1. Write Down Your Financial Planning

One of the most common pitfalls for startups failing within a few months of trading is improper financial planning. Successful entrepreneurs spend time putting together a financial plan that:

• Forecast expenses for the first year of business
• Highlight areas for reducing costs

Not only should you focus on your financial planning in advance, but you should write it down. Putting it down on paper prepares you from the beginning of your venture to make quick decisions when necessary and to save money in your first year. Working with a written budget allows startup owners to reduce costs and build capital from the beginning. 

2. Network Before You Launch Your Startup

Networking and building a solid customer base can be done before you launch your startup. As soon as you build your new business, focus on growing your network. Every person you meet and engage with can turn into a potential client. Use free online platforms to reach a broader market and prepare your target audience for the launch of your venture.

Building relationships with other startups, entrepreneurs, and small business communities gives you access to invaluable information. Networking with like-minded individuals who have been there can help support the financial health of your new venture from the start. They can tell you what costly pitfalls to look out for and how to save money while growing your startup. 

3. Get Organized With Collaboration Tools

If your startup includes other co-founders and employees, using a collaboration tool could save you loads of time and money. Spike is a platform that focuses on creating tools and apps that equip you and your team to be efficient. What are the other advantages of using this collaboration tool?

• Improved communications: All team chats, emails, and meetings are unified in one place, reducing distractions and improving communication.
• Streamlined workflow: Keeps the workplace organized for fast and efficient productivity.
• Seamless communication: Engagement with business partners, colleagues, contractors, and clients all in one space.

Using a collaboration tool gets your business organized from the beginning while boosting your savings and improving your bottom line in the early days. Instead of wasting time moving between different apps to communicate and get the job done, you can stick with one tool that’s productive, super-fast, and easy to use. 

4. Use Cost-Effective Marketing Strategies

Marketing your startup can be expensive if you don’t consider cost-effective strategies in the early days of running your new business. While promoting your new venture is essential to attract customers, pouring money into advertising doesn’t always guarantee increased sales. However, using the right marketing platforms can boost your revenue.  

Successful small business owners advise startups to spend no more than 5% to 8% of their total budget on marketing costs during the first year of trading. Increase sales in the first year by optimizing the following channels without spending too much on marketing:

• Your website
• Social media platforms 
• Email campaigns

Offering discounts, complimentary vouchers, and rewards programs are other cost-effective ways of saving on marketing costs while growing your customer base. 

5. Eliminate Business and Personal Debts

Taking out a business loan in the early days of your venture should be avoided, but sometimes it’s unavoidable. A well-thought-out financial plan will help you manage the loan while paying it off as soon as possible. Eliminating business debts as soon as possible lets you save your hard-earned money faster while building interest.

Getting rid of personal debts before launching your startup will free you up financially in the early days of trading. Paying off your credit cards, outstanding personal loans, and store accounts allows you to save money for your business from the beginning of your venture. 

Final Thoughts

Building capital well before launching your startup gives you the headstart you need to get through the first months of your new venture. However, implementing saving strategies in the early days of trading and throughout the first year of business ensures your startup is sustainable from the beginning. 

The post Five Ways to Save Money on Your Startup From the Beginning of Your Venture first appeared on Opensquares.

Thus, we have highlighted the top 10 British Deep Tech startups. These startups are on track to change the market in 2023.

10 Top British Deep Tech Startups

The UK has been home to a number of pioneering deep tech startups, from artificial intelligence and machine learning companies to space technology innovators. From the depths of the start-up scene, these trailblazers are making their mark with groundbreaking research and development that is transforming entire industries.

Patch

Patch is an innovative platform that scales unified climate actions. The creators took the initiative since global warming is a pressing issue globally. The co-founders Brennan Spellacy and Aaron Grunfeld launched it in 2020. They created Patch to help businesses reduce their carbon footprints.

Patch incorporates climate action into various industries, including finance, transport, and e-commerce. They achieve this by using an API for carbon emission removal. The company creates eco-friendly products and sets climate change goals.

AI Build

AI Build is a tech firm located in London. The company is known for creating AI and robotic solutions. It comprises a group of motivated persons. The group believes 3D printing can solve both economic and climate issues.

The company partnered with global investors and businesses. They created a game-changing Autonomous Large Scale 3D printing technology. This technology is now used as the industry standard by many industrial apps. AI Build’s primary goal is to equip factories with the necessary tools. This is for the factories to achieve economic and sustainable goals.

Sigma AI

Sigma is an AI firm with a fantastic team. They have more than 30 years of experience in AI. This company uses innovative technology to assist clients. This technology automates error-prone tasks, extracts data, and enhances human performance.

Sigma AI is an automated decision-making system that combines predictive analytics and machine learning algorithms to generate decisions in real-time. The system is designed to analyse large datasets quickly and accurately, allowing it to make decisions based on the most up-to-date data available. It can be used in a variety of industries, including healthcare, finance, manufacturing, transportation, and more.

Jiffy

Jiffy software provides a comprehensive AI-powered platform for digital businesses. This company employs intelligent robots that help businesses automate tasks. Businesses can better use their workforce by using AI tools.

It helps businesses automate up to 90% of business processes. An example of a process that Jiffy automates includes processing unstructured data. Due to its flexibility, Jiffy can integrate several applications into a workflow.

Lunaz Design

Lunaz design was founded in 2019 by David Lorenz. The company’s goal is to build futuristic and beautiful automobiles. This will soon apply to trucks and heavy-duty commercial vehicles. Lunaz design does not produce cars.

The cars made using Lunaz bear the creator’s trademark and not the app. This is because the app is only a tool for creating cutting-edge designs.

Renovai

Renovai is a 2019 startup founded by Avner Preil, Alon Gilady, and Avon Chelben. It is a visual-based AI e-commerce solution.

This technology helps retail businesses market their products. It allows customers to solve the problem of choice paralysis. In the retail market, customers need to sift through many competitors. This is more challenging due to the disorganised product catalogues.

Renovai uses Artificial Intelligence to promote confident purchases among consumers. This AI uses collective knowledge to transform how consumers make purchases. This app develops personalised engagement with customers.

Extend Robotics

Extended Robotics was established in 2019. It was formed to expand human abilities and skills. The technology is a human-robot interface software. It allows workers who need to be savvier with robots to control them remotely.

In addition, this company also designed AMAS. This solution helps overcome distance barriers and travel expenses and save labour. Extend Robotics provides a secure workspace so that people can work risk-free.

Carbon Re

Carbon Re is a pacesetter company. It is one of the AI firms that create strategies for manufacturing firms. This will, in turn, lower production costs and lower emissions. This company already has software called Delta Zero. This led to decreased carbon emissions, energy use, and expenses. The company has been faithful to its vision. Research from UCL and Cambridge University confirms this. Delta Zero provides producers with cutting-edge AI solutions.

Cord

In 2020, Eric Landau and Ulrik Stig Hansen established Cord in the UK. The Cord software helps data scientists reduce the long hours required for labelling. It uses a computer vision annotation platform to replace the machine learning process.

Cord API automation allows users to label, transform, augment, and automate data. The tracking feature that Cord delivers helps the annotation process. Also, using Cord’s Python SDK helps to compile the algorithm for training data and creating data programs.

Grey Parrot

There has yet to be any organised effort for trash management. Due to this, there are stagnant recycling rates and a terrible environmental impact. Hence, Greyparrot was established in 2019 to rectify this trend. The company comprises a combination of AI specialists and seasoned business people. The team shares the goal of establishing a society where every bit of trash is regarded as a resource.

Therefore, GreyParrot is a digitised waste analytics firm. The creators developed it to digitise the over $1.5 trillion waste management sector. To address the rising waste challenge. Grey parrot uses highly advanced AI computer vision systems. This helps it systematically monitor and sort massive garbage across the globe. It provides waste managers with the necessary knowledge needed to increase recycling rates.

Features of a Deep Tech Startup

Deep tech firms use several highly advanced technologies. It uses Artificial intelligence and other materials to address pressing issues in society. Almost all severe tech companies adopt more than one technology. But what are their other features?

• Deep tech firms concentrate on creating solutions. They focus on resolving urgent issues. They attempt to make people benefit from the advancements that the sector provides. They also help to lessen the impact of global problems like climatic changes.
• The majority of technology startups are founded on redesigning current business models. They also convert existing models from offline to online, employing innovative technologies.
• Deep tech companies may require significant amounts of financial commitments. They may also need substantial amounts of research. They mainly deal with disruptive innovations. This means it may take a longer time to attain market acceptance.
• Deep tech firms have promoted the growth of a robust ecosystem. The deep technology sector needs a significant scientific basis to advance further.

Differences Between Low Tech, High Tech, and Deep Tech

Common Mistakes to Avoid in Deep Tech Startup

A startup’s journey can be complicated, unclear, and risky. The risks are seriously higher for deep tech businesses. This is because they require significant finance. They also need a long time to gain market acceptance. Thus, there are some common mistakes to avoid when venturing into a serious tech business.

Not Investing Sufficient Time to Study Your Target Market

One of the mistakes is focusing on technology while ignoring the market. There is a tendency for startups to focus on technicalities without considering the market response. Refrain from jumping into sales talk while you include discovery interactions. You are required to present proof of your products to your potential customers.

Excessive Use of Technical Terms

When a Deep Tech Entrepreneur is seeking funds, use plain language. There is a tendency to use technical jargon. You must avoid making this mistake as you may lose potential investors who won’t understand you. Focus on talking about the app’s benefits rather than complex things such as its features. Investors and financial organisations mainly invest in what they can understand.

Not Having the Proper Mindset When Forming a Team

Instead of relying solely on resumes, build a team that shares similar core values with you. 

You must conduct thorough research before appointing an applicant. Do not solely depend on their resume or referer. This way, you can be sure you are forming a reliable team. Building a formidable team is essential in creating a successful Tech Startup.

Lack of In-Depth Evaluation of Competition

The incorporation of competition assessment is essential in every pitch and demonstration. However, many deep tech founders need to include this critical component. Having sufficient information about your competitors is counterproductive. Hence, you must expand the scope of your competitor analysis.

Taking Too Much Time to Launch

When launching something new, it is crucial to conduct thorough research. This is so to avoid squandering money. This is especially true for deep tech startups, which require significant funding. While detailed research is always appreciated, it should take a short time. You should pursue it as soon as you receive supportive and positive comments about your company and believe there is a solid base to develop upon.

Conclusion

There you have it, our list of Deep Tech companies to watch out for in 2023. It is a new but thriving sector that will continue to create technologies that will impact human lives. Successful Deep Tech firms concentrate on resolving significant and fundamental problems. Deep tech opens up many opportunities for advancing the UN’s sustainable development goals. They achieve this through the intersection of technologies like AI and biotech. 

There are errors you should avoid if you plan on getting into deep tech, as outlined above.

The post Top British Deep Tech Startups That Will Revolutionise the Market in 2023 first appeared on Opensquares.

Shopify has truly revolutionized the e-commerce landscape, making it accessible to everyone, irrespective of their tech-savviness. The user-friendly design and intuitive interface have made it the go-to choice for businesses, big and small.

So don’t let the fear of technology hold you back. Embrace the simplicity and power of Shopify and bring your dream online store to life. With that idea, hiring a Shopify developer is not a bad investment at all. 

What Makes Shopify So Popular Among Developers and Entrepreneurs Alike?

Shopify is not just about simplicity. It’s also a powerhouse of functionality and customization. This platform provides the tools you need to carve out a unique online presence that aligns seamlessly with your brand’s identity. It’s a one-stop shop for all your e-commerce needs, offering a multitude of fully customizable templates and a robust app store that houses everything from email marketing tools to sophisticated analytics. In case you don’t want to go with templates, you can hire a frontend developer to design and develop a custom frontend design for you.

But the perks of using Shopify don’t end there. Recognizing the importance of security in the digital age, it offers robust security measures, including SSL encryption and PCI compliance. This shields your business and provides your customers with the assurance they need to shop confidently on your site.

Shopify has brought about a paradigm shift in how business owners perceive e-commerce. It’s a user-friendly, feature-packed platform that simplifies the process of crafting an online store that echoes your brand. Regardless of whether you’re a seasoned developer or a newbie just dipping your toes into the e-commerce world, Shopify provides the comprehensive toolkit you need to bring your dream of launching an online store to fruition.

What Type of Business Is Shopify Best Suited For?

• Shopify’s intuitive design, ease of use, and versatility make it suitable for businesses of all sizes, from fledgling startups to established SMEs and even large corporations.
• For startups and SMEs, the platform is a boon. It offers a straightforward and affordable way to launch an online store, eliminating the need for extensive tech expertise. 
•  Don’t be fooled into thinking Shopify is just for the smaller players. The platform also caters to the needs of larger enterprises with its advanced plans and services. Customized checkout experiences, comprehensive reporting tools, and support for high-volume sales are just some of the features that make it a match for complex operations.
• In essence, regardless of your business size or sector, Shopify proves to be a dependable choice for creating and growing your online presence. Whether you’re a budding startup, a growing SME, or a large corporation, Shopify has the tools and capabilities to help you carve out your space in the digital world.

Top Benefits of Using the Shopify App for E-Commerce

Many advantages of using the Shopify app for e-commerce may help businesses streamline their operations, increase sales, and expand their online presence.

Here are some of the top benefits of using the Shopify app:

• Mobile Accessibility: With Shopify, managing your online store becomes as easy as scrolling through your phone. Whether you need to check sales, fulfill orders, or manage inventory, you can do it all on the go from your mobile device. This flexibility allows businesses to stay connected and responsive, no matter where they are.
• Seamless Integration: The Shopify app integrates effortlessly with a multitude of third-party apps and tools, from payment gateways to social media platforms and marketing tools. This ease of integration allows businesses to expand their reach, streamline their operations, and create a more comprehensive e-commerce ecosystem.
• Powerful Analytics: Shopify’s robust analytics offer deep insights into traffic, sales, and customer behavior. Armed with this data, businesses can make informed decisions to fine-tune their online store, enhance customer experience, and, ultimately, drive more sales.
• User-friendly Interface: The app’s intuitive and user-friendly design eliminates the need for technical expertise, making it easy for businesses to set up and manage their online stores. This simplicity can help businesses focus more on their core operations and less on grappling with technology.
• Secure Payment Processing: Security is a top priority in e-commerce, and Shopify doesn’t disappoint. It offers secure payment processing, ensuring that both customers’ and businesses’ data are well-protected from potential fraud and other security threats. This fosters trust and promotes a safe shopping environment for your customers.

Hiring a Shopify Developer Can Be a Wise Investment for Businesses

• Technical Expertise: Shopify developers have the skills and experience to craft innovative, tailored e-commerce solutions. They can translate your unique business needs into a functional, engaging online store. Their technical prowess allows them to easily navigate the platform’s complexities, ensuring you get the most out of Shopify’s capabilities.
• Time-Saving: Building and maintaining an online store can be time-consuming, particularly for businesses without the necessary tech skills. Hiring a Shopify developer allows you to delegate these tasks, freeing you up to focus on other crucial aspects of your business.
• Customization: Shopify developers can create bespoke solutions that align with your brand’s identity and goals. This can help your business stand out in the crowded online marketplace, providing a unique shopping experience that resonates with your customers.
• Maintenance and Support: Having a Shopify developer on board means continuous maintenance and support for your online store. They can ensure your store stays up-to-date and troubleshoot issues as they arise, minimizing downtime and potential loss of revenue.
• Cost-Effective: While hiring a developer involves an upfront cost, the long-term benefits often outweigh this investment. A well-built, well-maintained store can increase efficiency, enhance user experience, and boost sales, all of which contribute to your bottom line.

Conclusion

Hiring a Shopify developer can be a wise move if you’re looking to establish or expand your online presence. With their technical expertise, time-saving solutions, customization capabilities, continuous support, and cost-effectiveness, Market Research Service, they can be instrumental in your e-commerce success. So don’t let the fear of technology hold you back.

Embrace the simplicity and power of Shopify and bring your dream online store to life. With that idea, hiring a Shopify developer is not a bad investment at all. 

The post Why Do Developers Choose Shopify for E-commerce Business Startups? first appeared on Opensquares.

Small Business Association Website

The Small Business Association is an independent organization of the US government that offers support to small business owners. The SBA runs various lending programs, including the 7(A) Loan Guarantee Program and Disaster Loan program, all of which are designed to provide a financial boost to eligible applicants. The SBA also runs various entrepreneurial development programs around the country, 900 center sites to be exact. The sba.gov website also has resources explaining how to apply for grants and loans and what type of business to declare your business as, e.g. sole proprietor, C corporation, or S corporation.

Local SMB Development Center

Every state has its own small business development center that services residents of the state. These development centers offer services for people who are planning to start a business or have recently started one. These places also provide support for established businesses. Your local SMB development center will typically offer advice on various aspects, including cybersecurity, business resiliency, disaster assistance, etcetera. These services are provided in-depth and on a one-on-one basis. All information is confidential and the session is provided at no cost.

SCORE

SCORE is one of the country’s largest networks of volunteer professional business mentors that can help you in whatever stage of the process you are in, whether you’re trying to launch a new idea or take your business out of a sales slump. SCORE is a non-profit organization that works in partnership with the SBA. You can get mentorship from a SCORE mentor in one of their 250 local chapters around the US. They also have a variety of webinars and courses on demand readily available on their website.

Bplans

As the name implies, Bplans helps entrepreneurs create effective business plans through its extensive library of business plan templates. The website is a good resource for a wide range of technical topics, including SWOT analysis, cash flow forecasting, investor pitch guides, and more. Bplans also has a wealth of information published by the organization’s chairman and founder, Tim Berry. Following his blog, you can learn about how to create a proper financial plan, how to write an executive summary and more.

Evernote

Post-it notes are archaic and simply inefficient by today’s fast-paced standards. A very simple yet also useful resource are apps that let you manage your tasks at least a little bit easier. Evernote lets you save and manage notes, images, URLs, and ideas as they pop up. As a business owner, you absorb a ton of information and encounter constantly moving variables every day. Apps like Evernote help you manage this important but exhausting part of being an entrepreneur. All the information you save on Evernote is kept on the Cloud, so you can easily access it from anywhere, anytime.

Google Trends

Market research is an important stage in starting a business. Knowing which market or industry is underserved means that you can find where the opportunity lies. Google Trends gives you a deeper insight into what consumers are searching for online. Since search engines, like Chrome, are where consumers go to search for products/services, you can determine whether or not your business idea has merit and if someone is actually willing to pay for your product/service.

The modern entrepreneur is inundated with information. For whatever topic that you might need to research on, there are resources readily available at your fingertips. That said, it’s important to understand that not all resources are created equal. Some will give you a better roadmap for starting a business than others. The resources aforementioned in this article will help you build a solid foundation for your business.

The post Thinking of Starting a Business? Check Out These 6 Resources first appeared on Opensquares.