Things Business Owners Should Consider in 2019

We are more connected to each other today than at any other time in history, and it seems a great many entrepreneurs are utilizing this connection to build successful small businesses. Yet, for many who want to join the industry, it’s not always clear how to take the first steps in a practical and successful way. Especially with changes in legislation and advances in technology, success seems only to be accessible to those who can already navigate the current business landscape.

Starting a new business at any time can be daunting, but as with any other endeavor, it benefits from careful consideration. That said, the smart business person engages in research, takes advice, and frequently assesses lapses in their own skill sets which could be preventing them from succeeding.

 

It’s an exciting time for any entrepreneur, and you’re going to make mistakes, but there are certainly methods to avoid the most damaging of those. In fact, once you start to emerge from the initial trepidation, there are great rewards to be found.

 

Data Collection and Use

One thing that all businesses generate is data — whether in the form of feedback from customers, metrics based on what people are buying in different parts of the world, and so on. There are also companies that have created successful business models based on the collection and redistribution of this information, because of how valuable it is. As a new business owner, there are many ways in which data can be useful in your trajectory toward success — but this also shouldn’t be your only consideration.

 

In fact, consumers are becoming more diligent in protecting their data, and as a result, there has been a greater focus on how companies store and use information collected from private individuals. In May 2018, the EU introduced General Data Privacy Regulation which limits how businesses are able to collect, store, and share data, with similar consumer data protection laws being introduced across several US states. This trend in data regulation is expected to continue, so it is in your best interest as a business owner to diligently regulate how you obtain and use such information.

 

With that in mind, what are some practical data-savvy approaches? Mainly, avoid storing or utilizing any consumer data that was obtained without the express consent of the individual consumer involved. Invite consumers to provide you with data themselves via interactive content such as quizzes and surveys, while always keeping them abreast of how the data will be used.

 

Your Products and Services

However you’re planning to build your business, serious consideration needs to be taken in the practicalities of the product or service you’re offering. Whether you intend to design and manufacture your own inventory or bulk purchase products in order to engage with the current e-commerce retail and subscription box trends, there’s a certain amount of due diligence required. Setbacks that occur once your business has started to grow can seriously affect your momentum, and sometimes a small hiccup can lead to the end of your endeavors.

 

It’s an ambition of many people to be the inventor of a new product that becomes a mainstay of contemporary life. While you might have designed an amazing gadget that you feel the world is in great need of, ensure you also educate yourself about the finer points of patent law (or if you’re unsure, consult a lawyer). Aside from correctly filing the paperwork, there are initial steps you can take such as ensuring that you produce as much detailed information about your new device as possible, including annotated drawings.

 

Another popular choice for the creative online entrepreneur is an arts-based business. While there are options to use print-on-demand manufacturers to produce apparel, this can yield rather low profits unless prices are set high, compared to the arts entrepreneur willing to arrange product manufacturing themselves. While individual manufacturing provides you with the creative freedom to produce products at will, it is also important to understand how the correct and efficient maintenance of specialty printing equipment affects the productivity and overall bottom line of your business.

 

Staff and Skills

Businesses are not just built from products and data — there are usually some people in the mix as well. Whether you’re engaging some freelance remote workers or inviting a team of staff to work under one roof, the current business climate can offer just as many challenges as advantages to your employee relationships. Finding the right person to join your endeavor is only the start of your journey.

 

The idea of automation has been touted as a boogeyman in business for generations, but new business owners shouldn’t necessarily be put off by the concept. For example, while accountancy is expected to be significantly affected by increased use of automation, it can be a positive development for your business. These technologies — from apps to AI — are genuinely making workplaces more efficient, and it’s worth your time to carefully research the products available, and invest in staff training on those applications.

 

You also need to consider how you will be handling the Human Resources aspect of your business — from contracts, to benefits, to tax payments, it can be easy for the newbie to feel out of their depth. If you’re unable to engage an HR professional right away, you should make efforts to familiarize yourself with staffing and compliance issues relevant to the size and type of your business. Meanwhile, as remote work continues to be a popular method of staffing in the US, it could also be worth your time investigating how this approach could be beneficial to your goals.

 

Conclusion

There are myriad opportunities to develop a viable, even successful, business in 2019. While new legislation and changes in working practices may seem to complicate your planning as an entrepreneur, this can, in fact, often present opportunities to foster a business environment that has positive effects upon us all. Research your industry, make efforts to understand the unique challenges that come with it, and embrace the opportunity to become a valuable player in the current commercial landscape. Good luck!

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