7 tips to help you launch a successful business

Entrepreneurship is alive and well, even if the face of small business is evolving with the times. Autonomy in management and making dreams a reality are the reasons most cited by entrepreneurs looking to open a small business.


Nearly half of all respondents in the annual The UPS Store “Inside Small Business Survey” said they’d be optimistic about opening a small business this year. Of respondents who hope to open a small business, top motivators include being their own bosses (38 percent), followed by believing in the power of their own ideas (17 percent) and creating their next career paths (15 percent).


“The American Dream of owning your own business is still very much real, especially when compared to the rest of the developed world,” said Dr. Luke Pittaway, Ohio University College of Business Copeland Professor of Entrepreneurship.

However, how Americans are choosing to open small businesses is where there may be a shift.

“Consumer habits are changing,” Pittaway said. “That’s forcing Americans to consider how they open small businesses, whether it’s focusing more on e-commerce than actual store fronts or focusing on selling to a local community or region instead of a broader national audience.”

Starting Your Own Start-Up
The process of launching a start-up can throw various unexpected obstacles your way, but there are numerous resources available to support a budding business.

“We understand the challenges of small business owners and offer products and services designed specifically to help and support small businesses,” said Tim Davis, president of The UPS Store, Inc. “Small business owners are unparalleled in their passion for their businesses, and understanding that aspiration is critical to running a successful small business.”

This action plan from the experts at The UPS Store can help you get you on your way to launching a successful start-up:

1. Analyze your target audience.
Start by performing extensive market research to understand your customers’ core necessities. Assessing your target demographic gives you a clear perspective on how to serve the people in it.

2. Determine a legal structure.
Selecting the right legal structure ultimately determines how you handle income taxes and all government reporting requirements. Many small businesses fall under a sole proprietorship or limited liability company (LLC) while bigger entities may identify as corporations.

3. Establish your premises.
Choosing the right business setting could be the difference between a cost-effective start-up and a moderately expensive one. Your work space should fall within your monthly budget while still satisfying the needs of your customers.

4. Determine your budget and expenses.
Assessing your available funds enables you to prioritize and assign an appropriate amount to your business assets. This should include necessities for daily operations, as well as secondary expenses, such as traveling and meetings.

5. Develop a business plan.
Think of a business plan as a road map that indicates where your start-up stands and where it is headed. If you need funding, it’s also a great tool to articulate your ideas, philosophies and goals.

6. Set up a marketing plan.
Conduct an analysis of your business’s strengths and weaknesses to devise strategies and tactics that account for challenges and opportunities your business is likely to face. The scale of your marketing plan will likely depend on resources you have available and your target audience, but should feature a variety of tactics. Your plan should include printed materials like direct mailers, business cards, newsletters, flyers, banners and posters, as well as digital to cover things like search and social media.

7. Be competitive.
Examine your competitors to determine the areas in which they thrive and see what makes them successful. Learn from the landscape to improve upon their strengths and gain an upper hand on their weaknesses. For example, implement various pricing models, such as special offers, coupons and rewards, rather than sticking with your initial, low price to remain competitive and profitable.

With a carefully structured action plan, you can turn your start-up idea into a successful business. Find more tips for your small business at TheUPSStore.com.

Pitch your small business like a Pro

When you’re launching a small business, there could be any number of reasons you may need to pitch your idea. You may be courting an investor, recruiting talent or even starting to market your product or service. Brevity is often essential, so learn how to concisely pitch your business like a pro with these tips:

Draw out the essentials. Reduce your pitch to a few digestible bites. Make sure you have an intro that is brief enough to get someone’s undivided attention then elaborate on your points, such as your top competitive advantages, and provide more detail about your business as a whole.

Come to entertain. Add an entertainment factor to make your pitch engaging and memorable. Of course, you need substance to go along with style, but keeping your audience focused and doing something to stand out is essential.

Anticipate questions. Prepare yourself to reassure concerned investors and flesh out subjects you may have kept brief for your presentation. Make sure to practice your answers so you sound confident. Grabbing attention is important, but you need to be able to back up your spiel.

Know your audience. This is the cardinal rule of communication. Make sure you do your homework and know who you are addressing. This shows you value your listener’s time and feedback. Furthermore, insight about his or her philosophy in doing business can be extremely valuable during a pitch.

Practice until it hurts. Take the time to practice your entire pitch, including answers to likely questions, until you know it inside and out. The more comfortable you are, the more likely you are to win someone over in a meeting.

Have the materials to back it up. A written document is your chance to leave a lasting impression and elaborate on your major selling points. It’s also a chance to show your professionalism, so be sure to proofread carefully and package the information for a polished presentation.

Find more resources to help get your small business off the ground at theupsstore.com/smallbiz.

Photos courtesy of Getty Images

Although women are making strides in the corporate world, there is still work that can be done to level the landscape.

Research from Catalyst, a global nonprofit focused on empowering and accelerating women in business, shows the needle is moving, albeit slowly. In nearly 10 years, the number of women in senior roles in the United States increased just 1 percent. At Standard & Poor's 500 index companies, overall women’s representation is far behind: 5.2 percent CEOs, 11 percent top earners and 26.5 percent senior-level officials and managers. Less than 5 percent of senior level positions are held by women of color. Men still lead more than 95 percent of the most powerful companies in the United States.

If you’re looking for ways to promote change in your workplace, explore these five steps that can help build a work environment where everyone can advance and succeed:

Engage in programs that celebrate women of color. Tap into resources that honor women in leadership and foster growth for aspiring women leaders from racially and ethically diverse backgrounds, such as those available through Catalyst. The nonprofit offers a host of ongoing workshops, programs, trainings and consulting services designed to promote inclusive workplaces, along with events around the world. For example, the “Catalyst Skyline Takeover,” which is a visual realization of the international business community’s commitment to greater diversity, inclusion and gender equality in workplaces around the world, features dozens of global companies “lighting up” their buildings with the female symbol.

Assess and formalize pay scales. As numerous studies indicate, wage disparity is one of the most obvious signs of inequality in the workplace. A fair pay scale outlines specific responsibilities and corresponding compensation rates, and can be applied to roles across the board regardless of race, gender or other potential discriminatory factors.

Ensure growth opportunities exist. Leveling the pay scale is an important step, but ensuring equal access to the positions at the higher end of that scale is an essential supporting move. Simply saying you’ll pay a woman the same as a man in the same job falls short if all candidates, regardless of gender, race or ethnicity are not given the same chance to compete for more senior positions.

Implement mentorship programs. Positive role models can give future leaders the vision to dream big and the guidance to make those dreams a reality. Putting aspiring women leaders in close contact with other women who have attained success in their field helps set a course toward achievement. It also helps men to advance and develop unbiased leadership. Since the majority of business leaders are currently men, change for women can only be accelerated if all those in leadership positions work together.

Support parental involvement. Historically, the issue of parenting and the workforce has been dominated by discussions around maternity leave policies, but more recently that dialogue has evolved. Men, too, desire more time with their families, and through equal parental leave policies, workplaces can allow women and men within all types of family structures to thrive in their careers and at home.

Find more resources and recommendations for promoting workplace equality at catalyst.org.

Photo courtesy of Getty Images (woman in conference room)

Sources: Family Features | Catalyst

One of the challenges facing small businesses today is trying to deliver the same customer experience as larger competitors. As technology advances and takes on an ever-growing role, small businesses can tap new innovations to better communicate with customers, save money and simplify operations.

As small business owners look to transform digitally, they face a number of options, from upgrading their technology to optimize shipping operations and decrease costs to adopting digital marketing tactics to better understand and target their customers. While it can be difficult for a small business that is well-established using analog processes to switch to digital, the key is to start with the final objective in mind; in other words, begin by defining your end goal. Once you’ve determined the desired outcome of digitizing your business, these tips can help you establish a strategy that can benefit both your business performance and customer experience.

Reach customers through digital marketing
An important step in digital transformation is revisiting how you attract and interact with current and prospective customers, who are increasingly turning to a combination of physical and digital channels to engage with brands and businesses. If you think of digital marketing and email or online ads, you’re on the right track, but effective marketing requires more than simply hitting send on an email or counting clicks on an ad. Email marketing should be focused on providing helpful, relevant content to your target audience based on its preferences. Recipients can come to appreciate your insights on industry news and helpful information, so your sales pitches are likely to be more warmly received.

Beyond the content, an effective strategy establishes connective links between all your marketing touchpoints, from email to blog and even to your traditional tactics, such as direct mail and more, all with the goal of boosting credibility and visibility via search engine optimization and foot traffic.

Optimize operations through the cloud
As technology evolves, more tasks can be handled online and more traditional analog devices are connected to the internet and the cloud. Adopting the use of these digitally connected devices can not only make fulfilling tasks easier and more efficient, but also track patterns and collect data that brings new value to small business owners. For example, with a surge in parcel volumes year over year (thanks, in part, to a sustained e-commerce growth), according to the Pitney Bowes Parcel Shipping Index, consider a cloud-enabled shipping solution, such as the SendPro C-Series, to simplify sending operations. This digital multi-carrier platform leverages the latest cloud technology to enable offices of all sizes to easily select the ideal sending option for every parcel or letter, while also providing full tracking information and delivering savings.

“The SendPro C-Series is designed to take the guesswork out of shipping and mailing,” said Jason Dies, executive vice president and president, Pitney Bowes SMB Solutions. “These digitally connected sending devices allow users to better manage their sending operations on one platform, providing the confidence that they selected the right carrier and class of service for each expedited envelope and package, track all shipments from one dashboard and provide consolidated visibility and control of postal and carrier expenses. Plus, the open platform allows developers to create new applications specific for the needs of small business owners.”

Make decisions based on analytics
Beyond providing efficiency and simplicity, connected and cloud-enabled devices can generate and track valuable data, which can, in turn, be analyzed and used to make important business decisions. In a business environment dominated by ever-changing consumer preferences, data-driven insights are key to serving the needs and securing the business of today’s hyper-connected consumers. By utilizing data and analytics, your business can be better equipped to deliver superior customer experiences, support product and service innovation, and optimize business processes.

Use mobile to communicate with customers
Even the smallest of businesses can take steps toward better mobile communication, such as ensuring their websites are mobile-friendly and responsive to different device types. This is especially important as mobile usage continues to climb in the United States, and consumers increasingly rely on mobile devices for information to guide purchase decisions. Your business can also capitalize on location intelligence capabilities to deliver timely coupons and promotions to customers in the immediate vicinity.

Find more tips for transforming your business for the digital age at pitneybowes.com/us/digital.

Elements of a Digital Transformation

Before diving head-first into a digital transformation, consider what aspects are most important to your business.

Automation
When developing or implementing new technology or digital assets, automation is a key component most businesses are striving toward. It can save your business money while also reducing monotonous tasks and allowing your employees to focus on the more skill-reliant aspects of their jobs.

Efficiency
Technology as a whole can make your business more efficient, from increasing employee productivity to allowing greater flexibility in an often-changing market.

Interaction
Embracing technology and digital communication can allow for greater reach and ease of communication. From the use of social media platforms to email blasts and online advertisements, technology can expand how and when your business communicates with potential consumers.

Boost Business Digitally
A growing collection of digital applications and offerings, such as these members of the Pitney Bowes Small Business Partner Program community, can enhance and streamline business operations.

Google G Suite is a cloud-based productivity suite that helps teams communicate, collaborate and get things done from anywhere, and on any device.

Yext puts businesses on the map by letting companies manage their digital knowledge in the cloud and sync it to over 100 maps, apps, search engines, GPS systems and social networks, as well as facilitating face-to-face and digital interactions that boost brand awareness, drive foot traffic and increase sales.

Promote by Acquisio is an advertising solution that helps businesses get new customers with zero expertise needed by creating tailored ads, providing optimization, on-the-go text notifications for incoming leads and tracking of all recorded incoming calls from ads.

Nimble is a simple social sales and marketing CRM that helps companies nurture relationships across email and social networks such as Twitter, Facebook and LinkedIn.

DocuSign lets people sign, send and manage documents anytime, anywhere, on any device, replacing traditional methods that require printing, faxing, scanning and overnighting documents.

Photo courtesy of Getty Images (two business owners)

Sources: Family Features | Pitney Bowes

Working from home is a reality for a fast-growing portion of American workers. It can add flexibility, drive higher productivity and reduce company costs related to maintaining physical facilities.

However, it also comes with challenges. If you have worked from home, you have most likely encountered issues collaborating and communicating with colleagues in multiple locations. While there are multiple technologies aimed at helping remote workers and increasing their productivity, they can at times thwart it.

All too familiar with productivity, remote working woes and how to address it, CyberLink created U, a collaboration tool that integrates online presentations, video meetings and instant messaging whether working remote or down the hall from one another.

“It’s a place to hold online meetings, have presentations and chat with your colleagues that doesn’t come with the messy installation fuss and technical errors associated with other options out there,” said Richard Carriere, CyberLink’s general manager and senior vice president of global marketing. “It brings the best of social media, such as emojis, ease of use and the flexibility to have impromptu interactions, to a business environment, in a unique way that heightens communication and collaboration across users.”

According to commissioned research by polling firm YouGov, nearly half (43 percent) of U.S. office workers think it’s harder for remote workers to be seen in the workplace than non-remote workers. Office workers think it’s twice as difficult, when working remotely, to make strong relationships with bosses and coworkers while collaborating effectively. In fact, 1 in 6 think remote workers are less valued by the company, more than 1 in 3 think remote workers miss out on office culture and 1 in 5 think they get promoted less often.

There are also technical difficulties workers can encounter when using the technology solutions of the past. Of office workers who said disruptions and working with a solution that’s incompatible with the demands of a remote workforce today had impacted their work, the most prominent included:

• Nearly half (42 percent) have misinterpreted the tone of written communication (email, instant messaging, etc.) 
• Nearly half (40 percent) said an important call had been dropped
• 1 in 3 (31 percent) have been late to or missed a meeting because of a tech failure and a nearly one-quarter (22 percent) because it was too complicated to join
• More than one-quarter (28 percent) have used the wrong version of a document
• About 1 in 4 (23 percent) said an important video meeting had dropped
• 1 in 5 (21 percent) mistakenly “replied all” to an email

To help address these issues and others, all of U’s offerings create virtual counterparts to in-person scenarios, in turn allowing workplace culture, creativity and dialogue to resonate beyond the physical workplace and to all workers, despite location. Learn more at u.cyberlink.com .

Sources: Family Features |CyberLink

Photo courtesy of Getty Images