Business Development

  • Ideas Amid Global Chaos

Ideas Amid Global Chaos

Identifying Innovative Business Ideas in a Volatile Economy

Recessions are often a time when potential entrepreneurs are hesitant to pursue a business idea. For some, this is a time best spent to keep finances on a tight leash and to build cash reserves. However, trying times does not always equal to unsuccessful business pursuits. Some companies may fall, but others unexpectedly rise.

One company that thrived during a recession is Uber, a ride-sharing app that launched back in 2009. Back in 2007 to 2009, the U.S. fell into what is called The Great Recession. GDP fell to 4.3% and unemployment reached 10%.

This did not stop Uber founders, Travis Kalanick and Garrett Camp, from launching Uber—a business idea they thought of after having difficulties getting a ride while they were in Paris. Fast forward to almost a decade later and the company reported that the app was used to book more than 10 billion trips since it was founded back in June 2018.

Entrepreneurship is still worth pushing for, even in a time of economic difficulties. This article gives some insight on how to find the next innovative business idea.

Take a look at what is lacking in the local community

One Entrepreneur.com article mentions that it is best to have a product that is a must-have rather than offer something that is just nice to have. Business owners are often problem-solvers and the company is more likely to be profitable if they work towards solving a consumer problem.

One example is Groupon, an e-commerce marketplace that connects subscribers with local merchants. It is an example of another business that was founded during the 2008 recession. Their main goal was to help revitalize local startups and boost cash flow when banks were reluctant to lend businesses money.

The idea was to promote the products of local businesses by offering a deal per day that will only go into effect once the offer has gotten a set amount of purchases. Groupon’s founders were not set on making a lot of money with this model but years later, they are now valued at $547 million.

This shows that having an innovation mindset is one key to success and starting small can make a big impact. From serving local entrepreneurs, Groupon’s services and offers went worldwide.

Being immersed in one community gives would-be entrepreneurs a pulse of the current local economy and what the people may need. Keep looking for what is lacking in the community. Then if it solves the problems of the consumers, there is a higher chance for a business to grow from there.

Use experiences as inspiration

CEO of Energent Media, Jennifer Spencer, once said that “finding a greater purpose in your work can make all the difference for your entrepreneurial efforts.”

While a thriving business stems from the ability to solve consumer needs, an idea will not miraculously turn into a business plan if the owner  is not passionate about it.

A survey conducted by Cox Business shows that more than half of the respondents, all business owners, founded their ventures because they were inspired by the opportunity to build something from scratch. Money was not a motivating factor and only 8% of respondents saw the financial opportunities as a plus.

Dane Strangler, a fellow at Bipartisan Policy Centre, states that the longest-lasting companies were started during economic downturns as they are tougher and nimbler. He calls it a “trial by fire” because these companies have to “scrape and scrimp” to achieve success.

This is why personal experiences can help push entrepreneurs further. Since these ideas were born from something that they personally found lacking in the market, they are more likely to back up and push this initiative forward.

Starting a business during a recession is possible as it is a time when gaps are created in the market and people are looking for innovation and a way to solve their problems. Other than assessing business models that are recession-proof, entrepreneurs who can identify what the market needs can get a head start in the industry.

Business Catalyst Masterclass

To give back to the small business community, we have developed the Business Catalyst Program to help you retrench, move your company forward, and bridge the gap from where you are today to where you want to go.

We still have a few spots left for the catalyst program. Register through this link, then once we review your application, we’ll let you know if your business qualifies for it.

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  • WooCommerce vs. Shopify: Which one suits you best?

WooCommerce vs. Shopify: Which one suits you best?

According to Emarketer.com, U.S. Ecommerce is going to close 2020 with a 18% increase. At $709.78 billion, digital sales will represent 14.5% of total retail sales. This forecast responds to the regular ecommerce growth tendency and, of course, to Covid-19 consumer behavior’s impact.

In accordance with our new reality, all types of businesses have focused more than ever in reinforcing their digital channels or completely migrating their consumer’s experience towards the digital world. However, creating a website or transitioning content to an Ecommerce site is not a simple task. It requires a lot of detail, planning and vision. It is a matter of, more or less, foreseeing the future which not even the most powerful forecasting tools could guarantee with 100% accuracy.

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  • What Business Owners Wished They Knew Before a Merger

What Business Owners Wished They Knew Before a Merger

Business owners enter into mergers with other companies to attain various objectives. The year 2020 has seen a spurt in the number of M&A activities. A survey conducted by Deloitte on 1,000 corporate participants found that close to 63% of the respondents predict a rise in the number of mergers and acquisitions this year. If you’ve been considering a change in the business model, you’ll want to approach the process carefully. Here are some of the critical factors to keep in mind before entering into a merger.

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  • Identifying Effective and Sustainable Business Models

Identifying Effective and Sustainable Business Models

It is no surprise that the entrepreneurial industry holds business models in high esteem and is considered as an essential in any type of business.

A strong model that has found its way into a company’s business plan can help align stakeholders and give angel investors insights on its long-term vision business potential. Bootstrapping business owners are also less likely to make costly decisions as there is already a framework to follow.

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  • Covid-19 Survival Tips & Lessons from the Small Business Community

Covid-19 Survival Tips & Lessons from the Small Business Community

If you do a search on the topic “small businesses and the coronavirus pandemic,” you’ll find there are hundreds of thousands of articles, images and videos sharing stories, providing encouragement, offering lessons learned, and supplying turnaround strategies for the small business community. Each one provides a different perspective and different nuggets of valuable advice
We, at Aepiphanni Business Consulting, not only own a small business — our entire client base are small business owners that we help become extraordinary leaders and companies. With that in mind, we would like to share our unique insight of experiencing the coronavirus pandemic on two fronts: inside our own business and how we supported our clients through their Covid-19 pandemic challenges.
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  • The Impact of Small and Medium-sized Businesses

An Economic Force – The Impact of Small and Medium-sized Businesses

In 2019, the U.S. Small Business Administration recorded a total of 30.7 million small businesses in the United States. This translates to small businesses making up 99.9% of American businesses. On the other hand, medium-sized businesses are making their own economic impact. The Government of Canada found that 21,926 of all Canadian companies (or 1.9% of Canadian firms) were medium-sized businesses.

While many may have their attention on Fortune 500 companies, these statistics prove that SMEs (Small to Mid-size Enterprises) help drive the economy of any nation forward. But what are the exact contributions of small and medium-sized enterprises? In this article, we list three specific impacts and how SMEs became an economic force to be reckoned with.

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Efficient Communication During COVID-19

How to Communicate with Your Clients Effectively During the Coronavirus Pandemic

Regardless of whichever industry your business may be in, COVID-19’s impact across business globally has been felt heavily. Clients are also looking at how their favorite brands and businesses are reacting to the crisis, and what they’re doing especially for their customers.

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The Importance of Customer Engagement in Marketing

To succeed in digital marketing, you must use multiple channels of marketing such as your website, social media platforms, paid advertisements, etc. There have been significant changes in the way marketers approach consumers.  No longer can you treat all consumers in the same way with the same kind of marketing message. Creating multiple messages for a single campaign across various channels might increase the chances of grabbing the attention of targeted consumer groups.  But it still left marketers yearning for more because mass messages only addressed specific consumer groups and not individual consumers.

That led to the development of a new approach in marketing that focuses on consumer or customer engagement with the brand by communicating with them on a personal level.

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Five Ways to Upgrade Your Business Development Strategy

When it comes to growing your business at a steady yet consistent pace, improving your business development strategy is crucial. Adaptability and perseverance are key traits for business development due to changing corporate dynamics and constant innovation in the digital stratosphere. Infusing these qualities can bolster your business development process. You can also seek small business consulting professional for this purpose.

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