[ADV] All You Should Know About Progressive Die Stamping

Progressive die stamping is a type of manufacturing process that is used to cut and form products using a die. The precision stamping die is progressive in nature which means the raw material is pressed simultaneously and sequentially through a series of stations that work on the material until the desired shape is obtained.

Progressive die stamping is different compared to transfer die stamping, which transports material from one station to another to work on the part. It is typically used in larger part production using multiple presses such as automobile fabrication. Progressive die stamping on the other hand is preferred for larger volume production of smaller parts.

Working Detail.

The progressive die stamping set-up can be detailed as follows, the die is fitted in to the stamping press, when the press moves up the die is in open position and when the press moves down the die is in closed position, the raw material in the form of a sheet, typically a metal is fed using a coil strip that continuously feeds the press. Each time the press moves down the die presses the strip to perform a specific type of action, as the strip moves through the press it is incrementally stamped up to the part where the part design is achieved. Some of the actions that can be performed by the die are cutting, coining, bending, shaving, extruding, lancing, and drawing and embossing. As it is a continuous and accurate process, the feed as well as the die and the press need to be carefully fabricated so that speed and part detail is not missed. To maintain smooth and accurate progression along the press, bullet shaped else conical pilots enter previously worked on areas to ensure alignment is proper, this primarily due to the fact that the coil cannot control the flow as the sheet moves along the press especially for longer dies.

Materials Used.

The die itself is typically made using tool steel to withstand load and to work continuously for long hours. The raw materials are mainly metals, common examples include but not limited to steel, brass, copper, aluminum, stainless steel etc. Even plastic is used based on the type of product that is fabricated.

Benefits.

Apart from the obvious cost saving associated using precision stamping dies, here are some of the other benefits achieved

Setup Time – As it is a single set-up it is relatively easy and simple to get this installed and up and running.

Production Speed – Due to the continuous nature of manufacturing, production speeds can be made to vary for faster production if necessary.

Less Scrap – It is very well designed so that once the part has been fabricated there is very less wastage on the source strip, even the remaining raw material can be further recycled and put to proper use.

Volume – It is possible to produce accurate parts of small size with large volumes using progressive precision stamping dies.

Different Geometries – The structure facilitates creating parts with different geometries.

Applications.

Due to the above advantages, progressive die stamping finds application in the following industries for part production.

• Automotive
• Aerospace
• Electronics
• Locomotive
• Agriculture
• Heavy trucks
• Medical
• Recreational Vehicles

The above industries also use transfer die stamping based on manufacturing needs.

Eigen has a vast expertise in harnessing the above advantages of progressive precision die stamping, our equipment coupled with the skilled labor and up-to-date knowledge helps us to serve a wide range of industries at a global level.

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How To Stay Safe If Your Company Gets Sued

No one plans to get sued. But sometimes, the unexpected happens. There are a lot of reasons for this and the response to a lawsuit is going to depend upon the nature of the claim made against your business.

As a business owner, it is your responsibility to do everything within your means to limit your risks. In order to keep the business running smoothly and have a legal contact, business owner should interview attorneys. Attorneys guide the owner if his company gets sued.

Marc. A. Johnston of Johnston Law Firm, P.C. – a dedicated Portland lawyer who remains committed to serving his community – shares a few tips in order to stay safe if your company gets sued:

Hire a competent attorney.

Owners should attempt to secure the attorneys that are familiar with the local laws and customs in the area in which the business operates. An attorney would help you before any action and will also help to react when being sued.

Settle the case.

If your company is sued, you can make the choice to settle the case if you don’t want any publicity. In order to get settled, you will have to give up something to get the plaintiff to agree to drop the case against you. Usually this involves paying a settlement to the plaintiff but the terms of agreement depends upon the nature of the case.

Insure yourself.

In order to insure yourself against liability, the important way is to build protection into your contacts. If the business is large and has formal board of directors, it is necessary to secure directors and officer’s liability insurance. This insurance helps in protecting the directors’ personal assets against the company.

Maintaining property.

Prevent accidents from happening by maintaining the property and keeping a safe and secure workplace. Also enforce workplace safety rules. You should consult with a professional insurance officer and maintain adequate level of insurance. This will help a lot

Document everything.

The best way to avoid any kind of mishap and misunderstanding is to document every applicable policies and terms. A well-managed contract, employment manual, or other writings that contain the critical terms of the agreement can help any kind of misunderstanding. Also reviewing every term regularly will help to make further changes in its which will make the company more strong.

Protect the files.

Nowadays all the businesses work quite intensively on computers, it is very important to emphasize the safety requirements on your computer system. Businesses should have updated antivirus and other types of security software loaded and activated on their systems. If you keep your files at your place of business, it is essential to purchase a fireproof safe in which you can store these files.

The bottom line.

Any business can be sued anytime by an employee, vendor, and customer or just by anyone who comes into your contact in that day. It is very sad to say that you can do nothing to guarantee that you can never be sued. So if your company gets sued, the above suggestions can help to keep your company safe.

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Greatly Improve Your Real Estate Business By Using Blockchain Technology

If you’re fresh in the commercial real estate (CRE) industry or are a seasoned veteran, you definitely know firsthand how cutthroat and utterly unforgiving this business can be. And though many of you may cringe at what I am about to say, we all know it’s true to a certain degree: when consumers think of the least trusted professions, real estate agents fall right in with Congress, telemarketers, and, sadder yet, car salespeople.

But if you think being placed in the same barrel with those personae non-gratae is bad enough, when asked to list the most trusted to least trusted professions, real estate agents ranked lower than the notorious and abominated groups such as attorneys and bankers! Though putting the real estate profession below bankers as the least trustworthy seems a bit overkill, when we examine the industry’s track record, it’s not a pretty picture. As a matter of fact, it’s not even Photoshopable at this point.

But what if I proposed a way for you, an individual who has the right not to be placed in barrels of personae non-gratae or with abominated groups, to offer consumers a reason to place you among the most trustworthy of professions, like nurses, grade school teachers, and the such? Well, that’s exactly what I’m going to do in this article.

Blockchain-Based Real Estate Rebuilds Trust.

For those who are totally lost when it comes to blockchain technology, just imagine one huge spreadsheet that has been duplicated thousands of times over across massive computer network. This “smart” network is continually updating each block in the spreadsheet as needed, keeping detailed, unchangeable, highly encrypted public records.

Another very important aspect about the blockchain is that it removes the need for a “middleman” so to speak. Take an escrow service like PayPal for instance. Though it is an online entity with thousands of employees and offices around the globe, it serves as a “middleman” for sellers and buyers.

Since people don’t trust each other, banks, loan companies, escrow services, and other financial institutions similar to them turned creating “trust” into a multibillion-dollar business. By using a decentralized distributed ledger, people feel a lot more secure than with the centralized method.

Minimizing the Use of Physical Paper Trails.

Adding this system to the real estate industry opens countless possibilities and solves numerous problems. For example, it’s widely known that the real estate industry has long been slow to adopt technology as it advances, such as continuing to use paper-based leasing applications. Traditional rental contracts should be replaced by smart contracts, offering automated conditional transactions that, as each condition is completed, one or more points of the contract are recorded as fulfilled. This not only decreases the amount of paperwork and physical energy used but it protects the leaser from unfair treatment and the landlord from legal actions.

Simplify Cash Flow Management Challenges.

Managing complex and long leasing agreements, property functions, and cash flows between the landlords, tenants, property managers, and vendors rely on onerous accounting, compliance, and cash flow management requirements. In addition to that, the blockchain allows for complete transparency throughout the entire operations, which in turn helps you build trust with your tenants.

Consumers today are expecting a lot more from businesses; they’re demanding transparency, eco-consciousness, disintermediation, as well as upfront and fair pricing. Startups focused on solving these issue already provide consumers with useful services such as free real estate property reports, agent performance tracking, track proposals, and much more. By adopting blockchain-based real estate technology, you are not only keeping up to date but also showing the consumers you are one they can trust.

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[Interview] Donato Sferra Of Toronto’s Hillcrest Merchant Partners

Toronto’s Donato Sferra comes from a working-class background and credits hard work for a large part of his success as a financial services executive.

Building extensive experience in the financial service industry over a twenty year career, Donato Sferra began his financial career as an equity research analyst at TD Securities, specializing in auto parts, solar and automation. Sferra followed this by spending two years at Pinetree Capital, a small-cap focused firm and an angel investor in the mining, energy and technology sectors. After a stint at Macquarie Group as director of institutional sales, he moved to Dundee Capital Markets, eventually becoming the managing director of investment banking, where he worked in the cannabis, mining, gaming and tech industries. Today, Sferra leads Hillcrest Merchant Partners, a Toronto-based merchant bank and venture capital firm focused on early stage and mid-market growth companies, which he co-founded with fellow managing partner, Mark Attanasio.

Donato Sferra recently spoke with Young Upstarts about his professional background, the venture capital space and ideas that he is excited about.

As a professional who has created a path for themselves in the financial services and banking industry, what do you credit the most for your success?

I would have to say hard work and having a passion for what I do.  I’ve been interested in business since I was very young. I was curious and excited about the idea, and the inherent opportunities. One of my friend’s fathers was a very successful entrepreneur and I would pepper him with questions every chance I had. He told me that because there was no business background in my family, I should stay in school and get lots of letters behind my name and I took that advice to heart. On top of that, I had a strong work ethic thanks to my family, who were blue collar hard workers. I started working when I was 9 years old and eventually saved enough money to buy myself a car and put myself through school.  But, to be honest, simple hard work and determination has been the backbone of my career from the very beginning.

What advice would you give to budding entrepreneurs when it comes to the venture capital sector and sourcing funds for new businesses from this sector?

Understand the value of good ideas, but also understand the value of having a talented, well-run team to execute those ides. I think every great company starts with an idea. But, the key is connecting great ideas with a talented team run by experienced management.  That’s the complete package that those in the venture capital world are interested in seeing.  If you’re an entrepreneur with just an idea, then there is something missing and you most likely have not reached that stage of attracting venture capital interest.

Are there any specific entrepreneurial trends you are excited about?

The legalization of cannabis is a trend that we are really excited about. Hillcrest Merchant Partners is already involved with some of the top companies in the cannabis space. They were startups just six years ago and some have already evolved into multi-billion dollar companies. They are now branching out to other parts of the world where people are looking at Canada as a model for cannabis legalization. Of course, the United States remains a unique challenge. Individual states bring in billions of dollars in cannabis revenue, but because it remains illegal at the federal level, it’s difficult for companies to accomplish basic daily tasks like banking, which is federally regulated. We remain hopeful that things will change once the U.S. recognizes the success of the Canadian model.

Do you have any recommendations for young entrepreneurs?

Take every meeting that’s offered to you because you never know who is going to come up with that next great idea. It could even be the guy who has come to you with 10 not-so-great ideas over the past 12 months. Some of the best businesses that Hillcrest Merchant Partners now works with were turned down by many people on Bay Street. So you can’t discount anybody.

I think it’s also important to stay productive around the clock. I live on just a few hours sleep; my phone never stops ringing and the e-mail flow is constant. That’s because people know I’m available and it helps us stay busy, which ultimately leads to business success. I also advise young people to read everything they can, even things that aren’t directly related to their business. That brings me back to ideas, because you can learn so much from reading trade magazines, journals, white papers and books. It all helps to kickstart the brain.

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5 Problems Entrepreneurs Face In The First Year

Entrepreneurship isn’t for the squeamish, cautious, or faint-hearted. It’s a rollercoaster of emotions that will quickly squash anyone who isn’t up for the challenge. And while great successes can be enjoyed, they typically don’t happen right away. Struggles, failures, problems, and friction are very common in the early days.

The road to entrepreneurial success is littered with stumbling blocks and potholes. As you launch your startup, be prepared to face the following:

1. Product Validation.

“I’ve seen many startups rush into development of an idea before truly understanding the requirements for a successful product and before validating the financial viability of the opportunity,” says entrepreneur Brandon Hoe.

Hoe believes that you can avoid issues with product validation by asking yourself three questions before launch:

• How well do you know the problem or industry?
• Why would someone trust you to deliver a solution?
• How will you monetize – and will it be enough to cover your expenses?

If you don’t have clear and concrete answers to these three questions, then you need to continue brainstorming and optimizing.

2. Cash Flow Problems.

Cash flow is almost always a sticking point, particularly when it comes to bootstrapping a startup. If you’re committed to not giving up equity in your business, you’ll need to get creative with how you manage your money.

A cash loan can supply you with some money in your personal life, which will allow you to continue running your business without pulling out a paycheck. However, this isn’t sustainable forever. You’ll eventually need to scale your business to the point that you’re able to earn a little money.

3. Limited Time.

You can’t be everywhere at once, yet you’ll find that – particularly in the early stages of growth – you’re being pulled in multiple directions. One solution is to be more diplomatic with how you schedule your days and break things down into digestible tasks and goals.

As one entrepreneur explains, “You should have a list of lifetime goals, broken down into annual goals, broken down into monthly goals, then broken down into weekly goals. Your weekly goals, then will be broken down into specific tasks by day. In this manner, what is on your task list in any given day is all you need to do to stay on track with your lifetime goals.”

4. Talent Acquisition.

You can only be a one-man operation for so long. Eventually, you have to bring other people on board so that you can grow. But if you don’t have a background in talent acquisition, onboarding employees can be extremely tough.

For major corporations with hundreds or thousands of employees, a single bad hire isn’t a disaster. Sure, it’s a waste of time and money, but it’s not going to impact the bottom line tremendously. For a small startup with just a handful of employees, a bad hire can wreck the entire operation. If you don’t feel equipped to do the hiring yourself, a consulting firm may be your best bet.

5. Work-Life Balance.

If you thought you struggled to achieve good work-life balance in your previous role as an employee of a company, wait until you launch your own startup. Startup founders find it nearly impossible to achieve optimal work-life balance within the first couple of years. Finding ways to address this challenge will prove fruitful.

Embrace Your Challenges.

In the words of a famous Teddy Roosevelt’s speech, “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming…”

As an entrepreneur, you’ll face many challenges within your first few years of building businesses. Instead of fleeing from them, why not face them with vigor and excitement? Why not be someone who tries, even at the risk of failing? Whether it’s this business or your next, you’ll eventually find great success.

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Money Moves: 10 eCommerce Business Ideas For Startups In 2019

Thanks to the Internet, businesses have successfully learned to sell products and services online. Being connected through technology has brought about a new consumer market: a digital one.

Still, there’s a lot to navigate when it comes to optimizing sales in a digital marketplace. Everyone has a website these days, and some online markets are overly saturated. If you’re a risk-taker, you might have what it takes to excel in the eCommerce industry.

After all, the eCommerce industry is shaping up to be a competitive one. In 2017 alone, the United States generated over $446 billion in online sales.

Such a large industry might be overwhelming, but don’t worry. You have what it takes to succeed.

If you’re ready to launch an eCommerce business, you’re in the right place. Detailed below are ten eCommerce business ideas for you to consider.

If you stick with it, you’ll see a profit in no time.

1. Social Media Management Services.

This is perhaps the most popular eCommerce business to invest in. As we approach 2019, you should seriously consider if you have what it takes to develop a social media management service.

Businesses of all shapes and sizes need social media. In fact, it’s almost impossible to succeed without social media networks these days.

By offering these services, you’ll be providing the solution to something everyone needs. It’s a great way to ensure your business will stay relevant throughout the coming years.

2. Beauty Products.

It’s no secret that the beauty industry is thriving. The world of social media promotes self-care and vanity on many levels. Take advantage of the beauty industry’s large consumer base.

You can sell specific beauty products, too. Consider specializing in eco-friendly products, for example, which are becoming popular.

3. Specialize in Industrial Equipment.

Perhaps your background is in the industrial or manufacturing world. The good news is that you can still build an eCommerce business from that experience.

Check out the website for Able Sales, for example. Their eCommerce is directed at large industrial companies who need varying equipment. No matter what market you choose to break into online, you need to know the ins and outs of the industry ahead of time.

4. Technological eCommerce Business Ideas.

You can definitely count on the continued development of technology. If you like tech and gadgets, eCommerce business will suit you well.

There are all kinds of technology blogs online today. You can specialize in reviewing specific gadgets that are new on the market. For example, there has been a recent development in drones and dashboard cameras you can research.

5. Website Development and Design.

Speaking of technology, don’t forget about the Internet itself. It seems as though everyone’s connected to a digital device in one way or another. Many businesses are going to learn that they need a high-quality website.

Well, there’s a lot to consider when navigating website development. Do you have what it take to actually code the website architecture? Perhaps you’re more interested in the aesthetics of powerful website design.

You can even become an expert in search engine optimization (SEO) content. There are a lot of things that a good website needs in order to boost a business’s online presence. If that’s something you’re interested in and capable of doing, don’t hesitate.

6. Online Coaching Services.

For the record, your eCommerce business doesn’t need to sell actual products. You can sell consumers other things like education or even inspiration.

Perhaps you are knowledgeable in a teachable skill. Many people have succeeded in developing coaching businesses. They’ve taught all kinds of things from fitness programs to foreign languages.

You can even coach people more directly on whatever goals they’re experiencing in life. In fact, you can even coach fellow entrepreneurs like yourself on their business ventures. For example, you can encourage them to draft worthy resolutions for the new year.

Don’t be afraid to get creative when you’re choosing an eCommerce business. You need to work with something that inspires you to stay committed long-term.

That’s the best chance your business will have at surviving the competitive digital marketplace.

7. Home Decorations.

If you have a passion for home decoration, you’re in luck. It’s easy to sell all kinds of such products through an online business.

All you need are products you can rely on. When you have a stock that you’ve curated, you can find the clients who would be interested.

Don’t worry – home decoration has a large online consumer base. If you’re willing to put in the work, you’ll find many people who want to buy from you soon enough.

8. Write and Publish E-Books.

As mentioned above, you can definitely sell your expertise about a particular topic or niche. If you don’t want to develop online courses or training services, you can just publish E-books. There are E-books about almost everything these days, so choose this route if you don’t mind writing a lot.

9. Software and Applications Testing Services.

If you have an eye for useful software solutions, you’re in luck. Plenty of consumers would appreciate your services. Testing all the new software services is a great way to get people to trust your judgment and continue seeking it out.

10. Travel Writing.

The last eCommerce business idea is for anyone who travels a lot. Put your travel knowledge to use by developing all the travel advice you can think of. Tourists will start to flock to your sites if it answers their questions well.

Resources for Your New eCommerce Business.

At this point, you should have a pretty good idea of what eCommerce business ideas make sense for you. Don’t be afraid to choose a business that you’re passionate about. Your business deserves your attention and your time.

If you’re ready to launch this new venture, don’t start underprepared. Make the most of the resources available to entrepreneurs like yourself.

That’s why we’re here to support and encourage your business ventures. We want to be there for you every step of the way as you navigate the digital marketplace. That’s why we encourage you to check out our resource archives for entrepreneurs today.

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Four New Year’s Resolutions Every Entrepreneur Should Set

by Annalisa Parent, CEO of Laurel Elite Books and author of “Storytelling for Pantsers“

With the New Year right around the corner, it’s a great time to start thinking about your resolutions. Everyone should set goals at the beginning of the year, so they have some idea of what it is that they want to accomplish. In other words, by setting goals you will solidify your long-term vision for what it is that you want to achieve. There are some great resolutions for entrepreneurs who want to be in the spotlight this year, starting with publishing a book in their field of expertise.

Every January we get a fresh start, we get a chance to make plans about what we want to complete in the new year,. It’s so important that entrepreneurs make resolutions every January. By getting those goals out of your head and down on paper, you will be one step closer to making them happen.

Many people are skeptical about setting New Year’s resolutions, fearing that they will not see them through. While it’s true that many people do abandon their resolutions within weeks of making them, there are many others who stick with them and are successful in accomplishing what they set out for themselves. You can never accomplish a goal that you don’t take the time to set.

Here are four New Year’s resolutions for entrepreneurs:

1. Write a book.

Every entrepreneur wants to stand out and many long to be in the spotlight. By writing a book in your area of expertise you will solidify your role as an expert and you will be in the spotlight.

2. To work with a professional.

Many entrepreneurs make the mistake of self-publishing, and wondering why their book doesn’t sell or reach their target audience. I recommend a publishing house committed to scaling businesses and highlighting expert authority to potential clients.

3. Commit to growth.

If you want to scale, a book can be the most important tool to help you do that. A book will help get you and your business noticed, bring in new customers, and put the stamp of approval that you are an expert in the field.

4. Go beyond your comfort zone.

It’s difficult for people to go beyond their comfort zone. This year, make a commitment to go beyond that comfort zone and see where it leads. Try new things, because you may find they are extremely rewarding and enrich your professional life.

By making business goals for the New Year, you are letting the universe know you are making your success a priority, that you’re willing to invest in your success. It’s time to give your career the time and attention that it deserves. Do that, and you will be very happy and fulfilled with where it leads you along your career path.

 

Having taught over 100 writing courses, Annalisa Parent has reached countless writers around the world. She offers coaching writing services that have been instrumental in helping writers to go from idea to publishable piece and have the confidence to take their work to the market. She is also the chief executive officer of Laurel Elite Books. and author of “Storytelling for Pantsers: How to Write and Revise Your Novel Without an Outline”.

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The Spending Power Of Millennials And Industries We’re Not Killing

by Harsha Cuttari, CTO of AQUA Intelligence

From avocado toasts and pumpkin spice lattes to pricey Yeezys and international vacations, Millennials and their 200 billion-dollar buying power have a great deal of influence over the economy. But, how exactly are Millennials spending their money and to what extent do companies have power over them? Millennials are moving away from material objects and spending a lot more money on traveling. The travel industry has the opportunity to sink or swim, prompting industry leaders to explore new ways to satisfy customers, including tapping into the potential of blockchain technology.

According to Lexington Law, in 2018, Millennials in America had an average expenditure of $47,112 and they pumped $600 billion into the US economy. That number is only expected to grow, surpassing one trillion USD by 2020. How does that compare to other generations? Well, when it comes to entertainment, Millennials shell out two thirds more when compared to GenX and Baby Boomers. Even though they are spending more, Millennials are currently shelling out less on material items.

So what do Millennials care more about than the hippest of avocado toasts and the trendiest of designer shoes? They are taking more vacations, way more than previous generations. In fact 78% of Millennials anticipate using all or most of their vacation days, while only 69% of Baby Boomers are expected to do the same.

Other than spending habits, Millennials may also have a reputation for being capricious, but that’s actually unfounded. They are fiercely loyal when it comes to brands. The AARP study, Travel Trends, mentions that nearly 60% of Millennials remain loyal to brands. The study, also reveals that Millennials are less likely to be members of loyalty rewards programs, but more likely to be loyal to the programs they are already in.

Understanding your audience and catering to them is one way to gain customer loyalty. Many travel providers, hotels especially, are working on doing just that. Millennials: The Generation Reshaping Travel and Shopping Habits, published in June 2018, explained that hotels are working to give guests personalized treatment in a more “down-to-earth” way.

The Facebook generation grew up on smartphones and has uploaded every second of their lives to social media. Playing outside was traded for Candy Crush and Fortnite. Technology is now a major part of travel itself, from airlines offering inflight wifi, to applications catering to your interests with vacation recommendations.

When traveling, I love hotels that can incorporate technology to make my experience seamless. Hotels such as Hilton are offering most customer services through an easy to use app. Checking out a hotel’s amenities and ordering rooms service through an app makes for more convenient hotel stays, creating loyal Millennial customers. In turn, the use of technology can also provide valuable data which benefits the guest and the hotel alike when enhancing customer experience.

As companies look for new ways to innovate or pivot, many are turning to blockchain technology. There is a belief that the secret to cracking the millennial travel market is blockchain and there is no shortage of blockchain companies working to do just that. Blockchain technology can be used to to help personalize travel, a trait Millennials seek. Finance journalist Roger Aitken has explored this and explained, “Blockchain and related IT of the Distributed Ledger Technology (DLT) is argued to be perfectly positioned to harness these tendencies thanks to increased Peer-to-Peer (P2P) communication and better customer incentivizing methods via tokenization.”

As blockchain technology continues to evolve, we will see new use cases in the travel industry, from hotels to planes, to user experience and loyalty rewards programs. Various companies are already dipping their toes into the water by offering blockchain solutions to travel problems. Take Air France KLM’s recent partnership with Winding Tree for example, they are working to lower prices by using blockchain technology to cut out the middle man.

Millennials are creating the experience economy, and with that being said, tourism has a chance to be revolutionized with this generation.

 

Harsha Cuttari is a blockchain evangelist who currently leads the development and technical strategy for AQUA where he is working to build strong product foundations and data-backed usability. Prior to AQUA, he founded Kroleo Studios – an early adopter of blockchain development services. With in-depth knowledge and experience in developing and maintaining various applications in Fintech, Gaming, etc., he has led several marketing campaigns including online strategy consulting, for clients large and small around the world.

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7 Tips For Planning A Successful Marketing Event

Planning a marketing event can be stressful, even more so if things do not turn out right. You might have booked a venue and set a date, but you are not sure if your target audience will show up. Perhaps you are also worried about whether people will enjoy themselves.

If you want to ensure your marketing event is a success, here are a few tips to start you off in the right direction.

1. Sell the perks.

When marketing your event, remember that your invitees want to know the purpose of the occasion and what is in it for them. Is it to launch a new product, announce some company news, or celebrate a specific milestone? What will they get out of it? Through your event literature and invitations, guests should be able to discern the benefits quickly and easily, whether it is an exclusive preview, entertainment, freebies or the chance to network.

2. Create an event promotion page.

Do not forget how important it is to take your marketing online. Create a page or website dedicated solely to the event. Make it appealing by incorporating a compelling description and all the important yet boring details, such as date, start time, arrival time, running time, venue, parking and whether food will be served. Let your readers know who the speakers at the event are and include their pictures and biographies. Remember to add a bold “Register now” button or invite attendees to reserve their places.

3. Start an email campaign.

An effective email marketing strategy involves sending out emails to your audience in intervals over some time. The idea behind email campaigns is to nudge your audience towards registering for attendance. The timing of the emails should be such that you do not flood the recipients’ inboxes, creating such an overwhelming experience that they do not want to attend. Instead, send an initial invitation at least two months in advance, a follow-up reminder and a last call a week before the event.

4. Make use of social media.

For you to reach as large an audience as you possibly can, make sure that you have your message in all the right places. Set up Facebook events for followers to RSVP to and ensure you spread the word on Instagram, Snapchat, Twitter, blog pages, and LinkedIn.

5. Find dependable contractors in advance.

You do not want your team to run up and down at the last minute looking for essentials like decorations or refreshments. For a list of reliable vendors, use an online party-planning directory for all the services you need. The vendors on online catalogues are tried and tested, and you can trust them to deliver a lively and well-planned event.

6. Build momentum before and during the event.

Keep your attendees excited and involved by having a dedicated hashtag running a few days before the main event. You may even provide a teaser for a giveaway you will run shortly after the event. Most importantly, have face-to-face contact with your attendees beforehand if possible to build anticipation and remind them of the date, but certainly during and immediately after where you can build lasting relationships and leave attendees with a positive impression.

7. Invest in a quality sound system.

On the actual day, everything should run smoothly. That includes the sound system so your attendees can fully appreciate the presentation you have to deliver without straining to hear or putting up with crackling or muffling. Renting a professional PA system is the best way to impress your guests. If you hold such events a few times a year, you may consider hiring a sound system, but to cut costs in the long run, it is more cost-effective and convenient to buy your own system. A portable sound system is even better, as it can easily be taken outside your company for your future events.

Impress your attendees at your next marketing event

Remember, a successful marketing event is a great way to impress clients, staff and business partners. By following these seven tips, you can ensure your next marketing event goes off without a hitch.

This marketing advice is brought to you by Musicshop.sg – Retailer of musical instruments and pro audio equipment in Singapore.

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Make Your Brand A Wallflower: Why Social Media Demands You Step Back

by Kevin Lund, CEO of T3 Custom and author of “Conversation Marketing: How to Be Relevant and Engage Your Customer by Speaking Human“ 

I have a challenge for you. Write a short blog post that solves a problem in your industry but doesn’t mention your company or product. Not even one time. Sound hard? Try doing it every day for a month.

If you’re questioning why you would publish anything without talking about your own brand, that’s understandable. As marketers, we’re not only encouraged to call attention to ourselves, we’re wired to do so. After all, we’re in business to sell products and solutions. Why not scream from the mountaintop about them? (“We’re better than the other guy.” “We provide impeccable service.”)

In the age of conversation, however, using the same old megaphone isn’t enough. Today’s social media audience demands that companies participate in the 24/7 conversation. And when you do participate, know the rules. First and foremost, talk to your audience, not at your audience.

As a marketer, your task is to rise above the noise, not by calling attention to your brand or product, but by addressing your audience’s problems in a way that’s human, humble, and engaging. You can do this by telling the right stories and suggesting solutions. As your audience comes to know you and respect your insights, their interest in your product will grow organically and they’ll want to hear what you have to say. This is “conversation marketing,” and it puts conversation ahead of raw promotion.

Selling Soap without Getting Sudsy.

Consider Dove, the global beauty brand. In February 2015, it launched its #SpeakBeautiful campaign to change the conversation about beauty from judgmental to supportive and positive on social media. The plan was simple. Through #SpeakBeautiful, Dove would encourage women to speak positively about themselves and others on social media. And there was no mention of beauty products — anywhere.

The campaign eventually drove 800 million social media impressions and helped change the conversation regarding beauty and body image.

Dove’s campaign shows that by listening to what your audience is saying, you can make your mark in social media and raise brand awareness without touting yourself. The company earned attention by talking about a subject in ways no one else was doing so, allowing it to rise above the general social media noise.

You may not have Dove’s worldwide sales and brand awareness, but you can still use its tactics. That means not being a follower, but a leader who finds the best angles, crafts the right stories, and draws in an audience that’s more likely to stick around. Consider these three tips:

Tell A (Great) Story.

A good story might get you heard, but a great one can get your audience to do something. Be a thought leader and dig to discover the unobvious. This might be incremental knowledge about topics your audience didn’t realize they wanted and needed to know.

Imagine you’re the owner of a pest control company. Instead of writing about how your product stamps out insects better than the other guy’s, consider writing educational posts about major issues in the industry. Maybe you’re hearing customer horror stories of insect infestation caused by pests migrating due to climate change (This may not actually be happening; maybe an entomologist can weigh in). You might tell this story, highlight how it’s harming people, and offer advice about what to look for if you’re worried about this pest invading your home.

After a few posts that tell interesting customer stories and pepper readers with useful information without mentioning your product or company, you’ll quickly become the respected authority on the subject. People will be more likely to reach out to you if they find a new creepy crawler in their basement. They’ll see you as a problem solver, not someone who’s putting self-interest first.

Do the Unexpected, If You’re Going to Break the Rules.

Drawing in your audience can mean doing something unexpected that strikes a humorous chord. Humor can work, as demonstrated by The Dollar Shave Club’s “Our Blades are F***ing Great” viral video. Unlike the Dove campaign, this brand did promote itself, but it did so in a funny way that connected with the conversations its audience was having online, and it earned itself nearly 26 million views. Saying in capital letters that your product is “F***ing” great parodies traditional megaphone-type ads, something that can attract Millennials. The tone wasn’t promotional, but rather a parody of promotional, which can work well on social media.

Remember Humility.

In this age of conversation, brands need to speak with a human voice in the noisy marketplace. This means putting your audience’s needs above your own. Remember, the social media crowd expects you to solve their problems. They’re not going online to hear how great your product is. Try to step away from yourself and acknowledge your audience’s human value and needs. Lead your content ideation with the question, “How can I help you?” Invite conversation and engagement, instead of merely informing by saying, “Here’s how I help you.”

None of this is easy. You’re in business because you have something people want and need. But the rules of content marketing are different from traditional marketing. Starting with some basic principles of one-to-one conversation — earning attention, good storytelling, and being humble — will work better to build trust in your brand so you can be heard, rather than shouting through the white noise about how great you are.

 

Kevin Lund, award-winning, content-marketing pioneer, is the CEO of T3 Custom. He is the author of “Conversation Marketing: How to Be Relevant and Engage Your Customer by Speaking Human“.

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Inside The Mind Of A Self-Employed Worker

by Patrick Adcock, marketing analyst at TSheets by Intuit-owned QuickBooks

Self-employed workers are a diverse segment of the workforce ranging from photographers and designers to real estate agents and rideshare drivers, but a new survey released by QuickBooks Self-Employed identifies the common threads that bind them together as self-employed workers.

One of the most common things uniting self-employed workers is that they are jacks-of-all-trades rather than masters of one. When asked about their strengths, passion, problem-solving, and adaptability ranked highest.

Characteristics of Self-Employed Workers.

• The majority (65 percent) are introverts.
• 2 out of 3 say they follow the rules rather than break them.
• 84 percent see their success as a result of their hard work rather than luck.
• 3 out of 4 value time more than money.
• 73 percent value people over profits.
• Nearly 80 percent say they are excited to work with people who are smarter than they are and aren’t threatened by them.
• 77 percent say they push to do the impossible instead of giving up when they hit obstacles.

Learning to Start a Business.

According to self-employed workers, you don’t learn how to start a business from school, books, or a business coach. The top five ways self-employed workers say they learned how to start their businesses were learning as they went along, learning from mistakes, using online resources, learning from friends and family, and having a natural instinct or talent for it.

What Separates Self-Employed Workers.

It turns out, you don’t have to be dealt the right hand to work for yourself. When asked what separates self-employed workers from those who want to work for themselves, the No. 1 answer was their willingness to make sacrifices.

More than a quarter say what separates them is wanting it enough, and another 22 percent say it comes down to having enough passion. Still, nearly 20 percent say the only thing separating “wantrepreneurs” from entrepreneurs is one hasn’t started yet.

 

Patrick Adcock is a marketing analyst for Intuit. He focuses on gathering data and conducting research that helps small businesses succeed. Patrick graduated from Boise State University with a degree in communications and media studies. In his time at Boise State, he also served as the news editor of the university newspaper. His background in journalism prepared him to find human stories in data.

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How To Choose The Right Project Management Tools

In the recent past, choosing the right project management tool was a tough decision as it was such a significant investment. Now, due to the way technology has changed how businesses connect through the Internet of Things, the challenge is choosing the right tool from a plethora of options.

While different industries and niches will have specific needs, there are a few traits that everyone can benefit from in project management software. Here’s how to choose the right tools for the job.

Easy Learning Curve.

According to the experts at projectcentral.com, using software that has an easy learning curve and simple onboarding empowers your employees to take control of their tasks and stay productive. Furthermore, it reduces front-end frustration and sets your employees up for success, rather than having them struggle before the project even begins.

Don’t be tempted by all of the overwhelming bells and whistles some project management software has to offer. Those who use the program shouldn’t have to take a full-day course to know how to schedule and update tasks. However, looking for a provider that has additional resources to enhance the user experience is a bonus.

Budget and Needs.

Creating a budget and a list of features that must be included is a great way to eliminate some of the options and focus on project management tools that are relevant to your business. While there are many affordable options, all business expenses should be planned for and considered for continued financial success.

In addition to having a list of must-haves, create a tiered list that outlines things that would be nice to have as well as dream features – things you don’t expect to see, but would be incredible if you could find them. This will help you take a deeper dive if you narrow it down to a few options with similar offerings.

Try Before You Buy.

Businesses that offer a trial period before you’re expected to purchase their product have faith in what they sell. This means that they value their customers’ needs and stand behind the product they’re selling. From a business standpoint, this gives you the opportunity to compare what the project management software has to offer and how it aligns with your needs.

It’s not only the capabilities of a project management program that matter; it also needs to create a positive user experience. Everything from the simplicity of the design to the workflow will have an impact on how well things are kept up to date. Overly complex project management software is useless if the users find it too tedious to use.

Remote Access.

It wasn’t too long ago that project management software only had the capability to be updated by one person at a time. Before, a hard copy of the information was printed, emailed or saved to a shared folder. Now, however, businesses expect more.

Having cloud capabilities that allow multiple people to be updating the project and ensuring that everyone has access to the same version is essential. With remote work becoming more prevalent and possibly changing the future of the 9-5 workday culture, it’s important to get ahead of the curve. For many businesses, having project management software with remote capabilities can save thousands of dollars and allow them to find talent from anywhere in the world.

Why Project Management Matters.

As the saying goes, a goal without a plan is just a wish. Project management software is the foundation for strong action plans that help a business reach its goals. Taking time to research the various tools available and choose a reputable program is paramount for project planning success.

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Saving Money When It Comes To Your Startup

As a startup business owner, you’re very much in the business of making money. You aren’t going to make any such profit, however, if your expenses outweigh your incomings. For this reason, saving on all of your venture’s necessities should be one of your top goals.

To perform this all-important task, you’re going to have to scrimp and save whenever you can, you’re going to have to shop around for the best deals, and you’re going to have to choose how, when, and where you work very wisely.

To see what you need to do specifically to save when it comes to your startup, make sure to read on.

Stay home-based for as long as you can.

For as long as the size of your business and the way in which it operates dictates that you can remain home-based, do it. Stay at home, as there’s nothing to be gotten from moving into an office space when you really don’t need to, no matter how desperate you may be to give your startup the ‘office seal of approval.’ Paying rent and other house costs, even when you pay for extra electricity usage, is always going to be cheaper than renting a commercial space.

Source the equipment you need carefully.

Whether you work at home or in a commercial office space, you’re going to need some equipment if you want your startup to be a success. This doesn’t mean that you have to splash out on top-of-the-range models, though. Be careful with the equipment that you source, and make sure you don’t put yourself in financial hot water in order to pay for it.

Being careful, in this instance, means shopping around for the best discounts and deals. This also means not being fooled by companies into paying for extras and add-ons, when you can quite easily find suitably cheaper alternatives elsewhere. If you own and use an Epson for your printing needs, for instance, don’t be too quick to buy accessories from the company itself, and, instead, check out the cheap ink for the Epson XP-342 found at other reputable outlets. You’ll find yourself getting the same products, only for half the price.

Learn how to barter goods for other goods.

Bartering is the act of giving goods in exchange for other goods. By learning how to do this, and do it well, with others, you’ll find yourself conserving a boatload of cash.

A simple way to barter is to offer your services to another company instead of paying them for whatever is you want from them. If you own a web design company, for instance, you could set up a basic website for your bartering partner instead of giving them cash.

Don’t hire full-time employees.

If conserving cash is really your top priority, then you can’t be hiring full-time employees. By doing so, you make yourself liable to have to pay out for numerous different things, not only their wages — you could find yourself paying out for employee insurance and you could find yourself having to contrite to pension schemes. Instead, hire freelance staff.

To save money when it comes to your startup, consider taking into account the advice laid out above. It may help you to give your startup the boost it needs.

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Emotional Intelligence And Success At Work: What’s The Connection

Emotional intelligence is one’s ability to recognize and understand their emotions and skills that they can use to manage and improve relationships with themselves and others. Emotional intelligence at the workplace, on the other hand, can be used to perform work duties but also exercise self-management, self-control, provide effective leadership and emotional support to co-workers. Emotional intelligence can also be helpful in achieving goals, aims, and objectives, which can be in the long run quite beneficial for the business, the company and the office.

So, now that we’ve established what emotional intelligence is and how it can be utilized at the workplace, it is necessary to address the very topic of the article; what is the connection between emotional intelligence and success at work? Does emotional intelligence help establish and maintain professional success? Let’s look at some possible proofs and explanations.

Why is emotional intelligence important at work in the first place? Here are some of the reasons:

• High emotional intelligence can lead to better business decisions
• Emotional intelligence enables people to stay calm in stressful situations
• It also enables people to resolve conflicts and issues regarding business
• Emotional intelligence in leaders can provide greater empathy for workers
• Employees and employers with high EQ are usually good listeners, and respond positively to constructive criticism
• Emotional intelligence at work leaves room for development and improvement

Emotional Intelligence and Career Growth.

It is a well-known fact among psychologists and medical practitioners that emotional intelligence affects our everyday decision making, especially if we are occupying a prominent position at a job. Therefore, many hiring managers, around 71% of them to be exact, value an employee’s emotional intelligence (EQ) over their IQ. An even higher percentage of them have stated that employee with higher emotional intelligence is more likely to get a promotion at work.

Employers have been using emotional intelligence as a part of their assessment when hiring potential employees. Majority of them has agreed that they probably wouldn’t hire a candidate with a high IQ and low EQ, as they may not integrate and perform as well as someone with high EQ. So, the connection between emotional intelligence and career growth is definitely apparent.

Emotional Intelligence and Self-Management.

The central idea revolving around self-management regards emotional stress and anxiety. The way an individual handles such emotional states and situation inducing such emotional distress stands for their emotional intelligence. A successful employee should have the basic knowledge, at least, on how to deal with difficulties and problems at the workplace in order to reach a positive outcome for the company.

Self-management usually comes with self and social awareness as well as social skills. All of these traits of emotional intelligence can be determinant of a successful employee or someone who doesn’t fit into a particular workplace. When it comes to the leadership position, all of these traits become significantly more important. A leader, who is usually authoritative, needs to have a balanced personality, meaning a balance between EQ and IQ in order to lead the company orderly and rightfully.

Emotional Intelligence and Wellbeing.

Having workers or being a worker with poor health, mental and physical, can lead to a negative outlook at work, as well as procrastination and low-quality task performance. According to CIPHR, EQ can have a significant impact on mental and physical wellbeing, so those with higher EQ are usually healthier and have a more positive outlook.

These people are also known to identify and empathize with others, therefore contributing to a healthy workplace and worker-relationships. High EQ is also connected to mental resilience, thus, affecting someone’s conflict-resolving skills, stress reduction, healthy eating choices, and overall coping mechanisms when it comes to work and life difficulties.

Emotional Intelligence and Motivation.

According to Daniel Goleman’s model, those with a higher EQ have a greater ability to self-regulate, self-manage and overall increase self-motivation when needed. Those with low EQ, on the other hand, have a higher probability to procrastinate and suffer poor self-confidence, so high EQ is much more preferred at a workplace, for obvious reasons.

Finding motivation to complete a task is one of the most common issues among workers, especially if it’s related to something they don’t like, or their dislike of the job itself. Therefore, workers with lower EQ tend to underperform at work, while those with higher EQ usually provide steady performance. High EQ is also important for the motivation of the team at the office, as it helps people build trust, meaningful interaction, group identity, and group efficiency. Meaning, their cooperation, and collaboration will always be on top of the tasks.

Emotional Intelligence and Workplace Creativity.

According to a research and study, it has been proven that emotional intelligence is indirectly related to creativity in the workplace. People with high EQ are more likely to engage in the creative process and exhibit creative behaviors, rather than those with lower EQ. This usually helps them develop and broaden positive emotions and positive experience regarding their search for problem-solving or coming up with new ideas for future projects. Higher EQ also helps them stay resourceful; for example, instead of struggling with writing a paper, they’ll simply use help from top essay writing services that can be easily found online.

Moreover, people with high EQ are also seen as not only creative but also motivational of creativity with other people, which results in a positive mood, cognitive flexibility increase and greater creative fluency in every member of the workplace.

How to become more emotionally intelligent?

Emotional intelligence may not be something we all possess, but it is something we can acquire, learn and train. Here are some tips on how to become more emotionally intelligent and ultimately more successful at work:

• Become more self-aware
• Pay attention to your feelings throughout the day, in different situations
• Look into the ways you handle impatience, anger, annoyance, stress
• Practice self-regulation and self-management
• Make sure to keep calm when things get heated at work
• Learn to lower your stress and anxiety levels
• Improve social skills
• Improve communication with co-workers: learn to listen, avoid drama and manage conflict appropriately
• Learn to be more empathetic
• Walk a mile in someone else’s shoes before judging and disagreeing
• Work on motivation and focus on the positive things about a task or project

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7 Things To Consider When Buying Property For Your Business

At some point in your business’s development, you may need an office space, a retail storefront, a warehouse, or even an entire factory. You may even want a building to sublet to tenants, or a place to call your headquarters.

Whatever your motivation, you’ll be interested in buying property for business, but before you pull the trigger, you’ll need to keep some key considerations in mind.

Before you buy property, prepare yourself with these concepts:

1. Understand the risks.

No matter what, buying a property on behalf of your business is a risk. If you’re fronting your own money or relying on money from a bank, you could lose that stake if the property is damaged or if something goes wrong with your plan. Additionally, there are specific risks to consider with each type of property you might buy; a retail location may not be as popular in a few years, or your factory may be subject to new regulations on the horizon.

2. Read up on mistakes.

There are many ways to make a bad property deal, so it pays to read up on the mistakes of others. Noticing where other investors have gone wrong can make you hyper-aware of red flags in your current deal, and possibly make the difference between a deal you regret and one that makes you a serious profit.

3. Work with an agent.

Even if you feel like you have a knack for real estate, or if you’d prefer to do the bulk of the work on your own, it pays to work with a real estate agent. Real estate agents are much more familiar with the property sale dynamics in your location, and they’ll probably have access to far more properties than you could find on your own. They’ll also be able to spot better deals, and can provide you with insights you might have otherwise neglected.

4. Define what makes a “good” deal.

What counts as a “good” deal to you may not count as a good deal to someone else. While one entrepreneur may be focused exclusively on buying a property within budget and in decent shape, another might have a strong need to choose a good location — no matter how much it costs. Before you even start looking for properties, make a sketch of a deal you think would be acceptable, and one you think would be ideal. This will help you make better decisions in the moment.

5. Consider ongoing maintenance.

You should consider more than just the purchase price and the potential revenue-generating potential of your property; you’ll also need to consider the ongoing maintenance costs. For example, does this property require intensive seasonal maintenance, or periodic upgrades? Will you be handling this with an in-house position, or outsourcing it to another business? How much will it cost? These factors can seriously contribute to your overall profitability, so make sure they’re factors in your calculations.

6. Find decent financing.

You’ll be exposed to far less risk if you at least partially finance the purchase, and you’ll even have an investment advantage thanks to financial leverage. It makes sense to invest with money that’s not yours, so long as you’re able to secure a good interest rate and favorable terms. Make sure your credit is in good shape before you make the purchase, and negotiate hard for the best deal you can get; these efforts can save you hundreds, if not thousands of dollars a month.

7. Have an exit strategy.

Finally, have some kind of exit strategy in place before you purchase the property, so you can make a more logical decision for what type of property to buy. For example, if you plan on owning the property for a fixed number of years, you can aim to buy a property in a neighborhood with a promising growth trajectory for the near future.

Protecting Your Investment.

Even if the physical building or property you’ve created is only one small aspect of your business, you still need to treat it like a significant investment. That means getting a good insurance policy in place for your property and keeping it as up-to-date as possible. It’s practically impossible to land a “perfect” deal, or completely protect your property from harm or depreciation, but with the preceding considerations in mind, you can dramatically increase the quality of your decision.

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6 Lifehacks That Will Help You Save On Mobile App Development

The cost of a mobile app depends on a variety of factors such as functionality, design, supported platforms, targeted audience, integration points etc.

There isn’t a single software project where price doesn’t matter. Even when the customer has money to burn, they would rather get more for the same price.

In this article, Belitsoft experts have gathered 6 useful ways to optimize spending on your next mobile app project.

1. Use cross-platform technologies.

There are two main paths to follow in mobile app development: native and cross-platform.

While a truly native app can allow you to get the most out of the platform it targets, it has little to do with the idea of saving. Code written for one OS cannot be reused for another, which makes the development and maintenance of native mobile apps expensive and time-sapping.

The story is different for cross-platform. Our React Native developers note that it takes at least 30% off the total development sum as compared to native apps. The final figure depends on the number and complexity of platform-specific features.

How is it possible?

With React Native, one can develop one common codebase for both Android and iOS, which makes around 90% of the app. If you have a website written with React, the team can adopt this code too. Moreover, as both React and React Native are based on Javascript, you need to hire only one team of Javascript developers.

Much of the shared code allows to update and fix bugs only once, while the changes are synced across all devices and platforms. Unit tests also have to be written once and can be applied to both platforms, which reduces time and resources for apps’ maintenance.

The most beautiful part of React Native, however, is that its apps perform almost identically to native.  

Alexander Grigoryan, the senior director for software engineering, application platform and online grocery for Walmart Global eCommerce, tells that his team looked at various options for building its cross-platform apps.

“Solutions in the open source world similar to what we accomplished are ‘PhoneGap’ or ‘Cordova.’ Going down this route led to a noticeable difference in performance compared to other parts of our native app,” he told me. “This was validated when we re-wrote those parts in React Native or mobile app technologies and saw metrics which showcased more engagement from our customers.” The team also looked at Microsoft’s Xamarin tools, but decided that it wouldn’t give it benefits like reusable UI components, shared JavaScript modules and over-the-air updates as React Native. “Our front-end for web is also React, so it all just made sense for us to invest in React Native as the solution,” said Grigoryan.

2. Use open-source libraries and pre-made code snippets.

Open source projects are used by companies all over the globe to save time and money. Businesses can borrow these code pieces from the resources such as Github or StackOverflow and use them for some of the UI features. This open source code offers a ready-made structure that can be customized as per your requirements.

There are also numerous third-party SaaS (Software as a Service) vendors that provide ready-made solutions instead of those custom-built for a monthly fee. This subscription-based model allows to reduce upfront costs. Moreover,  a provided solution may be scaled and tailored for your specific requirements.

Any of these tools can speed up and ease the development, which results in a lower total cost of ownership.

3. Choose the right pricing model.

It may be alluring to choose a fixed price scheme and know how much you should pay for a project right from the start. However, in most cases, the development team will hesitate before giving you an accurate quote for the project.

The reason is there are no identical apps and even a minor change can dramatically alter the course of development. It makes a company add some hours for Change Requests and up to 20-30% to the potential cost for the sake of risk avoidance.

If you are really looking for an option to save money, use a Time and Material model in combination with agile methodology and ask your project manager for weekly progress reports. This way you get an app which you have actually paid for.

Time and Material gives a customer more flexibility in tracking the app state and adjusting expenditures. Moreover, you can freely ask for changes or additional functionality without filing a change request. This scheme is particularly effective when there is no clear vision of the project’s outcome, which is typical for medium and large-scale projects.

4. Start with MVP.

“A Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort,” Eric Ries, “The Lean Startup” author, says.

MVP (a Minimum Viable Product) is a working prototype of a mobile app with all the core functionalities to satisfy the initial users and gather feedback. It allows businesses to test the viability of a product with less financial risks and adjust further development to the users’ demands.

5. Re-factor the code wisely.

When an app has progressed beyond the MVP stage it is time to think about code refactoring.

In short, refactoring means refining the code to make it more understandable and lucid and has nothing to do with low-quality or deficiency. Unclear project requirements, time limits and different coding styles are the typical culprits for the muddle.

The larger an app gets, the more elaborate the code becomes and the more team members are needed to handle it. Subsequently, the developers will need more time to sort this code through as well as implement new functionality. If you don’t like the sound of paying additional sums for it, refactoring will mitigate the risks.

“Refactoring is similar to brushing teeth. It is a prophylactic work that should be ongoing if you want to avoid the exorbitant costs when the emergency happens,” Dmitry Garbar, Senior Project Manager at Belitsoft, says.

However, if your MVP will not scale any further, spending money on refactoring will not make sense.

6. Hire Junior Developers.

This doesn’t mean that you can make a functional team out of rookies only, but having one or two new guys will be good for your bottom line.

Not every software job is complex enough to have the top developer do it. Some tasks, like making sign-in forms, can be handled by the juniors just fine. Their hourly rate is at least twice as low as their senior counterpart’s, which makes hiring them worthwhile.

Conclusion.

Cross-platform development, open-source tools, Time and material pricing, MVP and code refactoring are the 5 most common and effective strategies for someone looking to cut app development costs without losing its quality.

However, given the unique nature of each product, a reputable service provider may suggest other tailored workarounds to make the digits even more appealing.

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