The thought of setting up a small business could be a dream for many aspiring marketers which seldom become fruition as the first obstacle is money/capital. This may put off many potential business entrepreneurs or marketers who lack the funds but not the ambition or passion.
However, in today’s dynamic marketing arena, it is very easy to start an online business with the progressive technologies available. Many factors may impact a business which need not be solely dependent on money.
- Crypto technology
Modern entrepreneurs are concerned about the block chain which is also known as crypto technology. The rapid increase in crypto technology solutions and devices, particularly in businesses causes entrepreneurs to be wary about the market trends that may affect them in many ways.
This technology is swiftly integrated into current business ideas with the likes of bitcoin where digital currency or money in the virtual environment could prove challenging. However, block chain is set to redefine business security that would help businesses to decentralize via modern business technologies which could bring on more benefits to the business and consumers.
Online gaming platforms are excellent examples of online businesses where no existing currencies are required. Aspiring entrepreneurs launch their own online business platforms using existing currencies without having to start from scratch. They could manipulate existing block chain platforms such as Ethereum with supporting ICOs to enjoy global investors to promote their business ideas and operations.
- Affiliate business
It was rather difficult for businesses in the past century to be set up successfully with the high cost of physical offices and warehouses. But today, more and more businesses could be set up easily and quickly at very low cost in the progressive digital technologies of today. Many online businesses or small startups today need not store products; hence, their business capital is not huge.
Entrepreneurs with dynamic business ideas need not fork out huge capital to rent warehouses for products which they want to sell and profit. They can be affiliate marketers who do not need to bring in any stock or store products physically.
Today’s digital business world offers the simple yet effective drop shipping approach where products ordered could be shipped off by the merchant when the affiliate passes on the order online. Hence, online entrepreneurs or affiliate marketers could profit handsomely without large capital or investment.
The drop shipping model is very simple to execute; the marketer needs only to collect orders from customers before passing these orders to the affiliated merchants for delivery. The onus is on the manufacturers or suppliers to ensure that the ordered goods are shipped and delivered. The affiliate marketer becomes a liaison in the drop shipping model.
However, the effective affiliate marketer requires an online store or website listing all available products for the customers to view and order. There is no need for any warehouse to store products as there are none owned by the affiliate. This drop shipping model benefits affiliates with the most competitive rates available to empower them in penetrating the market easily.
- Electronic information
Another strong business influence today is big data. This term implies more than large amounts of data; it refers to certain methodologies and technologies applied in handling big data. It is not necessary to engage dynamic software and hardware solutions to deal with big data as there are many dynamic solutions as options in the market today such as CCTVs and other media devices or platforms.
A simple business could indulge in various aspects of the market to generate more sales and profits. This could generate more information that must be utilized and stored properly. This huge amount of data could be utilized by various quarters for the benefit of the business. A lot of customer information must be properly stored to provide marketers and customers up-to-date information for the best of business decisions.
Such data should also be accessible on mobile devices via mobile apps that would enhance the online experience of customers. Business owners and marketers need to know the expectations and needs of their target customers accurately through the mobile website while processing their information to provide the best of business offerings that would prompt supportive or favorable decisions by the customers to the business.
Huge data collected could be properly manipulated for greater online security for the business to exist in providing better services to their customers. Data collected from mobile devices serve to refine mobile apps while data from financial software assist in collating and processing into more consumable information for better business operations and marketing strategies.
Big data can make a big difference to any business in the market today. Small businesses could manipulate big data to compete effectively with the bigger players in the market when they are able to make better business decisions quickly.
- Online security
Advance digital technologies need not enhance online security that would assure online consumers or business owners and marketers. New and advanced technologies could pose higher Internet threats with rampant and sophisticated cyber attacks that cause adverse consequences.
Cyber attacks could happen even on big companies which prove that online security today is at high risk and spares no business in the market. Every business should address this issue to avoid unfavorable repercussions. Small businesses tend to be at higher risks than larger companies when it comes to cyber attack as larger businesses are better equipped with the relevant security technologies to recover from such attacks. This is not so with small businesses.
Conclusion
A small business could be successful in 2018 with the growing number of dynamic business tools and solutions, but there are also many challenges faced. New technologies could bring about many pros and cons for a small business to survive in this increasingly competitive market.
Every business must be alert to the emerging technologies available at their disposal and small businesses must take advantage of what is readily accessible to be established in the market. It is important to collect relevant customer data for proper manipulation that would favor their growth and market development.
