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Three Trends Your Startup Should Pay Attention To

Posted By Administration, Monday, March 12, 2018

A recent study conducted by researchers from the academic journal Venture Capital found that startups with more unusual names are more successful when it comes to getting early-stage funding from investors and venture capitalists and even do better on crowdfunding sites.

The researchers believe this is because, when a company is first starting out and little is known about it, a more quirky, unique name makes it more likely to stand out from the crowd and thus attract the right sort of attention. It's a strategy that clearly worked for the likes of Uber and Lyft and means many more unusual names are likely to be used in the future. Read on to find out more about Sage’s hottest trends new startups need to be aware of in the near and distant future.

1.      Services for freelancers

Many startups focus their attention of providing services to big businesses or consumers, but there is a group that occupies the space between the two that, to date, has not been fully exploited, but is brimming with opportunities.

According to a 2016 survey, there are now more than 55 million people working as freelances in the United States, an astonishing 35 percent of the workforce. This number is set to grow to 43 percent by the year 2020.

Freelancers need many of the same services as those that are provided to small businesses but need them on a smaller, more affordable scale. Those startups looking to carve out a unique niche for themselves would do well to find ways to cater to the growing freelancer market.

2.      Optimal outsourcing

Fast-growing companies need more and more in the way of back-office operations, but the time and effort required to put together such a team, especially at short notice, can often consume valuable time and energy that could otherwise be put into the core activities that the company is built around.

Outsourcing is already hugely popular but is likely to become far more so due to the fact it offers massive cost savings and allows for greater efficiency. This especially the case when it comes to tasks that require specific specialist knowledge but do not form a large enough part of your business to make it viable to hire someone to work on them full time.

The future is also likely to see a more strategic use of outsourcing. If, for example, your company gets involved in a project that requires skillsets none of your staff possess. Handing off these aspects of the project to others will ensure the work is carried out correctly and with a high level of efficiency but will also enable your own staff to work alongside the outsourced team in order to acquire the skills themselves for future projects.

3.      The cloud becomes even more compelling

Cloud services are increasingly becoming the de facto way of doing business, and the amount of storage available is likely to increase as a result, leading to reduced costs for those companies who take advantage of such services.

If your business works with big data, you'll be able to make use of this increased space to store far larger data sets and carrying out detailed analytics, harvesting far more valuable insights into areas such as customer behavior, as well as using such information to make better strategic financial investments.

Tags:  Startups 

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