-security to protect their company or create products and services for others that help them secure their information will do well in the following year. Angel investors will show interest in these endeavors as the need for secure data protocol is growing without hesitation.
Virtual Reality
Also, on the fringe in 2018 is VR. This technology gives you the ability to engage with your customers in a new and exciting way. Through a more desirable customer experience, VR can help your business startupto increase its customer numbers as well as its revenue as VR improves workflow and access to customers all over your niche. Angel investors want in on AR as an investment opportunity, and your business startup will attract their attention now and into future with this technology at your helm.
Integrating any of these technologies in your business startup shows a strong sense of understanding and initiative to increase your customer base and profits this year and the coming year. Angel investors want to be able to get their hands wet with these new technologies so that they can be where the growth is with these trends. Think about how these technologies can help your business startup succeed in 2018 and secure the funding you need to get off the ground. You’ll be surprised at how much attention you receive by taking the first step with any of these technology trends and reap the rewards of investment into your company by an investor.
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The business world is always adapting to changing consumer behavior and varying needs. Competition is growing, consumers are becoming ever demanding, and more brands are entering the market.
To stay afloat, it’s necessary that small businesses achieve more growth this year by employing the right strategies. This means that your ultimate goals should include having a bigger base of loyal customers. Higher rates of customer acquisition, and a productive marketing strategy.
Here are some great approaches to help you achieve business growth.
Set Key Performance Indicators
Start measuring performance via objectively measurable indicators. Whether you’re trying to assess your employees’ performance, marketing campaign, or customer satisfaction, KPIs can take you a long way. It takes the guesswork out of the equation.
It’ll help you measure how close you’re getting to achieving business goals. Another benefit of introducing KPIs to your organization is that you can report them to project shareholders conveniently.
Improve Customer Service
Customers need attention and if you don’t provide it, they’ll find a brand that does. Research proves that customers are growing impatient and frustrated when a brand’s customer service fails to meet the mark.
This year, you need to step up and improve your customer service by implementing live chat systems, updating FAQ pages on your websites, and responding to feedback with customized replies.
Nowadays, consumers prefer to do their own research at their convenience, rather than having to call a customer care rep during normal hours, when they’re busy too. This means that they’ll look up your website, and if they have any queries, the FAQ page is the first place they’ll look. To stay ahead of the competition, upgrade your customer service strategy.
Make User Experience a High Priority
UX is becoming a critical aspect of branding, now that a business’ role is no longer limited to just selling; consumers want to know everything about you. No matter how amazing your product or services are, they aren’t the only things that determine how a customer experiences your brand.
Now, they evaluate everything; whether your website is easily accessible if your customer care representatives respond quickly enough, and if your app is user-friendly. To ensure your customers get the best user experience, you’ll need to optimize your landing page, make your website easy to navigate through, and allow your audience to reach out conveniently. Once you hit the mark with all these aspects, that’s when consumers will start considering your products.
Enhance Your Content and Marketing Strategy
They say ‘Content is king’, but is your strategy up to the mark? Now, businesses don’t just sell services and commodities, and they’re generous with information and content. Consumers love to read about products and your specialty, so rely on your expertise to create engaging content that consumers will love reading.
Sharing knowledge only shows how your brand has the skills to cater to their needs, so it’s beneficial in the long term. Content is a part of your ongoing marketing strategy, and thanks to different social media platforms, you can be more flexible with the kind of content you create.
Develop Collaborations and Partnerships
Partnering with other brands can give you a boost, especially if it’s a company that can complement your services and products. By releasing special edition products, ranges, and combinations, you grasp the audience’s attention and induce the urgency to shop and spend money.
However, your collaborations shouldn’t be limited to releasing new products; you should also make sure to affiliate with influencers to market your brand in a transparent and consumer-friendly way.
Influencers are established experts in the niche, so having them on your side can increase customer engagement.
Take a Risk and Try Expanding
Although it isn’t necessary that your business expands over time, it’s always beneficial to venture beyond your range and enter a different domain. Taking risks is always a part of running a business, so you might as well expand your range of expertise while you’re at it.
If you’re a retail brand, consider releasing your own line of makeup, home decor, or artsy products. All ideas have their own unique charm, but it’s best that you listen to your customers first.
Start by experimenting with a pilot test and analyzing how your audience responds to new products. Based on pilot tests, you’ll know whether a potential business venture will turn out to be profitable or not.
Talk Data
Data analytics are changing the business perspective from a blur to a crystal-clear view. Now, it’s much easier to understand consumer spending habits and trends that are garnering the most attention. Relying on big data to help you make well-informed decisions and investments is no longer just a great option, it’s a necessity.
Deriving trends from numbers and statistics used to be a tiring and cumbersome task, but with the help of analytics and AI, you can get insights far more quickly.
Not to mention, they’ll also be accurate, when compared to insights derived by humans. The best part? Machine learning means that your analytics software will only keep getting better at what it does, so you won’t have an excuse to make a fluke.
Try Drop Shipping Services
Drop shipping is the newest trend for e-commerce websites when it comes to delivering merchandise to their customers. It gives you the benefit of not having to hold onto any stock; any order that your customer makes goes directly from a drop shipper to them.
The product will be complete with your brand’s label and name tag, so it won’t lack customization. In addition, it offers your brand greater flexibility to operate from anywhere.
Conclusion
Some of the best ways that your business can achieve growth by focusing on customer service, marketing, collaborations, and making an impression. While it’s necessary to take one step at a time, you need to be more productive in order to satisfy a demanding audience that is always waiting for something new.
Who we are: Funded.com is a platform that is A+ BBB rated over 10+ years. Access our network of Investors, get instantly matched with a Lender, or get a business plan by visiting us Funded.com
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A journey of a thousand miles starts with one step. Every international company today was once a small business serving its local community. If you are brave enough to lay the foundation of a small business and stick to your mission tenaciously, you too could be the owner of an international brand tomorrow. Consider yourself lucky for being born in an era in which starting a business is easier than ever. You could literally start and run your business from your bedroom today. The key to success, however, is to be confident, trust your skills, and start your small business with a big vision.
Best Small Business Ideas 2018
A Digital Marketing Agency
It is for you to decide if you want to start a solo marketing agency or have people with you. Online marketing is not as technical as it might seem to some. Email marketing, content marketing, social media marketing, etc. require you to have an understanding of these platforms and the many tools that are used for marketing on these mediums. If you have been active on social media, you probably understand a lot about social media marketing already. However, if you are completely new to the world of internet marketing, you can take advantage of the many affordable digital marketing courses available online.
The best thing about this type of business is that you have an international outreach from day one. Start your professional journey with a proper website that clearly states all the services that you provide. Do not forget to target your local audience with more emphasis.
A Digital Influencer
Influencer can be a vague term when it comes to digital marketing. Influencers can be in many different forms e.g. bloggers, YouTubers, celebrities, sports stars, etc. The good thing is that you can be an influencer even if you are just an ordinary person today. The first thing you have to do is find a segment of the market that interests you. Maybe you like bodybuilding or doing makeup. Once you have decided your niche, create a blog and start writing about that topic. Keep writing quality posts and wait for new subscribers to pour in with time. Once you have enough of them following you on social media, you can turn yourself into an influencer.
Your job as an influencer is to promote certain products to your social media followers. You don’t have to have millions of followers. If your penetration into your audience is deep i.e. a large number of your followers respond to your posts, even a few thousand followers will be perfect for promoting brands. It is not always the size of your followers that matters. What matters more is your penetration into the market. Influencers can be nano, micro, mega, macro, etc.
A Website Designing and Development Company
Website designing and development are also a form of digital marketing but this is where things become technical. You have to learn to code to create websites. Yes, there are other ways to create websites such as learning to use a website builder and designing websites without requiring any coding knowledge, but the control that comes with being a coder can never be experienced when designing with a builder. If you can get in touch with a few people who happen to be website developers like you, starting a website development company should be no big task for you.
If you don’t have any knowledge of website designing but the field intrigues you, there are many ways to learn web development. A lot of online websites now offer you web development courses. In fact, they officially certify you when you complete the course and even send a hard copy to add to your credentials.
A Graphic Designing Company
Graphic designing is different from website designing as you can tell from their names. Website designing is specifically limited to your designing skills to create a website. It is not really “graphic” designing. It requires you to have some knowledge of coding, even if it is basic HTML. On the other hand, you don’t need any coding knowledge to be a graphic designer. As a graphic designer, you help companies design their marketing materials, most important of which is their logo. Every business owner wants their brand to have an identity and a logo plays a crucial role in that.
In addition to logo designing, you will be doing a lot of artistic work to create letterheads, advertisement animations, magazine covers, e-book covers, etc. as a graphic designer.
Professional Online Photographer
A photographer in today’s age is completely different and much more than a photographer from a few decades back. Your market is not limited to marriages, wedding anniversaries, corporate functions etc. Today, you can be a photographer on the internet and sell your pictures to just about anyone. One of the best ways to earn money is to be a photographer for companies to complement their blog posts and enhance their content marketing strategies. You can ask them about the topics on which they are creating content, and then professional photographs that fit the criteria.
You can create a website, add watermarks to your pictures and make previews available so commercial entities can find their desired photos and pay you for them. Many photo galleries are already available on the internet but taking custom orders and then snapping photographs that fit the content can make you unique.
Final Thoughts
You can see that most of these businesses are possible to start right from the comfort of your bedroom. You don’t require a lot of capital to start them. In fact, even a student can start any of these businesses. What matters the most is to stick to your initial plans consistently and patiently. Sudden surges of passion can often make people think of doing big things but such excitement settles down within a few minutes. Do not start a business just for the sake of it. You have to have a vision that motivates you to go keep going even when conditions don’t look their best.
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When you think of starting a business, the first thing that comes to mind is money/capital. Of course, you need money to start a business, even if it is very little considering the fact how easy it is to start a business in the digital age. However, there could be many other factors that affect a business in today’s digital economy—some you show serious concern to and some you don’t really pay attention to much.
Blockchain Is Affecting All Types of Businesses
One of the biggest concerns for today’s entrepreneurs before they start business is probably blockchain or crypto technology. The world is seeing the rise of crypto technology and how it is being integrated into the existing business ideas. A little more than a couple of years ago, you must have heard the term “bitcoin”. From bitcoin, people still believe that blockchain is all about digital currency i.e. money in the digital world. However, this is far from truth. Blockchain is expected to affect all types of businesses and industries in the world in the coming days.
It is a technology that redefines the security aspect of many businesses in 2018, introduced decentralization in modern business technologies and benefits the end consumers in multiple ways. For example, you could launch a gaming platform where no one needs the existing currencies. You could launch your own platform with your own money today. You don’t really have to start everything from the scratch; instead you could base your currency on the existing blockchain platforms like Ethereum. Through ICOs, you could have investors from around the world invest in your idea. So, blockchain is definitely a consideration for all businesses starting in 2018 and the coming years.
Physical Warehouses Are Not Necessary
A few years ago, only a certain types of business could be called truly online businesses. For businesses where products have to be stored for some time, a complete online presence was not the solution. Entrepreneurs who had such business ideas in mind had to have enough money to have their own warehouses. However, this has also changed quite a bit in the past couple of years. With the idea of drop shipping becoming common with time, it is becoming easier for businessmen to start their own businesses without much investment.
In a drop shipping model, all you have to do is collect orders from customers, forward those orders to the manufacturers or suppliers and have the goods shipped. You only act as a liaison in this particular model because it is the supplier that sends the products directly at the customers’ doorsteps. You will still need an online store with all the products listed for customers to see. However, you don’t need any warehouses because you don’t have to own, buy or store any products. The good thing is that this model now allows drop shippers to offer much more competitive rates so penetrating into the market is easier for them.
Big Data Is the Big Difference
Another technology that has been influencing business decisions and the way businesses operate is big data. While the term “big data” seems that you are referring to just large amounts of data but in reality, you are also referring to the methodologies and technologies that are in use to handle big data. You will be completely wrong to think that traditional software and hardware solutions can deal with big data in any way. Let’s take the example of a bank. A bank could have hundreds of branches located all around the country. In these hundreds of branches, the bank will have hundreds of thousands of customers.
The bank has account information of hundreds of thousands of these customers. In addition to that, the bank is constantly investing in stock and foreign markets, storing and utilizing that information. The same bank handles the data of all micro and macro loans it is forwarding to its customers. It is also storing information about customers through its mobile application to know what customers expect from the mobile website. On all of those hundreds of branches, the bank also has CCTV cameras collecting terabytes of footage on a daily basis.
Do you think all this data goes to waste? No, the data bank collected from banks is utilized in making bank branches securer. Data from mobile devices helps bank refine their mobile application. Data collected through financial softwares helps a bank improve its insurance, loan, mortgage, etc. offerings. It may seem on the surface that big data is a headache for big businesses only, but big data is just as important for small businesses as well. What this mean is that businesses starting in 2018 will have to have a big data approach right from day one.
Internet Security Is the Biggest Threat Now
It is unfortunate that rather than making the world a safer place, the new technology has led to greater internet threats. Cyber attacks are becoming more frequent with time, and much more sophisticated too. In the past few years, cyber attacks on some of the biggest companies of the world, including tech companies have proved that security has to be the major concern for every business—small, mid-scale or large. If you think starting a new business or having a small business gives you any advantage over large ones, here is something you would want to take a look at.
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