Running a business has never been easy. Back in 2011, only about 4% of small businesses survived to a 2nd year while only 3% made it to the 3rd year. This shows how difficult it was to start a business until a few years ago. While things are no easier today but the chances of success are higher, as proven by the success of companies like Fbabee. Today, thanks to the advent of technology and the power of the internet, we can do things from the comfort of our homes. We can loan out money online, buy or rent out a place through the internet, have equipment delivered to our doorstep and whatnot. In short, starting a business today has become a lot easier than before but still, one needs to be smart enough to know how to choose the right business and how to play the right cards. Here are a few reasons as to why starting a business is easier today:
1. Make A Partnership
According to stats, running a business in a partnership brings many benefits.
- Equal investment and less capital burden.
- Workload distribution.
- Chances to expand the business in the future.
- Grow rapidly.
- Generate more revenue.
When you start a business with a partner, you only have half of the business to run. The other half is run by your partner. This is great because you won’t have to struggle with everything all by yourself and will have a helping hand who wants the business to thrive as badly as you do. Having a partner will let you focus on your tasks more efficiently and grow your business quickly.
2. Start With A Low Investment
If investment is an issue then you don’t necessarily have to open a brick and a mortar shop. You can start off with an online business. If you are selling products then get an ecommerce website made and run a virtual business, or if you selling services then also a website will help you get in touch with customers easily. If the nature of your business doesn’t allow you to go virtual then think of starting small or apply for a loan.
3. Automate Processes
Hiring staff is not cheap and a lack of skilled staff is one of the main reasons why businesses fail. If you’re struggling with finding employees or paying salaries then consider investing in automation tools and software that are capable of running several tasks automatically. Today, modern businesses are using modern CRM software, cloud-based services to get remote access and enhanced features that reduce the need to hire a lot of people. The right software can help perform the task of 3 people all by itself when programmed efficiently. In addition to this, you can make use of AI and robots. They can outperform manual labor in many fields such as calculating, packaging, maintaining inventory, etc. However, they require a lot of investment.
4. Ease Of Communication
Getting in touch with vendors and others businesses is a breeze today thanks to the advancement in the communication sector as everything is brought to the digital platform. Advanced gadgets and machines let you communicate with people all around the globe. You can spread your business all over the world just like Amazon has. In fact, Amazon sent out over 5 billion products last year all around the world thanks to the power of the internet and technology. Calling is cheaper today thanks to VOIP and other such technologies. You also don’t have to worry about sending documents since all can be done via emails.
5. Easy Marketing
With so many platforms on the internet today, marketing a business has become a lot easier than before. More than 32% of small businesses are investing in social media marketing while 25% are investing in online marketing to reach a vast audience and grow their brand. These are many other ways of marketing a business and grasping to a wide audience by spending very little money. Marketing has made it possible for smaller businesses to thrive quickly and expand easily.
Starting a business may be easy but running it is not a piece of cake with competition getting tougher day by day.