Setting up a business can be daunting. There are a million and one things to consider before setting out on the journey, along with plenty of risks. Taking the plunge and moving forward with an idea takes a lot of courage, of course, but also a lot of intelligence to bring an idea to fruition. Months and months of research are likely needed, but getting the time to do that can be troublesome. Because of this and due to the ever-changing technology space affecting the world of business as the years go by, this article will take a look at some things to consider when bringing an idea to life.
To App or Not to App
Apps can work in various ways. They can offer the same products as in-store. For customers, they add an extra layer to the in-person shopping experience. Without leaving the comfort of their home, they can see what’s in stock and then visit the store to try the clothes on if they see something that they like. Secondly, in other industries, apps are used as a way of diversifying company income.
For example, in the betting industry, companies have released products such as a bingo app, which can offer a wider variety of products than brick-and-mortar bookmakers. These sites give gamblers the chance to play bingo, slots, and jackpot games, as well as give exclusive online sign-up offers to users. In other industries, applications are the primary product, such as WhatsApp and popular dating apps, where website functionality was developed as a secondary option.
Developing an app at the beginning of the business or even at all is something important for business owners to consider as they set out on their journey. The point of contact for users of their product will no doubt affect the trajectory of their future sales.
The Influence of Artificial Intelligence
This is a technology that everyone has heard of and one that is either exciting or scaring new business owners. But what sort of things do you need to consider? First of all, the cost. AI can be expensive to implement, especially if your business has some unique considerations to take into account. Return on investment can be quick, of course, but if you have to play the long game, it may be a tougher decision. For example, new retail store AI technology has been found to catch 90% of theft and human error. Money is not always plentiful in the early stages of business, so investing in AI can be a tricky question.
Secondly, you need to consider your customer base. Will they happily interact with AI, or will it worsen the customer experience? On the other hand, if AI is being used to automate admin tasks or other background jobs without being seen by customers, then it may positively affect your business. Finally, with this in mind, you can always think of a small investment in AI to see how it fits with your business model, and then, as the company gets off the ground, look to further invest in the technology that will be changing the way we do business for the next few decades.
An increase in cybersecurity
As business increasingly moves onto online platforms, the need for online security has increased. It is expected that the world of cybercrime costs businesses around $9 billion and will grow by 15% annually. This means that investing in cybersecurity has become more important than ever.
Investing not only in software to prevent attacks but also in backup and recovery technology will ensure that your business can prosper without the fear of attackers getting their hands on either business secrets or, worse, client information. Most cyberattacks are for money, around 80%, with different prices for different details. Some small businesses think attackers will overlook them due to their size; however, with limited resources and inadequate protection, it is the small businesses that are easier to attack and steal from.
So there you have it: three extra things to consider and make your life a bit harder before you decide to invest more time and money into what you hope will be a life-changing decision not just for you but for your future customers too.
