Chris

Thanks to Joseph Parker, InventureX has enjoyed huge success over recent years. As Senior Marketing Coordinator, Parker helps entrepreneurs to achieve their crowdfunding targets, by formulating strategies that attract large investors to their projects. We caught up with Parker recently, to find out how he thinks current trends will affect the crowdfunding sector in future. Here’s what he had to say:

What is the biggest obstacle you face in your line of work?

Undoubtedly, the most difficult thing we have to do is master all the different forms of advertising. Because we are hired by such a diverse selection of entrepreneurs, they all have customers from completely different demographics. Consequently, we have to learn marketing methods aimed at the health sector, the technology sector and the finance sector — to name a few. This will continue to be the case going forward.

Which sectors benefit most from crowdfunding?

Although companies in many sectors have used crowdfunding, the charity and non-profit sector has benefited most from this method of financing. The whole charity sector has been transformed, since it became possible to crowdfund donations. In fact, charities are benefiting from crowdfunding in a couple of ways. Firstly, it is a highly effective way to accept and monitor donations, in comparison to traditional methods. Secondly, the potential for crowdfunding campaigns to go viral on social media gives small charities an affordable way to publicize their work.

How does the growth of cryptocurrency affect crowdfunding?

Cryptocurrency has not been incorporated into crowdfunding platforms yet, even though I am extremely interested in it. There’s considerable potential for this to happen in future, but the main players have not embraced it this year. I’m sure this will happen soon, with a bit of luck.

In what way would crowdfunding change, if cryptocurrency was accepted?

Many people regard cryptocurrency as a long-term investment, so in that sense Bitcoin and Blockchain lends itself well to crowdfunding projects. Essentially, it would enable people who own cryptocurrency to spread their risk and invest in other worthy ventures. I believe that once some of the larger companies start to accept cryptocurrency, it will surge in popularity. Whenever a new trend emerges, it always takes a little time for it to fully catch on. Inevitably, this will happen eventually, it is not quite there yet though.

What future direction do you think the crowdfunding sector is taking?

I’m sure more companies like ours will appear, which makes it all the more important for us to provide an outstanding service to our clients. Some people approach us with unclear expectations. This can be challenging, because they want to pull out all the stops to advance their venture. We make it a policy to ensure that our clients’ expectations are realistic from the outset. Many entrepreneurs want success instantly, however this does not happen most of the time. The people who understand that are much more likely to benefit from crowdfunding over the long run.

What do you think are the biggest Kickstarter failures so far?

There are a few that stand out, and each one failed for slightly different reasons. You may check out this sit down with AnnickaBansal.com for the complete interview where Joseph Parker from InventureX Talks About the Biggest 3 Kickstarter Failures.

To read more on topics like this, check out the business tips category.

Online retailers offer a variety of products and sell their wares to consumers around the world. Because of this, many business owners find it challenging to keep track of their inventory and the state of their sales. However, with the help of order fulfillment services USA residents trust, they can rest assured that their customers’ orders will arrive on time.

Order fulfillment centers handle all the functions of the logistics process of a company. They take care of the brand’s inventory management, warehousing, order processing and packaging, as well as shipping of goods locally or worldwide. They also have the resources to accommodate large quantities of products and keep track of each item by using the latest software. Thanks to the services they provide, business owners can focus on the other areas of their company like working on their campaigns.

To better understand the function of an order fulfillment center, let’s explore how the order fulfillment process works:

Step 1: Receiving the Inventory

Before order fulfillment providers start managing an inventory, they must receive it first. Depending on the type of product that’s being handled, retailers can deliver their goods to the center themselves or have their supplier do it for them. Once the items are received, the order fulfillment process will formally begin.

Step 2: Keeping Track of the Inventory

To ensure that the products are organized, order fulfillment companies will use the shipment details that were provided by their clients. They’ll stock and tag each unit, so it’ll be easier to include the items in their inventory tracking system. They can also create a unique internal SKU number system for their customers to prevent order mix-ups. After the products are properly stored, order fulfillment services can help their clients forecast their inventory purchases by keeping track of their sales.

Step 3: Picking and Packing

When an order is received, order fulfillment providers will start the pick-and-pack process. Here, they’ll pick up items that their clients’ customers ordered and bring them to the packaging station where they’ll be assembled for delivery. At this point, the following tasks will be carried out:

• Additional quality control checks
• Barcode scanning
• Adding packing slips or inserts
• Sealing of packages

Step 4: Shipping of Goods

After the packages are weighed, order fulfillment companies will have to choose which delivery method is best suited for every item. Depending on the type of merchandise that’s being transported, the shipping process can be more or less complex. Once the products are shipped, retailers will be able to track the progress of their consumers’ purchases and receive an update when their orders are completed.

Step 5: Processing of Returns

Many order fulfillment companies are prepared to accommodate an online retailer’s product returns. However, they may charge extra for handling such items. Nevertheless, it’s an investment business owners should consider because order fulfillment services can streamline the entire process, making the returns easier on their clients and their consumers.

Purchasing items online is more than just clicking on the buy now button and waiting for them to be delivered at your doorstep. Products have to go through several phases in the logistics process to ensure that they arrive at the correct destination safely and on time. The procedure is by no means easy. However, with the help of a trusted order fulfillment provider, business owners will have greater peace of mind knowing that their inventory is well-taken care of.

Generators generate electricity. Although it’s a lot more complicated than that, that’s their main function.

However, there are AC and DC generators, and if you need a generator for whatever reason, then you’re likely wondering what the difference between the two types are.

Does it matter which generator you go with? The short answer is yes.

Some generators are better-suited for residential purposes, and others for commercial purposes.

To help you decide which generator you should choose, here are the differences between AC and DC generators.

The difference between AC and DC generators

According to It Still Works, “In an AC, or alternating current, generator, the electrical current periodically reverses direction.”

With a DC, or direct current generator, the current flows in one direction; however, they both, of course, “produce currents via electromagnetic induction.”

In terms of primary uses, which is probably what you’re trying to compare between the two generators, these generators serve different purposes.

For example, homes typically have AC generators installed in them because they power common electrical appliances, such as vacuums, blenders, etc.

DC generators, on the other hand, power much larger electrical components and motors. As an example, DC generators are used to power the subway systems.

In most cases, if you need a new generator for residential purposes or your home, then you will want to purchase an AC generator. However, if you have large equipment (including motors), then you might consider a DC generator. That’s for an extreme case, though, because, once again, DC generators are powerful enough to power a subway system. They aren’t typically needed for everyday appliances in a home, such as a coffee machine.

There are other differences as well.

As BYJU’S learning app points out, differences also exist in the design, commutators, rings, short circuit possibility, armature, rotating parts, current induction, output voltage, maintenance, types, cost, distribution and transmission, efficiency, and applications.

While all of those differences are important and help to give you a better understanding of how each generator works in great detail, and we encourage you to follow the link above to see these differences mapped out, assuming you’re in the market for a generator.

What do you need to power? The answer to that question will help you identify, differences or not, what generator is best for you. It really depends on the type of business, how many things need power, whether large motors are being used or not, and similar questions.

As an example, if you work from home and don’t have large appliances, then an AC generator is more than adequate.

Whether you’re a large company and need to power large motors, or you’re in the market for an AC generator to power common electrical appliances, it’s a good idea to check out generators made by Welland Power.

These UK-made diesel generators are ideal for residential and commercial purposes alike. You can even purchase a custom diesel generator, which are made to project specifications. And, although these are made in the UK, Welland Power supplies them for industrial buildings and sites in Europe, the Middle East, South America/Caribbean, and Asia.

You’ll find many differences between AC and DC generators, although both types, in theory, do the same thing, which is generate electricity. However, AC generators tend to be used for residential purposes and DC generators for commercial purposes. AC generators power smaller electrical items, and DC generators power larger electric motors. The type of generator you need comes down to the size of your company and what you will need powered.

To read more on topics like this, check out the business tips category.

If you’re currently thinking about hiring your first ever employee, it’s a good thing! It means your decision to go to work for yourself has paid off, you’re generating steady profits, and everything is going well. Nobody thinks about making their first hire when they’re struggling, so congratulations to you. Building up a business from the starting point of being a sole trader is slow and stressful, but ultimately rewarding when it pays off. Hiring your first member of staff is something you should be excited about, but also something you should approach with caution.

So far, the only person you’ve had to worry about is yourself. All the profits go to you, all the expenses are yours to deal with, you set your own calendar, and you do whatever you like. When you’re no longer the only person in the company, all of that is going to change. Much like starting a new relationship, you now have someone else to care about and consider, and you can no longer operate as an island. Even if your first member of staff is working directly for you rather than as an equal, you’re still a partnership.

Hiring your first employee is potentially the first stage of the expansion of your business – and once you’ve started expanding, sky is the limit. Many major international companies began as one or two people, and now turn over billions of dollars every year. You could be next, so long as your business plan is strong and you want to reach that level! How do you know you’re ready to make that first hire, though? There are a few tell-tale signs – and here they are.

You’ve Reached Your Earnings Limit

There’s only so much time in the day. Chances are you’ve increased your prices for whatever it is you sell since you started trading – which led to an increase in profit – but now you’ve reached your maximum output in terms of time. There are a few little hints and tips you can try to squeeze more hours out of your working day – even Oprah Winfrey has chimed in with a few ideas – but ultimately you still have to eat and sleep, and you should be taking some time for yourself outside of work, or you’ll burn out. If you can’t earn any more money because you physically can’t do any more work in the time you have, it’s time to bring somebody else in to share the burden with you.

You Can Itemize A Whole Job Description

Successful, organized people use schedules and lists to set out everything they want or need to do on a daily basis. Some of those tasks will be priorities, and some of them won’t. If you’re finding you only have time for the priorities, you’ll soon notice that those low-priority tasks stay on that list day after day. After a while, you’ll probably see that they’re there week after week. Eventually, to catch up on them, you find yourself working all weekend or pulling all-nighters to get the tasks finished. If you could make a whole job description out of those tasks, then you’ve basically created a job. All you need now is someone to come in and take it, and so it’s time to go and hire them. Just be sure that the work will always be required before you bring anyone in.

You’re Turning Work Away

This is something no business wants to do. When you turn down work, your first issue is that you’re leaving money on the table. Your second issue is that the person who’s requested work from you and been turned away will tell other people that it’s happened, and the reputation of your business will suffer. Think of work as a giant mobile slots game in related casinos – you put money in at the top, and then you work on it until it comes out as profit at the bottom. If you keep passing on the chance to pay anything into your mobile slots game, the mobile slots game will eventually stop paying out, because you have no money coming in to feed it with. To extend the mobile slots metaphor, hiring someone might feel like a gamble, but it’s not as large as the gamble you take by failing to hire when your workload demands it of you. If you’re saying no to new customers more often than you’re saying yes, that’s a big nudge to send out for help.

You Lack A Special Skill

We’re sure you’re fantastic at what you do, but nobody is perfect. Often, a customer who’s happy with a service you’ve provided to them will ask if you offer a related but different type of service. As an example, someone repairs PCs might occasionally be asked if they also repair phones. If you don’t have the skills to take on the extra work, you’re missing out on the additional income that could come with that skill. Could you do more within your chosen industry if you had a skill that would allow you to expand your products or services range? If so, it might be time to go out and hire someone who could bring that skill into your business.

You Can Clearly See How You Would Make More Money

At the risk of stating the obvious, if you can see that having an extra pair of hands would make your business more profitable, you should always start recruiting for that extra pair of hands. Think of this from a practical point of view. Would having someone else mean that you could deal with more customers in a day? Would it mean that you could deal with your existing customers faster – and therefore get paid by them faster? All you need to do is perform a simple calculation – is the money you’d expect to earn from your improved level of efficiency more than it would cost to pay someone a salary? If it is, then you have no reason not to hire, and you should stop delaying.

Hiring someone new isn’t losing your independence as a sole trader – it’s taking your business to the next level. Seek professional advice if you’ve never hired anybody before; you’ll need to know about employment law and tax liabilities – but don’t let nervousness hold you back. Every millionaire CEO had to make their first hire once – now it’s your turn.

Opening a small business is one way to help the economy by providing more jobs. It can also be the answer that you have been waiting for in terms of gaining financial freedom. The biggest challenge in running a business is how to make it successful. As a business owner, you might have invested a large portion of your savings and applied for loans to make your dreams come true. The biggest question is, what are the things that you can do to ensure that it will survive tough times and steep competition? Here are several things that you can do.

Give yourself enough time for other things

One of the common scenarios in the workplace is business owners who work 12 to 16 hours a day to make sure that everything is going smoothly. However, they fail to look at other problems that are arising in the company like employee development, morale building, and other things that are piling up on your desk. It is a great idea to free up some of your time so you can focus more on pressing matters. It would help if you learned how to trust your people to perform their tasks independently.

Delegate more and train your people

Many people say that all business owners are expected to be hands-on in their company’s day to day operations. This is partly true, especially if you are a start-up company. However, if you have already established a secure spot in the market, then it is time for you to scale back. This would be the perfect time to empower your employees and encourage them to step up. Teach them how to interpret scorecards and train them to analyze business trends. Your job will mainly focus on decision making, which is a good indicator that your business is headed in the right direction.

Set up a transparent work process

If you want your employees to be effective and efficient in what they do, find a way to set up transparent processes in the workplace. Sadly, a lot of companies have employees who do not have any idea of how to complete a task or solve a problem because of the lack of guidelines. Make sure to discuss these issues with your employees during weekly meetings. Gather suggestions on how to promote best practices in the workplace. You can also collect all of your data and enter it into a single system. Whenever an employee has any questions, they can type specific keywords into the search box and wait for a few seconds until they get the right answers.

Lastly, as a business owner, it is essential to find ways to make work more relaxed in your company. It would be an excellent idea to invest in computer-based job management software that will help you manage your jobs, orders, and invoices. Take advantage of today’s technology to speed up specific business processes that will allow you to focus on other aspects of your business.