Archive for February, 2018

Freelancing Vs. Starting a Business

Posted in Business of it.. with tags , , , on February 26, 2018 by Sunil Anand

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Anyone who wanted to quit their jobs and start off on their own would definitely have this question, well most of them anyways. Let’s look at some pointers as to which is a better option.

If you opt for freelancingYou have to be an expert at what you do and that’s the bottom-line. You are your own boss that’s a given, and its more of a solo / single man show. And the money is limited and so is the work as you are just a single person running your own show – with a home office. Your target clientele would be startups or companies willing to work with freelancers and independent consultants. Believe it or not there are both big (sometimes) and small businesses who seek freelancers.

PROS:

1) You aren’t dependent on anyone and the responsibility completely lies on you.

2) The money is decent once you start getting clients.

3) You can work on your own terms.

4) There is no investment required.

CONS:

1) Your work is limited and you can’t take up more work and hence not make more money.

2) Scope of learning is limited as you are limited to your own expertise.

3) Most of your time is spent either on getting leads or on executing work. Balancing them both becomes difficult.

4) As a freelancer getting the payments realized becomes bit of a challenge – and most of the time you end up working “cheap”.

If you opt for starting your own companyYou should have an excellent and responsible core team and that’s the bottom-line here. If you don’t have team sharing responsibilities and work delegated – then don’t bother setting up a business as its no more a single man show. Money will be good not initially though and being persistent is the key here.

PROS:

1) You have a team to deliver work and responsibility is shared.

2) More scope to take up additional work.

3) Good learning cycle and scope of growth.

4) You can concentrate on your core competencies and leave the other aspects  operational, delivery, etc for others to handle.

CONS:

1) There are dependencies and any loose ends on team performances means business is affected.

2) If not lot, but quite a bit of investment is required .

3) Higher risk as your investment is also at stake.

4) You might end up taking care of other activities like managing operations / getting clients rather than your core competency – balancing is very important here.

From personal experience, my opinion is first get onto freelancing for sometime and later-on once you get the right and like minded people go ahead and start your business.

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How to find a Business Lead?

Posted in Business of it.. with tags on February 8, 2018 by Sunil Anand

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Now that’s a question every entrepreneur, sales and a business development person wants answered.

Well, there are several ways – traditional and non-traditional ways to generate leads and business. I would like to put across 2 main points to be considered. Read on..

1) Find out the needs / requirements

Everyone has requirements. Be it an individual, entity, start-up, SME, MNC or a multi-million dollar conglomerate – EVERYONE needs something or the other. The key is to find out what their needs are and match them to our product / service offerings and contact them.

And how do we do that? Let’s take an use case – A ‘Non Tech’ start-up has posted on a job portal or LinkedIn that they are looking for a Mobile App Developer. And if your service includes Mobile App Development – you have a connect! Tell the client (them being a non tech firm) to take care of their core business and to outsource their Mobile App Dev requirement. Rest is all about how good your portfolio is, the costs, and the expertise.

Once you find out that the prospect has a requirement, it becomes a warm lead from a cold one and you will be practically pitching only to warm leads – thus saving your time and being more efficient.

2) Create requirement(s)

There’s always a better way to do things and things can always be ‘more better and efficient’. One just needs to put this across to the prospect party.

– A Website can always be bettered – suggest a CMS probably

– An offline business would do better by going online

– If you have a product, am sure there are prospects who would need that

– Any business with online presence needs Digital Marketing

– Entertainment, Education, Healthcare, Transport, Travel, Supply Chain, BFSI, IT, ITeS, eCommerce, Gaming or any other vertical (or horizontal) all of them need to scale up.

We just need to find out how they can be bettered and what value we are adding to their business – and they WILL want it and take it!

Just remember, one needs to offer a ‘Business Solution‘ and not just any solution be it technical, staffing, digital, etc..

My 2 Pence..