Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Ready To Start Your Own Business? Here Are Useful Reminders That Will Help You Prepare
July 6, 2022
Starting a business can be a real challenge, especially if you haven’t got any experience in business and instead have worked for people most of your life. However, just because starting a business can be difficult for amateurs, that’s not to say that it’s impossible. In fact, some of the business world’s most successful entrepreneurs started out working for other people with no formal experience in starting a business of their own.
If you think that you’re ready to achieve financial independence and start your own business, then here are some useful tips:
Company Registration
The first thing that you need to do is to register your company as a legal entity in the country where you will be living in. A lot of people make the mistake of thinking that because they are starting an e-commerce business, they don’t need to register their business. If you do not register your business, then you won’t be able to pay tax. Not paying tax is tax evasion. Any income that you earn must be taxed, and therefore, your business must be registered. Registering one’s company can be a somewhat complex process, so the best thing to do is to contact an agency to do it on your behalf. A business registration agency will be able to handle all of the paperwork associated with registering a business, as well as give you an address for correspondence.
Outsourcing Admin
In your company’s early days, it’s highly likely that there will be a lot of administrative work that needs to be completed. It can be very challenging to complete all of this admin work, while simultaneously managing your company. A lot of people hire employees at this point, but when a company isn’t yet taking in much profit, hiring employees can be the wrong move. There’s no way that you can sustain paying new staff for a long period of time if your company isn’t yet making you any money unless you have a huge pile of savings. Outsourcing allows you to still benefit from other people’s work, without paying them full-time salaries.
Designing Website
You won’t be able to run a business without first having a website. The internet is used by nearly all consumers when they are searching for products. While it might be possible to drum up business locally without a website, that simply isn’t a sustainable long-term business model. A website will give you somewhere to base yourself in the digital space– a place where you can advertise products and offer promotional sales. A website is an investment that’s definitely worth making.
Hiring Freelancers
Once your website is up and running, you need to start marketing. This is something that will be addressed in the next section. In order to market online, you will need to write content on your website’s blog. This is because by writing content for your website, you are able to increase your site’s DA (domain authority). The higher your site’s authority is, the higher up the major search listings it will appear, and the more visible it will be. You can hire freelance content writers to write this content for you so that you can focus on other more important things.
Image source: Unsplash
Digital Marketing
Marketing is essential. Content marketing isn’t the only form of marketing that you will need to invest in for your company, however. You will also need to invest in social media, influencer, video, pay-per-click, email, and SMS marketing. All of these things together make for an extremely effective marketing effort. If you do not have the time to manage your firm’s marketing yourself (as many business owners don’t), then you can hire a marketing company to do it for you. A marketing company will be able to manage all areas of your company’s marketing, ensuring that you achieve exposure online and offline.
Buying Reviews
Consumer confidence is very important if you want your business to be a success. However, it can be a real challenge to gain the confidence of consumers in your business’s early days, because you won’t have any reviews. It might be a good idea to then purchase some reviews. While this is an underhanded tactic, it’s still an effective one, and it isn’t illegal. An alternative to buying reviews is to ask your friends and loved ones to post reviews on your business’s Google Reviews page. You can also ask them to give testimonial comments, which you can publish on your site.
See: Bringing Good Ideas to Life: 13 Modern Ways to Innovate
Starting a business can be a lot less stressful if you implement the tips that have been outlined in this post. The main reason that people fail when they start businesses is that they don’t plan and don’t incorporate the tips put forward here into their business management strategy. Don’t make the same mistakes as them.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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