Home Tips Is It Worth Investing in Technology as a New Business?

Is It Worth Investing in Technology as a New Business?

New business owners looking at small starting budgets often think that the best tech is out of reach. However, with so many companies on the market using technology to further their business goals, you put yourself at a disadvantage by skipping out. Here is the technology new business owners should consider investing in to see their business grow.

1. Communication Apps

Your business might only consist of you at the beginning, but you’ll probably bring on more employees as you grow. Communication apps give you the ability to easily share information between different people and, as you expand, different teams and departments.

Consider different methods of communication as well. For example, smartphone text messaging apps allow you to have functional group chats without relying on SMS playing nice between different carriers and operating systems. There are also digital workplace apps, which users can access from their computers, phones, or smartwatches. These are great for keeping track of several conversations across teams or topics.

2. Business Budgeting Software

technology, tech, tech investment

New business owners have to have a sharp eye on the way money flows in and out of their company. When you’re just getting started, even a small miscalculation can throw your whole business off track. Budgeting software can help you keep your finances on track, as well as identify problems before they become too big to handle.

Try to pick software that does more than just add and subtract and sort your spending into categories. Ideally, you want something that will also give you growth charts and other insights you can use to improve your profits.

3. Online Marketplaces

Not long ago, anyone selling a physical product had to limit their potential customers to the people they reach inside a brick-and-mortar store. Thanks to online shopping, however, you can reach anybody with Internet access. Make sure you do your research — not all online marketplaces are created equal.

It’s important to pick a marketplace that has a good reputation and gets plenty of visitors. Moreover, since you’re going to pay for space in any online marketplace, you want to make sure you’re getting plenty of return on that investment. Some marketplaces, such as the Rakuten Marketplace, offer services beyond simply listing your item, like onboarding support and shipping fulfillment. These additional simplify your workflow, saving you time and hassle.

4. Social Media Sites

team work, team goals

In this day and age, having a strong social media presence is a necessity for any new business. Not only does social media give you an opportunity to market your business, but it also allows you to hear back from customers and get a sense of what people think. This kind of feedback can be invaluable, and clue you into issues before they become problems.

Moreover, social media sites give business owners access to advertising, so that they can reach users who wouldn’t otherwise get to see their product. You can use targeted advertising to catch the eyes of the exact people who are most likely to become customers.

5. Website Builders

If you have web development skills under your belt and can build your own website from scratch, that’s great! If not, you’ll want to find a way to ensure you have a visually appealing website. No matter what kind of business you run, a website is absolutely vital to its success. It can attract potential customers and employees, answer questions, and even introduce your business to interested investors who can help you grow.

Eventually, your small business may have the budget to invest in a web developer, but you might be able to use a website builder to get the job done in the meantime. There are plenty of services out there where you can build and host a website that shows off the best things about your business. Most have different price points, so find the service that best suits your needs.

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New business start-up costs can give you sticker shock but remember: You’re investing in your company’s future. Technologies that make your business run smoother and win over clients and customers will make a big difference for your success going forward.

Steve Parker
Senior Editor at Productivity Land. Productivity hero by day, Twitter nerd by night. Follow me and let's talk about all things productivity. 😄

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