Tips For Expanding To An International Audience

At some point, your company’s acquisition of new customers might level out. Generating new business has always been a priority, but now it’s more important than ever. So what can you do to reach more people and attract more customers? If your business previously only focused on a specific region or country, you should consider marketing your products or services internationally. Here are some tips on how to get started:

(Curated from Tech.Co)

Learn New Languages

Companies with translation services are 1.5 times more likely to increase their revenue than those that don’t invest in different languages.

“Language is the first entry-barrier when it comes to entering new markets. People are more likely to buy a product when information is presented in their own language. Therefore, adapting existing products to new markets through translation and localization management is key for global growth and decision-makers become increasingly aware of its growing importance. Businesses that start localizing to sell abroad tend to grow faster and most business success stories have a strong concept of going international early on addressing an international audience.”

Adapt To An International Audience

Your business needs to go beyond catering to different languages. Adapting your products and services for different cultures will help increase revenue.

“Translated content can reach new potential customers, allowing them to learn about your products. However, translation itself is not enough. Success in emerging markets requires adaptation to local conditions, attitudes and values. It is more than than e.g. just translating a product’s user interface. Businesses localize products in order to overcome cultural barriers and to create a more culturally relevant customer experience. This results in customers being more likely to spread the word about the product. Businesses that localize content, therefore see improvements in market share, engagement and revenue.”

Expanding to appeal to an international market won’t be easy. If your business is successful in your native country, that’s no guarantee you’ll find success elsewhere as well. Reaching new users on an international scale is a great way to acquire new customers and increase revenue.

Is your business up to the challenge?

How To Get Your Startup Acquired

Image by Ken Teegardin

The majority of startup companies fail within a year or two of launching so many entrepreneurs see having their startup acquired by a larger company as a huge success. In order to get a larger company to buy your startup, you have to make sure they notice you. Here are a few things you can do to get your startup company on the market:

(Curated from Tech.Co)

1. Make Your Startup Noticed

First, you have to market your young business well enough for large companies to take notice. If they don’t know about your startup, they can’t acquire it.

“If you are planning to have it acquired it is important that you market it as much as possible. In that way, you bring it to the attention of companies that could potentially acquire it. Effective marketing will attract many such potential acquirers to your startup. This is advantageous because it allows you to choose the one with the best terms.”

2. Be Good At What You Do

Your startup won’t be desirable unless it has an excellent product or service. You want companies to be interested in you because you are a potential threat to their already established products or services.

“No matter how good your marketing is, it will not amount to much if your startup’s products and services are poor. Potential acquirers often go for startups whose products and services are likely to give them a competitive edge over their rivals.”

3. Work With Many Buyers

You’re more likely to fulfill your vision for your business if you have leverage. Working with several potential buyers simultaneously will give you leverage over the large businesses.

“Buyers usually have more leverage on many terms of the startup acquisition. By keeping negotiations open on many fronts, you strengthen your hand in the negotiations. As potential acquirers compete for your startup, they make their terms better thus allowing you to get the best deal.”

4. Know What You Want

If your startup is going to be acquired by a larger company, make sure you know what you want. Knowing what you want for the future of your startup is will help you determine which buyers are more compatible with your vision.

“Chances are high after your startup has been acquired you will be absorbed into the acquiring company as an employee. If you don’t have a similar vision you will find it extremely difficult working in the new environment. Having a clear vision for your startup allows you to choose companies that share that vision.”

What advice do you have for entrepreneurs allowing their startups to be acquired by large companies?

How To Plan A Company Holiday Party

Not everyone has a party planning committee as efficient as the one on The Office so what can you do to ensure your company throws an enjoyable holiday party for employees? Here are a few tips to keep in mind as you plan holiday festivities at work:

(Curated from Pittsburgh Business Times)

• You want your holiday party to be inclusive and considerate of everyone’s holiday traditions. Different people will have different traditions so it’s better to keep your holiday party a generic, all-inclusive celebration.

“The festivities should be as inclusive as possible. It is better to host a party to celebrate the holiday season than a party to recognize one specific holiday.”

• One of the best ways to keep your party running smoothly is to prevent excessive alcohol consumption. If the company decides to serve alcohol, you should consider hiring a professional bartender. Allowing employees to serve themselves could result in a messy situation. You should also make sure your employees don’t drive after consuming alcohol.

“Alcohol is a common source of trouble at company gatherings. It can lower inhibitions and lead to questionable judgment, which can be an unfortunate combination at a work function.”

• When decorating for the party, leave out the mistletoe. After a few drinks, you don’t want your employees to lose their inhibitions and act on the implications of this holiday decoration. You can also remind employees that company policies are still in place during the party and no misconduct will be tolerated.

“It is a good idea to take steps to prevent harassment or similar inappropriate conduct.”

• If you’re planning games or other forms of entertainment, you should keep them workplace appropriate.

“Keep the entertainment professional and non-controversial — avoid embarrassing employees with unflattering slide shows or roasts, hiring a vulgar comedian, or a DJ to play inappropriate music.”

• Last, don’t make your company party mandatory. You want your employees to attend of their own accord and have fun. You also don’t want to pay them to attend.

“If attending the company party is mandatory, you may be opening up your business to a host of Fair Labor Standards Act (FLSA) and state wage and hour claims. Plus, nothing kills holiday cheer like disgruntled employees who feel forced to be somewhere.”

What suggestions do you have for throwing a successful company party this holiday season? Please share your ideas in the comments!

Image by Cliff

Turn A Small Business Into A Sustainable Enterprise

You can use startup accelerators such as the Riverside Center for Innovation to help you grow your business or business idea into a sustainable enterprise. Here’s why you should seek advice from an economic development company such as RCI:

(Curated from Tech.Co)

• Making connections and networking with others within your chosen industry is an essential step to generating success for your business.

“For entrepreneurs who live outside Silicon Valley, it’s tremendously valuable to be able to connect with like-minded entrepreneurs and investors in your area. If you haven’t had a chance to get involved in your local startup scene, this will be an excellent opportunity to do it. Most entrepreneurs find that simply being exposed to insightful mentors makes the experience worth it, although there are many more benefits to participating in an accelerator. You might come away with new friends, potential partnerships, and possible investors, all of which will benefit your startup.”

• RCI will teach you how to answer the questions you haven’t thought of yet or even consider options you didn’t know you had. If you have a very specific idea of what you want out of your startup, you might be limiting your business before you’ve even begun.

“Accelerators can encourage you to think bigger about your startup by breaking free from imagined limitations. An accelerator can teach you more about your product or service and help you answer important questions about your company, like ‘who is my target audience?’”

• Working with a startup allows you to use all of their resources and expertise. You can practice your pitch with experts and receive useful feedback before approaching investors.

• Participating in a startup program such as those offered by RCI gives entrepreneurs the opportunity to work near other startups and to scope out the competition. You can learn what other entrepreneurs are doing differently and what works for them.

“Even if the products and services are vastly different from your own, you’ll take away some important lessons and learn from others’ mistakes. Conversely, other startups will be able to learn from your pitches. It creates a really educational environment that can spell success for smart entrepreneurs who are willing to listen.”

How else can startup accelerators help you turn your business into a sustainable enterprise? Contact us to find out!

Image by neetalparekh

How To Keep Your Team Motivated

Every startup company faces highs and lows. When one thing goes well there will be fives things that won’t. As a leader, you have a responsibility to your team as well as your business. While you may be ready to devote all of your time and energy to this venture, your team might not feel the same way. So, what can you do to keep your team motivated? Here are a few tips you can use:

(Curated from Tech.co)

First, you should make sure that your team is not overworked. Startup companies frequently don’t enough resources to support a full staff so team members might have to take on more responsibilities. As the manager, you need to recognize this and make sure your team is treated fairly and given all the assistance they need.

“There’s a lot to be done, and someone has to do it. Your team members probably understand the weight that’s been placed on their shoulders. This takes a huge mental toll on them because they understand what will happen if they can’t successfully deliver. That stress will run them into the ground if they aren’t getting enough breaks. Make sure everyone is getting adequate time off. If someone is having a hard time with something, do everything you can to make their working experience easier, even if it means a two-hour lunch break.”

Next, you can reward your team with well-deserved celebrations. Show your appreciation by bringing donuts and coffee or beer and pizza. These simple gestures are great for morale.

“Believe it or not, there are actually some problems that can be fixed with pizza and beer. Startups can be overwhelming, grinding everyone’s fragile nerves. You need to celebrate your accomplishments together. You don’t have to break out fancy budget-busters – simple gestures are enough to show that you care. Happy moments are a necessity if you want to keep people from resenting their work.”

Finally, getting to know your team members as individuals instead of cogs in your company will also help you find ways to motivate them. If they feel comfortable with their team leader and bond with each other, work becomes more enjoyable.

“It can be difficult when work is piling up and there’s no sign it will let up anytime soon, but reaching out is something you can’t afford to blow off. What are their hobbies outside of the general “reading” and “spending time with loved ones”?  What are they looking to accomplish in the next five years? What things are they truly, deeply passionate about? That knowledge can inspire you, allowing you to provide them with projects that best suit their potential. At the same time, they’ll understand that you care and are supportive.”

What do you do to motivate your team at your startup?

How To Become Your Own Boss

Many people start out in 9-to-5 jobs where there are tons of people working above them and progressing up the hierarchy can be a lifelong battle. But what if you don’t want to wait a decade or more to become your own boss? The quickest way to become your own boss is to start your business. Here are a few steps to take if you want to transition to becoming an entrepreneur:

(Curated from Pittsburgh Business Times)

1. Before you quit your job and start working on a developing a business idea, you should make sure you’re comfortable with taking risks. Understanding your decision-making process will help you determine whether you’re capable of dealing with risk.
2. Research everything before you take the plunge into starting a new business. When you  understand your customer and your audience, you’ll be able to develop and deliver your business better.
3. A big part of starting your own business is making sure you have a flexible personal life. Becoming your own boss might require unusual hours and irregular compensation for your work. You should be able to answer these questions:

“Do you have savings you can live on? Are you prepared to reduce your living expenses? How much time are you willing to give your business? For example, are you prepared to pass on Saturday night plans when duty calls?”

4. Once your personal life is ready for the challenges of entrepreneurship, develop a solid business plan. Having a well-researched and effective business plan will help keep you grounded and on track.

“Treat your business like a business. Carve out your schedule and workspace. It’s hard to be disciplined when you’re defining your day from scratch every morning, so plan your time. And set up your home office, garage or co-work space in a way that’s exclusively for running your business.”

5. And finally, start networking. You can’t do everything yourself so start making connections and find people who can help you launch your startup.

“Build your network in a meaningful way. To grow, you’ll need a healthy ecosystem of vendors, employees, partners, advisers and advocates. Collaboration is key, so be certain you have a rich and growing network to draw upon.”

How is your new business going? Please share your experience with us!

Why Baby Boomers Should Consider Being Entrepreneurs

Millennials seem to dominate as entrepreneurs in the world of startup companies and innovative businesses. In reality, however, baby boomers are significantly more likely to plan launching a new business in the next year than the younger generation. Only 24.7% of people ages 20 to 34 are becoming entrepreneurs compared to over half of people ages 45 to 64.

Bill Zinke, founder and president of Enrich Life Over 50 and co-author of “The Evolution of Adulthood: A New Stage,” gives several reasons for baby boomers to consider joining or founding a startup company.

(Curated from Pittsburgh Business Times)

• As a baby boomer, you bring years of experience to the table, which gives you an advantage over younger people. With more experience comes better judgement and a better understanding of what you’re getting into.

"The older people have what I call double ESP — experience, expertise, seasoned judgment and proved performance. … That is something that the people ages 20 to 34 don't have because they haven't been in the business world. This gives older people a leg up."

• People with more experience have also had more time to build up and expand their network. You  can skip the step where you have to establish a reliable reputation because you’ve probably already done it.

"In many cases they have a contact base of people in the business world. They have a reputation [and] standing. They're using business contacts to reach out to potential sources for financial support. ... They may have contacts in the banking world. And they have a track record of performance."

• Taking risks and starting a new business is fun and exciting. After raising a family and/or working for years, you finally have time to realize a dream or become your own boss.

"Boomers often decide they've been successful enough and want to do something different. They've always had this burning idea of doing x, y or z...so they start a new business. And they've demonstrated that older people want to continue in productive activities ... and not necessarily for the money."

If you still aren’t convinced, Zinke provides several more reasons for baby boomers to become entrepreneurs.

Top 5 Avoidable Mistakes Of Online Startups

Today, launching your own business usually means starting an online company. Initiating an online business seems simple enough to do well but it’s also easy to make mistakes. Here are a few mistakes you can easily avoid while starting your new online business.

(Curated from Entrepreneur.com)

1. A common mistake for online businesses is to not develop a plan or strategy. Starting a business online may not require the same kind of formality as other endeavors but you can avoid trouble in the future by establishing a plan.

“While the big-format business plan is growing obsolete, Sujan Patel, vice-president of marketing at the software company When I Work and the founder of several SaaS startups, says, “You don’t need a formal 20-page business plan to successfully plan a business. You need to know who your customers are, what you are selling and what people are willing to pay for your product or service.”

2  While starting your business, try not to focus too much on the little things. Your business cards shouldn’t take longer to develop than your website or plan of action.

“By getting sidetracked focusing on things like how your business cards look or the design of your logo, founders are wasting valuable time. Instead, concentrate on tasks that will help propel your business to the next level.”

3. Another mistake entrepreneurs make is to ignore the financial aspect of their business. Staying on top of your startup’s finances and developing a budget plan from the beginning will help you save money in the long run.

4. Some entrepreneurs also try to set competitive prices on high quality products. Make sure you know what it cost to make what you’re selling and take that into consideration when setting the price.

5. Another avoidable mistake for online startups is that they neglect customer service. Your best practice when dealing with customers is not to assume they’re all spam bots but actual people.

“With so many of our business transactions happening over the Internet, it’s easy to forget that customers are people who are way more likely to return to your website if they have a good experience.”

Have you tried starting an online business? Share your experiences with us!

How To Get Tech Skills As An Entrepreneur

Many startup ideas require tech skills to launch a company, but not all entrepreneurs are as knowledgeable as Mark Zuckerberg. Launching your own startup company may require more tech skills than you have. What can you do to expand your tech knowledge and become a tech-savvy entrepreneur? Here are a few tips to help you get started:

(Curated from Tech.Co)

You can overcome most tech challenges you face when launching your startup by learning how to code. Coding is a simple solution for many obstacles such as creating an original website or app design. You can learn this skill for free with different online resources:

“Most tech work comes down to coding. Website design is built on HTML, CSS, and JavaScript. Software development is built on C, C++, C# and much more. If your business offers a technical solution to customers, it most likely involves some coding language. Knowing coding language will make your job as an entrepreneur much easier and save you some money. There are plenty of resources online for you to learn to code for free.”

If you don’t have the time or the resources to learn all of the tech knowledge required to launch your business, you can also outsource the work. Finding outside help is another simple solution to your tech problems and collaboration is also beneficial to the creative process.

“With outsourcing, you hire an expert to do the technical work for you on a one-off or long-term basis. Knowing when to outsource work is an important skill for entrepreneurs to have. As you grow your business, you may find that you can easily delegate administrative tasks to free up your time. By the same token, outsourcing work you are not knowledgeable about will also save you time. Some places to find experts capable of doing your outsourced work include Freelancer.com and Upwork.com.”

You don't have to know tech to have a great idea for a business, but it will likely come up in the process of launching your startup. These tech resources will definitely come in handy for entrepreneurs. If you have any other questions about building a company, feel free to contact us!

Entrepreneurial Lessons From The CEO Of MentorMate

As an entrepreneur, overcoming doubt and criticism will likely be the most difficult challenged to face. The more out-of-the-box your idea is the more difficult it will be to sell. So, what can you do to persevere and give your startup the best chance possible? Here are a few lessons from Björn Stansvik, CEO of MentorMate:

(Curated from Pittsburgh Business Times)

• Stansvik’s company has seen unmatched success after increasing revenue by over 500 percent in the last three years. Before finding success, however, Stansvik faced many obstacles beginning with his parents.

“Stansvik came to America in his mid-20s from Sweden, the son of ‘overprotective civil service parents,’ he says, who valued safety and certainty. In contrast, he was the restless, striving type who wanted adventure and ambiguity. As a result, he decided to come to America to start a business because he admired from afar our nation’s welcoming attitude toward entrepreneurs and its healthy business climate.”

• Upon arriving in the U.S. Stansvik only had 90 days to find work before his tourist visa expired. Stansvik struggled to find work for a technology employer, but he didn’t let rejection stop him:

“After going nearly three months without any job offers, Stansvik made a bold move, creating, without being asked, an 80-page SWOT analysis of a Minnesota tech company he admired. He delivered it and asked for a volunteer job and desk. Surprisingly, the company said yes. Within a few weeks, he had proven his value so thoroughly that the company offered him a full-time job — and sponsorship for permanent resident status.”

• Stansvik’s story also emphasizes the importance of accepting help from others. He admits that he couldn’t have found his start without significant support from other people. Stansvik ended up staying in Minneapolis after a stranger suggested he get in touch with another Swedish man there.

“Stansvik would be the first to acknowledge how much he’s benefitted from the help of others. For instance, while traveling in Mexico, a stranger recognized his Swedish insignia bag, began speaking to him in Swedish, and suggested he contact his Swedish pal Erik in Minneapolis.”

There are several entrepreneurial lessons you can learn from Stansvik and his company, especially determination and perseverance. How do you think entrepreneurs can benefit from Stansvik's story?

4 Startup Branding Trends To Try

Founding a successful startup company is almost every entrepreneur’s dream. Unfortunately, building a business involves several steps beyond having an innovative idea. As you create a business plan and strategy for your company, don’t forget about the importance of branding. Many companies suffer from using the same website and logo for years and years. Instead, try these branding trends adopted by other successful startups:

(Curated from Tech.Co)

1. Storytelling

Instead of having the About page on your website describe what your business does include a real story. Use this page to discuss why the company was founded, what inspired the idea behind it, and what the future holds for customers. Telling an interesting story will help customers remember your business and your brand.

“Brand storytelling is the combination of the information you share with target audience members, along with what they believe about you from what they’ve read from online reviews and other sources. Stories are what humans are taught to understand. Therefore, they do far more for branding than standard websites packed with information overload.”

2. Minimalism

As intricate designs became more popular, it also became easier for companies to drown each other out with their loudness. Try a minimalist design to contradict and stand out against the white noise of over-the-top branding.

“Brands can follow the big retailers, or startups like Lovely Candy Company, who used Phase1’s simple package designs to spark a brand that is now recognized on a national level. Forget about complicated designs and markups. When branding a product, keep it simple, think about your overall brand image and pull it all together. Going into the next year, minimalist design is key.”

3. Act Small

Consumers love small businesses because they want to feel like they’re buying from their neighbors instead of a large corporation. Even large companies can act on this love of small businesses such as Walmart. Walmart promotes local businesses and sells local products.

“Customers want to feel connected to the brands they interact with. They want to feel as though they’re giving back and supporting something other than “big brand America.” Jet, an online retailer set to become a competitor of Amazon, is harnessing this power by retailing big name products with a local flare. Acting small, even if you’re not, is a branding trend to get on board with today.”

4. Get in the Conversation

Use social media to get the word out about your company. With hashtags, tagging, mentions, likes and favorites, your startup can join the conversation and become a topic of conversation to spread brand awareness.

“The more involved you appear, the more solid your branding will become. Seamless, an online delivery service for restaurants in specific locales, is one brand to watch. Their customer service through social channels is nearly flawless. Because of this, the startup has grown into a household name in the past year.”

If you have any questions about these brand strategies or how to launch your startup, feel free to contact us. The Riverside Center for Innovation has tons of resources for entrepreneurs in Pittsburgh!