Starting a business is not easy. You have to consolidate the starting and working capital, look for an office if you need one, set up the systems and finally start sourcing for customers. Each step is as hard as the other. That’s where technology comes in.
No, it doesn’t eliminate the need to do those things; you still have to do them. What technology does is to lighten your burden. Through technology, you can go on the internet and research what are the challenges you are likely to face in a chosen niche market. The same way you might research any simple, day to day, tech related questions like how to fix your sound settings. If you know how to utilize the internet properly, you’ll find it is such an important tool for both budding and seasoned entrepreneurs.
Current affairs
Current affairs impact business, and through the internet, you can find which events will impact business this year. Most important events impact the ways and ease with which we do business. As an astute entrepreneur, you should know which events these could and how they are likely to affect the economy, exchange rate, and the business climate. For instance, you would want to know what the ripple effects of Democrats wearing white could be.
Market trends and customer acquisition
Even with a small budget, you can overcome the limiting factors that often encumber new business owners. Through the internet, you can reach more potential customers than you’d perhaps go through a ground marketing campaign. You can set up a social media account for your business and have access to millions of potential customers. Better yet, for a small budget, you can put up a targeted paid campaign to reach the customers in need of the products and services you offer.
This, in turn, reduces the cost of doing business and enables you to give your customers more affordable pricing.
With the help of technology, business owners have unprecedented access to market analytics and wider customer base. You can sell any product to a customer anywhere in the world conveniently and without extra costs.
Lower operation cost
The increasing mobile penetration across all demographics makes communication easier between business to business and client to business. It is easy and cheap to communicate with your clients and business partners through communications apps such as Skype and Whatsapp. Through these apps, you can even have a video conference meeting, thereby eliminating the need for costly office rentals and transportation costs.
Company website and e-commerce
One of the best ways to use technology to grow your business is to create a company website. A company website shows your level of professionalism and commitment to giving the customer the best experience. A website improves your brand visibility. Make your website attractive and uncluttered to attract visitors.
If you are selling goods, create an e-commerce platform and sell your products online. Selling online can significantly reduce the operational costs associated with renting and maintaining a physical store plus the salaries of the shop attendants. If you are just starting, an online store is your best bet. Be sure to include secure payment methods though.