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The Pros & Cons Of Developing Your Own Business Software

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StrategyDriven Managing Your Business Article |Business Software|The Pros & Cons Of Developing Your Own Business SoftwareNo matter what business you run, you will use various software products throughout the day. These could include HR software, accounting software, marketing software, and so on. Some of these things you will use every single day, and form a key role in how your business operates. As a result, you might start to wonder if it’s beneficial to develop your own software. After all, you know what your business needs to do, so doesn’t it make sense for you to develop your own custom software product?

In some cases, this can be a genius idea. In others…not so much. How do you know if this is the right approach for you? It starts by understanding the main pros and cons of developing your own business software:

Pro: Software created for you, by you

In theory, your own software will be perfect for your business. There will be no irrelevant features; everything is built for you and your daily operations. As such, you don’t waste money on software products that might provide you with some of the features you need, along with a host of things you never use. This means a lot of businesses end up paying for multiple software products as Product A provides some of the features they need, then Product B might provide the rest. If you develop your own software, you can eliminate the need for multiple platforms, making it so much easier for everyone in your business.

This would mean you only need to learn how to use one software program, which helps you when training your employees. As mentioned already, you also don’t waste any money on programs with features that are never going to be used.

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Con: An expensive process

Software development is not cheap at all. The entire process can set you back thousands of dollars very easily. After all, you have to pay for a lot of different things. For one, who is going to develop your software? If you want it all done in-house, this means creating a load of software development and software QA jobs for people to apply for. Your new hires will need to be paid, so you’re forking out a lot of money on an ongoing salary. The other option is to outsource, but this will also cost a fair bit of money – not to mention the fact you may need to keep paying for support after the app has been developed.

For a business that already has a series of outgoings and expenses, is this a wise idea? On reflection, you might realize that it is way more cost-effective to pay for software that’s already been made.

Pro: Can sell your software

As a counter to the argument about costs, you could sell your software to other businesses. Much like you pay a fee to use someone else’s software, other companies can do the same to you. This could be a genius idea if you develop software and are in a very niche industry where there aren’t many other options available. Fellow businesses might recognize that your software does everything they need to do, so it makes more sense for them to pay for yours.

The only caveat to this is that, if you develop custom software that’s meant for your business, will it be relevant to other businesses? There is a chance that it could be, but if it isn’t then you won’t really be able to sell this product.

Con: It’s a risk

Custom software development can be a big risk. If things don’t go according to plan, you’re left with an expensive software product that doesn’t do its job. A lot of businesses have ended up reverting back to their old software because the custom one ended up being rubbish.

The only way to avoid this is by being patient throughout the development process. Don’t rush things, be clear on what you want your software to do, and test it thoroughly! Ensure that you test your software to iron out any bugs and make it work perfectly for you and your employees. This’ll mean that, when it’s ready to launch, it should be perfect.

On both sides of the argument, there are some pretty strong arguments. It really depends on the type of business you run, and the software you need to use. If you run a business that uses a lot of generic software, it probably isn’t wise to develop your own as there are already great products out there that work for you. If you have a niche business and find that you’re struggling to use multiple products every day, custom software could be a good shout.

4 Ways You Can Manage The Risk Of A New Business

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StrategyDriven Risk Management Article |New Business|4 Ways You Can Manage The Risk Of A New BusinessAre you thinking about setting up your own business? If so, it’s important to remember that the majority of new companies fail on the market. Indeed, some reports suggest that up to 90% of new businesses are likely to fail within their first year. That’s why it’s important to make sure that you are managing the risk effectively when setting up your company. Here are some of the ways that you can do this.

Kill The Costs

First, you need to think about the issues with costs in your business model. If you want to effectively manage the risk of setting up a new company, then you need to make sure that the costs remain under the right level of control. One of the ways that you can do this is by making your business more green. A green friendly company will always be far more cost friendly overall and that’s exactly what you need. One of the best ways to do this would be to consider investing in renewable power solutions for your business.

Set Your Business Up As An LLC

During the initial set up process of your business, you should consider establishing your company as an LLC. With an LLC, you can make sure that if you ever do run into money trouble with your business, then you can keep the debt confined to your company. You won’t have to worry about it spreading over to your personal finances at all. You’ll need a legal firm to help you here, one with years of experience.

Invest In The Right Insurance

Next, you should consider the insurance options that are going to benefit your business. The right choices with insurance will guarantee that your company is not left exposed to potential storms on the horizon. There are lots of insurance plans that could be beneficial to your business model. For instance, you might want to think about investing in general liability insurance. This will protect you and your company if anyone is injured or negatively impacted by the actions of your company. Cyber-security insurance can also help you handle the costs caused due to a hack or attack on your business.

Keep It Flexible

Finally, you might want to think about taking steps to ensure that you improve flexibility levels in your business model. By improving the flexibility, you can make sure that you will be able to adapt your business for different challenges that might exist on the market. One of the ways that you can keep your business flexible would be through hiring outsourcing services or freelancers. You might also want to think about avoiding the office altogether, instead allowing your team members to work from home.

We hope this helps you understand some of the key steps that you can take when you are managing levels of risk setting up your business. By exploring the best possibilities you can ensure that it won’t be a complete disaster if your business does fail while also improving the chances of longevity.

Diversifying Your Product Line: Tips for Start Up Clothing Brands

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StrategyDriven Starting Your Business Article |Start Up Clothing Brands|Diversifying Your Product Line: Tips for Start Up Clothing BrandsIt’s an exciting time when you’re starting your own clothing brand. You get to decide what pieces are your signature pieces and how much they’ll cost. But there is one decision that can be difficult – diversifying the product line! Should you include more than just shirts? What about hats or shoes? How many colors should each item come in? The following tips will help you make this important decision for your business.

Diversify Into Uncomplicated Product Lines

If you’re starting a brand from scratch, it’s best to diversify into uncomplicated lines. This means that each product should be relatively simple in design and construction. When you’re first starting out, it’s important to focus on quality over quantity. You want customers to be impressed with your products, not overwhelmed by them. For example, if a student brand launched with a baseball cap in 3 variations at the start, it would be safer for them to diversify into snapback caps or flat caps. The key is to understand how well your supply chain is geared for change and variation.

Look For Low MOQ Suppliers

Another way to simplify is by looking for low MOQ suppliers. Instead of purchasing a large batch from one supplier, you can purchase smaller batches from multiple suppliers and test the market response. If successful, you can then begin making larger orders with those same suppliers and others that have proven their quality and reliability over time.

Experiment With Branding Alternatives

Once you begin diversifying, it’s important to experiment with branding alternatives. For example, you may want multiple logos or brand names representing different styles within your product line. This makes it easier for each item in the collection to stand alone and be marketed separately from one another.

For example, An athletic clothing company could have a logo representing their casual wear and a different logo for their performance wear.

This gives customers the option to choose what they want to buy based on style or function, making them more likely to purchase multiple items from your brand!

Research Your Size Ratio On Production

When you’re ready to start production, it’s important to research your size ratio on production. This will help you understand how many of each size to produce. If a style is popular among a certain group, make sure to increase the quantity of that size in your next order!

On the other hand, if there is one size that is consistently not selling, you may want to discontinue it from your product line.

Clothing brands are always changing and evolving, so it’s important to be willing to make changes to stay competitive. Use the tips above as a guide, and continue experimenting until you find what works best for your business!

Ask Your Market What They Want

The best way to find out what products to add to your line is by simply asking your market what they want. This can be done in a number of ways, such as surveys, focus groups, or social media polls.

Once you have an idea of the types of products that people want, it’s time to start designing and producing them! This route also has the added benefit of giving your customers a sense of ownership in the brand. They will feel more invested and loyal if they were involved with creating it themselves!

Diversify With Cheaper Up-Sell Products

Another way to diversify your product line is by offering to upsell products. These are items that complement the original purchase, making it more likely for customers to buy them together. For example, if you sell a pair of trousers, offer private label socks complementary to the trousers.

This strategy is especially effective if you’re selling high-end items, as it gives customers a way to personalize their purchase and show off their unique style!

In conclusion, there are many ways to diversify your product line as a start-up clothing brand successfully. By following the tips above, you can increase your chances of success while keeping things simple and manageable!

Smart Ways To Get More Customers For Your Business

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StrategyDriven Marketing and Sales Article |Get More Customers|Smart Ways To Get More Customers For Your BusinessThere are many important facets to consider when running a successful business. Yet, no matter what else you concentrate on, getting customers always has to be a top priority! The good news is you can find some clever ways to maximize your customer numbers, below.

Foster a strong customer base

Most businesses spend their time and their money attracting new customers. However, it is vital to remember that selling to someone that has already bought from you and was happy with their experience is so much easier than getting a sale from a cold lead.

With this in mind, tapping your base of previous customers by sending them special offers, providing loyalty programs, and encouraging them to recommend friends and family is essential if you want to maximize the number of customers you have.

Indeed, if you do things really well and put the onus on making sure every customer has an excellent experience while shopping with you, you may find that they will advocate for your brand and products online. Thereby securing even more customers!

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Improve your SEO

If you want customers to be able to find your site and the products and services you offer, then you will need to boost your SEO. The good news is there are many tactics you can use to achieve excellent results and ensure interested parties get to see links to your website before many of your competitors.

First of all, make sure you publish new and varied content regularly. It has to include value for your target audience as well, so be sure to do your homework and understand the type of issues that your ideal customer may come up against.
Partner up with other businesses and brands that also appeal to your target market as this can help your brand gain additional exposure to people that could turn into valued customers.

Be sure to get your business’s name out there on the web. Of course, that means using all the usual social media channels like Facebook, Linked In, Instagram, and Snapchat. However, it’s also important to remember that some other valuable platforms and services will be useful as well, such as independent review sites like TrustPilot, Reddit, and Google.

Indeed, when it comes to Google, setting up a profile on Google My Business is one of the most important things you can do. The reason is that it allows your business to be found by those searching in the local area and with the map function, something that should help you attract and sell to more customers.

Connect with the community

Whether your business is local, national, or international, it pays to remember that it does not exist in a vacuum. Indeed, whether you are operating online or IRL, you will be surrounded by a whole community of people.

The good news is that by becoming active in the community you can make better connections with potential customers, and secure more for your business. Indeed, there is a whole range of ways that you can get more involved in your community from hosting local events to sponsoring charities. Just be sure to pick something that sits well with your business’s values as you will want to do some genuine good, and avoid it looking like a cynical ploy to impress people!