Starting a business may not be difficult, but it is not that simple. There are many issues to consider and many decisions to be made wisely. The primary concern for many entrepreneurs or business owners would be funds or capital. It is a fact that some money is required to kick start a business even in this digital age.
There are also many pressing factors that would impact a business which the business owner should consider seriously for success.
Today, entrepreneurs should be concerned about block chaining or crypto technology. This is with regards to the rapid emergence of crypto technology in the marketplace where it is quickly integrated amongst businesses in their marketing or business ideas.
Block chaining came about through the emergence of Bitcoin where digital currency or virtual money is to rule the market sooner or later especially in the digital world. It is expected that block chaining would affect all businesses and industries across the globe quickly.
This technology serves to redefine business security through its decentralization concept in today’s business technologies. It is expected to benefit end users favorably in many aspects such as online gaming platforms where no existing currencies are required. Any business platform could be launched easily through block chaining without having to start the business from scratch.
A new online business could be set up through existing block chain platforms such as Ethereum where business owners could base their currency on. Global investors could be attracted via ICOs to boost online businesses.
No Physical Warehouses
In the past decade, businesses were considered valid when they have warehouses and brick-and-mortar buildings or offices. These businesses must have solid products which must be stored for delivery. A lot of money is required to rent or own warehouses. But with modern progressive digital technologies, drop shipping is becoming more acceptable over time. Business owners are able to set up new companies without high investments today.
In drop shipping marketing, the strategy allows online orders which are immediately forwarded to specific manufacturers or suppliers where goods would be shipped efficiently. The business owner acts only as a liaison in drop shipping as it is primarily the supplier that delivers the orders to the customers.
Basically, drop shipping requires only a website that represents an online store listing all available products which customers could order. There is no need for physical warehouses to own or store products which do not belong to the business owner.
An advantage of drop shipping strategy is the competitive rates in the market that allow aspiring entrepreneurs to penetrate into the market easily.
Progressive technologies include big data technology that is causing more waves in the market today. This marketing strategy influences business decisions and operations. Big data strategy is not only referring to generating large amounts of data for marketing purposes, but also methodologies and technologies which are useful in handling huge volumes of relevant data for effective marketing.
It is not just the traditional marketing software or hardware solutions that businesses deploy to handle big data for an effective marketing campaign. A business could have multiple branches locally and globally like a bank. There would be thousands of customers using its services or products.
This would amount to volumes of information which must be properly handled for effective marketing and sales to enjoy higher profits. The business operations would be vast and wide garnering even more information that must be screened, updated and stored carefully. There would be micro and macro operations which generate lots of data from various channels such as social media and mobile devices.
There are also many mobile apps which customers could connect to their preferred business sites to generate more data. A lot of data is collected through many channels to flood the business processes for better outcomes. Such huge volumes of data are properly filtered for better consumption by the business to enjoy higher profits.
A good business would not allow all this data to go to waste after spending so much money and effort in its collection. The collected data are utilized in generating more efficient processes and operations that would establish the company securely in the market. Mobile apps could be enhanced through data collected via mobile devices as the number of mobile consumers is growing daily.
Every aspect of the business is improved with the big data offering more insights on consumer demands, needs and wants. However, there are still many businesses that shirk away from big data as they may not know how to handle it properly. This dynamic marketing strategy is not for big businesses only, but also for small businesses to excel from.
Internet Security under Threat
Progressive technologies do have its pros and cons. It is rather unfortunate that the disadvantages of advanced technologies could surface to threaten the existence of businesses. New technologies that are misused or abused could lead to greater internet threats.
This has brought about online spamming, frauds and various cyber attacks in recent years. Such online crimes are becoming more sophisticated to cause greater inconveniences and trouble for consumers and businesses. This concludes that online security has been threatened to be a major concern for all parties.
Every business must consider implementing anti-cyber attack solutions that would keep it safe for its customers to transact safely at all times. Small businesses are more vulnerable to cyber attacks without the budget to implement proper security measures which larger businesses can. It is harder for smaller businesses to fight against such cyber attacks or recover after an attack.
There are many challenges a small business would face, although technology may be progressing rapidly. It may be difficult for a small business to compete with the bigger players in the market or be well girded against cyber attacks, but there are increasing options for small businesses to survive and thrive in the market today.
It may involve a change of mindset and adopt clearer prospective with the best of new technologies embraced to be successful.