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How To Start Your Own Company

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StrategyDriven Starting Your Business Article |Start your own company|How To Start Your Own CompanyAre you an employee? If not, no worries. I am just going to put an example that will immensely help you understand the significance and uncertainty of starting a new company. Consider an employee who is well-recognized(of course due to his performance), highly-benefited, and well-settled with an XYZ company, but due to certain issues, he has to find another company. He will only be hoping if the new company has the same atmosphere and working culture.

Isn’t the above scenario related to a businessman/businesswoman finding a stage to put their business into the market? If not for the idea, the entrepreneur would be more worried about getting a predictive reach, perfect location for sufficing the demands, and the list is endless. But perfect planning never goes vacant. So let’s begin the checklist of how to start a company.

Steps To A Perfect Start Of Your Company

Out of every ongoing managerial, industrial or automatic process in the surrounding, hardly some would be working without any planned layout. Similarly, before starting a company, here are a few steps which can help you earn good fame in society.

1. Analyze the market demands for your product

Until you have an idea that assists the society or a section of the society, you cannot say or analyze its demand, a good location, probable customers to attract, how to innovate it, and reduce the price compared to the competitors.

Start with business ideas eradicating the common problems with advanced technologies that also serve as the future need of the common people globally, if possible. You can also work on already implemented solutions but can be designed better and economically. You might have seen some artsy people jumping into some related business, which is wonderful if you have some hobby.

According to Forbes, the definition of a successful startup goes like this: their product meets the needs of the society, their growth-rate is faster, they ignore nothing, and they recover from every hard-fall. (source)

2. Invest in your business

Even without required funding, appropriate investment, and all hard work, the business cannot reach the heights you desired. Even if you have a small investment to make, go for it. You can explore other options like a partnership, business grants, third-party investors, crowdfunding, loans, etc.

People say money can buy you anything, but that’s not 100% true for business as it requires an equal amount of dedication and hard work all the time.

3. Search the perfect location

The location also has quite an impact on the business. The location you choose is based on the target customers, company funding, partners, and other required preferences. Additionally, an owner should also consider the cost and restrictions to the business.

The location also becomes a preference if the business generally comprises selling offline as in retail stores.

4. Design your business structure

Now that you have picked up your idea and location, the next important consideration is to define how your business would function, the workflow of all the processes, product release and update process, marketing and sales, product financing, employee payroll, and HRMS process.

The business structure should aim at the organizational goals, vision, and mission that your organization needs. This also helps you in setting employee goals and OKR to measure performance.

Think about how to serve your customers and have a supportive query resolution workflow because customers are the main strength of your business to keep it on the right track. Analyze the market demands of the product to stay ahead in the competitive world by delivering the perfect required solution or service.

5. A name that reflects

Business/product name is the main aspect to be finalized as it is the first entity of your organization that will be highlighted in the market.

The name you choose should reflect what you want to deliver, should be simple and catchy for the customers to remember, and should be unique in the history of the trademark. You can refer some names to your co-founders, investors, and prospective customers. This also shows the culture and social front of your organization.

Now that you’ve come up with the name, register it legally according to your business type.

6. Work on financial setup and accounting

Whatever business type you set, whether e-commerce, mobile application, online retailers, etc., it is essential to deal with finances and accounting. Finances include payroll to the employees, deals with the customers, and partnerships for which bookkeeping is the primary for further accounting purposes.

Start from choosing a bank account, a promising one probably. You can also create employees’ bank accounts in the same bank for ease of process in salary transfer.

And yes, don’t forget to verify the statutory compliances at all stages to avoid the evasion of penalties and risks. Better consult a professional advisor for all your liabilities stated under the government rules.

7. Build your product website

In the modern world, websites, social media, and applications are mostly in use for searching and analyzing as per the needs. Listing your contact details and other forms can help customers reach you quickly. Providing an interactive website and social networking page can help customers get the product or service knowledge from it.

Purchase a personalized domain, theme, plug-ins, WordPress and set up your website using simple but attractive designs and content. And don’t forget to apply digital marketing techniques to gain online reach and google reviews.

For instance, founded in 2008, Zomato has become one of the largest food aggregators fulfilling their mission of “better food for more people” till date. An interactive website, social media pages, Instagram trends are somethings that people admire.

Above mentioned bullets may not be the only steps to start a company, but these are the main ones that you should look after.

In a nutshell

Starting a new business can be overwhelming and tricky until and unless you have proper planning at hand. Even if you are building the organization single-handedly, going the correct path and following the rules can help you cross the hardest difficulties easily. And don’t take forever to finalize your decisions, think and consult for better and start working towards the goal.

About the Author

StrategyDriven Expert Contributor | Shubham JoshiShubham Joshi is an experienced content marketer at FactoHR. Passionate about training and development programs, he is always ready to help colleagues and customers by representing concrete ideas and methodology. Beyond work, he is well-equipped with problem-solving abilities.

3 Common Problems Businesses Face (And How To Deal With Them)

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StrategyDriven Managing Your Business Article |Problems Business Face|3 Common Problems Businesses Face (And How To Deal With Them)When you run your own company, you may encounter problems from time to time. While it would be great to avoid these stumbling blocks entirely, this is simply not possible. Instead, you should focus on developing a proactive approach to problem-solving. For example, each time an issue arises, you should take the time to figure out the following:

  • The immediate cause(s) of the problem.
  • The far-reaching effects of the problem.
  • How you can avoid this problem in the future.
  • What you can learn from your mistakes.

Although each business is different, many companies will deal with the same issues from time to time. This gives you an opportunity to learn from the mistakes of others and put certain steps in place that stop you from tripping into the same pitfalls.

With that in mind, here are some of the most common problems businesses are facing today and how you can deal with them should they arise.

Problem: Little or no public interest.
Resolution: If you want to succeed in business, you need to find a way to generate hype around your company, brand, or products. Essentially, you have to find a variety of ways to garner public interest, as this is how you will generate income and grow your business. However, when you are first getting started, it can be hard to make waves, especially if you are joining a market that is already overcrowded. However, there are various different ways that you can increase public interest. For example:

  • Hosting competitions or giveaways
  • Developing a social media presence
  • Promoting your services in print/online
  • Connecting with your customers and building a relationship with them
  • Collaborating with other businesses
  • Attending local/industry-specific events
  • Using a variety of different marketing techniques

Problem: Poor efficiency.
Solution: Inefficient practices are a drain on your time, money, and resources. For example, a lack of efficiency means that tasks that should take around twenty minutes to complete could take you several hours. While this may not seem like a huge issue, think about how much more work you could do in this time. One way in which you can boost the efficiency of your business is by using appropriate software. For example, if you work within the construction and engineering industry, you can use the software provided by RIB CCS. Their estimating, project control, and management software can improve your efficiency, control, compliance, and profits.

Problem: Quick Employee turnover.
Solution: While it is important to bring new employees into your company when you are looking for fresh ideas, you should also ensure you do what it takes to keep employees on board. Fast turnover rates could indicate that your staff are uninspired or that you aren’t providing them with a reason to stay. You can combat this issue by providing your employees with the resources they need to remain in their position – whether this is access to training or health benefits. Show them you appreciate them, and they will reward you with loyalty that allows you to thrive.

Tips for Retaining Employees During the COVID-19 Pandemic

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StrategyDriven Managing Your People Article |Retaining Employees|Tips for Retaining Employees During the COVID-19 PandemicThe coronavirus pandemic has changed the landscape of employee and employer relations. Before, the retention of employees could be greatly influenced by the environment and relationships. Yet, for many businesses, now the only interaction they have with their employees is online.

More than ever, people struggle with their work-life balance, struggle to maintain their productivity, and struggle with their mental health.

When looking to retain employees through the pandemic, hopefully to the other side, it is important to consider the specific issues COVID-19 has caused.

Excellent Communication

One of the greatest struggles employees are facing right now is feeling out of the loop. Communication may have been easier before, when you could call someone into your office and speak to them face to face. But it’s different now.

Just because you can’t speak to your employees face to face doesn’t mean you shouldn’t keep up that level of communication.

Ensuring everyone is on the same page and understands what is expected of them is key. Still, in the mental health crisis we find ourselves in, communicating more generally will help too.

More people than ever will be dealing with loss, grief, and poor health. Alongside that is the general anxiety caused by the pandemic and the listlessness and depression that has plagued many due to the new lifestyle we have had to adopt.

Taking time to ask your employees how they are doing and speaking to them personally will create a working environment employees will want to stay with, effectively retaining them through the pandemic.

Compensation and Perks

This may have been easier to dish out pre-pandemic, but it doesn’t mean you shouldn’t still consider them to retain employees. Benefits are a crucial pillar of the employee experience, even more so now than before.

In an increasingly difficult world to navigate, aspects like paid time off, health packages, and retirement plans are more important than ever.

If employees feel like they’ve been treated well over the pandemic, they are more likely to stay. However, if they feel as though you didn’t support them enough, you will lose their trust, and they will be unlikely to stay long-term.

Wellness Activities

Providing a focus on wellness within your business is essential right now. Many are suffering through the pandemic and need relief.

Wellness activities focus on keeping your employees healthy – whether mentally, physically, or emotionally. Whilst this will help you retain your employees as they feel supported by the business, it will also help you out as employer. A healthy workforce means a productive workforce.

Kill two birds with one stone, and invest in your employees’ wellbeing.

Retain your employees easily

The pandemic has thrown up so many issues for business owners. Retaining your employees through this time will be difficult, but it offers you a chance to prove yourself to your employees. If you manage to retain them through this difficult time, you’ll be able to retain them through anything.

How an Enterprises Video Content System Helps Your Business

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StrategyDriven Online Marketing and Website Development Article |Video Content|How an Enterprises Video Content System Helps Your BusinessVideo content became the most popular way of conveying a message on the internet. Users in the US watch over 180 million hours of video content every day, making it the perfect method of spreading the word about your business.

Videos have the power to help transform some areas of your business and help you communicate with customers through content to improve sales, solve problems, and build trust. Keep reading, and we’ll explain how an enterprise video platform can help you grow your business.

What Exactly Is an Enterprise Video Content System?

When put in simple terms, an enterprise video content system is a centralized management system that allows you to manage and deliver online video content. While it might seem simple, it’s a complicated and handy tool for growing a business.

For example, such a system allows you to access files stored across multiple platforms such as Dropbox, Box, Google Drive, and so on. It takes away all traditional restrictions such as file size and type of video and allows you to quickly set up your videos from a single management platform.

Why Using YouTube Isn’t the Best Choice

Sure, you might think that all you need to do to set up a working video platform for your business is to open a private YouTube account used for that specific purpose. YouTube does have some marketing value, but it’s not very good for managing internal video content. Apart from posing another security threat for your entire enterprise, YouTube is followed by other issues you should be aware of.

1. Loss of proprietary content

YouTube has its own policies that keep changing over time. That means that a video you posted according to the rules at the time might become unsuitable according to the current rules. If that’s the case, YouTube will simply delete those videos or the entire channel.

In other words, you’re not in control of your videos – YouTube is. If the platform simply sees your posted video unfit because of whatever reason, they will delete it completely, and you will lose all of the hard work you’ve put into creating those videos.

2. No control over related videos

YouTube comes with its own recommendation tool that pretty much decides what content your videos should be paired with. While that might not be a problem for some type of businesses, it can create a massive issue for your company.

There’s simply no way you can know with which videos your content will be paired with. It can be paired directly with your competitors or with completely irrelevant information that ruins your lead generation.

An enterprise video management system, on the other hand, gives you complete control over your content. It also features advanced security protocols such as restricted access and advanced encryption, allowing you to control who sees the content and who doesn’t.

Other Benefits of Using an Enterprise Video Content Management System

The most basic role of such a system is to provide you with a single platform you can use to save videos on and individually choose who can access each video. However, most advanced solutions, such as VidYard, will give you more advanced features you can use to your benefit. Here are some of those features:

1. Support for large files and high definition videos

Video files can be immense, depending on their video resolution. A minute of a 4K video is often much larger than what most free platforms support. Using your own system, you can upload videos of any size and format, and all of them are saved to a single library for easy access.

2. Built-in video creation tools

A high-quality enterprise video content management system comes with a set of video creation tools designed to make the entire process as simple as possible. You won’t have to spend days and even weeks putting a video together anymore. With built-in recording tools and other features, you’ll be able to record and share videos directly from the manager. That will save you a lot of time and money in the process.

3. Automatic transcription and closed-captioning

Every video should have a transcription to make sure that everyone who sees it understands every single word, even if they are deaf. Advanced video management systems have a built-in feature that processes speech and turns it into text automatically. Again, saving you time and money in the process.

4. Advanced search

Since most advanced enterprise video management systems offer the speech to text feature, you can use it to quickly find the videos you want simply by saying important keywords out loud. A single phrase or sentence is enough to pinpoint the video you want to access.

5. Mobile optimization

Most legacy systems don’t allow access using other devices or software because of the specific formats they use. A management system will allow all of your team members and potential customers to access any content using any device. They can access your video library 24/7, enabling you to spread the word about your business more effectively.

The Bottom Line

Video content is the most effective marketing method used by businesses to generate leads and spread the word about their offers. They will become even more important in the near future, which is why investing in an enterprise video content system is definitely a good idea.

You will get unlimited control over all your video content, and you won’t have to worry about potential security risks or losing your content due to changing rules on third-party platforms.

Why P2P Lending Makes Complete Sense for Startups

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StrategyDriven Managing Your Finances Article |P2P Lending|Why P2P Lending Makes Complete Sense for StartupsSince its inception, the peer-to-peer lending industry has moved ahead at warp speed. The P2P lending market was valued at $67.93 billion in 2019 and is expected to cross the $500 billion figure in 2027 at a CAGR of 29.7 percent, despite the global pandemic crisis.

P2P lending is a funding method that lets businesses get capital from several investors online. P2P lending marketplaces get investors and businesses seeking funding together on one platform. It is a debt-based investment that’s different from crowdfunding. It presumes that the borrower will repay the loan in installments over the specified period.

Since the entire process is technologically driven, it ensures transparency and involves low operating costs and market risk. Hence, this funding model is a perfect fit for startup owners and entrepreneurs who are constantly looking for quick access to funds and reasonable interest rates.

Here’s why P2P lending is an ideal business financing option for startups and SMEs.

1. It Offers an Easy and Streamlined Application Process

P2P lending allows startup owners to borrow capital without the hassle of going to financial institutions. This is an ideal scenario for startups as banks have extensive eligibility requirements and take a long time to approve a loan.

Also, startup owners who do not have good credit but a healthy cashflow find it tough to get loans from credit unions or banks. P2P lending is a great alternative option for such businesses. Even with a less-than-perfect credit score, a small business can get its funds through an online lending platform.

These platforms use the latest technology to provide direct and safe interaction between borrowers and lenders through a simple application process. They perform all the necessary checks, set all the rates and terms and conditions, apply legislation changes, and allow safe transactions.

For instance, the loan marketplace platform Swaper has built its own AI scoring model that’s completely automated and adjusts legislation changes to the new risk terms.

Check out this interview with Iveta Br?vele, the CEO of Swaper for details.

2. It Helps Startups Get Funds Quickly

Depending on the size of your loan, the process of funding from financial institutions can last for weeks on end. However, P2P lending is an online and transparent process where the borrowers are constantly updated about the progress of their funding.

P2P platforms offer startups with a huge pool of willing investors who evaluate borrowers and lend accordingly. Lenders needn’t support 100 percent of the financing; rather, it is pooled by many lenders. All this reduces the time taken to raise funds for a venture. Even loan amounts like $5,000 or more are funded in less than a week.

3. It Offers Excellent Interest Rates

When compared with the traditional ways of funding, P2P lending offers better interest rates. Banks usually have a higher interest rate on personal loans as they are unsecured loans. Repaying such loans can burn a hole in your pocket.

Being completely online (unlike banks), P2P platforms operate on low overheads. They do not have administrative and operational costs to pay. This allows them to offer attractive rates depending on the borrower’s credit score, loan amount, and loan term. Hence, startups looking to reduce their business costs can benefit from this type of financing.

4. There Are No Hidden Costs

If you’ve ever applied for a loan from a bank, you’d understand the importance of reading the fine print. Many who have failed to do so have landed in a soup. Banks have so many hidden charges that most borrowers aren’t aware of until it’s too late. Such cashflow surprises can ruin your startup.

Online P2P lending is different. As mentioned earlier, it’s a transparent process that clearly states the registration fee and the commission on the loan at the time of your registration. There are no hidden charges. What’s more? If you plan to repay your loan early, you will not have to contend with any prepayment penalties.

So, you can use your funds to scale your startup rather than wasting it on unnecessary penalties and hidden charges.

5. You Don’t Need a Collateral

Not all P2P lending platforms offer loans without collateral; however, they mandate a certain credit score and critically verify the eligibility of the borrower. They also check your business cash flow. If you meet the eligibility and your business has healthy cash flow, they may take collateral lightly and drop it from the requirements. So, you can get your startup funded without collateral!

Before opting for this funding option, consider the following pointers –

  • Take a look at the fine print at the bottom of each P2P provider’s home or the product page. They usually share the complete overview of the loan amounts they offer and the rates and fees they charge.
  • Make sure that the lender operates in your state or country. Many P2P lenders do not operate in all locations.
  • Review your credit reports for major negative entries if any as these may come in the way of your loan approval.
  • Watch out for tempting upsells. You may require a certain amount but qualify for a larger loan. A few P2P sites will encourage you to borrow more. Agree only if you think you can put the money to good use.

Summing Up

P2P lending is an ideal funding option for small business owners and entrepreneurs looking for quick and easy ways to fuel their venture. No wonder, over the past decade, P2P lending has become mainstream among startups seeking additional funding.

Use the information shared above to make an informed funding decision for your venture.