Learning and Growth For New Business.

Experts say that while structuring your new business, cost should not be the driving factor. In today’s world of internet, many online sources allow you to create a corporate entity for just a few hundred dollars. All you need to do is put in your information, and you get templates created for your company!

Whether to operate as a sole proprietorship or as a corporate entity is one of the first questions that every small-business owner has to consider. Initially, you automatically start out as a sole proprietorship. This costs no money because you don’t have to pay to create corporate documents and tax returns as a sole proprietor. Whether you want to continue to operate as a sole proprietor, however, depends on your personal risk tolerance and the kind of business that you plan to start.

Abrasion is a process of wearing down through friction. While friction is typically associate with something negative, it is actually the purest form of energy. Collaboration converts energy from working with people who are different from you, into something positive.

Two companies come together in collaboration to leverage the differences and work to identify what can be complementary about them.

In today’s market, consumers are faced with far more competing interests forcing stiffer competition amongst businesses. Companies can, however, benefit a lot in attaining more of the market share by collaborating with indirect competitors, whose organizations provide great avenues to consumers within your industry. For example, event rentals can partner with planners, corporations, and even childcare centres and schools. Indirect competitors are a great way to create active relationships, establish your presence, and generate profit.

We have always been told that two are better than one. And this is exactly what collaboration does. It brings together the resources in talent, experience, finances and infrastructure from two different entities, leading to more effective problem solving. Reaching to new markets that is enabled through sharing and leveraging resources in a collaboration, increases and re-energizes the connection you have with established customers. It makes your firm a bigger part of the greater whole, and that there is power in that.

The strategy of enhancing your company’s image helps decide how different stakeholders perceive your company. Your company is a brand, even if it is a small brand. Just like any other brand cannot control how it is perceived by others, you also can only use ways to enhance the image of your company and influence people to form a positive image of it.

Many kinds of statistical as well as descriptive market reports are readily available, that investigate the media habits of consumers of different products and/or the segments that your company has chosen to target. However, it is best to get in touch with local advertising and media experts to help you make the right decision. If not, speak with industry experts and do extensive research on the subject before you invest in advertising. As discussed in my post Business Development – Clients and Competitors, try to find out what are the projects your competitors are targeting within your market segment, assess if you can develop an offering that can win those businesses from them. Since you are still new to the industry, competitors do not know you yet. Use that to visit your competitors’ showrooms, if any, anonymously, like any regular customer and collect valuable input to use in your research. Do not think this as unethical, after all, we all learn from watching.

All of us, whether bosses or employees, are eventually humans and we like to connect. A collaboration of two companies brings together the employees of both entities and they have to work together, keeping their differences aside. As discussed above, all of us look out for certain qualities in people that we mix with. In this situation, it is a good idea for the collaborating companies to bring everyone on a moderated common platform, to share their views, events and opinions on. A great way to do this is to get an internal social networking platform for your company.

Get in touch with HyperEffects to work on creating, enhancing and making the website of your company more user-friendly. I have always emphasised on the importance of having a good website for your company. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them.