The Everyday Entrepreneurs Blog

  Pexels Image by David McBee Heard about economies of scale? Well, no problem if you haven't. This article from The Everyday Entrepreneurs Blog will take you through what it is, how to achieve it, and what the pros and cons are. Have a wonderful read.  Economies of Scale Definition Economies of scale refer to the economic or cost benefits that result from successful business scaling. The term is unequivocally hinged on scaling and luckily, we thoroughly grilled the topic of scaling  in this article . You should jump on it and return later - if you are yet to do so.  Now to the subject before us.  An economy of scale is established when a business increases its output and does so efficiently without expending more cost.  How to Achieve Economies of Scale Specialization: Specialization is a key component for achieving an economy of scale. It involves focusing on producing a specific good or service. By choosing a small range of products, businesses can quick...

  Pexels Image by Kindel Media How about we share a personal story of yours?  Once upon a time, your business was a few months old and you were as enthusiastic as ever about it. You put in the work and that natural drive to build your own thing (product or service) led you on nonstop. Then came your first traffic, customer, or partnership - a blithering sign that you truly exist and your stars are aligning.  Your pulse raced as your eyes watered and a good dose of dopamine rushed through you. At this point, the world seemed to stop - even your wall clock that ticks so loud - and all you could think of was how to grow your business. There's no way you'd let this good feeling slide, especially since more of it means that your business and finances are thriving!  The end.  The moral of that short story is that you used the word "growth" when you may have been thinking about "scaling". Trivial? Perhaps so - until you realise how the little details change everyth...

  Pexel Image by The Coach Space Your value for a business consultant is largely influenced by your business location or your personal exposure as an entrepreneur.  Running an enterprise in certain parts of the world will lead you to realise the role of a business consultant. You'd get to know precisely why business consultants are invaluable. More importantly, you will uncover the link between having a consultant and leading a successful business.  If your business location and exposure does not suffice, you can trust that this article will bring you to terms with the value of a business consultant to your enterprise.  Who Is A Business Consultant? A business consultant, or advisor, is an entity employed to give corporate guidance. They may be required for one or more specific areas of the business. For example, a consultant may be hired solely to advice on management or on both management and legalities. Two Types of Business Consultants Business consultants come i...

Pexels Image by Cottonbro Studio Are you a startup owner or enthusiast? If you are - and you possess an attractive proposition, get ready for potentially exciting VC funding opportunities this year.   Venture Funding Statistics The few years leading to 2023 brought tremendous attention to startups. It was the year of flourishing tech innovations and big-pocket venture capitals! Companies like OpenAI and Epic Games went home smiling, with billions of dollars to their names. Countless other companies settled with millions of dollars from diverse funding rounds.   In total, it is estimated that the global startup market received funding to the tune of USD 462 billion in 2022 alone. This figure was nearly doubled a year earlier when startup funding hit an all-time high (ATH) of USD 643 billion.  Sadly, the good times lasted until early 2023.  Despite the optimism of entrepreneurs, funding for the 2023 fiscal year grew fewer and fewer. In addition, investors bra...