Dropshipping can be a very lucrative business model. But too many first-time dropshippers make mistakes that cost them dearly. If you want your dropshipping business to be successful, ensure you do not make any of the following common mistakes in your first year.

A Lack of Investment

Many people are drawn to dropshipping because they think it does not involve any investment. While you can technically begin a dropshipping business for little to no money, if you want it to be successful, it is vital you put cash into your business. While your supplier delivers any goods directly to your customers, and takes a percentage of the sale cost, enabling you to not have to deal with logistics, you still need to put money into marketing to grow your brand identity and attract customers. You should aim to put around $300 to $400 into advertising. Many newbie dropshippers begin their businesses before they have saved enough. Furthermore, many first-time dropshippers are not willing to invest money into tools that can help with long-term growth. While the best dropshipping automation tools come with costs, they can substantially help to raise your business’s profile, handle various logistics, and make your dropshipping business become a success. Dropshipping is like any other business. The more time and money you invest in it, the more you will see results.

Providing the Wrong Products

Choosing the right product line is at the heart of a successful dropshipping business. But many new dropshippers do not select the right products to sell and end up folding in the first year. There are two primary ways you can go with product lines. You can either sell items that are in high demand or you can cater to a niche audience. While the former can potentially bring more customers, you will face a lot of competition. On the other hand, the latter allows you to target a more specific customer base.

Marketing on the Wrong Platforms

You need to spend time and money on marketing to be successful, but you also need to ensure you target the right audience. So, do not make the common mistake that many new dropshippers make by placing ads on the wrong platforms. Some of the most prominent channels for marketing your products are Facebook Ads and Google Adwords. But if you place those ads on sites like Facebook when you are selling products that are more aimed toward a millennial audience that hangs out on platforms like Instagram, you need to rethink your strategy. The more research you do into your target audience’s demographics, the more accurately you will be able to reach the right potential customers. It takes time to find the right platforms and ad services. Just make sure you pay attention. If your goods are not selling through one channel, it is time to try another.

No Persistence

Dropshipping is not as easy and straightforward as many think it is, which is why so many new dropshippers fail in their first year. Regardless of the precise strategies you implement to raise the profile of your brand and generate new and repeat customers, it is vital you remain patient and persistent. No dropshipping business can make you rich overnight. Like any business, you will make mistakes and learn from your mistakes as you go along, and you will have to spend a lot of time growing your brand. That is perfectly natural. The biggest mistake is giving up early on when you are not seeing results. Instead of throwing in the towel, re-scrutinize your strategies and make changes, such as the product lines you sell, their price points, and your marketing techniques. With hard work, there is no reason why you cannot make your dropshipping business a success.

If you’re about to launch a startup, you’re sure to be excited by the idea. You’ll have lots of different ideas, and you’ll be keen to get going as soon as you can. But it’s important to know that an estimated 97 percent of startups will fail. This shouldn’t put you off from launching your business, but it’s crucial that you are prepared and understand what it is you’re letting yourself in for if you want to be in the three percent of startups that make it. Here are some of the biggest reasons why startups fail so you can avoid being in this situation and grow your business to success. 

Launching Too Soon

You might have the most amazing idea, and that idea could be something that will revolutionize the world. So of course, you’re going to want to let people know about it and start selling right away. 

This is not a good strategy. As much as you might be sure you have a market and that your goods are high quality, that doesn’t mean you’re ready to launch, and if you go too soon – before you’re really ready – you will lose that initial rush of interest. Once this is gone, no matter how many changes you make and what you do to improve, your potential customer will no longer be interested. 

It’s far better to take some extra time putting every detail in place, from revenue cycle management software for healthcare organizations to thoroughly testing your products to having good branding to having a team that has enough training and so on, than it is to rush to launch and not be able to handle the work that comes in. 

No Demand 

For a business to be successful, there has to be a high enough level of demand for whatever it’s selling. As an entrepreneur, you’ll love your idea, and you may well believe that everyone else will love it too, but launching a business on that belief alone isn’t enough, and you might discover that you were wrong – not enough people want to buy what you’re selling. 

The best way to prevent this is to conduct market research. Find out just who will want your product (this will help when it comes to marketing also) and what proportion of the population they make up. Is that going to bring you enough business? You have to be honest with the results, and if there isn’t enough demand, you’ll need to start thinking again. It’s annoying, but it’s far better than launching and then having to close, losing money in the process. 

High Levels Of Competition 

Some competition in business is good. It’s always helpful to have a few competitors to learn from and work with. However, too much competition could be just that; too much. You need your business to stand out from the crowd, and unless you have something unique to sell, that’s going to be hard, even impossible, if there is a lot of competition already. 

Again, market research will give you an idea of just how much competition there is for your products and services. If there is a lot, perhaps you can think of adding a twist to your idea to make it different; this will help immensely.

It’s no secret that commerce has been increasingly shifting to the online marketplace. If you’re a business owner and you operate a website where you regularly conduct e-commerce, it’s important to understand that even your company’s page is subject to compliance standards outlined in the American Disabilities Act (ADA).

Digital accessibility is easy to overlook since most of us presume ADA regulatory standards only apply to your business’s physical environment. However, with 20% of the population attesting to some form of disability, ADA digital compliance is a key consideration to make note of as you grow your online presence.

The ADA already requires compliance for all websites that provide government services. This is because official government services must necessarily provide access to all individuals, irrespective of ones’ ability. The ADA’s digital accessibility requirements in sections 504 and 508 on the Department of Human Services website.

An act introduced more than 30 years ago, the ADA was designed to specifically prohibit various forms of discrimination, particularly in employment and government settings. The ADA’s guidelines primarily apply to public spaces such as parking lots, elevators, along with a building’s entrances and interiors.

In January 2017 the ADA introduced new regulations for web accessibility, later effectuated in 2018. These new rules pose many of the same obstacles to businesses as the act did when it was first introduced over thirty years ago. While it might seem impossible to remain 100% compliant, utilizing a free online ADA compliance checker is a good place to start with your assessment.

Your company page is primarily a visual medium, so you should pay close attention to its presentation while keeping in mind those who are visually impaired. Try to avoid the use of small fonts that are light in color. Similarly, ensure that you are using alt tags that describe the various elements of your website so they can be read aloud by accessibility tools and utilize captions on your videos for those with hearing limitations.

Perhaps the best way to bring your site to compliance if finding an understanding of how your disabled customers navigate the Web. Foremost, those with visual impairments use screen readers to read the text audibly. Brail keyboards are also commonly used, and those with physical impairments often utilize a hands-free mouse which is controlled by speaking commands. A good understanding of these tools is a reliable way to avert a potential conflict with those who use them.

Experts at AudioEye are keen to point out that “a website that is not accessible increases the legal exposure to a potential accessibility lawsuit.” Fundamentally, it’s good practice to ensure your website is accessible to everyone. This ultimately enhances your potential customer base. With that said, keeping on top of ADA compliance within your digital marketplace protects against the prospects of defending a costly accessibility claim.

Indeed, strict ADA compliance won’t be easy at first. It’s important to start adhering to the ADA’s standards early. Should you find this task beyond your scope, don’t hesitate to engage an automated ADA compliance checker tool such as the one offered by AudioEye.

Every business wants to provide the best service or product they can. Some are more fortunate than others when it comes to being able to provide them, for whatever reasons. However, for a business to be able to provide something, customers or clients have to want to buy them. If they chose to part with their money, especially via any cashless method, they want to do so with the knowledge that the transaction will be secure. With this in mind, here are some tips on providing improved and more efficient payment services.

Faster Payments

No one likes to be kept waiting, especially when it comes to buying something. It can be frustrating having to wait in a queue, then having to wait for your payment to be processed. Nor is it much fun when you’re attempting to make a payment on a website, and it freezes or prevents payment some other way. 

Studies have shown that customers are less likely to return to a business if it’s slow to help them make a transaction, often opting for others that will do a better job when it comes to financial transactions. This could cost you sales, which will affect your profit and the long-term survivability of your business. With this in mind, it’s integral to have your business able to make financial transactions quickly and succinctly every time a customer purchases something, whether online or actually in your business. It shouldn’t matter how they make a purchase, but that they can do so the same way no matter how they do it. 

Ultimately, you’re in business to make money, so this is one aspect you should always be on top of and always aware of current technological developments that make it easy for both your customers and business. Businesses nowadays need two shopfronts: a physical one and a website, with the latter, often being the more popular choice for various reasons. One integral aspect of a business’s website will be the ability for customers to pay for what they’re selling. 

As a result, electronic money institutions (EMI) are increasing because they, in essence, are able to act as a digital alternative to banks or building societies, holding money in what’s best described as an electronic wallet, operating on an electronic platform. In the United Kingdom, EMIs can only operate once they’ve obtained something called an EMI license UK, and this basically authorizes them to do the above, as agreed by the Financial Conduct Authority. This means you can trust to use them as this regulatory authority has given them permission to do so.

Payment Security

Most of us have earned the money we’re choosing to spend using your payment service, therefore we want to know that when we’re entering into a transaction with your business our details will be protected and not misused. Unfortunately, as soon as a new level of security is added to protect consumers and businesses alike, hackers are often attempting to break it down so that money can be made from your financial details.

In consideration of this, there are more lines of defense used alongside encryption, including multi-factor authentication, which is a method of electronic verification whereby a user has to prove, or validate, who they are based on the information they supply to an authentication mechanism so that they can access a website or app.

Multi-factor authentication can be a combination of security, such as entering your email and password, before being sent a password that code consists of numbers, letters, or both. These passwords could also have time restaurants, so the transaction will need to be completed quickly. 

Most customers expect this type of security to protect their money and financial details. If in doubt, think about the security your online banking has, as well as the online shops that you purchase from. You wouldn’t entrust them with your money if you felt that their security was lax, so it makes sense that your customers would want you to protect their financial transaction details securely when doing business with you. With word of mouth and reviews constantly being relied on as a measure of good business, by potential customers, it would be foolish to be complacent in this regard. 

Centralize Your Accounts

Having your accounting in one place makes it easy to access any financial information you immediately require, which would greatly help with business forecasting and planning. It can help to implement good practice and enables you to quickly respond to unexpected changes in market forces. 

For your financial reports to be of any use, they need to be up-to-date and also accurate. This is the only way you’ll accurately be able to retrieve information to make informed financial decisions. To save your financial department time, there’s a range of software and apps that may be suited to the business needs that you could use to produce these reports regularly. 

Being on top of this important aspect of your business’s operations will allow you to make payments on time, chase late payments and also steer your business in the right direction in times when profits are low. Additionally, you’ll never be late paying yearly rates, which could result in financial penalties or worse, because they’ll remind you of them.

Small businesses may not have financial departments that can shoulder this, so they’ll need all the help they can get. Using software or apps that can automatically generate invoices, receipts, as well as reports that can save time and provide you with important information that can affect how your business grows.

Money is what enables us to survive. It allows us to afford a roof over our heads, food in our bellies and purchasing items, whether it’s a good or service. With consumers increasingly reliant upon reviews, and more willing to opt for a business that can quickly and efficiently allow them to do this, it’s imperative that your business can meet their expectations. 

Failure to do so could lead to poor sales, poor reviews, and a bad reputation. This could take time to improve, during which your business is suffering from a loss in profit. Therefore, ensure your payment services are reliable and secure so that both your business can continue to thrive. Furthermore, keep abreast of current developments in finance and technology, so your business can be a market leader in your sector.

In this day and age, everything can be easily done. A teenager can make a beautiful website, there are virtual accountants, and you can design an entire house through an app on your phone. Still, while most of these look intriguing, most of these areas should be left for the experts.

Most start-ups look for ways to save as much money as possible. This means self-made websites, designing a logo on an app, and so on. But even if this is doable, there are a couple of professionals you shouldn’t “save on”, and one of those is the marketing specialist. As easy as it may seem, marketing is a layered area of work, and while a lot of websites and apps say you can do it on your own, this may not be true. Even if you manage to do it yourself, you’ll end up losing time and energy, which for a start-up equals money.

A marketing manager is in charge of everything that your company is for the consumer. They write statements, press-releases, sometimes they talk in interviews as the face of the company, but mostly they polish your image from posters and logos to written statements. Their job is to attract a wider audience while raising brand awareness by creating marketing campaigns. These campaigns promote products and your image through almost every form of media such as radio, television, print, and online platforms.

There are various types of marketing positions depending on what type of company you have. Some companies focus on social media, while some focus more on public relations and international marketing. Some have a product, therefore they need someone who’s the best in product marketing. There are B2B (business to business) and B2C (business to consumer) businesses, each needing different types of marketing campaigns. B2B marketing focuses more on the economy and society of the demographic, and relies on logical, process-driven decisions, while B2C marketing focuses on emotion-drivel purchasing decisions, and leans on a specific group within customers (some may aim for communication with mothers, while others lean on children or a specific profession, or maybe 5-10 different groups of demographics).

Marketing managers are the main creative, analytical, and managerial outlets in the company. Their position ranges from print to social media, meaning that a good marketing professional can be the spine of all your social media platforms, taking yet another weight off your shoulders. A marketing manager could be the best investment you ever make. The range in which they operate, and the tasks they’re responsible for include everything that your audience sees, and that is the most important thing when talking about a start-up.

Even a well-seasoned company needs constant publicity in order to keep up their image, and for a start-up, it’s the most important thing for staying afloat and introducing yourself. Being a significant figure in the eyes of the public (even if it’s just a tiny demographic) is the most important thing, as companies stay alive thanks to their audience and customers. That first introduction, and the very first campaign strategies can make a huge difference, and for that, people need a marketing manager.

But what makes a good marketing manager? To really get your money’s worth, you’ll need someone with experience, and someone with excellent oral and written communication skills. Furthermore, a good marketing specialist is someone who thinks outside the box, is interested in your area of work, and knows the economy and society you work in. The number one job of a marketing manager is speaking to your audience. So they must know who you are, and they have to know how to speak with your audience. They should be worldly in a way that allows them to attract a bigger audience and know how to reach out to more than a few demographics.

Now, why do you absolutely need a person to do that if you could do it yourself? The reason for that is because you can’t do it yourself. Marketing eats up the entire workweek, every week. It’s loads of research, it’s coming up with strategies, it’s creating entire campaigns, sometimes going to interviews and events as the face of the company, and the head of the company can’t afford to lose all that time and focus on just one area.

The other reason is that a marketing professional knows tactics, strategies, and methods that you don’t. It’s not your job to know everything about every area. Simply put, without a marketing manager, or any type of marketing specialist, companies don’t have a leg to stand on regarding image and public presence.

There are some crucial people that make up a company. Starting with the CEO and COO, the accountant, the product manager, all the way to the marketing manager. Today marketing seems like an easy task. Everyone can handle a few posts on social media. But to save your time, energy, and make more money along the way by using effective methods and strategies, a marketing manager can set you apart and take the business to a whole new level.

Saving and storing data efficiently and safely should be one of the top priorities for all businesses. We have all seen the stories of major data breaches and losses which have cost businesses and their customers a huge amount of money as well as an awful lot of distress. There is so much data produced by modern businesses and a lot of it is extremely sensitive so it needs to be handled with the utmost care. In this digital age, there are many different data storage solutions for businesses to consider so that they can make the right decision about what is best for themselves and their customers.

To help you make the right choice and keep your business and customers safe, here are the top ways to save your business’s data.

1. Cloud Storage

Despite being a relatively new technology, cloud storage has already established itself as the number one way for businesses to save their data, files, and important records. With quality cloud storage, you essentially have unlimited storage space because some offer up to an exabyte of storage (that’s a million trillion bytes!). Cloud storage will enable you to store all of your business’s data in one single place so that it is easily accessible to anyone you give permission to. This means that many people can collaborate on one file at the same time if they have been given access. This is ideal because it means you don’t need to send anything via email or another risky method. 

Cloud storage also has the highest levels of cybersecurity which is very important because hackers and cybercriminals are becoming ever more sophisticated. A major data breach or hack can cause serious damage to your business. If sensitive files or data are stolen then it could be used to sabotage or blackmail your business or your customers. If this happens, you could end up with enormous financial costs and a significant hit to your business’s reputation. There are various cloud options available which offer different features. You can learn about the Dynamics 365 Business Central Implementation to get a better idea of the benefits of one cloud service. The first important thing is to check that the storage capacity is large enough for your business and that there is up-to-date cybersecurity.  

2. External Solid State Drives

Solid-state drives (SSDs) are the next generation of traditional computer hard drives which have been designed to ultimately replace standard hard disk drives (HDDs). SDDs and HDDs work in a very similar way but SSDs have some significant advantages. First of all, they will enable your business’s computers to load up faster and to run quicker even if they are storing a lot of data. You may have previously been put off buying SSDs for your business due to the higher price when compared to a standard HDD. This should no longer be a factor, however, because the prices have come down significantly in recent years. You will now be able to purchase a 2 terabyte SSD for around $250-$300.

3. External Hard Disk Drives

As explained above, hard disk drives were usually the best option before SSDs and they can still provide excellent storage for your business. All your business’s computers will already have their own built-in HDDs of different storage capacities, but when this is no longer enough for your business, you can purchase external HDDs to provide additional storage. External HDDs and SDDs both plug directly into your computers’ USB drives so that your employees will be able to get access to all your files and data no matter what computer they are doing. 

4. USB Thumb Drives

USB thumb drives are just like mini SDDs or HDDs but they generally only have a few gigabytes of storage capacity. This means that thumb drives are not usually big enough for storing all of your business data, unless you have a very small business, but they are excellent for transporting and storing a decent amount of files. Most business owners and employees these days will have at least one thumb drive so that it is easy to take files home to work on or to use for presentations to customers or partners outside of the office. Thumb drives are small, light, and can be carried easily in a pocket, purse, or even on a keychain. Make sure that you always put a password on your thumb drives so that if it is lost or stolen nobody will be able to access your files. 

5. Protect Your Company’s Data From Multiple Angles

Incorporating additional security features to protect your corporate data is essential these days, especially in the wake of high-profile cyber attacks and breaches. One of the most common mistakes companies make is to simply rely on passwords as their primary means of protecting their data. This approach is inherently flawed because accounts can be easily compromised if one password is guessed or cracked. Adding additional security features such as mfa on premise, virtual private network, monitoring and other solutions will significantly reduce the risk of a breach, while also increasing the overall level of protection and the overall user experience.

6. Save Your Data Directly on Your Business Computers

One really simple storage plan is to just save all of the data on your business’s computers’ internal hard drives. This is a very convenient form of storage and will make all of the files accessible to everyone in your office. One major disadvantage of saving the data on your computers is that it could be potentially vulnerable to cyber attacks or viruses. Make sure that you always have up-to-date cybersecurity and virus protection and try not to store anything very sensitive. Always have a secure wifi network in your offices so that nobody passing by can connect to the network and access your computers. 

7. Use SD Cards

In addition to USB ports, your business computers may also have SD slots. If this is the case, you can store and transport your data and files on micro SD cards rather than USB thumb drives. One big benefit of an SD card is that you can use them in other devices such as digital cameras, smartphones and other gadgets. One downside of SD cards is that they are more expensive than USB thumb drives so you may want to take that into consideration.

Deciding on the best way to store your business’s data should always take careful consideration. You need to think about security, accessibility, and the capacity of the different storage options. Remember that you are not only in possession of your company’s data, but often your customers’ data as well. Consider these storage options and you will be able to make the right data storage plan.