Setting Up a Small Business in 2018 – It's Not All About How Much Money You Have

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When thinking of starting a business, the first thing that comes to mind is money / capital. Of course, it takes money to start a business, even if it is very little given the ease with which it is possible to start a business in the digital era. However, many other factors can affect a company's business in today's digital economy. Some of them cause great concern and others do not really interest you.

Blockchain affects all types of businesses

One of the main concerns of today's entrepreneurs before embarking on business is probably blockchain or crypto technology. The world sees the rise of cryptographic technology and its integration into existing business ideas. A little over two years ago, you must have heard the term "bitcoin". Bitcoin, people still believe that the blockchain is entirely focused on digital currency, that is to say money in the digital world. However, it is far from the truth. The blockchain should touch all types of businesses and industries of the world in the coming days.

This technology redefines the security aspect of many companies in 2018, introduces decentralization into modern enterprise technologies and benefits end consumers in multiple ways. For example, you can launch a gaming platform where no one needs existing currencies. You can start your own platform with your own money today. You do not have to start all over again; instead, you can base your currency on existing blockchain platforms such as Ethereum. Thanks to the ICO, investors from around the world could invest in your idea. The blockchain is definitely a consideration for all companies from 2018 and the coming years.

Physical warehouses are not necessary

A few years ago, only certain types of businesses could be qualified as genuine online businesses. For companies where products need to be stored for a while, a complete online presence was not the solution. Entrepreneurs who had such ideas in mind had to have enough money to have their own warehouses. However, this has also changed a lot in the last two years. With the idea that direct shipments become more widespread over time, businessmen are more and more able to start their own business without much investment.

In a direct shipping model, you simply collect orders from customers, pass them on to manufacturers or suppliers, and ship the goods. You only act as a link in this particular model, because it is the supplier who sends the products directly to the customers & # 39; door. You will always need an online store with all the products listed for customers. However, you do not need warehouses because you do not have to own, buy or store products. The good thing is that this model now allows shippers of fares to offer much more competitive rates, allowing them to enter the market more easily.

Big Data is the big difference

Big data is another technology that has influenced business decisions and the way companies operate. Although the term "Big Data" seems to mean that you refer to large amounts of data, you also refer to the methodologies and technologies used to manage Big Data. You will be completely wrong to think that traditional software and hardware solutions can handle Big Data in any way. Take the example of a bank. A bank could have hundreds of branches spread across the country. In these hundreds of branches, the bank will have hundreds of thousands of customers.

The bank has the account information of hundreds of thousands of these customers. In addition, the bank invests constantly in the stock and foreign markets, storing and using this information. The same bank manages the data of all micro and macro credits it transfers to its customers. It also stores customer information via its mobile app to find out what customers want from the mobile website. In all these hundreds of branches, the bank also has CCTV cameras that collect terabytes of footage every day.

Do you think that all this data is wasted? No, the bank data bank is used to secure bank branches. Data from mobile devices allow banks to refine their mobile application. Data collected through financial software helps a bank improve its insurance, loan, mortgage, and other offers. At first glance, it may seem that big data is a headache for large companies only, but big data is just as important for small businesses. This means that companies starting in 2018 will have to adopt a Big Data approach from day one.

Internet security is the biggest threat now

It is unfortunate that, instead of making the world safer, new technology has led to greater threats on the Internet. Cyber ​​attacks are becoming more frequent over time and much more sophisticated. In recent years, cyberattacks against some of the world's largest companies, including technology companies, have proven that security should be the top concern of any business, be it small, medium or large. . If you think that starting a new business or starting a small business gives you a big advantage.

In fact, it is small businesses that are at higher risk when they are victims of any type of cyber attack. Indeed, large companies have the technologies and capital needed to fight the attack, recover and recover. In contrast, small businesses generally do not have any of these resources.

Last thoughts

Challenges for everything small enterprises in 2018 are much larger and related to technology than ever before. For small business owners in 2018, it's time to say goodbye to traditional thinking and adopt new technologies to succeed. They must also remember that in the modern era and in the years to come, every business is sort of a technology company because of its reliance on technology to collect data about customers, create marketing campaigns and secure customer information.


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