A business start-up is exciting, but it can take a long stressful phase and tight budgets to make it run smoothly. Funding is the key factor where one should identify the type of funding. Funds can come through angel funding, venture capital, or self-funds. 

It can be a small organisation, a part of a larger business, or a new one with innovative concepts with a global view.  The company should identify the growth plan and limitations.

Sharing Resources

Earlier in the 1990s, the internet was growing. It was the phase of the dot com boom, while search engines were in the developmental phase. Many companies were starting up and growing.

The concept of internet-based marketing was in the preliminary phase. However, technology offers many features which can easily replace the traditional office setup.  

The new startups rent out individual or a collection of desks and have separate office spaces with shared meeting areas and kitchens. These new offices are collaborative and share resources.

Reduce Expenditure On the Workforce

• There has been a rise in people adopting gig economy or self-employment, of whom many are entrepreneurs, shifting the employment trends.

• The recession led to the loss of jobs, and many failed to get back the desired job to meet their ends.

• Society is changing, and there are predictions that in the next ten years, more than one-third of the workforce will constitute freelancers.

• Startups can reduce expenses in the workforce by adopting alternative strategies. Many business startups are benefiting from such changes.

• They are collaborating with service providers and outsourcing jobs such as IT, graphic design, content management, editing, event management, social media management, and other activities to better use technologically advanced assistance.

A sensible idea and a business plan are necessary. Companies need to offer solid ideas and be problem solvers to grow. The plans should scrutinise the mission, biographies of key employees, market research, competitiveness, financial requirement, and legal/regulatory aspects. 

For example, Airbnb, Facebook and Uber were great startups due to their ground-breaking ideas.  The creator of WWW, Tim Berners-Lee, recently launched 'Inrupt', which allows users to access decentralised internet, where the user data will not be stored by the service provider such as on Facebook and Twitter.  

Instead, the users will put their data on the cloud in personal locations rather than on centralised servers.

Technical Expertise

Surveys and research work can help to provide information about the preferences and requirements of the targeted class of users. Online presence and visibility, compatibility with various platforms, and user screens are necessary features required by business websites.

Risks

People who want to start a business should have the experience, or they can take help from experts in the market. Strategies should be made to identify the risks. One should not get attracted to get rich quick schemes.

Some common strategies may not work for all – E.g. It is assumed low price allows businesses to grow, but the companies offering low price are the biggest buyers, such as Wal – Mart, Costco, Target, etc. These companies buy each day to sell the best.

For more information, contact Mont Digital at www.montdigital.com or email info (@) Montdigital.com.