Three simple points to remember when starting business with friends

Starting business with friends

As stated by the survey of Small business Association, there were as many as 1.8 million small businesses in the US in 2011, which fell under ‘Partnerships’.  No matter how these partnerships are created, whether they are formed amongst family or friends, they can put up a lot of tension in the relationship while starting business with friends.

Creating firm protocols before starting up a business can lead the business on the right path. Following are three basic tips for a new business start-up with friends or family members and also keep intact a healthy relation with them:

Set Frequency and Manner of Communication

Communication is very important to more business partners; hence setting up the frequency and manner in which the communication will take place is the fulcrum of working with close business partners. It is possible that both the partners share the same passion towards the business, but that does not mean that they will have the same viewpoint towards each decision that has to be made. Conversing on hard-to-make decisions and stopping on mutually agreeable terms will make the business as well as the relation strong. On the contrary, if there is any sort of vagueness, the cracks in the relationships will break out, which can result in a pitfall. Properly scheduled, transparent and open communication is the key to a successful business partnership.

Specifically, Define Roles and Responsibilities, Allow Cross-training

The delegation of roles and responsibilities at the earlier stage is important but it’s not enough for a long-term. The business will grow and change as time passes, so will the roles and responsibilities of each partner. Initially, the first partner has a task ‘A’ and the second partner has task ‘B’; but with the course of time new tasks arrive, then what should be done? A proper and constant communication is important to keep the roles properly delegated.

Circling of responsibilities at regular intervals has added the advantage of highlighting the prominent areas of cross training. Businesses, which run on the islets of responsibilities, are more prone to suffer from minute setbacks like short-term sickness of one of the partners than those who have several resources to finish the task.

Make the relationships priority

Each partner of the business should have an understanding that the decision made, is good for the business, even if it irritates one out of the two partners. Egos will be hurt many times, but there should be a mutual understanding between the two partners to gently keep the ego aside, in order to make the business grow especially going into business with friends.

Respecting each other is important and this feeling of respect towards each other only will make them wise and take wise business decisions. Ultimately the business profitability has to take over the egos of the partners, in order to prosper.

Running a business in partnership is challenging but it can be more rewarding, both personally and professionally. While one would get much more freedom than in a sole proprietorship, it will depend on the relationship with your friend.

51 ways to promote your business using technology

ways to promote your business

Using technology in every big and small business has become one of the leading requirements for the modern commercial world. If you are also one among those business owners who start their business with limited capital, you require employing advanced tools and techniques in your business in the way that it should leave a good impact on the growth of your business unit. Here are 51 ways to promote your business using technology in your small scale business.

Marketing

1.    Create your own blog online for the promotion of your business.
2.    Promote your business by using social networking sites. Create an attractive profile of your business on every social media platform you are registered with.
3.    For the implementation of a marketing plan, create software that can be updated and edited by your team.
4.    Make the video of your products and services and upload it to social platforms for effective marketing.
5.    Start Email marketing to collect email addresses of relevant stakeholders who are probable to become your regular customers.
6.    Advertise online by using free promotional websites where you can post ads for your services and products.
7.    Learn more about advanced automated marketing and integrated marketing tools for the swift promotion of your business.
8.    Try paid advertising through social networking sites like Facebook advertising to reach more and more people within a short time.
9.    You can also try LinkedIn Ads and online flyers for marketing of your products.
10.    Set your business link as your Whatsapp and Gmail status.
11.    Affiliate marketing is one of the best ways for promoting your business quickly.

Management

12.    Plan creating a Google doc to manage the available pace of work. Share the doc with your whole team and assign work to everyone directly on the shared Google Doc.
13.    Use labels to sort emails in order to get quick access to the one you want.
14.    Add your team members to group chat while online communication to convey same messages to all.
15.    Pay commercials bills online to save time and cost.
16.    Create an online excel sheet (in Google docs) to track your team members productivity per day or per month and share it with all.

Training

Training

17.    Organize a webinar to train your employees time to time.
18.    Prefer conducting conference calls to connect all the tea members together during training.
19.    Go through online business training to learn new skills.
20.    An intranet is a good option to share files on the local level.
21.    Enable instant messaging apps in devices for swift communication while training.

Customer care deals

22.    Create a help desk for your customers on the internet to be in touch with them.
23.    Enable a system to help customers scheduling appointments with your customer care executives for their comfort.
24.    Prefer social media sites for conduction of customer care services.
25.    Conduct surveys online to collect feedback from your customers.

Telecommunication

26.    Choose remote desktop access technique for accessing files from anywhere.
27.    Enable mobile office app to simplify working whenever you want.
28.    Select useful office apps on your smartphone and sync them with the cloud to be connected regardless of your location.
29.    Stay connected with your team through electronic fax line and virtual phone number even when you are not in the office.

Financial deals

30.    An internet based budget tracker will help you to control expenses.
31.    It is ineffective idea to prefer online invoicing service for reducing the cost of payment collection from customers.
32.    Online filing of taxation is good to reduce cost.
33.    Streamlining your finances in business is possible with efficient accounting software.
34.    Create digital files for bookkeeping and share it with your accountant.
35.    Sell your products and services online to discover a new source of income.

Productivity

36.    Track the time you take to complete tasks with the help of time tracker software so that you will become more productive.
37.    Try digital dictation tool for fastening your work process.
38.    Find efficient project management technologies and task managing tools that simplify your business liabilities.
39.    Simplify sorting, saving, sharing and finding your documents with the help of digital filing tools.
40.    Learn more about Email management systems to save the time of reading new mails and replying them.

Security

security

41.    Use cloud backup and smart recovery tools to get back important data, files and documents when deleted accidentally.
42.    Enable key-logging tools and spywares in computers to track your employees.
43.    Use data encryption tools to keep your data and important files secured from being hacked.
44.    Implement multiple security technologies for keeping your important information confidential.
45.    Call a security audit to understand right ways of security.
46.    Install good quality and reliable antivirus software tools in all the devices at your workplace.

Saving money

47.    Go paperless by making the digital invoice, accounts and business plans.
48.    Make monthly project report online to exclude utilization of stationary.
49.    Use some good project management software systems and tools like Video chats, VOIP calls, IM clients and in store documents in the cloud so that you can get access to work even from remote locations.
50.    Update your Facebook, Twitter, and Google plus accounts every time when you launch a new product or service to reduce the cost of promotion.
51.    Motivate your employees also to promote and carry out online marketing of products and services through their profiles for good results.

Try these methods to beat fear of failure in business

beat fear

Fear of failure is something which every one of us faces at many instances of our life. Kids face it when they are undergoing through exams, teenagers face it when they are planning their future or appearing in a competitive exam or doing something beyond their comfort zone. Adults face it when they are starting up a new business or investing somewhere. This fear of failure can loosen up the confidence about what you are doing and make you skeptical. At the same time it can be positive,if it acts as a positive factor to fully go through the insinuation of what you are doing.

The kids can be coaxed easily but for the adults,it’s hard to convince themselves especially before starting up a new business. If you are setting up a new business and you think that fear of failure is setting you back and stripping away your power, it’s time to combat that fear.

Below given are few ways to fight the fear:

Perform a detailed research

The fear of failure can intensify if lots of facts are unknown about the business. However it’s certainly not possible to grab each and every snippet of important information, but the most important information and data can be collected and can be used to make the better decision and remove the fear of failure up to some extent. Having that knowledge can empower you from within.

Gathering relevant information from various sources doesn’t mean that you spend all the time in researching and lose insight on your main focus. It should not happen that you become totally lost in gathering information and finding it hard to move any further. Be attentive and steep while doing your research part but don’t indulge in it completely, just keep it in perspective.

Develop a strong business strategy

Creating an effective business plan is not that easy, but if you spend time on it, it will provide great results. An effective plan will not only help you to start over greatly but also keep up in thriving greatly in the business. It will act as a GPRS and guide you from the beginning and as you pass up each milestone of the growth of your business.

Setting up small goals can also be an efficient way to run the business smoothly and remove the unwanted fear. Smart goal setting procedure will help you in breaking down bigger goals into small action steps and reduce the fear of failure.

Keep another plan ready for emergency

business plan

Some might think that keeping a backup plan pushes you towards failure, but in real terms having a contingency plan proves to be very effective in the case of emergency. When you are initiating a new business set-up, you are taking a certain amount of risk; hence, it becomes important to plan, keeping in mind the possible results ensuring confidence in your entire journey and also the success.

Your alternative plan doesn’t have to be completely a substitute of your original plan which you will follow in case of failure; instead, it should be a blend of small steps to overcome the hurdles coming in ways of your success. This will ensure that even if you are not able to completely implement the first plan, you can go for alternatives wherever required.

Consider the worth of indecisiveness

Thinking and imagining what would have happened if you didn’t work hard for achieving your goals can be a strong motivating factor. The thought can be scary presently and in the future and this thought will be acting as a motivational tool to strive for a better performance in your business.

Take support from around

Doing things alone might be difficult and possibilities of getting stuck increases. If you don’t have a proper support system, the uncertainty, unsolved queries and fear of losing can be devastating. Assure that there is a proper support system beside you to help when you are stuck. The support can be from a mentor, business partner, friend, teacher or spouse. Your support system will act as a catalyst and enhance your confidence at each level. This will also help in reducing the fear of failure because you will never be alone in case of any problems.

At last, I would want to say that fear is not something negative; the only thing matters here is how you handle it. It all depends on how you take that fear, negatively or positively. Taking it negatively might lead to a downfall and reduce the chances of success, but if you take it positively, it will make you work harder, do more preparations and enjoy the success completely. If you are able to overcome the fear of failure, your chances of success will increase.

Net Neutrality, Determinant of Open Internet is in Danger Now

Net Neutrality

Net neutrality is nothing but guiding principle of the internet which has been designed for preserving rights for better communication on the internet. In other words, it is called the open internet. The direct meaning of net neutrality is that it offers an open network to people online for communication and protection of free speech. Under this service, it is also to be taken into consideration that it should not introduce any discrimination against any application. It means the internet should be neutral same like a phone company that never interrupts any caller to call someone or decide what kind of communication should be carried out on the internet.

Carving the internet in the form of fast and slow lanes could have become easier for phone companies and cable operating systems in the absence of net neutrality. The first rule of net neutrality revolves around the condition that a user’s ISP should not be concerned with the content he or she posts online. In the modern time, the internet has become an integrated part of everyone’s life. Whether you talk about Americans or a big community of Indians or any other part of the world, the internet has secured the place of a ‘must have’ amenity for smart people. The internet is believed by people to be a platform where people can not only get access to the desired lawful content but also can post their thoughts without any limitation.

The most important thing to learn here is that net neutrality is very important for businesses. Big and small entrepreneurs, business owners, entrepreneurs, budding professionals and the IT services require the net neutrality to be maintained as it is a crucial part of their business. An open internet is a place where new businesses can be launched, the creation of market, promotion of services, advertisement of products and many more things are there which are important for people who rely on the internet for their business.

Nowadays, some unavoidable activities and things are interrupting network neutrality seriously. The government needs to take special actions in the direction of securing network neutrality and it’s principles. Some conditions are there now that will interfere with the content you see on the internet as well as with the internet connection’s quality. The things that can leave the negative impact on internet neutrality involve corporate disfavors on controversial posts, competition among services and demand for profit. Another thing to play an important role in this direction is users’ online activities which are monitored to play favorites. This leads to a step ahead towards invasion in the privacy of consumers.

Maintenance of net neutrality is necessary because the open internet is required for growth, competition and innovation in businesses. As open internet decreases the limitations of the entrance of budding businesses, startups and new professionals, any kind of interference with the principle of internet neutrality is unacceptable. This is how new customers are reached by business leaders and representation of innovative services and products become possible.

The intention of the FCC’s 2010 order was the prevention of broadband internet service providers from interference and blocking traffic on websites. This order was launched for making the internet a classic platform to represent businesses, services, thoughts, customs etc. for all. Wired Internet Service Providers enjoyed prohibition from blocking and discrimination against contents; on the other hand, wireless ISPs was allowed with the option of discriminating against contents but not to block websites. The court stated in 2014 that the FCC utilized a legal platform for crafting open internet order which is questionable as it did not possess the authority of implementation and enforcement of rules. In this way, the court ruled against the efficiency of FCC of implementing rules formed for net neutrality.

In short, the absence of net neutrality will surely lead to deception of next Google. Matters of racial and social justice depend on upon net neutrality up to much extent. The open internet offers an opportunity to everyone to raise their voices after the failure of conventional media and now electronic media can also be bounded with limitations as rules and terms framed for net neutrality are undergoing question mark.