E Business in 2010

Starting your own business venture is a daunting process, especially in the current economic climate, with recent statistics of 5 businesses closing each day. Businesses need to be more efficient and have an edge over their competitors. You might have a certain business idea but unsure about whether you want to give up your secure paid employment. This can be a discouraging task. A business idea needs to be tested in the market until you cannot keep working two jobs, and the income will be enough to cover your weekly expenses. This would be the time to cease full time employment. The use of a virtual office is beneficial when starting a business while still employment. The main advantages are that the overheads are low and secretary services are available. Having a virtual secretary can be very useful to take messages and forward emails. When you have the spare time the calls can be returned and the customer is none the wiser.

Starting a business during a recession may seem daft, but many entrepreneurs think that it’s the best time. There are many businesses that were formed during a previous recessions such as Microsoft. The recession provides countless of opportunities that were never viable when the economy was stronger. Landlords tend to be more lenient in recent times due to lack of tenants so more deals can be negotiated. The opportunity of hiring highly qualified staff for reasonable rates has never been more available. The supply of specialists in every industry is readily obtainable. If you are going against the trends and starting a new business good PR delivery can be very favourable. The media loves irregularity and it is possible to generate good PR to get your company off the ground.

 

Market research will need to be covered in detail. You have to question the following;

Who are you customers?

Who are you competitors?

What are your potential customer needs?

What are they prepared to pay for the service/product?

 

With 55% of Irish businesses refused credit and loans recently it is significant to be nimble and keep more of a cash reserve than recent times. Care needs to be taken when signing leases and employing staff. Try not to find yourself signing up to a 4 or 5 year lease. Thankfully with online businesses the move into offices usually isn’t required until the business is really expanding.
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