Top 5 Mobile Apps for Entrepreneurs

by Crestmark 29. July 2013 03:56

As an entrepreneur, staying organized while on the go will help keep your business—and even your day—running smoothly. And while the ability to keep constantly connected to your work with a smartphone or tablet can sometimes be overwhelming, a number of business-minded apps have been developed over the past few years to make your life a little easier.

1. Evernote: With a motto like “Remember everything,” this is going to be a top-pick for any busy entrepreneur. Evernote makes it easy to keep notes, files, and even clippings of entire webpages in one place which can then be accessed by both mobile devices and the Web. Potentially one of the best examples of this is using it for travel since you can keep all itineraries, confirmations, scanned travel documents, maps, and plans in Evernote, ready for when you need them.

2. Pocket: How would you like to have a virtual cloud that can store anything from articles to videos, straight from your browser or apps? That’s exactly what you can do with Pocket. Formerly called “Read it Later,” Pocket can save just about anything for you to read when you’re ready.

3. Square: A card reader, simple pricing, and smarter business tools make it easy for businesses of any size to do what they love and get paid fast and easily. Use the free secure card reader sent to you to swipe cards on-the-go from anywhere. The Square Register app is free and easy to setup – just link your bank account and you’re able to accept payments almost instantly. You have the option to pay a flat monthly fee of $275.00 or a 2.75% fee per swipe. You will see your payment quickly and directly deposited within 1-2 business days.

4. Mint: This one is valuable for business and personal use. Named Best Finance App by the 1st Annual App Awards and TIME Magazine's 50 Best iPhone Apps of 2011, Mint enables you to track finances in real-time. You can enter transactions manually or sync your accounts automatically to track investments, sort transactions by category, set budgets, and create alerts.

5. FreshBooks: Speaking of finances, this cloud accounting app makes tracking time, logging expenses, and invoicing clients portable and painless. It also boasts team timesheets for projects involving more than one person’s billable time, multiple datacenters to back up secure data, and online payments so you can accept payments and put that money to work faster.

 

As an entrepreneur or business owner, what apps make your life easier? 

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Seven Questions to Ask Yourself When Testing a Business Idea

by Crestmark 8. April 2013 06:45

Most people have come up with a potential business idea at some point in their lives. After all, the idea is the easy part. Before investing time or energy into a new business, it's important to critically analyze the idea to ensure it will be a smart use of resources. Here are seven things every new business owner should consider before moving forward and getting serious with an idea: 


1. What is the customer profile? There’s no sense in starting a business without any customers, and the better you understand your potential market, the more likely your business is to grow and succeed. The current state of the economy makes it even more crucial to take some time to research your target audience because targeting everyone in general will be too expensive. Who are your potential competitors targeting? You might find they’re missing out on a niche market you can take advantage of once you’re in business.

2. What resources are needed? Understanding the full, up-front cost of a project is vital to ensuring its success. Consider the cost of materials, labor, advertising costs and other expenses. Will the costs outweigh the profits? If an idea isn't financially feasible, put it on hold for a later time.

3. What is the purchasing cycle? The longer it takes for profits to reach the business, the more money must be spent up-front. Understanding your purchasing cycle beforehand will help with budgeting. Once you’ve decided to move forward with an idea, remember—whether your business will have a short cycle like most retail stores, or one that lasts for months: find ways to reach your customers at each point in the cycle.

4. What product or service is this replacing? In order to effectively sell something, a company must convince its customers to buy its products instead of something else. Determine what item customers will be willing to give up in exchange for the service offered by the new business. This will also help when the time comes to advertise the product.

 

sales forecast5. What is a reasonable sales forecast? Determine how many sales can be reasonably expected, and compare this figure against the production cost of the item or service. For example, a restaurant owner might consider the occupancy of the restaurant, the average cost of a menu item and how many people could be expected to stop in on an average day. It might help to review competing businesses to draw estimates from their data. 


6. How much growth potential is there? If you’re producing a hand-crafted item, for example, can it be mass-produced if the demand requires? Services that must be rendered by a skilled individual cannot be produced in high quantities. Leave room for growth, but establish limits early on.

7. Will the idea be viable in several years? Some business ideas seem appealing at first but would not be attractive in the long haul. Before deciding on a new enterprise, an entrepreneur needs to decide if he could be happy at that same business two, five or even 10 years down the road.


Of course, a successful business needs more than a smart idea, but testing each new idea against these criteria will help to create a secure foundation for the business to grow upon. 

 

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