10-lessons-to-take-with-a-digital-business-2 | Capital Office

Are you good to start your new digital journey?

You have already decided to undertake a business project and believe that the digital platform offers the best possibilities for your project. Once you have defined your business model, what are the next steps?

Here we discuss the keys that every entrepreneur should keep in mind to start and consolidate its digital business.

 

  1. Innovate, but do not venture too far ‘out there’

In a highly competitive environment like this, it might seem that innovation is the ultimate goal of any product or service. However, every innovation should start from a real market need. Take for example, a company aiming to meet the high demand for wedding tables of virtual gifts, but who choose to put a spin on their project: Instead, they base it on a model of crowdfunding, or collective financing. Thus, the guests bring a certain amount of money, and at the end of the collection, the couple receives cash instead of gifts. Many brides or grooms do not like the idea of asking for money from guests and prefer to do it through a website that disguises the situation. That’s where the real innovation lies.

 

  1. Find Funding

Starting a business, albeit through a digital medium, can be a strong investment that includes software development, site design, promotional campaigns on social networks, formation expenses, and hosting. There are currently several options for funding for technology start-ups, including crowdfunding and Venture Capital.

 

  1. Attend events as they cross your path

For financial support, creators are recommended to attend partnerships that invest in similar start-up industries. Here you can meet up with representatives and begin to go to other relevant networking events organised in several cities across the UK. You never know who might be interested in your project and potentially provide you with funding for your marketing campaign as well as support for the design of your site.

 

  1. Promote yourself with friends, family and everyone you know

At first, a digital business must earn the trust of the people, and this is only possible through word of mouth.

At the dawn of a project, friends and family will play a very important role: they will test your product or service, you will be offered feedback, and if they are satisfied with the result, they will share with their own circle. Thus, they will become your main promotional vehicle.

In launching your website, you can offer promotions to your friends. They then can recommend the service to their own friends and gradually widen the circle.

 

  1. Remove the idea that everyone will do everything

Of course, there must be a definition of roles. At first, it is more likely that all team members have to do everything—solve technical issues, oversee accounting matters, answer emails, attend events, and deal with customers.

At this stage, the small amount of partners still do everything. But the idea is that as the project takes shape, you can distribute responsibilities.

 

  1. Hire an accountant

Save money whenever possible, but never in administrative matters. It is the foundation of any business, and if not handled with all the care it deserves, could bring down the whole project. If you have no knowledge of accounting, hire an accountant to keep a thorough check of the revenues and expenditures of the company, as well as tax payments.

 

  1. Earn the trust of the people

This is one of the great challenges of the emerging business and especially of technology start-ups. Most consumers trust department stores and established businesses. Why would they give their money to a stranger? The strategy is, again, going to family and friends to recommend the business, thus forming a chain of trust.

 

  1. Looking closeness with your customers

A digital business requires a large investment of time and effort to build a close relationship with customers. It is important that, while face to face is never seen, you make them feel that behind the screen there are people of flesh and blood. Find a way to personalise the experience of your website to give them confidence in your brand.

 

  1. Lean on digital tools

One of the great benefits of digital business is that can be managed from anywhere. It can also be a double-edged sword if you are not well organised with tasks and not communicating with the rest of the team.

Digital tools are a must for every entrepreneur who works from home. What are the basics? Dropbox for file sharing, Evernote to organise your tasks, and Slack to keep in touch are all very good starters.

 

  1. Forms partnerships with affiliates in your area

Detect the authorities of your country, the so-called influencers, and approach them to establish alliances and expand the prestige of your brand. Perhaps create an affiliate program that benefits both parties. Contact all those associated with your area of industry —in short, people who are in the middle—and offer them to work for you. Give them a code and, if they recommend you to their clients, give them a percentage of profits. So everyone wins.