Almost everyone is attracted to starting up their own businesses. The younger generations, millennials for example, want to pursue their passions instead of doing an 8-hour job. Primarily because of the influence of social media, we can always see people who have day jobs are also doing side hustles to augment their income. But having certain skills like marketing does not quite ensure long-term success in businesses. There are a lot of challenges in this ever changing business atmosphere. They say start small but be open to the possibility of scaling up your business.
The Small Business Association sums it up best: “In the world of business, the word ‘startup’ goes beyond a company just getting off the ground. The term startup is also associated with a business that is typically technology oriented and has high growth potential. Startups have some unique struggles, especially in regard to financing. That’s because investors are looking for the highest potential return on investment, while balancing the associated risks.”
Apart from thinking about “growth” in a different way, startups seek financial funding in a different approach than other small businesses. Small businesses may rely on loans and grants, whereas startups typically rely on funding from angel investors or venture capital firms.The intriguing thing about venture capital is that those that provide it tend to be more involved in the businesses they support. While a small firm receiving a grant or loan may be required to report to their bank on occasion, a startup with angel funding is likely to receive greater assistance.They’ll get advice from the investor (after all, the investor is the one taking the most risk), and there’s nothing better than a helping hand if you’re young and inexperienced. This is especially true for individuals or teams who participate in an accelerator or incubator program. Not only that, a start up also has to have an exit strategy especially on how you will be able to ensure return on investment for the venture capitalist who has invested in your startup.
Whether you are a small business, a startup or a traditional business trying to gain solid footing in the industry, one thing is for sure you need to have a reliable online accounting system. EasyFIS is a Software-as-a-service (SAAS) sales, inventory and Accounting system designed for Micro, Small and Medium (MSME) Enterprises. Here is a list of very important features for consideration:
Multiple Unit of Measure
If you’re worried about how to manage inventories of the same things but in multiple units of measure, EasyFIS can help. You can simply add up the inventory of each product by putting up the base unit of measure for each item and its related conversion. There’s no need to provide multiple items with the same description.
EasyFIS offers a function that allows you to set up different pricing levels for each product if you have different customer categories and prices for each client category.
If your firm conducts business abroad, you won’t have to worry about how to book transactions in a certain currency because EasyFIS features a multiple currency function that allows you to book transactions in a variety of currencies.
Multi – Language
If you have business partners or owners who are leaving the nation and do not speak English, EasyFIS can assist you in translating all of the features into their local language. EasyFIS can currently be translated into Japanese.